HWFX Review

hwfx.eu in short

HWFX is a brand owned and operated by Holiway Investments Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). HWFX claims to offer a wide range of smart products, services and trading tools that attract new traders to enter the online trading arena. HWFX offers online trading of CFDs on currency pairs, commodities, indices, and shares through the most common platform today – MetaTrader 4 (MT4). The minimum initial deposit is EUR200, USD200 or GBP200.

Regulation

Let us check the regulation of the brokerage company. This is definitely a good starting point before you sign a contract. HWFX is a trade name of Holiway Investments LTD, a Cypriot Investment Firm (CIF), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 248/14. The company offers investment services that include reception, transmission, and execution of orders on behalf of clients. As an investment firm authorized by a regulator of an EU Member State (CySEC), HWFX can offer its services on a cross-border basis to the European Economic Area (EEA) countries. Client funds are held in separate accounts with a Tier One EU Bank, always fully separated from HWFX own funds. As a member of the Investor Compensation Fund, clients of HWFX receive compensation in the event of the company’s bankruptcy.

Account Types

Customers can open three types of real accounts. They differ mainly in the minimum deposit required.

Silver Account – The minimum required deposit is USD200 and you can open a maximum of 100 positions.

Gold Account – You can start trading by investing USD1,000 and the maximum number of open positions is 100.

Platinum Account – You must invest at least USD5,000 to open this type of account and the maximum open positions could be 200.

What Type of Brokerage the Company is?

The Terms and Conditions document shows that the company acts as an agent to clients’ transactions. It transmits every client’s order for fulfillment to its execution venues. Currently, the execution venues for the company are ADS, Gedik Forex, X-Trade Brokers, GBE Brokers and CFH Clearing Limited. The company is not the execution venue but arranges client orders for execution with the execution venue. This confirms that HWFX uses the Straight Through Processing (STP) model to execute client orders, hedging all risk with its liquidity providers. Hence, there is no conflict of interest, and the company earns money only from the spread and commissions, the documents show.

Clients are warned about slippage – when the requested price is not available, then the order will be filled at the next available market price. It is noted that this usually happens during periods of low liquidity or high volatility. All types of orders are subject to slippage, which means that stop loss orders are not guaranteed and when triggered, will be executed as market orders at the first available price.

Although it is not mentioned anywhere, the CySEC license guarantees that the company must offer a Negative Balance Protection Policy. This means that retail clients may not lose more than the amount they have deposited.

Fees

In general, there are some common fees, which every trader pays such as spreads, swaps, and rollovers. Some brokerage companies including HWFX impose additional fees such as the inactivity fee. If you have not placed a trade or made a for a period greater than 90 days, your account is classified as an Inactive Account. Inactive accounts that have positive balances will be charged USD15 per month as administration fees. The inactivity fee will be charged until the account is inactive. It will be closed when its balance becomes zero. If the account is inactive for more than 6 months, it will be classified as dormant. Dormant accounts with balances over USD90 will be refunded via bank transfer and the transfer will be subject to bank fees.

Deposits and Withdrawals

Customers can deposit funds to their accounts by bank transfer or using payment providers such as Neteller, Skrill, Nganluong, and 4Cash. The minimum first deposit is USD200. The company covers any deposit fees, so clients will receive in their accounts exactly what they have sent.

The company warns that withdrawals will be paid directly to the same account that has been used from the client to deposit money. Withdrawal requests will be processed on the same day that they are made. The minimum withdrawal amount is USD100. Unlike deposits, the company does not cover transaction fees for withdrawals. There are withdrawal fees for each payment method, and they are 1% for Skrill and 2% for Nganluong and 4Cash.

Trading Platforms

HWFX provides one of the most used trading terminals – MetaTrader 4 (MT4). The MetaQotes platform MT4 is well-known and reliable and helps customers to easily trade a wide range of markets and assets. MT4 is the perfect terminal for beginners and experienced investors. HWFX MT4 offers up to 1:400 leverage, over 150 markets, negative balance protection and automated trading with expert advisors. Hedging and scalping are also allowed. The platform can be installed on a computer or Mac and can be used with any modern browser without any installation.

Assets

There are four asset groups available for trading with HWFX:

Currency Pairs – 37 currency pairs including exotic ones can be traded. Spreads depend on the account type and the minimum value for the EUR/USD pair is 1.5 pips.

Indices – Clients can trade spot CFDs on 7 indices, such as DAX (GER30), FTSE100 (UK100), DJIA(US30), etc. The minimum value of the spread for the DAX index is 1 point and for the DJIA index it is 2.5 points.

Commodities – CFDs on 4 commodities are available for trading. They include Gold, Silver, Brent Oil and Crude Oil. The minimum value of the spread for Gold is USD0.25 and the one for Crude Oil is USD0.03.

Shares – HWFX offers CFDs on shares of 13 global companies such as Apple, Facebook, and Daimler. You will be charged a commission 0.10%.

Partnership

The Partnerships section provides the necessary information for Introducing Brokers and Tied Agents. The HWFX Affiliate program presents you with the opportunity to earn by referral of clients to the company.

Summary

HWFX is a trade name of Holiway Investments LTD, a CySEC regulated company, which provides investment services across European Union. Legal documents confirm that HWFX is an STP brokerage company, which acts as an agent. Holiway Investments LTD submits 100% of its client orders to its liquidity providers for execution. Unfortunately, you do not have a wide choice of what instruments to trade. Mostly currency pairs are offered for trading through the modern MT4 platform. There are 3 different types of accounts that differ in the required minimum deposit. You can open a real account with at least USD200.