Updated on January 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding HiWayFX due to the issues we've identified.
Is HiWayFX Scam or Legit Broker? ▲
The exploration into HiWayFX has resulted in a decisive judgment. It is crucial to announce that HiWayFX operates as an entirely fraudulent entity. This brokerage is incorporated with an offshore registration and lacks any form of reputable licensing from established financial regulatory bodies. The absence of legitimate authorization renders the trading environment provided by HiWayFX as utterly unsafe.
The rationale behind our strong caution against engaging with offshore brokers like HiWayFX is straightforward. Although these entities may boast of offering unparalleled trading conditions, there is no assurance provided by recognized financial authorities regarding the safety and reliability of their services. This situation places traders in a precarious position where they must rely solely on the broker's assurances, which introduces a significant level of risk.
Registered in St. Vincent and the Grenadines
Type of License: Offshore License
Is HiWayFX safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
HiWayFX operates under the umbrella of an international corporation with a presence in renowned offshore jurisdictions such as St. Vincent and the Grenadines, alongside an EU branch branded as Lucro Capital Ltd, a Cyprus Investment Firm. This broker presents an extensive array of trading opportunities across more than 60 currency pairs, indices, oil, precious metals, and other instruments accessible via the industry-leading MetaTrader4 platform.
Initially, HiWayFX demonstrated compliance with regulatory standards enforced by CySEC during its operation within the EU, starting from its inception in 2014 and extending for a few subsequent years. However, a pivotal shift occurred in 2017 when Lucro Capital Ltd announced its renunciation of the CySEC license, leaving the reasons for this decision shrouded in ambiguity.
“Lucro Capital Ltd Company which renounced its CIF authorization and it remains under the supervision of the CySEC until it settles its obligations.”
CySEC, April 2017
This change in operational strategy appears to stem from multiple instances of non-compliance and an influx of trader complaints regarding fraudulent activities. In an attempt to continue its services, HiWayFX shifted its focus to the St. Vincent and the Grenadines jurisdiction, adopting a more lenient approach towards client documentation. Furthermore, the company ventured into the high-risk realm of binary options trading, aiming to broaden its client base.
To encapsulate, the ambiguous operations and the litany of concerns surrounding HiWayFX strongly advocate for the avoidance of this broker. We urge traders to entrust their investments to brokers regulated by esteemed authorities, adhering to stringent regulations and upholding a commendable reputation over their operational history. It is recommended to opt for brokers regulated within the UK, Australia.
HiWayFX Update
Our recent findings indicate that the HiWayFX website is no longer accessible, signifying that the broker has ceased operations. Despite this development, it remains imperative to exercise caution and remain vigilant against any potential propositions from this entity or similar offshore brokers, ensuring the safety of your investments and trading endeavors.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
HiWayFX Review 2024
