Hextra Prime is an online retail forex broker that claims to have been established in 2020. The company states it is based in Kingstown, Saint Vincent and the Grenadines (SVG). However, a critical point to consider is that Hextra Prime does not appear to be registered with the Financial Services Authority (SVG FSA), the regulatory body for financial services in Saint Vincent and the Grenadines. This lack of regulatory oversight is a major red flag for potential investors, as it means there’s minimal guarantee of fair dealing or the security of client funds. Due to this, Hextra Prime has received a low score of 1.14/10 on platforms like WikiFX.
Here are some additional points to consider:
- Trading Instruments: Hextra Prime offers trading in various forex currency pairs, metals, and energy commodities.
- Account Types: The broker provides a demo account for practice trading and four live account types: Standard, Cashback, Bonus, and Raw. The minimum deposit to open a live account varies depending on the account type, ranging from $15 to $100.
- Leverage: Hextra Prime offers leverage of up to 1:5000, which is a very high ratio. High leverage can amplify both profits and losses, so it’s crucial to understand the risks involved before using it.
Important Caution: Due to the lack of regulatory oversight, exercising extreme caution is highly advisable when considering Hextra Prime. It’s important to thoroughly research the company and understand the risks involved before making any investment decisions.
Security of Hextra Prime
Hextra Prime client‘s funds are held fully segregated from the company‘s funds in top tier banks.
Trading Platforms
Hextra Prime offers a MetaTrader 4 trading platform for desktop, mac and mobile devices.
Resources
- News and Blogs
- Legal Documents
- Contact
- Help Center
Accounts
- Standard Ecn (Bonus)
- Standard ECN (No Bonus)
- Cashback ECN
- Raw ECN
Costs
Hextra Prime offer spreads from 0.1 pip, minimum deposit from $10 and maximum leverage up to 1:5000. Deposits can be done via bank wire transfers, visa/master cards, ali, neteller, skrill and crypto.
Client Support
Hextra Prime provides client support 24/5 in different languages via live chat, email, and telephone.
Regulation of Hextra Prime
Hextra Prime is an unregulated broker
Most regulatory bodies have an online database or search tool where you can enter the broker’s name or registration number. Here are some major regulatory bodies:
- U.S. Securities and Exchange Commission (SEC):https://adviserinfo.sec.gov/
- Financial Conduct Authority (FCA – UK): https://register.fca.org.uk/s/
- Australian Securities and Investments Commission (ASIC):https://asic.gov.au/
- National Futures Association (NFA – US):https://www.nfa.futures.org/basicnet/
Conclusion
Hextra Prime is an online broker that offers a wide range of trading instruments to traders all over the world. Hextra Prime provides a variety of trading accounts for traders to trade on the MetaTrader 4 trading platform. Hextra Prime offer spreads from 0.1 pips, minimum deposit from $10 and maximum leverage up to 1:5000. However, Hextra Prime is an unregulated broker.
