Minimum Deposit: $250
Maximum Leverage: 1:400
My Score: 1.8
I will introduce to you HQBroker today. According to the broker’s website, HQBroker powered by Capzone Invest Ltd. (Registration No. 92094).
A group of investors and traders founded the brand in 2017. The broker offers investments and ancillary services with a registered address in Marshall Islands. But the company is located in 7/F, Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong
The broker’s website supports multiple languages such as English, French, Spanish, Portuguese, Italian, and Russian.
In this HQBroker review, you can find the answers to the following questions: Is HQBroker scam or not? What are the account types offered by the broker? How good are the trading conditions such as spreads, minimum deposit and leverage? Is HQBroker regulated?
Regulation of HQBroker
The criterion I look at to see if a broker is legal or not is if the broker is licensed and regulated in their local country.
There is no doubt HQBroker is an offshore broker. The main trouble of the offshore brokers is their regulations. That’s why it is so risky to trade with this kind of broker.
Moreover, according to the website of the broker, HQBroker will not conduct any regulated activity in Hong Kong as they are not licensed by the Securities and Futures Commission.
Based on this information, I can say that the broker is not regulated. I always warn you against unregulated forex brokers. Here is one of them.
There are many duly regulated forex brokers by the most reputable regulators like UK’s FCA, Cyprus’s CySEC or Aussie ASIC. These regulators require some strict rules to brokers. For example, the brokers must hold the client’s funds in segregated accounts, separate from the companies operating funds.
Also, Aussie forex brokers must maintain at least $ 1 million as proof of financial stability and UK-based brokers must maintain a net tangible asset of at least EUR 730 000.
In case of an FCA regulated broker go bankrupt, its clients are covered by the Financial Services Compensation Scheme (FSCS). The FSCS covers clients’ funds up to £50,000 in total.
Account Types and Spreads
HQBroker offers its clients five account types. These are Starter, Silver, Golden, Platinum, and Investor account types.
The Starter account has 250 USD minimum deposit requirement. Spreads are floating and from 1.2 pips on EUR/USD. The maximum leverage is 1:400.
The Silver account’s minimum deposit is 5,000 USD. Spreads are from 1 pip on EUR/USD. The maximum leverage is same 1:400.
The minimum deposit for the Golden account is 20,000 USD and I think this is high. Spreads are fixed and starting from 0.8 pips.
Moreover, the Platinum account offers fixed spreads starting from 0.8 pips, the minimum deposit is quite high, it is 50,000 USD. This account type also offers the same leverage, 1:400.
The last account type is Investor, it requires 100,000 USD minimum deposit. There is no info about the spreads.
HQBroker provides the most popular trading platform MetaTrader 4 like most brokers. The platform is available on desktop, mobile devices, and web.
There are many features of MT 4. Some of them are:
- User-friendly interface
- The extensive list of shares from all world markets
- Optimum execution without rejections
- Expert Advisors(EA) capabilities
- 1+CLICK trading enabled
- Multi-language support
- Advanced chart cools
- Technical analysis
The broker offers a wide variety of assets to trade including; Forex / Currency pairs, Commodities (oil, gold, silver), Indices and CFD’s for shares trading.
With HQBroker, you can trade up to 50 currency pairs on MetaTrader 4. HQBroker provides committed liquidity to the most traded stock Derivatives, including Facebook, Apple, Amazon and Alibaba.
You can trade wheat, coffee, sugar, corn, copper, gold, silver, and oil through various spot and futures contracts with the broker.
Deposit and withdrawal methods are very limited. You can deposit your account via Visa, MasterCard and major credit/debit cards or wire transfer.
Withdrawal methods are the same but I want to say that the minimum amount for bank wire transfer is 50 USD and it takes 3-15 business days. There are no fees. The minimum amount is 0.01 USD for credit cards and it takes 3-7 business days.
As I said above, HQBroker is an unregulated offshore forex broker. If you trade with an unregulated broker, your investments may be at risk.
I always recommend you trading with a reliable forex broker for your fund’s security. If you are looking for a duly regulated and trustable forex broker, you can check my top forex brokers list.
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