Beware! Hexa FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Hexa FX is a useless old scammer broker that is basically on its way to an early grave. Read on for more.
There is a UK address and a claim that goes with it stating that the firm is fully licensed by the Financial Sector Conduct Authority. First of all, the UK claim is a fake, meaning that the only way that this broker is located in the UK is if it is illicitly registered and operated from someone’s dusty old basement. Second, the Financial Sector Conduct Authority is the official regulator of FX brokers in South Africa, which just gives to show how little the firm is prepared. Of course, Hexa FX is not licensed in South Africa.
Lastly, there is an official FCA warning issued by the regulator, making this broker a definite scam and a risk to all. Add to that the total lack of legal documents, and what you have is also one very dangerous and scammer broker. Hexa FX is unlicensed and a risk to all.
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
Hexa FX Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
We were not able to open an account because the broker itself had an internal error that prevented us from doing so. The account opening pages did not open because the buttons themselves did not work.
As for the website, there was no information on any potential software; if not counting the 30 or so words pertaining to a very ambiguous trading platform. What we can say, is that there might be no platform at all, and in any case, Hexa FX is a scam so trading here would be useless.
Hexa FX Trading instruments
The website mentions only the presence of FX pairs, and only in passing, as if though trading assets are something not to concern oneself with, a clause in a bigger picture. This dismissal of the financial instruments just shows you that trading here is not the number one concern.
Hexa FX Spreads and cost of trading
|Spread EURUSD||1 pips||1.7||1||1.1|
There are apparently three account types, but we don’t believe unlicensed brokers with such claims seeing that, retrospectively, less than 5% of unlicensed brokers claiming to offer multiple accounts actually provide them.
Anyway, the Standard account advertises a 1 pip spread minimum, but there are no asset-specific spreads revealed. So, essentially there is no guarantee that trading has even been available here.
Hexa FX Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The leverage has been advertised as high as 1:100, which should apply for the FX pairs. As for other spreads, there is no info. If you are serious about trading, then look at these high leverage brokers.
Hexa FX Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||3-5 business days||2-5 business days||$25|
|Credit card||Instant||No Information||Free|
|Paymt2||No information||No information||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
There is no payment information whatsoever at all, anywhere. No payment methods have been revealed, and no processing times have been disclosed. As a matter of fact, we have nothing.
The most common payment methods with scammers are e-wallets, in particular crypto methods and similar shady and untraceable gateways. Processing times, for deposits at least, are instant.
Hexa FX Minimum deposit
The promoted accounts start from $100 as the lowest minimum deposit, to $500 for the Standard account, and all the way up to $10 000 for the highest account. But considering that accounts are rarely active with scammer, notably this one, these values may no be accurate. Here is a list of minimum deposit brokers to try out instead.
Hexa FX Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Hexa FX||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
No information is to be found on withdrawals, as already revealed. But this does not mean that there are no withdrawal fees and turnover requirements, among other shady clauses. With unlicensed brokers, the unsaid can still apply in the end.
If you ever encounter a broker that has fees above the 5% mark then there is something definitely wrong. Even more so if the company requires a turnover prerequisite to each withdrawal. And remember that this broker is risk to all.