Is HiWayFX a scam or a legit broker?

HiWayFX is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade HiWayFX. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk. 

About HiWayFX
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is HiWayFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

HiWayFX is a trading name of an international company, which establish its branches in an offshore known zone St. Vincent and the Grenadines, as well as a branch in the EU, as a Cyprus Investment Firm – Lucro Capital Ltd. The broker offers vast trading opportunities on over 60 currency pairs, indices, oil, precious metals and other instruments available through market-leading MetaTrader4.

HiWayFX Review

At its beginning stage since 2014 and few years further, the HiWayFX broker operated with EU license and complied with a regulatory requirement as it was set by the CySEC. However, the owning company Lucro Capital Ltd and its subsidiaries officially announced its renunciation from the CySEC license since 2017, while the reasons remained unclear.

“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

However, it seems that the company moves were caused by the numerous non-compliance issues that the broker couldn’t maintain, as well as a large number of the complaints received from the HiWayFX traders for its fraud operations. Further on, the broker Continues their services from the St. Vincent and the Grenadines branch while accepting clients with no documentation requirements. Moreover, the company launches a binary options trading system, which is known for its extreme height of risk, while trying to attract more clients.

Conclusion

All in all, the unclear and uncertain operation of the HiWayFX reveals the question, is it really a broker to invest with? For us, it is obvious that not, since the financial brokerage should be a reputable and reliable company that complies with the necessary regulation and can maintain a safe trading environment for the traders good. For that reason, we would recommend to choose among Regulated Forex Brokers and avoid HiWayFX.

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