HQBroker Review: this is the name of a Forex and CFD broker that is located in the Marshall Islands. Is hqbroker.com a legit Forex broker?
We find the first issue with the brokerage is that it is located in an offshore location. Forex brokers located in such regions as Marshall Islands have the fundamental flaw of not being regulated. This is a dangerous thing as many traders have come to be aware of.
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It claims to have an office in Hong Kong but it also states that it does not offer services to residents in Hong Kong among others. This is a confusing find and points to the fact that the website is giving falsified information.
HQBroker however claims to have competitive low price difference and a 24/5 personal client support. With numerous awards listed on the page they list the following as benefits a trader will receive:
Many Trading Assets (200+)
Low Market Price Differences
Powerful Leverage Options
Fair Trading Without Requotes
Social Trading (With Copy Trading Services)
Around The Clock High-End Customer Support
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
HQBroker Trading Platform
It is mentioned that HQBroker trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs 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 are: indices, share derivatives, Forex currencies, spot metals, and commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1: 400 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are not mentioned but the minimum lot size is 0.01.
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 HQBroker
The means of making payments and withdrawals with this broker are not stated but it is possible that Card transactions and Wire transfers are allowed. We do not find it encouraging that e-wallets are not in use.
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.
Minimum deposit required is placed at $250 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not.
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.
Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.
Is HQBroker Licensed?
No. HQBroker is not a duly licensed Forex broker. It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Further, we found negative reports on FPA about the Forex brokerage. Although there are only few, it is hard to ignore.
To contact the Forex broker or a customer support agent, call: 852-5808-4980 or email: email@example.com
Like we have opined from the start, the HQBroker is not licensed and this is a big problem. We also find that the information available on the page is limited. False information of having a Hong Kong branch when it is prohibited in that country is worrying. Negative reviews we find online also makes it look worse for the Forex broker. Traders are to avoid it for now.
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