As an online trading platform founded in 2018, HFTrading offers retail investors the possibility to trade on forex, indices, commodities, stocks, cryptocurrency, futures, and CFD. As you can see, their offer is varied and rather impressive. However, this HFTrading review will reveal some negative traits that could make you avoid choosing this broker.
Their headquarters are located in Australia and all possible future clients should know that this is not a global broker. So, you may not be able to access it depending on the region you are located in. Here are more details about HFTrading and why we do not recommend it if you want to keep your money safe and secure at all times.
More on HFTrading
The first thing that you should look at when picking an online trading broker is its regulatory status. When it comes to HFTrading, it’s worth noting that even if they claim to be regulated by ASIC (Australian Securities and Investment Commission), this broker does not have regulation from FCA. This is a big minus when it comes to the safety of your funds, even if they claim to be keeping all of their clients’ funds in tier-1 banks.
This is not something unusual as many online brokers make such claims which clients cannot thoroughly verify. It is all part of a complex marketing campaign meant to attract as many customers as possible so the broker can have bigger gains from them. Keep in mind that your capital is always at risk whenever you make deposits on online brokers, regardless of their regulatory status.
Fees and deposits
HFTrading charges fees on withdrawals but they depend on your payment method. The problem is that this broker doesn’t display these fees in full. So, the client realizes that they must pay them only after the withdrawal request has been processed. This is not pleasant, especially considering how, according to many testimonies, HFTrading sometimes blocks people from withdrawing their money for no apparent reason. In theory, you can withdraw and deposit money via a credit/debit card, bank transfer, and Neteller.
This online broker requires a minimum deposit of $250 regardless of the account type you choose. This is not unusual but it is a relatively high amount for a broker that is not that popular nor famous. This could be a strategy to receive a big sum of money from all clients who sign up for their platform and to not ever give it back to them via withdrawals. This broker also charges a commission on CFD instruments.
When it comes to trading platforms, you should know that HFTrading offers clients both the popular MetaTrader 4 and the not-so-popular and customized cTrader platform. This is clearly a strategy meant to attract people thanks to the MT4 platform that seems safe and professional for most traders. However, not many people know that this platform can be tweaked by brokers to fulfill their needs and work to the disadvantage of the clients. So, using the MT4 platform doesn’t necessarily mean making money that will be safe.
The cTrader platform, on the other hand, is their puppet. This is clearly this broker’s way of manipulating people’s gains and trades however they like. The final goal is to make as much money as possible of these people’s backs and avoid helping them be successful traders.
Both of these trading platforms come with desktop versions that are compatible with Windows and Mac as well as with mobile apps that work on the Android and iOS operating systems.
Beginners are the perfect victims
HfTrading offers three account types which are the Standard, Islamic, and STP accounts. Moreover, they also claim to offer a demo account for beginners who want to learn more about trading without losing money. Again, this is one of the most commonly used strategies to attract new traders who represent the perfect victims.
The whole idea behind these demo accounts is to offer beginners the impression that they know what they’re doing. After that, they go on to try the real accounts and lose large sums of money. These sums go in the broker’s pocket because they never allow these people to withdraw their gains.
Plus, their customer support will never help you with these kinds of problems because it is clearly against their politics. Even with all the languages that are available via live chat, your requests will most certainly be ignored. Remember that these scam brokers do not have any willingness to help you get your money back. They are there to steal it from you.
This is why we DO NOT RECOMMEND working with HFTrading and choosing another trustworthy broker instead. Keep your money safe at all times and don’t put your trust in sketchy online services that promise to make you rich. Trading always comes with a risk but when the risks outweigh the positives, there is a big problem.