Hey Forex is a relatively new forex broker that has gained attention for its aggressive marketing, influencer partnerships, and high-leverage trading environment. As of 2026, it positions itself as a global broker catering to both retail and funded account traders. However, Hey Forex remains unregulated, which raises concerns about transparency, fund security, and dispute resolution. This review covers everything you need to know about Hey Forex, from account types to real user feedback.
Is Hey Forex a Legit Broker?
No, Hey Forex is not a regulated forex broker.
As of 2026, it does not hold licences from any recognised financial authorities such as:
- FCA (UK)
- ASIC (Australia)
- CySEC (Cyprus)
- CFTC (USA)
- FSCA (South Africa)
This means client funds are not protected by segregation, compensation schemes, or formal regulatory oversight. Traders should exercise caution, especially with large deposits.
Key Features of Hey Forex
| Feature | Details |
|---|---|
| Founded | Approx. 2022 |
| Regulation | ❌ None (unregulated offshore entity) |
| Minimum Deposit | $50–$100 (varies by account) |
| Leverage | Up to 1:1000 (high risk) |
| Platforms | MT5 only |
| Trading Assets | FX, indices, crypto, metals, CFDs |
| Islamic Account | Not officially supported |
| Account Types | Standard, ECN, Funded Challenge |
| Demo Account | Available (MT5) |
Hey Forex Funded Program
Hey Forex is also known for its proprietary funding challenge, which mirrors models like FTMO or MyForexFunds. However, the structure differs:
- Profit Targets: 10%–15% for phase passing
- Drawdown Rules: Daily and total limits enforced
- Payouts: Unverified in volume; lacks consistent third-party reporting
- Trust Issues: No public financial audit or regulatory reporting
Warning: Many traders report delayed or denied withdrawals, especially after profit milestones are reached in funded accounts.
Trading Conditions
| Asset Type | Spread (Typical) | Execution | Commission |
|---|---|---|---|
| EUR/USD | 1.2 – 2.0 pips | Market (NDD) | Zero/Low |
| Gold (XAU/USD) | 2.0 – 3.5 pips | Variable | Variable |
| Crypto | Wide spreads | OTC model | High |
Execution Quality:
- No proof of true ECN or STP model
- Reports suggest internal order matching (B-book)
- No slippage or execution audit tools provided
Funding & Withdrawals
| Method | Deposit | Withdrawal | Notes |
|---|---|---|---|
| Credit Card | ✅ | ❌ Often blocked or delayed | |
| Crypto (USDT) | ✅ | ✅ | Most recommended method |
| Bank Transfer | ❌ | ❌ | Not supported |
User complaints indicate inconsistent withdrawal processing and poor communication from support.
Pros and Cons
✅ Pros
- Low minimum deposit
- High leverage (1:1000) for risk takers
- MT5 platform support
- Appealing to funded account seekers
❌ Cons
- Unregulated and offshore
- No investor protection
- Poor transparency and customer support
- Numerous withdrawal complaints
- High risk of B-book conflict of interest
Trust Score: ⚠️ 2.0 / 5.0
Community Feedback:
- Trustpilot: Many mixed to negative reviews
- Reddit & Forex forums: Reports of profit bans, account resets, and delayed payouts
- No transparency about company location or legal entity ownership
Should You Trade With Hey Forex?
Not recommended for serious or long-term traders.
While the broker may offer an easy entry point and a funded challenge opportunity, the lack of regulation, payout issues, and platform risk make it unsuitable for high-volume or capital-intensive trading.
Safer Alternatives:
- Exness – Regulated, tight spreads, crypto funding
- AvaTrade – FCA and SCA licensed, beginner-friendly
- IC Markets – True ECN, MT4/MT5, scalper-approved
- FTMO / MyFundedFX – Verified prop firms with stronger reputations
Key Takeaways
- Hey Forex is unregulated, making it a high-risk choice for real money trading
- Numerous users report payout issues, platform freezing, and account manipulation
- MT5-only access and high leverage appeal to aggressive traders, but not professionals
- Better options exist for regulated brokers or verified prop firms with public audits
Frequently Asked Questions
Is Hey Forex a regulated broker?
No, Hey Forex is not licensed by any financial regulator and operates offshore.
Can I withdraw profits from Hey Forex?
Some users report successful withdrawals via crypto, but many others report delays or denial of profit withdrawals.
Does Hey Forex offer a funded account challenge?
Yes, but it lacks transparency, independent auditing, and consistent payout records.
Is Hey Forex safe for beginners?
No. Due to its unregulated status and lack of fund protection, it is not suitable for beginner traders.
What platform does Hey Forex use?
Hey Forex offers trading exclusively on MetaTrader 5 (MT5).
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