Hitradex Forex Broker

Note: Hitradex's official website - https://hitradex.com/ is currently inaccessible normally.Hitradex Review SummaryFounded2018Registered Country/RegionChinaRegulationUnregulatedMarket Instruments50+, Cryptocurrencies, Indices, Forex, CommoditiesDemo Account❌Leverage1:1000EUR/USD SpreadFrom 0 pipsTrading PlatformWebMin Deposit0.1 BTC (Covesting account)Customer Support24/7 live chatTwitter, Facebook, Telegram and YouTube Hitradex is allegedly a foreign exchange and CFD broker founded in 2018. It provides its clients with self-developed trading platforms, offering leverage up to 1:1000, low spreads starting from 0 pips on over 50 tradable assets, as well as a choice of three different account types and 24/7 customer support services. However, Hitradex operates completely unregulated.Pros and ConsPros Cons Various trading choicesUnavailable websiteMultiple account typesNo regulationCommission-free account offeredNo demo accounts24/7 live chat supportNo reliable platformHigh minimum deposit (0.1 BTC)Is Hitradex Legit? Hitradex is owned by Hitradex Trading Services LLC, a company registered in Saint Vincent and the Grenadines (SVG). However, SVG is an offshore jurisdiction that lacks regulatory standards, making it a favorite operating base for unscrupulous brokers. As a result, dealing with a broker like Hitradex implies a complete lack of safety.What Can I Trade on Hitradex? Hitradex advertises that it offers over 50 trading instruments in financial markets, including cryptocurrencies such as Bitcoin, stock indices, forex pairs, and commodities like precious metals, gas, and oil.Tradable Instruments Supported Forex ✔Commodities✔Indices✔Cryptocurrencies✔Stocks❌Bonds❌Options❌ETFs❌Account Type There are three types of accounts mentioned on Hitradex's platform: Margin, Covesting, and Turbo. To open a Covesting account, a minimum initial deposit of 0.1 BTC is required, quates to approximately 9694.28 USD. However, the official website does not directly mention the minimum deposit requirements for the other two account types.Account TypeMin DepositMargin/Covesting0.1 BTCTurbo/Leverage The leverage offered by Hitradex differs based on the trading assets in question. For example, the broker provides a leverage of 1:1000 for forex trading and 1:100 for cryptocurrency trading. Also, traders holding different account types can enjoy different maximum leverage ratios. Clients on the Margin account can enjoy leverage as high as 1:1000, while the Covesting account can experience leverage up to 1:100.Account TypeMax LeverageMargin1:1000Covesting1:100Turbo/ Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.Spreadand Commission The broker merely mentions on its website that spreads “start from 0.0 pips” and commissions “start from 0.001%”. Currently, it is unclear what the maximum levels are and what exactly determines the amount of commissions.Account TypeSpreadCommissionMarginFrom 0 pipsFrom 0.001%CovestingTurbo/❌Trading Platform Hitradex claims to offer an advanced web-based trading platform and provides video tutorials on how to use it. However, upon registering for an account, we found that the promised platform was nowhere to be found. Instead, the dashboard only featured a basic chart that was not functional for trading. This platform is different from the one advertised on the website and cannot be compared to the professional and leading MT4 or MT5 platforms.Trading PlatformSupported Available Devices Suitable forWeb-based platform✔Web/MT4❌/BeginnersMT5❌/Experienced tradersDeposit and Withdrawal Hitradex offers a range of popular payment methods, including MoneyGram, Neteller, PayPal, and Skrill, alongside cryptocurrency and an unknown payment system called Ada. Cryptocurrency is a favored tool among scammers due to the difficulty in tracing transactions and the fact that cryptocurrency payments are often non-refundable.