Horse Forex Review: this is the name of a Forex broker whose location is not clear. We are guessing that the broker is located either in Dubai, Mauritius or New Zealand. Is horseforex.com a legit broker or a scam?
The parent company of this brokerage is Horse Group Limited. It has a New Zealand location and a license there as well. Horse Forex is also found to be operating from Mauritius under the alias: Ausinvest ltd. A Dubai license is also mentioned on the page.
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This broker claims to offer clients the best trading instruments and conditions. Their customer service runs 5 days a week and they offer webinars and other educational tools.
Horse Forex Trading Platform
It is mentioned that Horse Forex trading software is operated on a MetaTrader platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders includes: 60+ global currency pairs, 5 cryptocurrencies, CFDs on precious metals, stocks, commodities (cocoa, sugar, wheat, and more), and major indices.
A leverage of 1:400 is offered as a maximum and the spreads are said to begin from 0.0 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Horse Forex
Deposits and withdrawals maybe carried out with this broker via Credit Cards or International Transfer. We could not find information on this.
It does not provide much options for payment and is not a good sign.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $50 is required to start trading with this broker and no information is given on the charges and fees on withdrawals.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Horse Forex Licensed?
Although, Horse Group Ltd, is licensed in some locations we found that it is not registered as a forex broker. In New Zealand, it is registered as a “creditor under a credit contract” and as an “investment dealer” in Mauritius.
This means that the license does not place it under the same strict rules as regulated Forex brokers. In essence, fund misappropriation may not be under any authority.
Customers can contact the customer care representative by filling an online message request form.
Horse Forex is not a regulated forex broker and it has an offshore branch. The website publishes misleading information regarding this, making it difficult to trust this broker.
Trading conditions however seem good but may not necessarily be true on live accounts. Its deposit minimum is also affordable.
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