WikiFX Review: why HeyForex is not a dependable broker

HeyForex says to be a true ECN broker, offering some 55 currency pairs as well as various other CFDs on indices, commodities, precious metals, shares and crypto coins, with a choice of four account types, leverage as high as 1:500, and the industry standard MetaTrader4 platform.

And HeyForex also says to be a pioneer in bettering people‘s financial future, which sounds truly inspiring. Is HeyForex really a legit and regulated broker with a legit forex license from a well known financial institution？ Let’s search HeyForex on WikiFX APP to find out more. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, HeyForex currently has no valid regulatory license, which regrettably means it is not a pioneer in improving our financial future, combined with the fact that their website is virtually anonymous, making us believe that we are dealing with yet another scam.

Just bear in mind that any broker, which promises its clients better financial future, is simply not to be trusted. The financial markets are a risky place, and even more so when traded with highly leverage instruments like the CFDs offered by HeyForex. So if HeyForex tells you that they will ensure your financial future, if you only agree to open a trading account with them, you are obviously about to get scammed.

Not to mention that a legit and regulated broker will never advertise its services like this. On the contrary – all brokers regulated in the EU, the UK or Australia are required to publish as a warning the exact percent of traders, who lose money on their platforms – a percent which rarely falls below 70% on average.

Hey Forex is a brand name of HeyForex LLC, a company allegedly originating in St. Vincent and the Grenadines, and that‘s a problem. The Caribbean island is known as a non-transparent tax haven, which is indeed overcrowded with scammers and other dodgy businesses. The SVG companies are anonymous and don’t have an obligation to share information about ownership or anything else whatsoever. On top of that, the financial regulation on the island is inferior and the local authority SVGFSA doesn‘t even license or in any way control the Forex brokers legally operating there, so it’s risky to deal with those entities. Your funds are not safe if you deposit with Hey Forex because its a shady unregulated Forex broker, so WikiFX recommends traders should avoid it.

The maximum possible leverage is 1:500, a ratio overly risky for retail traders. If carelessly used, 1:500 can cause severe losses that are too challenging to repair. In fact, leverage is so dangerous that many financial authorities implemented regulations to restrict its usage. As a result, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers cant offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and dangerous to deal with, so be cautious.

Furthermore, HeyForex wants you to fund your account with bitcoins and that is not something good either.

And bear in mind that if you agree to fund your trading account with bitcoins or other crypto coins, your payment will be pretty final – once made a crypto payment can not be reverse, unlike payments with credit cards for example, where you can file for a charge back withing a certain period of time – 540 days with both VISA and MasterCard, especially if you are a victim of an online scam, by a shady offshore company like the one operating HeyForex.

In a nutshell, it's not wise to invest in HeyForex. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

Don't trust individuals or organisations who claim to be able to get your money back - they may be selling hope and scamming you again. This is especially true if they ask you to pay in advance, which is a “recovery scam”.