Note: Heart Forex's official website: https://www.heartforex.com/ is currently inaccessible normally.
Established in 2012 in New Zealand, HeartForex is an offshore broker that operates using STP/ECN execution models. It provides trading services in currencies, indices, CFDs and commodities via MT4. However, its license of FSC has been revoked and recently, it has no regulation.
Pros and Cons
Is Heart Forex Legit?
Heart Forex claims it is regulated by the Financial Services Commission (FSC). However, it has been revoked and therefore, it is not regulated well now. Whats worse, its website is not accessible, which cause higher risks to trade on it.
What Can I Trade on Heart Forex?
Heart Forex offers trading of currencies, indices, CFDs and commodities including coffee, sugar and so on.
Account Type
Heart Forex offers Standard, Challenge, Swap-free and Premier accounts with the minimum deposits of $3,000, $1, $1,000 and $30,000 respectively. The minimum trade size on these accounts is 0.01. Besides, Challenge Account provides leverage up to 100x and the other accounts provides up to 200x. Besides, it offers floating spreads, varying by account type, and charges no commission fees. Standard account offers spread from 1.3 pips, Challenge from 2 pips, Swap-free account from 2.5 pips and Premier account from 0.7 pips, which are higher than other regular brokers.
Deposit and Withdrawal
Heart Forex provides bank wire transfers, China UnionPay and i-Account. I-Account is a financial platform designed for managing fund transfers, international wire transfers, foreign exchange, bulk payments, and more. Users can access their accounts from any PC, tablet, or smartphone, with no restrictions on time or location.
Trading Platform
HeartForex provides its trading services through the widely-used MetaTrader 4 (MT4) platform. MT4 is accessible via PC, web, and mobile versions (including apps for iPhone, iPad, and Android).
MT4 equips traders with essential tools such as rapid order execution, a range of technical indicators, advanced charting capabilities, and the functionality to create and use Expert Advisors (EAs).
Customer Service
Heart Forex supports phone and email for their traders to contact them.
The Bottom Line
In conclusion, HeartForex offers forex services via MT4 and four types of accounts. But its revoked license of FSC, unavailable website, and regional restrictions decrease its reliability.
FAQs
Is Heart Forex a good for beginners?
No. It is unregulated and unsafe. Don't be lured by their advertised $1 minimum deposit.
Is Heart Forex good for day trading?
No.
At Heart Forex, are there any regional restrictions for traders?
Yes. It does not provides services for the residents of Hong Kong, Japan, EU and United States.
