HX Forex Broker

Aspect Information Company Name HX Registered Country/Area Saint Vincent and the Grenadines Founded year 5-10 years ago Regulation Not regulated Market Instruments Forex, Commodities, Indices, Cryptocurrencies Account Types Premium, Professional, Standard Minimum Deposit $100 Maximum Leverage 1:500 Spreads N/A Trading Platforms N/A Customer Support Phone (400-1208-921), QQ (800825328), Email (cs@hxfx.com) Overview of HX HX, headquartered in Saint Vincent and the Grenadines, operates in the financial markets for 5-10 years. Despite offering a wide range of trading assets, including forex, commodities, indices, and cryptocurrencies, the company faces several drawbacks. Its advantageous features like competitive leverage up to 1:500 are overshadowed by significant risks. Notably, HX lacks regulatory oversight, operating without supervision from reputable financial authorities. Additionally, users have reported issues such as an inaccessible official website and problems with withdrawal and trading functionalities, highlighting potential risks and operational shortcomings within the platform. Regulatory Status With unauthorized status by the NFA, traders face heightened risks due to potential lack of oversight and adherence to industry standards. This absence of regulatory approval could signal deficiencies in transparency, security, and investor protection measures, making traders wary of engaging on the platform. Additionally, unauthorized status may restrict access to certain markets or financial instruments, limiting trading opportunities and hindering potential profit generation. Pros and Cons Pros Cons Various assets including foreign exchange (forex), commodities like crude oil and precious metals, stock indices, and cryptocurrencies Official website inaccessible Competitive leverage up to 1:500 Lack of regulatory oversight Issues with withdrawal and trading functionalities Pros: Various assets: HX offers a wide range of trading assets, including foreign exchange (forex), commodities like crude oil and precious metals, stock indices, and cryptocurrencies. Competitive leverage up to 1:500: HX provides competitive leverage options of up to 1:500, allowing traders to amplify their trading positions significantly with a relatively small amount of capital. Cons: Official website inaccessible: One notable drawback of HX is the reported issue of the official website being inaccessible at times. This can disrupt traders' ability to access essential information, perform transactions, or engage with customer support services. Lack of regulatory oversight: HX operates without regulatory oversight from prominent financial authorities such as the National Futures Association (NFA) or the Financial Conduct Authority (FCA). Issues with withdrawal and trading functionalities: Some users have reported encountering issues with withdrawal and trading functionalities on the HX platform. Market Instruments HX offers a wide range of over 40 contract-for-difference (CFD) investment products, encompassing foreign exchange (forex), crude oil, precious metals, stock indices, and cryptocurrencies. This extensive selection provides traders with various opportunities to diversify their investment portfolios and capitalize on different market movements across multiple asset classes. Account Types The “Premium” account type is tailored for experienced traders seeking high leverage and are capable of meeting a substantial initial investment of $20,000. With a maximum leverage of 500, this account offers considerable trading power, allowing for larger positions with minimal margin requirements. The “Professional” account type is suitable for traders with moderate experience and financial resources, requiring a minimum deposit of $5,000. Offering the same maximum leverage of 500 as the Premium account, it allows for significant trading flexibility while requiring a lower initial investment. The “Standard” account type is designed for entry-level traders or those with limited capital resources, requiring only a minimum deposit of $100. Despite the lower initial investment requirement, this account still provides access to a maximum leverage of 500, enabling traders to amplify their trading positions. Aspects Premium Professional Standard Maximum Leverage 500 500 500 Minimum Deposit $20,000 $5,000 $100 Minimum Position 0.01 0.01 0.01 Leverage The maximum leverage offered by HX stands at 500, providing traders with the ability to amplify their trading positions significantly. Deposit & Withdrawal The minimum deposit requirement of HX varies depending on the account type chosen by the trader. For the “Premium” account, the minimum deposit stands at $20,000, indicating a higher initial investment threshold tailored for experienced traders seeking advanced trading opportunities. In contrast, the “Professional” account requires a minimum deposit of $5,000, making it accessible to traders with moderate experience and financial resources. The “Standard” account, on the other hand, offers a lower entry barrier with a minimum deposit requirement of $100, suitable for entry-level traders or those with limited capital resources looking to start trading. Customer Support HX provides customer support through various channels, including phone, QQ, and email. For English-speaking users, they can reach customer support by calling 400-1208-921. Chinese (Simplified) speakers can dial 4001208921 for assistance. Additionally, users can contact support via QQ at 800825328 or email atcs@hxfx.com. Exposure The exposure of HX encompasses various risking incidents reported by users, ranging from pyramid scheme complaints to issues with withdrawal and trading functionalities. Users have expressed dissatisfaction due to sudden crashes of the platform, difficulty withdrawing funds, and discrepancies in trading data compared to other platforms. Some have even reported unauthorized account deletions and leakage of personal information, adding to risks about the platform's integrity and security measures. Moreover, instances of forced liquidation and alleged fraudulent inducements further exacerbate traders' distrust and disillusionment with HX. Conclusion Despite offering a variety of market instruments and account types, HX falls short due to its lack of regulation. While its maximum leverage of 1:500 may attract traders seeking high-risk, high-reward opportunities, the absence of regulatory oversight raises significant risks about investor protection and fair trading practices. Additionally, the substantial minimum deposit requirements for premium accounts may deter entry-level traders from accessing the platform. Issues such as unspecified spreads and trading platforms further contribute to the platform's lack of clarity and reliability, undermining user confidence and potentially exposing traders to unnecessary risks. FAQs Question: What is the minimum deposit required to open an account with HX？ Answer: The minimum deposit varies based on the account type, ranging from $100 for Standard accounts to $20,000 for Premium accounts. Question: Does HX offer regulatory oversight？ Answer: No, HX operates without regulatory supervision, which may raise risks about investor protection and fair trading practices. Question: What market instruments are available for trading on HX？ Answer: HX offers a variety of market instruments, including forex, commodities, indices, and cryptocurrencies. Question: What is the maximum leverage offered by HX？ Answer: HX provides a maximum leverage of 1:500, allowing traders to amplify their positions significantly.