HQBroker

Editor's Score
Pros
  • Over 250 Trading Instruments
  • Several Payment Options including Paypal, Bitcoin, Litecoin, etc
  • Multilingual Customer Support
Cons
  • Not regulated by any official regulatory body.
  • No service to clients from France, USA, and Hong Kong.
  • Only accepts three currencies.
Min Deposit
$250
Max Leverage
1:400
Mini Account
Bonus
N/A
Platforms
  • Webtrader
  • MT4
Withdrawal Options
  • Visa and MasterCard
  • Bank Wire Transfer
  • Bitcoin
  • Litecoin
  • Ethereum
  • Paypal

Review

Introduction

HQBroker is the trading arm of “Capzone Invest Ltd”, which is a financial investment firm located in the Marshall Islands. The brokerage division, HQBroker was founded in 2017 and is located in Hong Kong. The broker states that their aim is to provide a secured, satisfactory and reliable trading environment with cutting-edge technologies.

They do not offer their brokerage services to residents of USA, France and Hong Kong. Their official website is available in English, Italian, Russian, Spanish, Portuguese, German and French. HQBroker is not regulated by any regulating authority. The official website is beautiful, professionally designed and user friendly. As a new and unregulated broker, they are yet to win any recognized industry awards.

Trading Conditions

HQBroker provides the MT4 trading platform which executes trades at a very fast speed. The maximum leverage obtainable is 1:400. There are no bonuses or promotions. The spreads vary depending on the account type.

HQBroker offers 5 types of accounts. The Starter and Silver plans require a minimum of $250 and $5,000 respectively. They both feature floating spreads. The Golden and Platinum accounts require minimum deposits of $20,000 and $50,000 respectively and they feature fixed spreads. The premium account type is the “Investor account” which requires a minimum deposit of $100,000. There are no other unique features for the investor account plan. The lowest spreads are for the Gold or Investor account holders.

Products

HQBroker boasts of over 250 trading instruments. They pride themselves as an ECN broker giving access to multiple exchanges in several countries. There are over 50 currency pairs which includes the major, minor and exotic pairs. Precious metals like Silver and Gold are available for trading. Commodities, indices, stocks and equity shares can also be traded on their platforms.

Regulation

Unfortunately, this broker is not regulated. HQBroker is owned and operated by Capzone Invest Ltd with headquarters located at “Trust Company Complex, Ajeltake Island, Majuro, Marshall Islands MH 96960”. The operating address of HQBroker is at “7/F, Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong”.

Platforms

The major platform available is the popular MT4 platform. The two major forms available for desktop computers are the ‘Webtrader’ and the ‘MT4 desktop’ application.

HQ Web Trader

The Webtrader connects to the MT4 trading platform through a web browser. This is done from the HQBroker website. The advantage is that it works on all operating systems and on every device that runs a web browser. The MT4 is multilingual and suitable for all levels of traders.

MT4 Desktop

This is the downloadable version of the MT4 trading platform and it is available for the windows PC and MAC computers. The features of the MT4 are extensive as it has multiple charts, indicators and fast execution times. It also allows the use of Expert Advisors (EAs) which automates forex trading.

Mobile Trading

The HQBroker website is professionally designed and optimized for mobile devices. Mobile phone, phablet and tablet users have no problems with the website as it resizes to fit perfectly on any device.

HQ Android Trader

This android app is capable of executing and monitoring trades efficiently and effectively. It provides full access to all 200+ trading instruments. With this app, you can view your account status, place and execute trades, as well as provide real-time charts. The HQ Android Trader is the same as the android version of the MT4 app which is downloadable from the Google Playstore.

HQ iPhone Trader

This is the MT4 app for iOS. It has virtually the same capability as the MT4 android and desktop apps.

HQ Tablet Trader

This is the MT4 app available for android tablets and the iPad tablet. It is the same app as the MT4 for iOS and MT4 for android which are downloadable from their respective stores. HQBroker just branded the MT4 mobile apps together as HQ Tablet Trader.

Pricing

The HQBroker asserts that they are an ECN broker that offer low spreads. They do not charge commissions. Their spread for the EURUSD for Gold, Platinum Account holders is as low as 0.8pips. For Starter and Silver account holders, the spreads vary.

Generally, their spreads are competitive.

Deposits & Withdrawals

Only three currencies are accepted; USD, EUR and GBP. HQBroker does not charge deposit or withdrawal fees. Only one withdrawal is allowed per day for each client.

HQBroker accepts all major debit and credit cards. The minimum amount for deposits is not stated but $0.01 is the minimum withdrawal amount. The deposit is instant but it takes 3 days to process a card withdrawal.

Bank wire transfers have no limits for both deposits and withdrawals. It takes 2-5 working days to complete a deposit transfer. For wire withdrawals, the minimum amount is $50 and it takes 3-15 working days for the process to complete.

Payments with Paypal, Bitcoin, Ethereum and Litecoin are accepted but no details were given.

There are several complaints about delay in withdrawals from different broker review websites. Some of the issues were resolved while some are not yet resolved.

Customer Support

The available customer support channels are telephone, emails, online chat, online form and social media channels. There are specific phone numbers for clients in Denmark, Germany, Australia, UK, Russia, Ukraine, Ireland, Cyprus, Italy and Switzerland. This is in addition to the general support numbers. The phone support is the fastest support channel and it is available in multiple languages. Support is available 24/5 for all clients as well as prospective enquirers.

There are three email addresses for enquiries, Customer Service and for General Support.

Instant Web Chat can be accessed from any page. The chat support assistants are supportive and effective. “Contact Us” form is equally available on the website. Social media support is available on Facebook, Twitter, Google+ and LinkedIn.

Tutorial videos on how use the MT4 desktop and mobile versions are on the website. The overall quality of the support is reported as very good.

Research & Education

There are a total of 85 training videos. The scope of the videos includes forex, cryptocurrencies, MT4 app, CFDs, technical indicators, stocks, social trading, etc. The qualities of the videos are excellent with several animations, graphical illustrations and very professional teaching.

Two eBooks on CFDs and Cryptocurrencies are available for reading on the website. There is also a glossary defining many relevant terms. The overall training is targeted at new traders and it can really help promote a newbie to a higher level.

In order to gain full access to the trainings, you have to register on the website. There is also an economic calendar featured on the website.

Noteworthy Points

HQBroker commenced operations in 2017 and so, they have not won any awards. The fact that they are not regulated is a huge problem as there is no guarantee of investor’s funds.

They do not offer forex signals or VPS. They are still struggling to get clients because so many reviewers described their cold calling as ‘annoying’. Several reviews outrightly labelled them as scammers because of the problems they had in withdrawing their funds. Others accused them of opening and closing trades on behalf of clients.

However, these claims are not yet verified.

Conclusion

As new players in the industry, HQBroker has done well. Their website is professional, training videos are great and their multilingual support is commendable. They offer multiple trading instruments, low charges and friendly customer support.

The biggest problem is the fact that they are not yet regulated in any country. It will be difficult for any trader to open an investor account with $100,000 when the broker is unregulated.

Perhaps new traders will be willing to try them out for their comprehensive training packages.

Comparison

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