Hill Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Hill Forex Review.
Hill Forex Review
HillForex offers forex and CFD trading through a single account type with leverage up to 1:500. Spreads are floating and start from 1.5 pips.
The Company. Security of Funds
Company Country Regulation
HillForex is a broker offering a wide variety of trading instruments to its clients. As is the case with most IBs the company is not under the supervision of any relevant agency, but you don’t need to worry. The company is an introducing broker for TOPFX, whch is regulated by The Cyprus Securities and Exchange Commission (CySEC). The commission requires companies to have at least EUR 730,000 as a sign of good will, before they can become a regulated broker. Furthermore a compensation scheme is in place, guaranteeing clients’ funds up to EUR 20,000.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.
Minimum Initial Deposit
To open an account with HillForex, one has to deposit at least $200, which is slightly above the industry average. Some brokers don’t require minimums, with the average being around $100.
Average spreads & Commissions
HillForex offers variable spreads starting from 1.5 pips. This is an unattractive offer, as most brokers offer spreads within the range of 1.0 – 1.5 pips for EUR/USD. With spreads starting at the high end of the average, HillForex is not really competitive. For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here.
The maximum leverage rates at HillForex are up to 1:500. Such leverage is considered to be high, although many forex brokers offer similar levels.
Keep in mind, however, that higher leverage ratios involve greater risk of losses, which may even exceed initial deposits. That is why some regulators, like UK’s FCA, plan to limit the maximum leverage offered by licensed brokers to 1:50.
HillForex offers the popular MetaTrader 4 (MT4) platform to its clients. iPhone and Android mobile versions are also available through the relevant app store. The platform is preferred by some traders due to its simplicity – the charting package is easy to get used to and automated trading systems (EA’s) are relatively easy to apply. Other experienced traders dislike the lack of detachable modules, which prevents the use on multiple monitors.
Surprisingly the cTrader platform offerd by TopFX is not available on Hill Forex website.
Methods of Payment
Clients of HillForex can deposit and withdraw funds via traditional methods such as Bank Transfer or Credit/Debit Card. Furthermore e-wallets such as Skrill, Neteller, Webmoney or China Union Pay are also available.
HillForex is an introducing broker of TOPFX, a CySEC regulated broker, so you don’t need to worry about your deposit. Trading conditions, with spreads starting at 1.5 pips, are not really competitive.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Hill Forex Review Conclusion
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