Since “social trading” seems to be taking momentum in the Forex market, more and more broker houses are choosing this method as their modus operandi. In other words, they offer their services and act as a middleman, leaving individual traders to find the suitable investors and follow their moves, i.e. copy their successful trades. Our Harborx review targets on such broker, and we will examine every single fact about this company and present you with an in-depth report of their operations and activities.
Leverage: 1:100 Licences: CySEC
Min. Deposit: 50 USD Bonus: N/A
Spreads: from 2 pips US Clients: No
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Harborx – general overview
HarborX is owned and operated by “Harborx Limited”, which is an enterprise founded by a group of Hong Kong investors. It seems that the statement “Harborx scam” is definitely not true since this broker is licensed by CySEC, under the number 230/14. Apart from that, it has a membership in the Investor Compensation Fund. Yet this does not mean that all of your funds come with a guarantee and a complete protection. The membership in ICF protects your funds up to 20,000 EUR in case of the broker’s default. Even though Harborx seems like a legitimate place to trade, this broker has demonstrated a series of drawbacks in other areas of their services.
Harborx is certainly different from most of the FX brokers. The main difference is that this broker only provides access to a mobile trading platform. Yes, that’s right, you are expected to perform your trades and analysis via the charts displayed on a five-inch screen. Or, alternatively, you can use some sort of a web or a desktop platform for charting and simply use the Harborx app for the trade execution. Does it make trading convenient? We highly doubt it.
Speaking of the broker’s reputation, we cannot really say much. The information available on the Internet certainly does not allow us to call Harborx a scam, yet we definitely cannot advise signing up with this broker. There are nearly no customer reviews available on the websites. As for the users’ reviews at PlayStore, it does seem that the reviews are completely fake. First of all, there are like 98% of 5* reviews, all of those are written in good English and this certainly does not look authentic.
Well, let’s explore other features of this broker below.
Harborx offers trading on Trial and Live accounts. Like with most brokers, the Trial account allows trading with virtual funds, while on Live account clients trade with real money. This is quite self-explainable.
One of the obvious disadvantages is that the Demo Account is only valid for 90 days. Most of the brokers offer unrestrained access to virtual trading, yet it doesn’t seem to be the case with Harborx Forex broker.
Apart from that, once you start trading live, you may no longer practice with virtual money. The upgrade to a Live account is irreversible, so you cannot go back to Trial from a Live account.
Trial account users can follow Star Traders’ recommendations, however, cannot fully try other app features, such as the Leaderboard competition.
Even though the availability of one real account may look really simple for most of the traders, it is quite hard to feel special for VIP clients.
Once again, the lack of proper info on the site was an insurmountable obstacle when it come to preparing this review, and it seems that Harborx broker is not willing to share everything with the public, which is a classic red flag about a potentially risky operation. How does the platform work? What are the features of Harborx? You will not find this out unless you sign up.
Their app is available on both iOS and Android devices. However, you are required to verify your phone number before you can even preview the trading platform. The most obvious question to ask here, why is this even needed? Most of the FX brokers will allow you to preview their services without dislocing almost any personal data, but this certainly does not seem to be the case with Harborx trading platform.
Harborx trading incentives
Similar to other Phone Apps, Harborx runs some sort of a referral campaign. Once you refer a friend of yours to the app, he will be granted a $10 credit for trading and you will receive $10 too. The main issue is that you can only use these funds for trading and you are unable to withdraw it, even after completing a certain trading volume. However, the profits obtained from the Harborx bonus are withdrawable as long as it is higher than $50.
When it comes to Harborx opinions on the matter of deposits and withdrawals, the situation is not much better here either, and it seems that this broker offers a standard set of services.
As a matter of fact, only USD are available as an account currency. This is certainly a huge negative aspect, especially considering that this is a EU-regulated broker and most of Europeans are very unlikely to have USD accounts.
You can transfer the money via credit and debit cards, wire transfers and Skrill.
PayPal seems to be supported as well, which is one of the rare bright points in our review of Harborx trading company.
Harborx Forex broker still needs to invest a lot of effort into reaching that top level in the Forex market, and their customer support will need serious restructuring in the upcoming period.
First of all, the website and the support chat are only available in English. This is quite a weak point when compared to most of the competition.
We also tried reaching out to Harborx via the Live Chat, and even though we received a response, the speed was rather slow and, at first, we were simply sent the answers from the FAQ section.
Speaking of Harborx FAQ section, the answers are very measured and there is no search feature. Hence, it makes it pretty hard to actually find the answer you were looking for. And then, once you put the effort, the description is quite poor (e.g. there are no screenshots from the app that explain the location of some certain features). So, there is quite some place for improvement and you should definitely avoid this broker if you are not comfortable communicating in English.
The final word
The usage of mobile devices is certainly growing rapidly, and it was only the question of time when the first mobile-only FX brokerage will pop out. From what we know, Harborx seems like the first broker to offer FX trading only on a mobile device via its custom platform. Still, would say that this is an advantage? Definitely not, as it is hard to imagine how one can conduct a valid analysis using only his or her phone.
On top of that, the broker is relatively new, so there are not too many opinions on it. Hence, it is highly recommended to hold on before signing up with this brokerage, as you certainly don’t want to be scammed. The only reviews we were able to find are coming from the Google PlayStore, yet those reviews do not seem to be authentic. This is why we strongly advise against this broker.
Next to this, the broker’s site does not provide too much of the information and is only available in English. The account currencies are limited to USD only and the trading conditions do not seem to be anywhere close to the market standard.
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