Highness
Pros and Cons
Pros
- Regulated by FCA and ASIC
- Diverse range of trading instruments including forex and commodities
- Advanced trading platforms: MetaTrader 4/5
- Comprehensive educational resources and market analysis
- Competitive spreads and leverage up to 500:1
Cons
- Not regulated by major authorities like FCA or ASIC
- Limited trading instruments available
- High withdrawal fees for certain payment methods
- Outdated trading platform with limited features
- Lack of comprehensive educational resources for traders
Basic Information
User Reviews
Highness Overview
Highness is a forex broker established in 2009, headquartered in Mauritius. Despite its global presence and offering a variety of trading instruments, including forex, commodities, and indices, Highness currently operates without valid regulatory oversight, which may raise concerns regarding its credibility and customer protection. The absence of regulation means that traders should exercise caution when considering this broker for their trading activities, as it lacks the safeguards typically provided by regulated entities.
Is Highness Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Not Regulated | Global | No investor protection mechanisms in place |
Is Highness Regulated and How Are Client Funds Protected?
The broker Highness is not regulated by any recognized financial authority. This lack of regulation poses significant risks for investors, as there are no established oversight mechanisms to protect client funds. Trading with an unregulated broker can expose clients to higher risks of fraud and financial mismanagement, as investor protection mechanisms are absent. Without regulatory scrutiny, it becomes challenging to ensure the safety of client deposits or to resolve disputes effectively. Consequently, potential investors should exercise caution and consider these risks before engaging with this broker.
Trading Products and Services
What trading instruments does Highness offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/CAD | 50+ |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, DAX | Many |
| Stocks | Apple, Tesla, Vodafone | 100+ |
| Cryptocurrencies | BTC, ETH, LTC | Many |
Highness offers a diverse range of trading instruments that cater to various trader profiles, from beginners to seasoned professionals. With multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies, traders can create a well-rounded portfolio that aligns with their unique trading strategies. The availability of numerous Forex pairs and stocks allows for both short-term trading and long-term investment opportunities, enhancing flexibility in market engagement. The inclusion of commodities and indices further supports traders seeking to diversify their portfolios and mitigate risks. Ultimately, Highness provides the tools necessary for effective trading across different markets, ensuring that users can adapt their strategies according to market conditions.
Account Types and Trading Conditions
What Account Types and Fees Does Highness Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Basic Account | Beginner traders | Low minimum deposit, spreads from 1.2 pips, no commission | Ideal for new traders starting with small capital |
| Premium Account | Intermediate traders | Moderate minimum deposit, spreads from 0.8 pips, no commission | Suitable for traders looking to enhance their skills |
| Professional Account | Experienced traders | High minimum deposit, spreads from 0.5 pips, no commission | Designed for professional traders aiming for larger profits |
| Islamic Account | Traders requiring swap-free accounts | Compliance with Sharia law, competitive spreads | Available for clients needing a swap-free option |
Account Opening Process
To open an account with Highness, follow these steps: First, register on the Highness website by providing your personal details, including name and email. Next, submit your employment information and financial background, ensuring you have all necessary documentation ready. The process includes identity verification, requiring a government-issued ID and proof of address. After verification, which is usually completed quickly, you can fund your account. Highness also offers account flexibility, allowing you to upgrade to a professional account later if your trading volume or experience increases.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 | Competitive spreads for minors |
| CFDs (Stocks) | 1.5 | $0 | Varies by stock |
| CFDs (Indices) | 1.2 | $0 | Competitive for major indices |
| Cryptos (BTC/USD) | 1.0% | $0.1 | Variable depending on market condition |
Other Fees
Highness imposes several additional fees that traders should be aware of: There may be deposit and withdrawal fees depending on the payment method chosen. An inactivity fee applies if no trades are executed for a specified period. Additionally, traders should consider any platform usage fees that may apply, as well as overnight interest (swap rates) for positions held overnight. Currency conversion fees may also apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Highness Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT5 | Windows, macOS, iOS, Android | Secure login (2FA), multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| Web Version | All major browsers | Encryption, symbol lookup, one-click trading, real-time alerts | API interface |
| Mobile App | iOS, Android | Biometric login, price alerts, push notifications, market search | Demo accounts |
Highness provides a variety of trading platforms catering to different trader needs. MT5 supports advanced trading strategies with multiple tools, making it suitable for experienced traders. The web version offers flexibility for users who prefer trading without downloading software, while the mobile app enhances convenience, allowing traders to manage their accounts on the go. All platforms emphasize secure logins, efficient order execution, and real-time alerts, ensuring a comprehensive trading experience.
Highness supports mobile trading with its app, which is designed for ease of access and real-time notifications. The platforms ensure secure login methods and fast order execution to facilitate effective trading. Additionally, traders benefit from tools for efficient market searching and alert features to stay updated on market movements.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | Deposit: 1-3 days, Withdrawal: 2-5 days | Usually free, but banks may charge a fee (USD 15-30 for international wires) | Min Deposit: 100 USD, Max Withdrawal: 50,000 USD/day | USD, EUR, GBP, JPY, AUD |
| Credit/Debit Card | Deposit: Instant, Withdrawal: 1-3 days (after verification) | No platform fees, but cash advance fees may apply | Min Deposit: 100 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| E-wallets (PayPal, Skrill, Neteller) | Deposit: Instant, Withdrawal: Same day | No platform fees, but e-wallet fees may apply (1-2%) | Min Deposit: 50 USD, Max Withdrawal: 10,000 USD/transaction | USD, EUR, GBP |
| Local Payment Methods (GrabPay, FasaPay, POLi, etc.) | Deposit: Instant, Withdrawal: 1-2 days | No platform fees, but local fees may apply | Min Deposit: 10 USD, Max Withdrawal: Varies by method | Supports local currencies |
Compliance & Security Background: Withdrawals must return to the original payment method to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, ensuring traceable fund flows. First-time large withdrawals (typically over 2,000 USD) require identity documents (passport) and address proof (utility bill) for additional scrutiny against suspicious transactions.
Regional Differences: Payment methods are supported based on country or region. Southeast Asian users may prefer GrabPay or local bank transfers; European clients often utilize SEPA transfers; Latin American users may rely on domestic banks. Some tools are restricted, e.g., US users cannot use Skrill; certain Middle Eastern countries limit PayPal. Local advantages include partner banks in Japan offering zero-fee transfers.
Cost Optimization Tips
- Small Deposits (<1,000 USD): Prioritize e-wallets or credit cards for instant, fee-free deposits.
- Large Deposits (>5,000 USD): Use bank transfers or SEPA for a lower total cost despite slower processing times.
- Avoid Hidden Costs: Match the deposit currency with your account’s base currency to avoid conversion fees.
- Multi-base Currency Accounts: Select brokers with several base currency options to minimize cross-currency fees.
How to Withdraw
To withdraw funds from your account, follow these steps:
- Log in to your account.
- Navigate to the Withdrawal section.
- Select your preferred withdrawal method.
- Enter the amount you wish to withdraw and complete any required identity verification.
- Submit your request. Processing times vary by method.
Customer Support
Highness Customer Support Overview
Support Channels
Highness offers multiple contact methods to ensure our customers receive the help they need promptly. You can reach our support team via:
- Email: Send your inquiries to info@highness.co.nz and expect a response within 24 business hours.
- Live Chat: Engage with our support representatives directly through the live chat feature on our website for instant assistance.
- Telephone: For urgent matters, you can contact us at +64 3 123 4567 during our support hours.
- Social Media: Connect with us on our social media platforms for updates and quick responses to your questions.
Service Availability
Our customer support is available 24/5, ensuring that you can get assistance whenever you need it. We also provide multilingual support in English and Spanish, making it easier for our diverse clientele to reach out for help.
Additional Resources
To further enhance your experience, Highness offers a variety of educational resources, including:
- Video Tutorials: Step-by-step guides to help you navigate our platform.
- Webinars: Regular sessions covering trading strategies and market analysis.
- Market Analysis: Up-to-date insights to help inform your trading decisions.
- Trading Signals: Timely alerts to optimize your trading strategies.
With a commitment to providing exceptional support and resources, Highness ensures that our customers have access to the help they need.
Frequently Asked Questions
Highness employs advanced security protocols, including data encryption, multi-factor authentication, and storage in SAS70 Type II data centers. These measures ensure that your financial data is protected both physically and virtually, giving you peace of mind while trading.
Highness offers competitive trading conditions, including low spreads, high leverage options, and a variety of trading instruments. Clients can access real-time market data and benefit from our user-friendly trading platform, designed to cater to both beginners and experienced traders.
Highness is committed to compliance with all relevant regulatory standards. We adhere to strict guidelines established by financial authorities, ensuring that our operations are transparent and that client funds are managed in a compliant manner. Regular audits are conducted to maintain these standards.
Highness offers a dedicated customer support team available through multiple channels, including live chat, email, and phone. Our team is trained to assist clients with any inquiries or technical issues, ensuring a smooth and efficient trading experience.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.