HeyForex Review – Is This Forex Broker Legit?

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By Theo Madsen

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Heyforex-Review

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HeyForex Review

  • Ease of use
  • Safety
  • Trading Platform
  • Costs
  • Analysis & Research
2

Summary

HeyForex is an offshore broker specializing in forex trading. ECN trading, which denotes swift and safe transactions at a highly affordable price, is one of this broker’s main selling points. Learn everything you need to know about this forex broker by reading our complete HeyForex review.

Pros

  •  Flexibility in terms of trading account
  • Retail traders can deposit a minimum of $25 to get started
  • You can open trading accounts with ease
  • Demo account with unlimited funds
  • Multiple CFDs offered, particularly stocks and forex, but also a few precious metals and indices
  • Crypto payment is supported (ETH and other crypto coins available)

Cons

  • As one of the high leverage fx companies, risk is quite high
  • Lack of financial regulation (due to operating in a non-transparent tax haven)

Is HeyForex a dependable, trustworthy broker? If you have yet to choose the best broker, or you want to change your current one, you are in the right place. In the next sections below, we will have an in-depth look at HeyForex – including its features, trading costs, and who it is best for. Read on to discover our HeyForex review and see whether it’s worth your hard-earned cash.

About HeyForex

HeyForex LLC is an offshore broker focused on forex trading. It boasts true ECN trading, which implies quick and secure transactions at a highly competitive price. Established in St. Vincent and the Grenadines, HeyForex is an unregulated broker.

Forex brokers legally operating in this Caribbean island are not strictly controlled, unlike other forex brokers regulated by top watchdogs in the world, such as the FCA (Financial Conduct Authority, a well-known financial institution regulating the financial markets in the UK).

Novices should fully familiarize themselves with the risks of signing up with an unregulated broker before doing so.

HeyForex Features

While HeyForex is an unregulated broker – which may be a deterrent for many – there are still some highly attractive features that may make it worth considering. In our HeyForex review below, we’ll focus on the most important features and trading tools, if any, offered by this broker.

Trading Platforms

Heyforex Charts And Indicators
Heyforex Fx Majors

HeyForex does not have any proprietary software. The only option available is MT4, which is one of the most popular trading platforms for foreign exchange markets. However, it does not offer the full range of MT4 software – in fact, it is only available on Android and Windows, lacking compatibility with WebTrader, which is the browser-based version of MT4.

Heyforex Mt4

In other words, the choice of trading platforms is quite limited, as you can only trade on the go via a portable device or install MT4 on your device. This limitation can be a serious drawback, especially if you are not very tech-savvy.

Heyforex Mt4 Mobile
Heyforex Mt4 Free News Mobile

If you are looking for more versatility in terms of trading platforms, you may want to check out GKFX – a legit and regulated broker which does not only provide MT4 and MT5, but also a simpler, novice-ready proprietary platform that simplifies the entire trading process.

HeyForex Account Types

There are several account types available on this offshore broker. The Standard account comes with a $5 commission per lot, up to 1:500 trading leverage, a spread starting from 0.8, and a minimum deposit of $50. In addition to this, you get access to 55 forex pairs, 11 indices, 105 stocks, 31 cryptocurrencies, and 9 commodities.

The Pro account requires a minimum deposit of at least $500. The commission is higher ($7 per lot), but the spread is slightly lower (starting from 0.4). In terms of trading assets, it provides access to the same classes as the standard account.

The VAR account has no commission, but the typical spread starts at 1.2 pips, and the deposit required is $250. Apart from this change, it comes with the same features as the other two account types in terms of leverage and tradable asset classes.

The Mini account has a spread starting from 1, and the commission is $1 per lot. The mini account offers a more affordable pricing structure, with a minimum of only $25. However, the main drawback is the compromise on assets available – you can only trade 29 forex pairs.

Overall, HeyForex does provide flexibility in terms of account types, which makes it great for any type of trading strategy. However, the number of forex pairs is quite limited. For instance, Plus500 is a regulated broker and offers more than 70 currency pairs. Hence, if you are looking for exotic pairs or your strategy is based on pair diversity, you may want to check Plus500 instead.

Safety and Regulation

HeyForex is not regulated, so new traders should be fully aware of the added risks of using an unregulated offshore broker. You should devise a clear risk management strategy to make sure you limit your exposure. If unsure, it’s always a good idea to start investing with a regulated broker instead – FP Markets, Plus500, IC Markets, or FXPro are only a few of the many regulated brokers.

Education & Research

Education and research are important as the more information you have, the better your decisions will be. Unfortunately, HeyForex does not provide any support to traders in this field. The only educational section includes only three guiding articles, which are very limited in terms of information. Hence, traders who want to sign up with this broker will have to do their own research or find third-party software to support their data needs.

Perhaps one good feature is the fact that the broker allows anyone to create a demo account with unlimited funds. While this does not support your learning journey, it may be a great way to fine-tune your strategy before going live.

HeyForex Pricing

As mentioned above, HeyForex provides different types of accounts. All of them come with commissions and spreads to be covered. Apart from this, you should be aware of swaps or rollover fees – there are incurred whenever your CFD positions are held open overnight.

Essentially, these fees are based on differences in interest rates overnight, which may result in having to pay or receive an amount of money (known as a swap or rollover fee). This fee is applicable to any CFD position regardless of your chosen broker.

In addition to this, HeyForex does mention that inactivity and/or maintenance fees may have to be covered by users but does not specify the amount or when these are applicable.

Deposit and withdrawals are equally opaque – the broker does not mention whether there are any fees applicable when withdrawing or depositing money. Some of the main payment options include fiat money (such as bank wire, credit card) and altcoins (ETH, XRP, Doge, LTC, and USDT).

HeyForex Customer Service

Unlike many other forex brokers, HeyForex does not provide a live chat feature. If you have any queries or issues, you need to submit a ticket by completing an online form with the details. You can request a reply via phone or mail. Unfortunately, this method may result in significant delay – which can be extremely important when trading online.

Heyforex Contract Options

Who Is HeyForex Best For?

HeyForex may be a good broker for experienced traders who are already familiar with the trading world and want to find a transparent service provider in terms of costs. Perhaps the strongest feature of the broker is the flexibility in terms of account types. However, caution is recommended as there may be hidden fees – such as maintenance or inactivity fees.

HeyForex is not the best pick for novices or people who want to start trading. It does not provide any education or guidance on trading, and the platform choice is extremely limited (only downloadable MT4 or the MT4 mobile app for Android).

The availability of trading platforms and assets is also limiting – if you are looking to trade other assets apart from main forex pairs, this broker may not be for you.

How Does HeyForex Compare?

HeyForex is quite limited when compared to many other online forex brokers. For instance, the trading platform available is downloadable MT4 – meanwhile, other brokers like GKFX, FP Markets, Plus500, or Capital.com offer many other options, including proprietary software that may be better suited for beginners.

In terms of costs, HeyForex has an average offering. There are more affordable services online – such as GKFX’s classic account, which has a spread starting at 0.7 pips and no commission; another example would be IC Markets, which comes with raw spreads and $3 commission.

In addition to this, HeyForex is not regulated. This should be treated carefully, especially if you are a new trader. Some of the recommended forex brokers with a legit forex license, Ingot Brokers or Plus500, are great brokers regulated by the top authorities in the world and are available in many countries.

FAQ: HeyForex

Does HeyForex allow trading crypto coins?

Yes, HeyForex does provide cryptocurrency trading.

Is HeyForex a shady unregulated forex broker?

HeyForex is an unregulated forex broker located in St. Vincent and the Grenadines, a Caribbean island, which means that it comes with higher risks than other service providers. For instance, there are no measures implemented in case of bankruptcy (such as segregated clients’ accounts). Another example is the high leverage of 1:500 – in fact, many financial authorities implemented regulations to limit the leverage as this could potentially lead to unlimited losses for investors, but this doesn’t apply to this offshore broker.

How to limit your losses when trading with HeyForex?

You should clearly devise your risk management strategy before trading with HeyForex. An easy way of checking this broker without risking real cash is to open a demo account first and trade with virtual funds. You may want to consider at least two brokers before making a decision.

Does HeyForex provide any trading tools or additional resources?

Unfortunately, HeyForex does not provide any additional resources or trading tools to their traders. You may have to find third-party software and resources to get started, or to provide you with much-needed market information and news.

Final Verdict: HeyForex Review

In this HeyForex review, we have covered multiple aspects. The trading platform available is downloadable MT4, the cost structure is quite clear in terms of spreads and commissions, but not transparent when it comes to other fees (such as maintenance or inactivity). The choice of assets is quite limited, and its unregulated status casts doubt on the safety and transparency of its operations. If you are looking for a regulated forex broker, you may want to check out IG, Interactive Brokers, or AvaTrade.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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