Foreign Exchange trading has become a popular, and potentially very lucrative, phenomenon in recent years. It has risks, but if you have funds you can afford to lose, then there can be great rewards. One of the biggest challenges in Forex trading is finding the right brokerage. An online broker, HiWayFX offers many tools for trading and also learning the market.
This is one brokerage that beginners in the field might want to check out. Webinars, articles, glossaries, and other materials can teach you the basics of currency trading. There is a vast educational section of the website that makes this brokerage a bit different from many others out there today.
If you want to start investing, here is our assessment of HiWayFX.com.
Introduction to HiWayFX.com
HiWayFX is a relative newcomer, having launched in 2014. Owned by Hiway Capital Ltd., based on St. Vincent and the Grenadines, it has attained notoriety rather quickly in the huge market of brokerage services on the Web. Instant order execution and support for numerous trading instruments and platforms have attracted many traders to this system.
Separate from the main company, a sister organization called Hiway Markets Ltd is based in Gibraltar and manages/operates the website. HiWayFX is licensed to operate in the Eurozone by the Cyprus Securities Exchange Commission and offers trading to clients in Europe, Asia, and South America. In addition, it operates a Russian language website with 24-hour support.
The company uses the MetaTrader 4 trading platform. Many trading tools are built into this platform and you can even create customized trading rules to automate your trading strategies and processes. This is thanks to the platform’s built-in API programming language.
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There are many instruments to choose from. In fact, users can pick from over 80 in Forex, indices, energy, and metals. Again, it’s a great site to get started in the market, as you can choose to open a live or demo account. HiWayFX also does not have a pushy dealer setup. You can choose from several different online trading accounts, depending on your experience level and investment needs. Market reviews and educational materials are available for each one of them.
To learn about the top features, tools, and perks of HiWayFX, continue reading our review.
Top Features of HiWayFX
The online broker is distinguished by several great features. One of them is the award-winning MT4 platform. MetaTrader 4 is available for Windows, Mac, and Android and can be downloaded directly from the website. The interface is highly user friendly and it also offers multilingual support. Plus, you can run operations, with different financial market instruments – in real time.
Other perks of MT4 include:
- A high level of security for all online activities.
- A trading terminal user guide accessed through the built in help function.
- The availability of online financial market news.
- You can manage a local database of quotations history. Even edit, export, or import information.
- Technical analysis tools to help guide your trading decisions.
- Create/use scripts to automatically execute custom trade operations quickly.
- Unlimited number of charts. You can plot each against various time intervals to analyze asset performance and trades.
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There are six different account types you can get started with. Each is designed to cater to investors with varying experience levels and based on their needs and capabilities. Accounts are differentiated by the supported instruments, initial deposit requirements, and Floating Leverage. This is a new risk management system offers protection for clients who trade large amounts and calculates leverage per each trading instrument.
All accounts provide a personal account manager, economic calendar, and free educational videos. The differences between each are explained below.
Requires an initial deposit of $20 USD/EUR and supports Forex, metals, indices, and energy instruments.
It also supports leverage of 1:1 Up to 1:1000
The initial deposit here is $1,000 USD/EUR.
You can trade the same instruments as the standard account but have leverage from 1:1 up to 1:500.
Intended for Forex instruments only, it allows a leverage of 1:300. Initial deposit must be at least $100 USD/EUR. You need to deposit $300 before accessing the social trading platform, while the Myfxbook account requires a deposit of $1,000 or more.
For a deposit of at least $1,000 USD/EUR, you can trade Forex and metals with a leverage of 500.
If you don’t have capital to risk, you can work with an initial non-investment of $100,000 USD/EUR to learn how the Forex market works. You can trade in 0.01 microlots (a low trade volume) while learning how to interpret economic news and data releases. Along the way, build your technical analysis and candlestick chart interpretation skills. Leverage is 1:1 to up to 1:500.
ECN NDD DEMO
Practice learning to trade Forex, metals, indices, and energy instruments with a professional account. This demo account supports scalping and hedging and leverage of 1:1 up to 1:500.
PAMM Account: Investors can profit without getting involved in Forex trading. Also, managers can work with client funds but don’t have access to withdraw them. In designing proposals, they must identify the percentage of the share of a profit investors will pay as compensation to a manager. The risk is loses are taken from managers’ funds while this investment service does not require involvement of HiWayFX in manager/investor disputes.
Binary Options: You can trade binary options through the Gwazy platform. Once you open an account, you can select instruments, payout level, and investment amounts. Risk is fully managed with predetermined profit and loss on this user-friendly web application.
No Fee Account Funding: All funds can be deposited without any fees. If you qualify, then any commissions charged by your bank or payment method will be refunded. Deposits can be made by credit card, Payout to Card, or through various electronic payment platforms, or Bank Wire if you prefer.
Spreads/Commissions: These are reasonable when you look at the overall picture of online Forex brokers. With a Standard NDD account, commissions start at 1.2 pips. The minimum spread is 0 pips with an ECN NDD account. A commission of 0.002% is charged on top of all spreads on any user account.
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Analytical tools are available via Claws&Horns. There are also daily reviews, signals, videos, and a calendar available through this system. The HiWayFX site also features a comprehensive economic calendar that features events, priorities, periods, and forecast for specific countries. You can select dates and time frames or filter all of the selections.
Tools also include:
HiWayFX Multi Account Manager: The portfolio management system is fully integrated with MT4, enabling money managers to take advantage of flexible commission settings and the ability to trade from one MT4 Client Terminal. Risk management settings, hedging, scalping, and news trading are allowed.
Trading Signals: Integrated in MetaTrader 4, these let users connect to any signal. You can copy the actions of professional traders, choosing from thousands of signals in the system and also become a signal provider to subscribers.
Virtual Hosting: MetaTrader 4 now lets you run a terminal 24/7 with virtual hosting. Trading processes can run uninterrupted. You can rent a virtual server or register one easily through the platform menus and with the help of the “Virtual Hosting Wizard”.
Trading Calculator: Choose your account type, instrument type, symbol, volume, and account currency to make accurate and useful calculations, directly from the HiWayFX website.
Education: Educational assets on the site include up-to-date Market News, Forex articles, and Forex videos.
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With HiWayFX you have a choice of customer support options including email, live chat, and telephone support. There are multilingual services as well. The overall service is open 24/7 but you’ll find live multilingual support available only during the trading week, which is great if you speak English, Russian, Greek, Romanian, Indonesian, or Bahasa and are trading during normal hours.
A 100% Welcome Bonus allows you to enter the first trade in two minutes after signing on. You also have access to one-on-one trading with experts connected to the platform. Another is the 35% Tradeable Bonus of up to $3,000. This can boost trading opportunities and all you have to do is register to claim it.
Rebates are available as well. You can get up to $15 back for every lot traded. This setup also enables you to switch to the HiWayFX platform in three steps.
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If you’re new to Forex trading, HiWayFX is an easier, less intimidating way to break in. It’s also fine if you have experience and want to take advantage of some of the more useful tools on the market. A common platform, MetaTrader 4 is the main interface that benefits experienced users and provides an opportunity to learn an often-encountered and useful set of tools. Social trading also offers the chance to learn from others. On top of it all is the security. The broker is regulated by the Cyprus Securities Exchange Commission. With HiWayFX, you can learn, be safe, and figure out the best Forex trading strategies.