Like many of its peers, HQBroker sells itself as a global, trusted online trading brand, which has racked up hundreds of thousands of clients and which boasts a spotless reputation. While the reputation of the operation does indeed appear to be better than that of several of its direct competitors at first glance, the construct simply does not hold up to close scrutiny. The problems in this regard begin with the corporate background of the brokerage, which is a little murky, to say the least.
According to the official site of the brokerage, the company behind the HQBroker brand is Hokkaido Investments Sp. z o.o. (Registration No. 699793). The phone number provided is 852-5808-4980.
Now that we have gotten that out of the way, let us take a closer look at what the site offers.
HQBroker Trading Conditions
The trading conditions are advertised as great at the brokerage. The spreads used are apparently dependent on the account type one registers for. On a regular account for instance, the EUR/USD spread is 1.2 pips, which is everything but generous. On the same pair, but with a Silver account, the spread is 1 pip, while with a Gold account, it is a much more reasonable 0.8 pips. On more exotic currency pairs, the spread can be as high as 5.5 pips.
The maximum leverage also depends on the size of one’s deposit. For deposits falling into the $100-$10,000 range, the maximum leverage is 1:400. Those who deposit more than $10,000, will be able to use leverage up to 1:1,000.
HQBroker Product Selection
HQBroker offers three main trading product categories: Forex, Metals and CFDs. The brokerage supports the trading of no fewer than 50 currency pairs through the MT4 platform.
As far as the metals category is concerned, spot Gold and Silver can be traded.
Featuring ECN execution, the CFD category includes stocks, commodities and equity shares.
Account types are extremely important at HQBroker: as said above, they have a major impact on the trading conditions users will enjoy at the site.
The Demo account is unlimited: it offers access to real time streaming data and real time execution, as well as to the full product selection of the brokerage. Traders who choose this risk-free option, will have $100,000 in virtual funds at their disposal to put the various platforms offered by the brokerage to the test. Signing up for an HQBroker Demo account is as easy as filling out a simple registration form.
The real money account selection is a tad more intricate. There are no fewer than 5 options, mostly determined by the deposit amount required.
The most basic account type is the Starter, which requires just $250. It comes with floating spreads, an account manager and mobile trading options.
The Silver account requires a minimum deposit of $5,000. This one features floating spreads as well, in addition to the exact same features mentioned in regards to the Starter account above.
The Gold account throws a free bank wire option into the mix. In exchange for that though, it requires a minimum deposit of $20,000.
The Platinum account takes things one step further. For a $50,000 deposit, it gives traders fixed spreads, as well as access to daily analysis.
The Investor account is at the top of the account-type pops. Requiring a deposit of $100,000, it too features fixed spreads, account managers, 24h support, and access to a free VPS service.
HQBroker’s platform selection is squarely focused on MT4 – which is indeed a good thing. MT4 can be downloaded directly from the website for free, and it comes with its usual package of – rather impressive – features. It supports superb charting options, an outstanding selection of pre-installed technical indicators, as well as EA capabilities, which work well with the above mentioned VPS service.
In addition to MT4 and its myriad of features and capabilities, HQBroker offer mobile trading platforms for Android and iOS-based mobile systems, as well as a Web Trader. The Web Trader is surprisingly capable and complex. It too is based on MT4.
Should I Trust HQBroker?
Considering the evidence and facts presented above, we have to say that things do not look good in this regard for the brokerage. The operation does not seem to be regulated and its murky corporate background (which also includes a Warsaw, Poland-based firm, called Hokkaido Investments SP. z.o.o.) does not inspire the tiniest bit of trust.
Question Marks and Red Flags
Besides the trust issues linked to the corporate entity behind the operation and the reputation issues stemming from abysmal user feedback, there’s another unsettling thing about HQBroker: the website copy uses broken English. That may not mean a whole lot from a strictly technical perspective, but it does pose the question: what kind of a brokerage is this, that it cannot afford to hire a proper copywriter?
Though user complaints are not yet numerous – most likely on account of the tender age of the operation – the ones that are out there are of the no-nonsense kind, and they bring up rather serious issues. Aggressive marketing and sales tactics are apparently part and parcel of the HQBroker trading experience. Users are subjected to persistent phone calls peddling various deals, and they are promised all sorts of knick-knacks in exchange for their deposits.
Users have also complained about having had all their funds lost by the broker’s “experts,” who traded in their names with great relish and incompetence.
HQBroker Review Conclusion
Though it features a good trading platform and offers a decent selection of trading products, HQBroker just cannot be taken seriously. It is unregulated, its website is written in broken English, its corporate background is a mess and its users are displeased.