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HFTrading Broker Review 2020
HFTrading is a fully regulated and licensed online broker, serving clients from Australia and New Zealand. Founded in 2019, the company has already won several awards, including Best Forex Broker in Australia at the 2020 Forex Awards, and Best Commodities Broker in Australia in 2020 from the Global Banking & Finance Review. The broker has over 350 instruments available to trade as CFDs and offers excellent trading conditions. There are three different retail account types to choose from, and a choice of convenient funding methods. HFTrading is built on the award-winning MetaTrader 4 (MT4) platform, with its wide variety of tools, features and indicators. The company also offers a high-quality education portal and excellent customer service.
Opening an account online is a quick and easy process, and the minimum deposit is $250 AUD. Although this is a relatively new online broker, it is already gaining an excellent reputation. Industry sites that have chosen to review HFTrading have been very positive in their assessments, and clients generally seem to be satisfied. Like any online broker, HFTrading has its advantages and disadvantages, but overall it has much to offer active online traders in Australia and New Zealand.
HFTrading Review: pros and cons
- No commissions
- Wide choice of asset types and instruments
- Excellent education section
- Award-winning MT4 platform for desktop, web and mobile
- Only available to clients in Australia and New Zealand
- Services are only available in English
- High inactivity fees on dormant accounts
- Minimum deposit is quite high
Broker test: Our HFTrading review
Trading conditions: a zero-commission trading model
- Zero commissions
- Very few ‘hidden’ account fees
- No broker-levied deposit or withdrawal fees
- Competitive spreads
- Leverage on forex: up to 500:1
- Leverage on indices: up to 125:1
- Leverage on shares: up to 10:1
HFTrading offers some attractive trading conditions, including zero commissions, tight spreads, generous leverage and very few hidden extras when it comes to account fees. As always, when a broker offers a zero-commission trading model, profits are taken from the spreads. Spreads at this broker are competitive and depend on instruments being traded, the account type you hold, and market conditions. Minimum and typical spreads for each instrument and forex pair are displayed on the website.
Leverage is quite generous at this brokerage, though this will depend on the type of account you hold and the instruments you are trading. Silver account holders will not be offered more than 200:1 leverage, whereas Gold accounts enjoy leverage of up to 400:1 and Platinum accounts get up to 500:1. As you would expect, forex trades attract the highest leverage, but it is possible to be offered up to 125:1 when trading indices or commodities and 10:1 when trading single shares. Leverage on cryptocurrencies is much lower, as is usually the case, but this brokerage does have the advantage of being able to facilitate trading in a wide range of digital currencies, including less popular and newly emerging coins. Overall, trading conditions with this broker are very attractive.
Our rating: AChoose a Top Broker
Underlying assets/trading platform offering: over 350 tradeable instruments
HFTrading is a multi-asset broker offering a wide range of instruments across many different asset classes. It is possible to trade forex, stocks, indices, commodities and cryptocurrencies with this broker. All instruments are available to trade as CFDs. The brokerage offers a wide choice of currency pairs with competitive spreads. Spreads are tightest on major pairs, but this broker also offers a range of minor and exotic pairs with slightly higher spreads. As always, spreads depend on market conditions and liquidity. This is also an excellent broker for crypto traders. Our HFTrading cryptocurrency review found that digital currencies on offer include all the major coins such as bitcoin ethereum, litecoin, dashcoin and ripple, along with a choice of other less popular coins. This makes HFTrading a good choice for traders who want to specialise in cryptocurrency trading and have access to a wider choice of currencies. While there are certainly brokers out there with more assets to choose from, we were impressed by the choice at this relatively new online broker.
Our rating: B+
Order features of the trading platform: lots of options, but nothing too complicated
Order execution is simple due to the cutting-edge MT4 software. The trading terminal allows clients to execute orders manually or automate strategies in various ways. Clients can automate their trading activities by placing specific order types such as stop loss orders or take profit orders. There are also options for fully automated copy trading, which allows clients to copy the trades of other more advanced traders. The brokerage provides an order execution speed of 0.04 seconds, which our HFTrading forex review found to be accurate. The platform supports all order types, including instant, market, pending and trailing orders, and, as already mentioned, there are easily automated stop loss and take profit options.
Our rating: A-
Analysis features of the trading platform: high level of customisation
HFTrading uses the well-respected and highly popular MT4 platform, which comes with a suite of trading tools, charts and technical indicators. As well as the in-built features, which may well be more than adequate for you, you have the option to download any additional tools you may need from the Code Base. MT4 charting is available in three different modes and several different time frames, ranging from one minute to one month. Technical tools available cover trends, oscillators and volume-based indicators. Any tools that are not built into the platform can usually be added as plugins, giving the platform a high degree of customisation. Whether you are addicted to Bollinger Bands, love your Money Flow Index, or can’t live without MACD, you’ll generally be able to build a set of technical indicators into the platform that work for you and your trading techniques. In total, there are hundreds of in-built and downloadable analytical tools to enable an in-depth analysis relevant to your specific trading goals.
Our rating: B+
Regulation, deposit guarantee and risk limitation: a safe and well-regulated broker
Client funds are kept in segregated accounts with trusted global banking institutions, separate from the operating funds of the company itself, which goes some way to protecting client funds in the event of the broker running into financial difficulties or even becoming insolvent. The broker is transparent in its data collection and storage. It only collects data as needed either to establish the broker-client relationship or to meet regulatory requirements such as anti-money laundering laws, as required by its regulatory bodies and national laws. All client data is securely collected, processed and stored.
Our rating: AChoose a Top Broker
Automated trading: support from expert advisors
Besides placing manual orders, HFTrading clients can choose their own level of automation. Whether you need fully automated copy trading facilities, or the simple ability to automate small parts of your order execution process, you will find a solution that works for you. There are various applications to automate analysis and trading available in the Expert Advisors section, which can be used to monitor markets and trade automatically using pre-set algorithms. Expert Advisors can be programmed to find trading opportunities according to parameters you set, and can then either open a position for you automatically or simply notify you that a parameter has been met, at which point you choose whether to manually take an action, based on that alert. With HFTrading’s MT4 platform, it’s also possible to download, rent, purchase and order forex robots from the Code Base.
Our rating: A
Account opening and minimum deposit: become a customer in 10 minutes or less
The process of opening an account is quick and easy, and can take just a few minutes. You can get started by filling in a quick online form with some very basic information.
You will be offered a choice of different accounts, according to your needs and your level of experience. Three account levels cater to traders from novice to professional, with a variety of relevant benefits and features attached to each account type. Silver accounts are aimed at new and less experienced traders, and offer a minimum spread of 1.8 pips, with maximum leverage of 1:200. Spreads are similar for Gold and Platinum account holders, but Gold account holders enjoy leverage of up to 1:400, along with a swap discount of 25%. Platinum accounts are the highest level, with leverage of up to 1:500 with a swap discount of 50%. Remember that the maximum leverage quoted may not be the leverage you are offered, and that the maximum usually just applies to forex CFDs, with lower levels of leverage available for other instruments. All accounts have access to customer support, education and training. Both Gold and Platinum accounts also come with a dedicated account manager.
Once you have chosen your account type and set everything up, you will be able to choose your funding method, deposit your funds, and get started with trading the instruments of your choice. There is a minimum deposit of $250 AUD, which is higher than many online brokers but still an amount that makes trading very accessible for traders at any level. Client deposits can be made in AUD, NZD, EUR, GBP, USD, JPY and CAD. A choice of account types is always a good sign. It means that as you become more experienced, you will generally be able to upgrade to a more advanced account, with higher leverage and more features and benefits. Once your account is live, you will be able to access your client area, where you will be able to view your profile, deposit funds and download the trading platform if you wish.
Our rating: B+Choose a Top Broker
The broker and its competitors: bringing something fresh to the market
There are many alternative brokers available to online traders in the region, but HFTrading is certainly providing competition for all of them. With its wide range of assets, excellent choice of currency pairs, and high number of cryptocurrencies, it is bringing something fresh to the market that many of its competitors do not. CFD trading is common in the region, but not all brokers offer cryptocurrency trading via CFDs, even if it is available for forex and other assets. Most traders do not offer the less well-known digital currencies either, unless they specialise in crypto trading – so to find a multi-asset broker with such an extensive choice is a bonus for those who want to focus on crypto trading but also have the ability to trade various other assets, all under one roof. The fact that the brokerage has already won Best Forex Broker in Australia at the 2020 Forex Awards and Best Commodities Broker in Australia 2020 from the Global Banking & Finance Review says it all.
Our rating: A
What about additional services and new customer offers at HFTrading?
Generally speaking, this brokerage does not offer sign-up bonuses or special incentives for new clients, mainly because this is strictly regulated under ASIC. However, it does offer the Silver account, which is clearly designed to attract new and less experienced traders, and has various features that make this broker an attractive option to those looking to dip their toes into the world of online CFD trading for the first time.
Another very valuable additional service, in our opinion, is the extensive customer education and training portal. This is aimed not just at beginner traders but also at more advanced and successful traders, who generally succeed in part because they are always learning new strategies, expanding their knowledge, and increasing their trading skill set. The wide range of self-paced courses, on-demand training, explainer videos and eBooks are invaluable to those who are committed to life-long learning in the area of online trading.
Our rating: B
Customer service and website: a strong emphasis on user experience
When carrying out a broker comparison, one thing we always look very closely at is the user experience and the ease of contacting customer support via the website and the apps. Trading takes place exclusively online, so the ease of use of the website and accessibility of customer support when needed is vitally important. The HFTrading website is clean, uncluttered and very user-friendly. Everything is clearly laid out and easy to find, by navigating from the top bar menu, using the drop-down menus under each heading. You will find it easy to navigate to all the information you need, including product details, trading platforms, contact details and legal documentation. One disadvantage we found was the lack of a comprehensive and searchable FAQs page or Help section, which are often found on online broker sites. However, the broker does include a lot of information on every aspect of trading with it, which is all easy to find due to the clean and simple layout of the site.
At HFTrading, high-quality, responsive customer support is available to both clients and potential clients via a choice of channels. There is a handy live chat option, which is easily accessed from the main contact page and also available from most other pages on the website, via the live chat symbol at the bottom right of the page. Email support is also available, and there is a dedicated phone line that is manned between the hours of 2:00am and 1:00pm GMT. Support staff are quick to respond, and are friendly and well-informed. Many online traders will rely exclusively on live chat when it comes to accessing support, as it is the most convenient way to quickly have a two-way conversation, in real time, from any device, and without even leaving the page you are on. The broker also provides a contact form on the website, which can be useful for less urgent questions or issues that do not require a conversation to resolve. Customer support is easily accessible whether you already have an account or not, so it’s easy to ask any questions you may have before signing up or during the sign-up process.
Our rating: A-
Overall, our HFTrading CFD review found this brokerage to be reliable and high quality, with just a few drawbacks, such as its high inactivity fees and the fact that it is restricted to Australian and New Zealand clients. We would certainly recommend HFTrading, however, if you live in the region and it meets your individual trading needs.