HeroFX is an online broker offering Forex, Cryptocurrency, and CFD trading, but it is it is not recommended as it is underregulated and offers products that are banned in some countries, with a 3.8 rating out of 5 on Trustpilot.
The broker has also received numerous customer complaints. HeroFX markets itself as a low-cost trading platform, but there are some red flags that raise concerns.
The company is headquartered in St. Lucia, a country known for its offshore taxes and where Forex brokers can operate without a license.
The broker claims to be regulated by the St. Lucia Financial Services Regulatory Authority, but this is misleading. There is considerable evidence to suggest that HeroFX is operating as a fraudulent broker.
Fake online trading schemes are willing to promise almost anything to gain trust.
Overall, based on the information available, it is advisable to approach HeroFX with caution and consider other regulated brokers with a proven track record.
Herofx Broker Brief Review
Registered in St. Lucia and operating since 2022, HeroFX is a new offshore Forex broker offering very high trading leverage of up to 1:500 and the option to fund your trading account with cryptocurrencies.
This broker differentiates itself from many other brokers by relying primarily on cryptocurrencies for deposits and withdrawals, using either Bitcoin (BTC) or the stablecoin Tether (USDT) via the Ethereum network (ERC-20 token transfer).
In addition to cryptocurrencies, trading accounts can also be funded using Apple Pay or Google Pay, Visa, MasterCard, and Cash App (US and UK), giving HeroFX users a number of convenient options.
One thing we like about HeroFX is the wide selection of trading instruments available here.
This includes 30 unique cryptocurrency pairs, stocks from over 50 large US companies, over 70 forex pairs, and a pretty standard selection of stock indices and commodities.
In terms of trading platforms, HeroFX has chosen to offer its own well-designed platform called the HeroFX Pro Platform.
This platform integrates charting and technical analysis tools similar to those found on popular charting platforms like TradingView, making it easy for most traders to use.
The trading platform is available as a downloadable desktop version, web version, and mobile app. Update: As of October 2024, HeroFX will also be offering the TradeLocker trading platform.
Like most forex brokers, HeroFX offers its clients the option to choose between trading accounts with low spreads and commissions on trades and trading accounts with no commissions and wide spreads on trades.
At HeroFX, these account types are simply referred to as the RAW Spread account and the No Commission account.
Both account types support all the products offered by the broker and have a minimum deposit of only $20.
HeroFX also offers a swap-free Islamic account for Muslim traders with commission-based trading and similar trading conditions to other trading accounts.
If you encounter any issues during the sign-up process or later on during trading, HeroFX’s customer support can be contacted within the trading platform interface via the support ticket system.
The broker promises 24/7 support on their website, but unfortunately, there is no phone number listed for clients to use.
It is also worth noting that this broker is one of the few brokers that does not have a live chat option on their website.
we see HeroFX as a forex broker with great potential, especially for native cryptocurrency users who want to fund their forex trading account with cryptocurrencies.
However, given how new this broker is, we feel it has yet to prove itself.
One area where the broker should focus on improving is offering better spreads and fees. They also want to revamp the content on their website so that everyone can see the information more clearly.
From the way the website currently looks, it is clear that it was written by people who do not understand trading, and therefore the information provided is mostly useless.
Herofx Fees and Charges
You can start trading on Herofx with a minimum deposit of $20. Raw Spread and Islamic Accounts charge a flat fee, but the exact amount is unclear.
It is only mentioned that a gas fee may be charged for deposits made in cryptocurrencies. Potential additional fees are also not disclosed.
Herofx Account Types and Account Opening
Herofx has three main accounts:
Raw Spread Account: This account has Raw Spread starting from 0.01 pips and flat commission. It also supports hedges, all currency pairs, and EAs.
Islamic Account: The Islamic account is similar to the Raw Spread account in terms of pips and commissions. It does not support swaps or interest adjustments.
No Commission Account: This account has low spreads starting from 1.5 pips. There are no commissions and it allows trading on hedges, EAs, and all forex pairs.
Trading Platforms
You can trade using the MT4 and MT5 platforms. Herofx is also planning to add Traidingview. Many customers have complained that the MT4 and MT5 platforms crash when trading.
Mobile Trading Platforms
Herofx offers a mobile trading platform if you prefer to trade on the go. It is compatible with iOS and Android devices and has a user-friendly interface.
The trading process on mobile is not as smooth as on the desktop platform or the web interface.
Web Trading Platform
The platform also includes a web-based trading platform for a variety of web browsers. You can access your account and trade without having to download any software. This is the most preferred option.
Desktop Trading Platform
Herofx offers a desktop trading platform that can be downloaded from their website. The desktop is easy to navigate and makes trading simple.
Herofx Research Tools
Herofx currently does not have any research tools that you can use to improve your trading.
Herofx Educational Content: Herofx claims to offer forex trading education courses, but there are no courses available yet. There is minimal information about the platform on YouTube and the FAQ page.
Customer Service Overview: You can contact Herofx customer support by clicking on Help Desk in the Profile tab. This will allow you to submit a new ticket and ask questions. You can also email support@herofx.co. Unfortunately, customer support is not available 24/7.
Herofx Deposits and Withdrawals: Herofx offers flexible payment processes for depositing and withdrawing funds from your account, including cryptocurrencies.
Conclusion
HeroFX is an unregulated broker that operates in a “fraudulent” manner, lacking even the most basic security for investors’ funds and personal data.
HeroFX also offers prohibited CFD trading, which could get them in trouble with regulators.
In addition, this broker has received many customer complaints due to issues such as poor customer support and difficulties in withdrawing money from the platform.
Finally, with all the red flags surrounding HeroFX, you may want to avoid this broker.
Instead, consider a reliable HeroFX alternative that adheres to regulatory standards, offers satisfactory customer support, and protects client funds and personal data.
FAQ
Is HeroFX legit?
Our research suggests that HeroFX is not legit. The lack of legal compliance and regulation raises concerns about its credibility.
Several customer complaints and negative reviews highlight fraudulent activities, including difficulties in withdrawing funds and financial losses.
There is a lack of transparency and accountability, limited information, and a lack of responsiveness.
Reports of security breaches and suspected fraudulent activities further reinforce the conclusion that HeroFX is not trustworthy. Be careful when dealing with HeroFX.
Can HeroFX be trusted?
Based on the information available, we recommend that you approach HeroFX with caution.
The platform is unregulated, has received numerous customer complaints, and operates in an offshore jurisdiction known for less stringent financial oversight.
What is the minimum deposit amount at Herofx?
The minimum deposit amount at Herofx is $20.
How long does it take to withdraw money from Herofx?
Withdrawals take up to 2 (two) business days, but may take longer depending on the withdrawal method used.
Which broker is better than Herofx?
There are several brokers that are better than Herofx.
How much commission does Herofx charge?
Herofx is not clear on their exact commissions. The commissions vary depending on the account type.
The No Commission account offers low spreads starting at 1.5 pips and does not charge commissions, while the Islamic and Raw Spread accounts offer tighter spreads starting at 0.01 pips but charge a flat commission.
Why is Herofx not legit?
One of the main reasons why HeroFX cannot be considered a legitimate platform is the lack of legal compliance and regulation.
The lack of proper regulatory status and licensing raises concerns about its legitimacy. Additionally, there are signs that it is not compliant with financial regulations, which further adds to the suspicion about its operations.
In addition, there are reports of legal action or warnings against HeroFX, indicating potential misconduct or non-compliance with industry standards.
These factors combined highlight the lack of regulatory oversight and raise red flags about HeroFX’s credibility as a regulated entity.
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