HFG Forex is a forex and contract for difference (CFD) broker that was registered and established in Australia on May 6, 2020. The company is headquartered in Melbourne, Australia, and primarily offers financial trading services such as forex, precious metals, crude oil, and CFDs to investors. The broker's official website supports English and Simplified Chinese services and operates globally.
Company Background and Regulatory Status:
HFG Forex's registered entity in Australia is H Four Glory Pty Ltd, formerly known as GRAND SIGNAL MARKETS PTY LTD. The company's registered address is in Melbourne, VIC 3000, with an ABN number of 96 640 745 400. The actual office address is Room No.2, Unit 701, 167 Queen Street, Melbourne, VIC 3000, Australia. According to Whois information, the broker's website was registered on October 9, 2023, and as of November 21, 2023, the registration is only one month old. H Four Glory Pty Ltd obtained authorization from BAILEYHENRY CAPITAL GROUP PTY LTD on June 17, 2022, with authorization limited to providing general financial product advice to wholesale clients and trading financial products on behalf of others. This entity is regulated by the Australian Securities and Investments Commission (ASIC) with AR license number 001281851.
Account Opening:
To open an account with HFG Forex, users are instructed to click on the "Frequently Asked Questions" section on the Chinese website, find the question "How to open a real trading account with HFGMarketsLtd?" and click on the answer's link. However, the account opening page does not redirect correctly, preventing users from completing the account opening process.
Account Types:
HFG Forex claims to offer various account types on its official website, including fixed spread mini accounts, floating spread professional accounts, institutional accounts, and fund manager accounts. However, detailed information about the trading leverage, spreads, minimum deposit amount, trading volume range, maximum position size, trading commissions, overnight interest rates, margin call levels, and stop-loss levels for these different account types is not provided on the broker's website.
Trading Platform:
HFG Forex provides users with the MT4 trading platform, available on both PC and mobile devices. The trading name on the MT4 platform is HFourGlory, provided by H Four Glory Pty Ltd.
Deposits and Withdrawals:
HFG Forex accepts only bank transfers and Chinese UnionPay card deposits. UnionPay card deposits are processed instantly, while bank transfers may take 2-3 business days to reflect in the trading account. Withdrawals require users to log in to the broker's client portal and submit a withdrawal request. Withdrawals to any UnionPay account may take one business day. Bank transfer funds generally take 3-5 business days to reach the user's bank account. If users choose to deposit using a UnionPay card, the broker's system will convert USD to RMB based on the market exchange rate and transfer the funds to the user's bank account.
Affiliate Programs:
HFG Forex offers three types of IB (Introducing Broker) programs. The first is for ordinary referrers, where both the referrer and the referred receive at least $100 in subsidies. The second is for agent brokers, providing various services such as a cost-free and transparent fee structure, industry-leading reward structures, free IB marketing resources, real-time rebates, instant payments, and dedicated account managers to assist with business development. The third is for confirmed white label services, where HFG Forex provides backend technical and clearing support, while customer communication and service are handled by their partners. Institutional account managers from HFG Forex provide one-on-one full-process services to ensure all platform settings meet the partners' requirements. After the white label program is completed, the broker continues to support partners' business development, including marketing, marketing training, and customer service training.
Customer Support:
Users can contact HFG Forex for customer support via phone at +61 410 672 384 and email at info@hfgfx.com.au.
Summary:
Traderknows reminds investors that HFG Forex is authorized only to serve institutional clients and does not have the qualification to provide retail client services. However, the broker's website still offers services to retail clients, indicating potential overstepping of operational limits. The account opening link is not prominently displayed and can only be found in the "Frequently Asked Questions" section, though the provided link is not functional. The broker claims to provide various trading types on its website, but detailed information about account contents is not disclosed. Currently, the broker is marked as "suspected of fraud" on Traderknows.
