Introduction
This online broker offers trading in forex, crypto, and CFDs. Despite its claims of low costs, HeroFX lacks regulation and has received numerous customer complaints. Read on to discover the pros and cons of using this platform. Want to know more about HeroFX?
What is Herofx?
HeroFX is an online broker launched in 2022 and offers trading in forex, crypto, and CFDs. However, it is not recommended due to its lack of regulation and the offering of products banned in some countries. Many customers have complained about this broker.
The platform claims to be a low-cost trading platform, but there are several concerns about this. the company is based in Saint Lucia, known for letting forex brokers operate without a license. While the company says it is regulated by the St. Lucia Financial Services Regulatory Authority, that’s misleading. There is strong evidence that Hero FX is a fraudulent broker. Scams like this make big promises to gain your trust.
Generally, one needs to be cautious with Hero FX and consider using other regulated brokers with a good track record.
Pros and cons of Herofx
Pros
- Maximum leverage up tp 1:500
- It offers multiple assets.
- Accepts deposits in BTC/ETH/USDT
- Supports both MT4 and MT5
Cons
- Not regulated
- Lack of information for spreads and commissions
- No educational resources
Is herofx legit?
Hero FX is a unregulated broker. Unregulated brokers do not receive any scrutiny from financial authorities. Therefore, there is more likelihood of potential fraud and less protection for traders. Unregulated brokers can run away with your money, provide no compensation if you lose your investment, and very often do not follow the industry’s best practices. To be safe, you must only deal with licensed and regulated brokers. For a regulated broker, you can also check FXROAD and Equiity.
Assets offered by Herofx
This includes forex, indices, and cryptocurrencies, each with different opportunities for profit. In the forex market, one can trade currencies and take advantage of fluctuations in exchange rates. The indices market gives access to global stock indices, including the S&P 500, FTSE 100, and Nikkei 225. Hero FX offers trading opportunities with cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Fees, spreads and Commissions
Hero FX does not disclose potential hidden fees or charges, which can affect profitability. Traders should also watch out for spread fluctuations that can increase trading costs. Deposits in cryptocurrencies like ETH and USDT may incur network fees, reducing the deposited amount. Additionally, the lack of regulatory oversight, account options for high-volume or Muslim traders, and a VIP account with extra benefits may be concerns for some traders.
Leverage
Hero FX offers maximum leverage of up to 1:500, allowing traders to control larger positions with a smaller amount of capital.
Accounts available at Herofx
Hero FX provides two account types: RAW SPREAD and NO COMMISSION, each with its pricing. The RAW SPREAD account has raw spreads starting from 0.01 pips with flat-rate commissions for clear, competitive pricing. The NO COMMISSION account has no commission fees but slightly higher starting spreads. One should watch the spread fluctuation, which can affect costs and profitability. It also offers free demo account for its users.
Hero FX does not accept clients from the United States or Sweden. Check with your local regulations to see if you can open an account.
How to open an account at Herofx?
Opening an account with HeroFX is easy. Follow these steps:
Step 1: Click on “Account Types” at the top of the page.
Step 2: Select either account type and click “OPEN ACCOUNT.”
Step 3: Fill in your full name, email, and phone number.
Step 4: Review and agree to the privacy, refund, AML policy, and risk disclosure.
Step 5: Click “Register” to complete the process.
Login with herofx
You can easily log in Hero fx using your email address and password.
Trading Platforms offered by Herofx
Hero FX provides a range of trading platforms to meet varying preference needs:
MetaTrader 4 and MetaTrader 5
The industry-standard platforms are equipped with advanced charting tools and real-time market data to facilitate easier trading.
Mobile Trading Platform
The Hero FX mobile application is designed for trading with tablets and smartphones. It is user-friendly and supports a vast number of trading instruments. Compatible with iOS and Android devices.
Web Trading Platform
Hero FX offers a web trading platform that can be used to trade in a web browser. Traders can access their account from the browser without downloading any software.
Desktop Trading Platform
Hero FX presents a desktop trading terminal for a classical trading experience. Traders just need to go to the platform page, select “Platform” at the top, then click “Desktop Terminal,” and finally click “Download now” to get started.
Withdrawals and deposits
Compared to competitors, HeroFX offers fewer deposit and withdrawal options and provides limited information on its site.
Deposit Methods
HeroFX supports deposits via BTC, ETC/ETH/USDT (ERC-20). To deposit, choose your method and enter the necessary information. You will then receive a wallet address for transferring your funds. The minimum deposit for BTC is $250. For ETH and USDT deposits, consider the “gas fees” on the ERC-20 network to ensure successful transactions. Hero FX does not cover any differences in deposit amounts due to fees.
Withdrawal Methods
Withdrawal requests are handled by the company’s Back Office department. To withdraw funds:
Select the “Funds” tab.
Click on “Withdraw Funds” on the left.
Fill out the initial information, proceed to “Transfer Details,” and confirm.
Withdrawals can take up to 24 hours to be reviewed and sent, but sometimes may take longer.
Education and research resources
Traders, particularly new ones, need ample educational resources to understand the market, strategies, and the risks associated with technical analysis. Unfortunately, Hero FX does not have comprehensive educational resources. This stands as a major drawback, as it becomes very difficult for the trader to be decisive in his trading with informed strategies and investment decisions.
Customer Support of Herofx
Customers can easily contact through phone and email:
Phone Number: 2023-00356
Email: [email protected]
Conclusion
HeroFX offers a variety of trading options like forex, indices, and cryptocurrencies, with numerous trading platforms like MT4, MT5, mobile, web, and desktop. But along with its benefits come its weaknesses: it is unregulated, does not have a good educational suite, and offers just a few options for deposit and withdrawal. Additionally, there are concerns of hidden fees and general company trustworthiness. Caution should be taken; traders should use regulated brokers, which have better transparency and are protective of the investor. HeroFX has some attractive features, but the lack of regulation and the complaints from clients make it a suspect trading venture.
FAQs
Is HeroFX regulated?
No, HeroFX is not regulated by any major financial authority, which increases the risk of potential fraud and provides less protection for traders.
What types of accounts does HeroFX offer?
HeroFX offers two account types: RAW SPREAD with raw spreads starting from 0.01 pips and flat-rate commissions, and NO COMMISSION with no commission fees but slightly higher starting spreads.
Can I trade cryptocurrencies on HeroFX?
Yes, HeroFX offers trading opportunities in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Does HeroFX accept clients from the United States?
No, HeroFX does not accept clients from the United States or Sweden. Prospective clients should check local regulations.
What trading platforms are available with HeroFX?
HeroFX supports MetaTrader 4, MetaTrader 5, a mobile trading platform, a web trading platform, and a desktop trading terminal.
How can I contact Hero FX customer support?
You can contact HeroFX customer support through phone at 2023-00356 or email at [email protected].
Are there any hidden fees or charges with Hero FX?
Hero FX does not disclose potential hidden fees or charges, which can affect profitability. Traders should be cautious of spread fluctuations and network fees for cryptocurrency deposits.
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