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HQBroker Review


    HQBroker is an unregulated forex and CFDs broker that offers South African investors over 200 underlying assets to trade, which include forex, commodities, spot metals and derivatives. CapZone Invest Ltd, the company that owns and operates HQBroker, is based in Hong Kong.

    For more details about how HQBroker works, pros and cons, and our final conclusion, read our full HQBroker review below or skip straight to the part you’re interested in below.

    HQBroker Account Types

    Like most forex brokers, HQBroker offers several account types for South African traders to choose from. Their beginner account, known as the HQBroker Starter Account, has a minimum deposit of $250. This is no surprise, as this is the most common minimum deposit required by most brokers in the forex and CFDs trading industry.

    Tip: For a much lower minimum deposit, we suggest trading with IQ Option – the best regulated broker for South African traders with a minimum deposit of only $10!

    Demo Account

    We were disappointed to discover that HQBroker does not offer any demo account. This is unfortunate as demo accounts are a great way to practice trading entirely risk-free if you are a beginner and they also give you the ability to test out a broker’s platform before you start trading with real money.

    If you are a beginner in trading, we strongly suggest going with a broker that offers a free demo account, like IQ Option, as it will really help you develop your skills and make you more confident.


    Starter Account ($250)

    The first and cheapest account that HQBroker offers is their Starter Account. This is the account we would suggest to not only beginners, but even more experienced traders, as the rest of the HQBroker accounts don’t seem to have major differences besides the massive minimum deposits required.

    • Minimum deposit: $250
    • Minimum lot size: 0.01
    • Floating spreads
    • MetaTrader 4 platform
    • Mobile trading
    • Account manager


    Silver Account ($5,000)

    We do not recommend choosing the HQBroker Silver Account. The only thing that seems to have changed here compared to the HQBroker Starter Account is the minimum deposit – which increased by a few thousand dollars.

    • Minimum deposit: $5,000
    • Minimum lot size: 0.01
    • Floating spreads
    • MetaTrader 4 platform
    • Mobile trading
    • Account manager


    Golden Account ($20,000)

    The difference with the HQBroker Golden Account – besides the increased minimum deposit – is the spreads (which have become fixed) and the free bank wire.

    • Minimum deposit: $20,000
    • Minimum lot size: 0.01
    • Fixed spreads
    • MetaTrader 4 platform
    • Mobile trading
    • Account manager
    • Free bank wire


    Platinum Account ($50,000)

    South African traders who choose the HQBroker Platinum Account will also have daily analysis.

    • Minimum deposit: $50,000
    • Minimum lot size: 0.01
    • Fixed spreads
    • MetaTrader 4 platform
    • Mobile trading
    • Account manager
    • Free bank wire
    • Daily Analysis


    Investor Account ($100,000)

    The HQBroker Investor account is the most expensive account type this broker offers. These type of accounts are usually targeted to more professional investors, yet the only difference in their list is the 24-hour customer support. We suggest contacting HQBroker (contact info below) regarding more VIP features.

    • Minimum deposit: $100,000
    • Minimum lot size: 0.01
    • Fixed spreads
    • MetaTrader 4 platform
    • Mobile trading
    • Account manager
    • Free bank wire
    • Daily Analysis
    • 24-hour support


    HQBroker Trading Platform and Assets

    By choosing to trade with HQBroker, South African traders will have the ability to trade over 200 underlying instruments with up to 1:400 leverage. These include:

    • Forex – 50+ major and exotic currencies (ex. EUR/USD, USD/JPY, GBP/USD etc.)
    • Commodities – coffee, wheat, sugar, corn etc.
    • Spot Metals – Precious metals like gold and silver
    • Derivatives – stocks, indices, equity shares


    MetaTrader 4 Platform

    HQBroker offers South African traders the popular MetaTrader 4 (MT4) platform to trade with. MT4 is considered one of the best forex trading platforms online, so it is definitely in HQBroker’s advantage to offer it. MetaTrader 4 houses a powerful trading interface with several advanced special features which are usually catered to more professional traders.

    HQBroker gives South African traders the option of downloading MT4 onto their desktop, accessing it online as a web trader through their website, our downloading the HQBroker app.

    Even though MetaTrader 4 is one of the top trading platforms and is considered user-friendly, we would not recommend this platform for beginners. It definitely can appear quite overwhelming for a beginner to start trading with MT4. We therefore hold this to HQBroker’s disadvantage, as most forex and CFD brokers who offer MT4 have a simpler web trader option for newbies.

    Mobile Trading

    For South African investors who prefer trading on-the-go, HQBroker gives you the option to download their mobile trading platform onto your mobile device or tablet. The HQBroker mobile app is available for both Android and Apple operating systems and will give you access to the MetaTrader 4 mobile platform.

    HQBroker Customer Support

    If you have any questions or issues about HQBroker, you can contact their customer support team via email, phone, live chat or the online contact form on their website. The HQBroker live chat operates 24/5 and the emails are listed below.

    Email: [email protected]

    Email for more general inquiries: [email protected]

    HQBroker lists several phone numbers based on country, but unfortunately they do not have a South African number available. We therefore advise South African traders to contact them via email, online contact form (on their website contact page) or live chat.

    HQBroker is owned and operated by the company CapZone Invest Ltd, located in Hong Kong. Their official office address is 7/F, Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong.

    HQBroker Deposit and Withdrawal Methods

    The minimum deposit to begin trading with HQBroker is $250. The deposit methods available are credit/debit card (Visa, MasterCard) and bank wire transfer. The company only accepts the currencies USD, EUR, GBP. HQBroker does not accept deposits in RAND.

    To withdraw funds from HQBroker, you will need to use the same method you used to deposit. The minimum withdrawal amount for bank wire withdrawals is 50 USD and the withdrawal request can take from 3 – 15 business days. Credit/debit card withdrawal requests, on the other hand, take between 3 – 7 business days to be processed with a minimum withdrawal amount of 0.01 USD.

    HQBroker Pros and Cons

    After careful review of HQBroker, we have listed the pros and cons to trading with this forex broker.


    • MetaTrader 4 platform – one of the most popular and advanced forex trading platforms


      • Not licensed under any regulatory agency
      • No demo account
      • Not beginner-friendly
      • Do not allow deposits in RAND


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    Conclusion: Is HQBroker a Scam?

    We would not say HQBroker is a scam, but we would not recommend trading with them as a South African investor. The company is not licensed under any regulatory agency, which means they are less trustworthy and no one is keeping tabs on them or checking if they are following any rules. Being unregulated also means you have zero protection against a potential scam or withdrawal issue.

    HQBroker is also not created for beginners, as they do not even have a demo account or a simpler trading platform for beginners.

    We suggest South African traders choose a regulated and more trustworthy broker like IQ Option – which we believe is the best option for South African investors by far.

    Check out the advantages of trading with IQ Option below. Compare it to HQBroker and see for yourself.

    • Regulated and licensed
    • Free $10,000 demo account
    • Minimum deposit of only $10
    • IQ Option proprietary trading platform recognized as one of the best trading platforms online – and perfect for beginners
    • Award-winning world-famous broker
    • Trade over 300 assets including binary options, forex, crypto, stocks, commodities and more

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HQBroker articles