Beware! Hua Ren is an offshore broker! Your investment may be at risk.
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Hua Ren is a Forex brokerage registered in Cyprus. Brokers are provided with the the MetaTrader 5 terminal and the safety of their funds is assured by regulatory oversight from a top European regulatory agency. The minimum deposit is below the standard $250 which we view as quite favorable but the spread on EUR/USD is quite high at 3 pips and definitely not in favor for traders.
Hua Ren regulation & safety of funds
The brokerage Hua Ren is a broker brand of the Cyprus-based company Hua Ren Financial Ltd. It assures its clients of its legitimacy by following the strictest regulatory standards. The company is licensed by the Cyprus Securities and Exchange Commission with CIF license number 374/19. Cysec is one of the top regulatory agencies in the world. Brokerages licensed by it have to comply with rules such as a minimum starting capital of $730 000 which gives assurance for financial stability. Furthermore, companies that fall under the regulatory oversight of CySEC are members of the Investor Compensation Fund which renders them capable of providing compensations of up to 20,000 EUR per person in the unlikely even the brokerage goes bankrupt. We always recommend readers deal only with regulated brokerages that have been issued licenses by top-notch agencies such as CySEC or The Financial Conduct Authority of the UK which is also among the foremost regulators in Europe and also requires a minimum capital of €730 000. There is also a compensation scheme set up which may recover clients losses up to €85 000.
Hua Ren trading software
As was stated above, the brokerage provides the MetaTrader 5 platform which is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out.We weren’t able to register for a demo account and get a look at it. However, we must point out here that the selection of trading products available for clients is not all that impressive, they do not include CFDs on indices, stocks, and cryptocurrencies like Bitcoin which we highly value as an advantage for potential clients. As a matter of fact – there are less than 20 trading products at total for potential clients which is not all that an exciting offer at all. Furthermore, the spread on EUR/USD is at 3 pips which is double the industry average and quite excessive in our view. Another worrying aspect regarding the trading conditions of the broker is the required minimum deposit – clients need to risk at least $500 in order to start trading with the most basic account which is, again, in our view way too high and disadvantageous for any potential clients of Hua Ren. Furthermore, the brokerage extends a leverage up to only 1:30 which is quite conservative but also the maximum allowed under the latest guidelines by the European Securities and Markets Authority (ESMA).
Hua Ren deposit/withdrawal methods and fees
We could not find information regarding the available payment methods but usually in Forex trading potential clients of a broker may deposit or withdraw via the standard Visa and MasterCard, as well as bank transfer. There are no withdrawal or deposit fees, nor we could we find any troubling provisions in the terms and conditions of the brokerage. The only thing worth noting is the dormant account fee. Here is a screenshot: All accounts that have been inactive for more than a month will be subject to a $5 charge per month which is not excessive by any standard, however, we highlight it nonetheless. More often than not broker charge such a dormant account fee in order to stimulate trading activity. As was said above, there is no mention of fees, however, even though the broker is legitimate, due to the obscene amount of scamming in online Forex trading, we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.