HiWayFX Review

HiWayFX

  • Name : HiWayFX
  • Website : hiwayfx.com
  • Established : 2014
  • Regulation : CySEC, MiFID, BaFin
  • Country : Cyprus
  • U.S. Clients Allowed : No?
    Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
    See our list of recommended brokers that do accept US traders.
* Ranked #183 of 315 in DailyForex's top broker list

Info

Name : HiWayFX
Website : hiwayfx.com
Established : 2014
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Choice of Trading Accounts
  • Two Demo Accounts

Disadvantages

  • News Updates Not Obvious
  • No Islamic Account

HiWayFX Review

HiWayFX Review

HiWayFX is an international online brokerage firm, offering trading services in over 80 instruments including currencies, indices, metals and oil. HiWayFX was founded in 2014 and is working under full legislation and regulation standards by the Cyprus Securities Exchange Commission (CySEC), European regulatory bodies: Markets in Financial Instruments Directive (MiFID) and is also included in the registers of the Federal Financial Supervisory Authority (BaFIN).

Accounts

There are several online trading accounts that cater to investors of all experience levels and meet every investment need. All the accounts have guaranteed access to market reviews, educational material and a personal account manager.

HiWayFX Account Types
HiWayFX Account Types

For the Standard NDD account, the minimum deposit is $20 and maximum leverage is offered at 1:1000. The ECN NDD account can be opened with $1000 and leverage runs from 1:1 to 1:500.

The Zulu account allows Forex trading only and a deposit of $100 is required.

HiWayFX ZuluTrade
HiWayFX ZuluTrade

The Myfxbook account can be accessed through Myfxbook, a free online automated analytical social tool which enables traders to track, compare, analyze and share trading activity as well as copy other successful trading systems. $1000 is needed to open this account. Myfxbook also keeps a track of a trader’s trading history and automatically uploads it on MT4 platform so that you can see in detail where he/she needs improvement.

HiWayFX Myfxbook
HiWayFX Myfxbook

There are two different Demo accounts. The Standard demo account has an initial deposit of $100,000 in virtual funds and a leverage of up to 1:500. It acts like a live account in all aspects.

The ECN NDD Demo Account is designed to give traders the opportunity to learn how to trade the Forex market on a professional level without risking their own capital. This account is available in euros only.

Features

Scalping is normally forbidden at HiWayFX but other techniques such as hedging, overnight interest rates (swaping), trailing stop, one-click trading and automated trading are permitted.

The HiWayFX Multi Account Manager (MAM) is a fully integrated portfolio management system for money managers and the HiWayFX MAM is designed for money managers that use MetaTrader 4 and is perfect for traders using the expansibility of EAs (Expert Advisors).

HiWayFX MAM
HiWayFX MAM

The platform is flexible in terms of commission settings therefore the Multi Account Manager can decide what type of commission or even combination of commissions to use.

All of the MAM’s three Slave accounts can be traded from a single MT4 Client Terminal which is seamlessly integrated into the MetaTrader 4 Server. Scalping is allowed in this account.

Bonuses/Promotions

HiWayFX offers several bonuses. At the time of this review, a 100% Bonus was available on the first deposit with a maximum bonus of $100.

Education

The choice of instructional videos at HiWayFX is extensive and they cater to both beginners and advanced traders. These include topics such as trading strategies, trading tools, basic terms and more.

HiWayFX Educational Videos
HiWayFX Educational Videos

Fundamental and technical analysis as well as signals, daily reviews and more are offered through Claws & Horn.

HiWayFX Claws and Horn
HiWayFX Claws and Horn

There is also a trading calculator, economic calendar and virtual hosting is provided 24 hours a day. Sorely missing are some live webinars.

In the FAQ section, several trading examples are given which is a nice feature. However, it would have been more efficient if the illustration was presented in a more obvious location. Not everyone reads the FAQ section of a website.

Market news appears in a somewhat convoluted manner. It is not on the landing page and can be accessed by clicking a tab on the side of one of the pages.

HiWayFX Market News
HiWayFX Market News

Deposits/Withdrawals

Funding to accounts is done by credit cards and a number of electronic online payment programs. Withdrawals are made using the same methods. A minimum deposit to open any account is $20.

Customer Support

If a trader has some special need of help, or an inquiry, HiWayFX broker offers its great customer support services. The website is supported is available 24/7 and in multiple languages – including English, Romanian, Greek, Indonesian and Russian. The communication methods on the HiWayFX website are the following: newsletters, call back, phone calls with numerous options for different languages, as well as emails and an integrated live chat.

Conclusion

HiWayFX is a well-rounded Forex brokerage. The availability of so many different and specific language types speaks for itself – the broker has audience from all around the world, not only from Europe and its regulation covers most of Europe and other parts of the world.

Advantages

  • Choice of Trading Accounts
  • Two Demo Accounts

Disadvantages

  • News Updates Not Obvious
  • No Islamic Account

Review info: HiWayFX
Review Date:
Rating : 4
Reviewed By :