Is HighLow trustworthy?
Finding the right broker can be tricky, but don’t worry. We’ve done most of the legwork for you. So should you invest your time and money with highLow? The Truth is revealed in our detailed 100% unbiased scam review that includes customer complaints, the trading platform, and withdrawal policies. Read Below!
Scam or not a scam – That is the question.
Updated December 2016: While no Broker has a 100% complaint free track record, HighLow is amassing a list a little faster than most. Most disturbing is that the word ‘scam’ is showing up all over the net, which in itself is never a good sign.
HighLow Broker Review
HighLow has been a registered corporation since 2010 with headquarters in Australia and therefore regulated by (ASIC) Australian securities and investment commission. The company provides customer support from Monday to Friday, 8am to 6pm AEST/ADST.
Trading with HighLow couldn’t be easier. Upon visiting the website you are prompted to open an account, and no software installation is required since they strangely opted to offer only a web-based platform. The deposit requirement is unusually low $10 (Australian), which for us makes it very hard to take them seriously, but for people just wishing to fool around it seems fair.
The platform conforms to the standard look to give familiarity to people who have been burned by other similar looking brokers and are looking for an alternative.
The first thing we noticed when we took a first look at the site was a lack of educational materials. Brokers who value their reputation go to great lengths to provide tutorials, free eBooks, and webinars to get their traders off to a good start. HighLow’s lack of interest in improving the performance of their new clients is a good indicator of what kind of Broker they are. An excellent way to measure a Broker is to simply look what they are saying on the main page. From the four slides at the top of the home page, one advertises that they have a mobile app; another proudly announces that they now accept credit cards and accept deposits with Zero fees. Hardly groundbreaking features worthy of a core message.
Is HighLow a Legitimate Broker?
We couldn’t find any substantial evidence worth writing here that would 100% indicate that HighLow is a scam. There’s some gossip flying around about none compliance with ASIC regulations. One posting mentioned how according to FPA, highLow was deregistered, although this claim was later addressed with an equally fishy explanation of how the company only changed their registration details. A lengthy search of the net revealed a growing number of comments including one trader who claimed HighLow were manipulating the trading prices.
WARNING: Caution and Alert. They state they are registered in Australia, however, a quick search indicates HighLow were deregistered on 05/03/2015. HIGHLOW PTY LTD, ACN: 074 142 868
Such a scenario seems highly unlikely. The majority of complaints were about slow or no response to customer queries. Rudeness was also a reoccurring complaint along with longer than advertised withdrawal times. As we said from the beginning, individual comments do not adequately reflect a broker; however, repetitive complaints can be compelling indicators.
One strategy that rings true for all successful traders is the ability to get a broad exposure to markets; as the old saying goes, don’t put all your eggs in one basket. The more widespread the exposure, the less risk to your portfolio.
Despite operating for six years, HighLow still only offer nine currency pairs from which to choose from. Even more bizarre is that HighLow do not facilitate trading on stocks or commodities.
HighLow Demo Account
Demo accounts are an excellent way to test your skills as a trader before you put your hand in your pocket. After signing up with HighLow, a demo account is activated giving access to four variations of binary options. These options are spread high/low, high/low, on demand, and spread on demand. Payments vary from 20% for spread high/low binary options, to 175% on usual high/low binary options. The binary option expiry dates also vary and range from one day, one minute, to the fuzzy time of demand. The minimum investment on the demo account is $10 and oddly gives a maximum exposure of $100,000, so don’t imagine having some millionaire fun once you’ve figured out how to use the platform.
HighLow Trading Platform
As you might imagine being an Australian based company, the only languages available are English and Japanese, but since you’re reading this in English let’s assume that’s not an issue. There are no tutorials of any kind on the LowHigh site, so you’ll have to muddle your way through until you find your feet. It won’t take long since the platform is relatively basic and reminded a few of us of the first-gen trading platforms that have long since been upgraded. It gets a little sluggish at certain times of the day, which is either attributed to the user activities or the fact that the overall performance is slaved to available internet speeds, which is common with non-downloaded platforms.
HighLow Deposit & Withdrawals
The minimum amount required to open a USD account is a modest $50 which parallels the minimum withdrawal amount. Withdrawal times always vary depending on location and banking choices, so HighLow’s advertised period of one to three days is fairly standard, although customer feedback suggests the estimation is less than accurate. There has been no recorded event where a client has reported not receiving their funds.
HighLow – Is it a Scam or Not?
Scam is a strong word, and if we could find something indicating that they are a scam, you can bet the Australian Securities and Investments Commission would have found it by now. What we did find during our investigation is that HighLow seems to be behind with the times. Good brokers these days make available a wealth of tools including video tutorials that demonstrate everything from using the platform to market analysis and money management. The very best brokers provide dedicated personal account managers to walk traders through the process and help get over the newbie period where many traders make mistakes.
HighLow makes no mention of such services on their site, which makes us wonder just how much they care about the success of their traders.
The Final Verdict
We made a rigorous testing of HighLow. Issues and topics not mentioned in the review were purposely left out since all indications were that they were standard to most Brokers.
We didn’t find anything specifically bad to be concerned about. However, we didn’t find anything particularly good either. One thing is for sure; we do not recommend this Broker. If you are new to trading, you will feel a lack of support tools and services. If you are an experienced trader, you will dislike the limited market exposure and simple web-based platform.
- Mobile App for iOS, Android
- Low Deposit
- Very Little Reviews
- NO Reports of Withdraws Received
- Very Few Assets (23?!?)
- High Payouts That Have NO Proof