HighQFX Review

Watch out for this Fraudulent Broker

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Published: 18 March 2020

Posted by: Anonymous

HighQ is a forex broker situated in Jersey at St Vincent and Grenadines. These areas are popular for the setup of many offshore brokers many of which are reported to be indulged in fraudulent activities. HighQFX is also an offshore broker and this review of HighQFX concerns its credibility as a business option. There are certain factors we would analyze to conclude whether HighQFX is a safe broker to conduct business with or not.

Account Types :

There are four types of accounts offered by HighQFX which are:

  • Silver 
  • Gold 
  • Platinum 
  • Diamond

The minimum deposit for Silver is $500, Gold $2,500, Platinum $10,000 and for Diamond the minimum deposit is $ 30,000. As far as trade size is concerned that is the same for all the accounts being 0.01 lots. Maximum leverage ratio provided is 1:200 which is also same for all the packages. The spreads are particularly very high which is a reason of concern , being 3 pips for Silver and Gold Packages and 2pips for Platinum and Diamond. Makes the already expensive packages more costly creating inconvenience for the clients.

There is also an option of an Islamic Account with a minimum deposit of $2,000. There are no leverages, commissions or interest provided in this type of trading account.

As far as the minimum amount of other forex brokers is concerned, the minimum deposit of HighQFX is greater than many of the other brokers doing better in the field which makes it an extensively expensive option without that much extensive services or a good standard of reputation.

Security:

HighQFX is an offshore broker that is not regulated by FCA which makes it an unreliable business because the offshore brokers which are not FCA registered cannot ensure the level of security of funds as much as those businesses which are FCA registered. Moreover, these businesses often get involved in corruption charges which have negative impacts not only on the business but also on the people who are involved in that business.

Furthermore, any business which is not regulated by FCA is meant to maintain a certain amount of prerequisites such as monetary adequacy to sustain their financial standing. These standards may vary from $ 2000 to $ 500,000 depending on the region in which the offshore business is located. When compared to the businesses registered with FCA, they only have to maintain net assets of $730,000 which is way less than that required from the offshore businesses.

Trading Platform:

The only trading platform provided by HighQFX is MetaTrader 4 (MT4) which was developed in 2005 by MetaQuotes. This platform allows online currency trading services and is licensed for traders and brokers internationally. Its so popular among the traders because of its server stability which may handle large number if trades simultaneously and its characteristics to use minimal resources from the device it is being used on.

Website and Social Media:

The website of the business is highqfx.com which is hosted by CloudFlare Inc. .The IP address of this site is 104.25.189.37. Although it is an adequately user friendly website with catchy advertisements and related news flashing prominently on the home page , dropdown menus to select from and details related to there services, there still are some technical issues regarding the website server which is not responsive in certain regions of Asia. 

The business has a Facebook account with only fourteen (14) followers . There are promotional posts relating their investments and details about their packages as well as posts about their courses and webinars. Altogether, their social media impact is ranging from zero to minimal.

Methods of Payment:

Review of HighQFX shows that their methods of payment are very orthodox as they accept credit cards, debit cards, wire transfer and currency transfer software such as Neteller and Skrill. New platforms such as PayPal are not considered to be a compatible Payment method by HighQFX. Nevertheless, they do provide their clients with their own debit card in Gold, Diamond and Platinum packages. The clients may use this card to withdraw money from ATMs without any fees or additional charges.

Promotions and Discounts:

There are no promotions offered in Silver and Gold packages. A thirty percent (30%) promotion is provided in the Diamond and Platinum packages but that too has certain conditions associated with it. There are no leverages, commissions or interest rates available in the Islamic banking option.

Money Withdrawal:

Lately certain complaints by users of HighQFX surfaced which encompassed various sectors of the business. Some of these complaints suggested that the business does not allow one to withdraw their money easily and their requests were processed after so long intervals which sometimes often spread to a whole year.

Customer Care and Coordination:

The complaints also suggested that their customer care and coordination system us flaws as they never answer to the emails sent to them and never send any emails to their users by themselves whatever the situation may be. This causes a lot of inconvenience for the users as they are not able to communicate their issues to the right platform which makes the business a lot more difficult for them.

Conclusion:

So from all the factors listed above , the review of HighQFX concludes that it is not a safe business to work with. The main reasons to which are that it is an offshore broker with no FCA registration which makes it vulnerable to serious allegations and lawsuits regarding corruption and other issues. The facilities provided by the business are not adequate, there minimum deposit amount is much higher than many other businesses doing a lot more better than them, the security of funds is also not guaranteed because of no FCA regulation, there promotion packages are not so attractive nor much beneficial, trade spread is very high creating difficulties for the clients, the payment methods are old and new methods are not supported, there have been multiple customer complaints about money withdrawal issues and there lack of customer support and communication. All these factors add up to make these businesses not so trustworthy to work with. We don’t have any reason to say that HighQFX is involved in any corrupt activity but still in the light of all the facts discussed and listed above, a potential client should observe caution while choosing this business to work with.

 

Following is the list of pros and cons we the review revealed-

Pros – 

  • They provide their own debit card.
  • MT4.

Cons – 

  • Not regulated by FCA.
  • Not so attractive Promotion packages.
  • No social media presence and Unavailability of website in some regions.
  • Flawed costumer care system.
  • High trade spreads.

References:

 

Dymova, L., Sevastjanov, P., & Kaczmarek, K. (2016). A Forex trading expert system based on a new approach to the rule-base evidential reasoning. Expert Systems with Applications51, 1-13.

Highq holdings limited – Overview (free company information from companies house). (n.d.). Companies House service. https://beta.companieshouse.gov.uk/company/FC035246

Overby, S. (2003). The hidden costs of offshore outsourcing. CIO-FRAMINGHAM MA-16(22), 60-66.

Rabin, K. (2016, December 15). Why brokers shouldn’t choose MT4 and what are the. Forex Crunch. https://www.forexcrunch.com/brokers-shouldnt-choose-mt4-alternatives/

Tanaskovic, T. (2019, March 14). Pros and cons of a FCA authorisation. Medium. https://medium.com/@Regulatory/pros-and-cons-of-a-fca-authoristation-84cf56a9222d

What is Metatrader? Everything you need to know about MT4 and MT5. (2019, October 9). Libertex Trading Platform | FOREX | CFD | CRYPTO. https://libertex.com/blog/what-metatrader-everything-you-need-know-about-mt4-and-mt5

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