Let’s check HeyForex, one of the brokers that have been on the market for quite some time now. Based on our research, we can already conclude that they operate without appropriate licensing.
So, how do they solicit investors? More importantly, is your money safe? All this and more will be elaborated on in our HeyForex review.
Since it’s not a credible start for the company, we searched for HeyForex regulation in major Tier 1 databases, such as FCA, ASIC, and CONSOB. Sadly, we found nothing. Even upon expanding our search scope to other authorities, including CySEC, CFTC, etc., our search was unsuccessful.
It means only one thing – HeyForex runs its business under the regulatory radar. We have broker leverage of 1:500 against regulatory rules to prove this. Due to high risks and the nature of CFD trading assets, ESMA imposed a limit of 1:30. The same limitation applies in the UK and Australia. At the same time, the US authorities allow slightly higher, 1:50.
Let us know if you have any information about HeyForex and its malicious business practices.
Brokers find their victims through fraudulent ads placed via Google Ads and social media. They’re luring investors by promising impossible returns from small deposits. HeyForex is mainly advertising in the following countries:
The company has been active since 2020, so we’re pretty surprised there are no warnings yet. We’re looking for it and hoping our joint report can help regulators react and ban this investment fraud.
If you’re still keen on registering with this trading brokerage, you will find one satisfying thing – HeyForex trading platform. The company offers MT4, one of the best software today.
MetaTrader 4 is the predecessor of MT5, an older version but still impressive. It contains all the features you need for successful trading, including advanced functionalities such as EAs and social trading.
While a good platform increases your chances of profiting from the market, you have no withdrawal guarantees when a broker is unlicensed. This is why trading with a licensed firm is always recommended.
HeyForex has a dedicated mobile app for Android and iOS. This is a courtesy of MT4 and a great add-on. Instead of having to look for a desktop every time you want to open or close your trades, you can do so via mobile, which is both convenient and quick.
Trading assets are another important aspect to consider when choosing a broker. If you want to trade crypto and your desired brokerage doesn’t support it, you are wasting your time. So, here’s an overview of what you can invest in with a HeyForex broker:
While the range is quite solid, you should remember the main issue here – the broker has no authorization to offer trading services in the first place.
According to the main website page, the spread starts from 0.9 pips for EUR/USD pair. This is quite solid and below the industry average.
Commissions depend on the account type, so you can expect to pay $1 per lot for the Mini account, $5 per lot for the Standard account, and $7 per lot for the Pro one. Finally, there are swaps on all accounts for overnight positions.
Regarding HeyForex account types, we’ll present you with a detailed list:
On the Mini account, you can only trade FX pairs, while other accounts also include other trading assets. All accounts are ECN/STP, and leverage goes up to 1:500. While the minimum deposit is quite solid, you should remember that you can never withdraw your potential profit.
Yes, you can test out the HeyForex Demo account. If you’re interested in MT4 and want to see whether this software complies with your trading strategies, you can register and trade risk-free.
However, we don’t recommend this. While having a trial account is a great benefit, it’s not so safe in the hands of unlicensed brokers. When you register, you’re providing the firm with your personal information. Then, you can be a victim of endless sales calls, or your data can be sold to other scam firms.
You can always register a Demo account with a regulated broker or directly on the MetaQuotes Ltd website.
Currently, there’s only one payment option viable for HeyForex withdrawal: Bitcoin. The company accepts only crypto deposits, including:
However, this is the worst possible option for investors. When you have to purchase crypto, your funds enter the blockchain. From there, following the funds is more complex than tracing a simple bank or credit card transfer. Additionally, digital currencies are not subject to chargebacks either.
That’s why legit brokers offer crypto in addition to other, safer methods, such as wire or credit card transfers. If you see a company only accepting crypto, something is off.
If you’re one of the victims of the HeyForex scam, you can find a way to resolve this issue. Global Fraud Protection has dedicated CipherTrace experts who can trace crypto transfers and find the destination of your funds.
Due to their nature, digital coins are harder to track and can quickly be transformed into fiat currency. Therefore, don’t waste more time. Book your free consultation now, and let’s begin the process!
HeyForex is a trading scam without a license. If you have already invested with this firm, let us know, and we’ll do everything in our power to help with the recovery.
Yes, HeyForex provides a good trading platform – MetaTrader 4.
The minimum deposit with HeyForex broker is $25 for the Mini account.
HeyForex is a trading scam without a license. If you have already invested with this firm, let us know, and we’ll do everything in our power to help with the recovery.
Yes, HeyForex provides a good trading platform – MetaTrader 4.
The minimum deposit with HeyForex broker is $25 for the Mini account.
The post HeyForex Review – HeyForex Is Not a Trusted Broker appeared first on Global Fraud Protection.
