Harborx Review by professional Forex trading experts the “ForexSQ” FX trading team.
Harborx app is a mobile-only trading platform that makes currency trading accessible to everyone. It helps users to learn how to trade with a fun user-friendly UI making forex trading interesting and addictive for users and their friends.
Harborx offers its clients a single commission-free account type with leverage up to 1:100, variable spreads and the option to trade in micro lots on the broker’s proprietary mobile applications.
Harborx is a fintech company that offers simplified trading in forex pairs and CFDs on silver and gold through its mobile app. The broker does not take the opposing side of clients’ positions to profit from their losses. Instead, it utilizes Straight Through Processing (STP) execution, ensuring that there is no conflict of interest between the company and its clients.
Harborx Limited is a FinTech company that was founded in 2013 and is regulated by CySec under license number 230/14. It has 2 offices: in Cyprus (HQ) and in Hong Kong (tech office).
Brokers regulated in Cyprus are required to hold at least €730 000 and to keep clients’ funds in segregated accounts, as well as to report to the Commission on a regular basis.
Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
Besides, as Cyprus is part of the European MiFID regulations, all CySEC regulated are free to operate in all EU Member States.
Minimum Initial Deposit
In order to open an account with Harborx, traders have to invest a minimum of $50, which is a reasonably low amount to start with.
Spreads & Commissions
Harborx does not charge any commissions on trades and spreads start out at 2 pips for the EUR/USD. It is not high at all taking into consideration the Social Trading feature that comes at no cost.
For purposes of comparison eToro, another social-trading focused broker, offers spreads from 3 pips on EURUSD.
The default leverage offered by Harborx is 1:50 and the maximum leverage level is 1:100, which is more than enough.
In order to protect traders from the risk associated with using higher leverage levels, in 2016 CySEC proposed the default leverage to be set at 1:50.
Harborx offers solely mobile trading and its app is both professional and fun. You can place market orders, Stop loss and Take profit orders, view your trading history, compare your performance with other traders on the Leaderboard, and receive weekly bonuses if you are among the top-rated users.
Besides, the broker’s trading app offers nice social trading options – you can get recommendations selected members from the Harborx Community (Star Traders) and copy their trades.
Harborx App is currently available on both iOS or Android devices and you can sign up with Facebook, Google or via e-mail. In fact, the app has almost 5-star rating in Google Play.
Harborx is organizing a weekly Leaderboard contest, where the top 3 traders will receive a withdrawable bonus of USD 100, USD 50 and USD 25 respectively.
Moreover, Harborx gives other bonuses from time to time. These bonuses can’t be withdrawn, but they can be used for trading. However, you can withdraw your profits.
There is also a Friend Referral Program, under which Harborx’s clients may receive a bonus of $10 for each referred friend. Each Harborx trader can refer up to 100 friends, which equals receiving up to $1000 in bonuses.
Methods of Payment
Harborx supports a small range of payment methods – credit/debit cards & bank wire transfer, as well as e-wallets Skrill and PayPal.