HighMarkets: CFD broker review

HighMarkets is the brand of DXA Seychelles Limited, a company registered in Seychelles under number 8438281-1, with its office at the Abis Centre in Victoria, on the island of Mahé.

It is authorised and regulated by the Financial Services Authority of Seychelles (FSA) under licence SD218. The contract is governed by the law of the Republic of Seychelles.

HighMarkets has a web platform and a mobile app, both with TradingView charts. The website does not mention MetaTrader.

There is also a demo account, opened after registration.

The bonus

HighMarkets offers a bonus on the trading account. The amount is not published: the duration and conditions of each offer are announced case by case.

The fixed rules are in the Bonus Terms & Conditions:

• Required volume: 300 lots for every $1,000 of bonus, with one lot equal to $100,000
• Qualifying trades: only closed trades on forex pairs, hedged positions excluded
• Credit: within 24 hours
• Withdrawal: bonus and profits become withdrawable after verification and the minimum volume

If you withdraw before reaching the volume, the broker can cancel the profits earned since the bonus was credited. After a stop out the volume count starts again from zero.

The three accounts share the same minimum lot, 0.01, and the same stop out at 5%. The discounts grow as you move up a level:

You can open the account in dollars, euros or pounds, with an initial deposit of 250 in the chosen currency. The requirements for Gold and Platinum are not published.

The home page also shows an Islamic account for traders who follow the principles of Islamic finance.

The Contract Specifications list 345 CFDs. Shares are the largest class, with US, European, UK, Latin American and Indian stocks and 53 Middle Eastern shares.

Retail leverage is derived from the margins in the documents. The 1:200 shown on the website matches, in the Contract Specifications, the margin for professional clients on forex. Each order ranges from 0.01 to 100 lots.

The spread is variable: the contract states that the website shows indicative values and that the exact spread is shown on the platform. No per-lot commissions are listed.

Swaps are given in points for the Silver account and are negative in both directions, for example -54.83 points on EUR/USD and -122.25 on gold. With Gold and Platinum the swap is up to 40% and 60% lower.

Other fees and inactivity

• Deposits: the website says there are no fees, the contract allows 3% plus 0.25 cents at the broker's discretion
• Withdrawals: you only pay the charges of the bank or payment provider
• Application review: 50 in euros, dollars or pounds, at the broker's discretion
• Currency exchange: the broker applies a mark-up on the conversion rate

The account becomes dormant after 60 days without trading, and from then on a monthly fee applies:

If the balance is zero, the fee does not apply.

You can deposit with Visa, Mastercard and Maestro cards, Apple Pay, Google Pay, bank transfer and some e-wallets. With cards and e-wallets the deposit is usually instant, while a bank transfer takes a few business days.

Withdrawals use the same method as the deposit:

• Processing: within 3 business days, Monday to Friday from 8:00 to 13:00 GMT, on the same day if the request arrives by 10:00 GMT
• Credit: 5 to 7 business days depending on the method, according to the contract

Support is available 24 hours a day, 5 days a week via chat, email and phone. Emails are usually answered within one business day.

Client funds are kept separate from the company's own, with separate accounting. The Risk Disclosure Policy guarantees that the account does not go into a negative balance through trading. Compensation schemes or insurance are not mentioned.

For a formal complaint you write to This email address is being protected from spambots. You need JavaScript enabled to view it.:

• Acknowledgement within 7 business days
• Outcome within 2 months, up to 4
• If it is not resolved, you can refer it to the FSA of Seychelles (This email address is being protected from spambots. You need JavaScript enabled to view it.)

Things to watch

Final verdict

HighMarkets focuses on a web platform with TradingView, a wide range of shares, including Middle Eastern ones, and a bonus for traders who trade a lot of forex. With Gold and Platinum the spread is up to 50% and 75% lower.