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RECOMMENDED FOREX BROKERS
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Hill-Forex.com offers Forex and CFD trading. In this review we will tell you 5 things you need to know about HillForex if you are considering opening an account with them
1. Will my funds be safe at HillForex?
Regulation is one of the key factors when choosing a forex broker. HillForex is an Introducing Broker (IB) of TOPFX. As is often the case, HillForex (the IB) is not regulated by any appropriate agency. On the other hand, TOPFX is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Cyprus is a preferred destination for lots of forex brokers, as receiving a license there allows operating in the entire EU. CySEC imposes strict regulation on companies, who register with it. One of the condition a broker must meet is having capital of at least EUR 730,000, as a sign of good will. The compensation scheme is another key component – a mechanism by which client funds are guaranteed, in case their broker goes bankrupt. In the case of CySEC regulated brokers, accounts are guaranteed up to EUR 20,000.
2. What instruments are available?
HillForex offers a variety of instruments. The list includes the typical forex pairs and spot metals, as well as CFDs on indices, oil and a few European stocks. This is by no means a lot, when compared with some other brokers. That being said, inexperienced traders should be satisfied by the ability delve into different markets.
3. What are the trading conditions?
HillForex offers mediocre trading conditions. Spreads are variable, starting at 1.5 pips, which is quite high by today’s standard. The industry average is about 1.0 to 1.5 pips for EUR/USD. With the minimum starting at the high point of the current average, HillForex is not competitive. This is our chief concern with the broker.
The minimum deposit requirement is $200. This is a reasonable amount for testing the service, but as you probably know, such sums are not relevant for serious trading.
The broker offers high leverage at 1:500, which more aggressive traders will enjoy. Keep in mind that leverage is a double-edged sword – it amplifies both your trading profits and your losses. Caution is advised whenever you trade on margin. Be sure to completely understand the principles and your risk, whenever you do so.
There are several Deposit and withdrawal methods:
- Bank Transfer
- Credit/Debit Card
- China Union Pay
4. What trading platforms does HillForex offer?
HillForex offers MetaTrader4 to its clients. The platform is an industry staple at this point. Some traders enjoy it for its simplicity, while others dislike the lack of multiple screen support. Mobile versions of the platform are also available in the major app stores.
5. How good is the support?
The company offers e-mail and phone support. The lack of live-chat is slightly annoying, given the fact it is the fastest possible way to reach someone who is representing the broker.
HillForex is an introducing broker for TOPFX. The later is regulated by SySEC, which generally gives credibility to the company. Our main issue with HillForex is the spread. As we mentioned in the review, variable spreads, starting at 1.5 pips are just not good enough. Trading costs will add-up the more you trade with the company.