US Traders always wish to trade with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
HeyForex is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore whether HeyForex accepts US clients, its Pros and cons, and why US traders choose brokers like HeyForex and more.
Does HeyForex Accept Clients?
Yes, HeyForex accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders can register for an account and trade forex and CFD trading with HeyForex.
HeyForex Overview
- Founded Year: 2020
- Founder: HeyForex LLC
- Headquarters: Saint Vincent And Grenadines
- Minimum Deposit: $25
- Maximum Leverage: 1:500
- Regulations: None ( Unregulated Offshore Broker)
- Trading platform: Tradelocker
- Account Types: Standard, Pro, Var, Mini
- Payment Options: Bitcoin, Dogecoin (DOGE), Ether/Ethereum, Litecoin, Ripple (XRP), Tether (USDT), USD Coin (USDC)
- US Clients: Accepted
Why Do US Citizens Use Offshore Brokers Like HeyForex?
Below are some of the reasons why a US trader will choose to trade with HeyForex
CFD trading:
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares. Unfortunately, the regulators officially prohibited US traders from trading CFDs. However, HeyForex gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage:
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but HeyForex offers up to 1: 500. This means that with a deposit of $500; you can open positions worth $250000.
With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital:
With HeyForex, US traders can start trading with $25 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with HeyForexthan with the US-regulated brokers. It could be because obtaining and maintaining a US forex broker license is very expensive.
Tax:
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like HeyForexmakes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros and Cons of HeyForex for US Trader
Pros :
- Low Minimum Deposit – Starting from $25
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading, and News Trading
- HeyForex Accepts Crypto Deposits
- TradeLocker Trading platform is offered
Cons:
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Unregulated Forex broker
- No Managed Account Options
- No Meta Trader ( MT4/MT5) trading platforms. Only the TradeLocker platform is offered
Which countries are restricted on HeyForex
As HeyForexis an unregulated offshore forex broker. It can onboard clients from anywhere in the world. However, due to business decisions or third-party restrictions, the broker does not accept clients from the following countries.
Afghanistan, Botswana, Burma(Myanmar), Democratic Republic of Congo (DPRK), Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Libya, North Korea, Pakistan, Republic of the Congo, Russian Federation, Somalia, Spain, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe.
Frequently Asked Questions (FAQs)
What is HeyForex?
Founded in 2020, HeyForex is an online forex and CFD broker that offers trading services to traders and investors worldwide. It is an offshore forex broker that provides access to over 200 trading instruments, including 55 currencies, 120 CFDs, 30+ cryptocurrencies, and 20 stock CFDs. The broker supports all trading styles, including scalping, hedging, news trading, and more. The maximum leverage offered by HeyForex is as high as 1:500.
Is HeyForex Regulated in the USA?
No. HeyForexis not regulated in the USA. It is an unauthorized offshore forex broker.
Does HeyForex have an office in the USA?
No, HeyForexdoes not have an office in the USA. As per their website, the broker is located in Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands
Where is HeyForex Located?
HeyForexis located in Saint Vincent And Grenadines
Can Americans use HeyForex?
Yes, American traders can use HeyForex. However, traders should take care while trading with unregulated forex broker
Final Thoughts :
HeyForex is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with a wide range of trading instruments including FX, Indices, Commodities, Metals, Stocks, and Cryptos. However, like other forex and CFD brokers, HeyForex offers only derivatives The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
HeyForex allows US clients to enjoy forex trading services on their own terms. If you like high leverage, HeyForex offers leverage up to 1:500. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, HeyForex offers CFD trading. However, the broker currently does not have metatrader(MT4, MT5) trading platforms. It uses the TradeLocker trading platform.
Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
