Archives: Brokers

Post Type Description

HeroFX

Is HeroFX Scam or Legit Broker?

No, HeroFX cannot be considered a reliable option for investment as the broker is not regulated. The lack of appropriate regulatory status and licenses raises doubts about HeroFX's legitimacy. 

  • It is a well-known fact that engaging with unregulated or offshore brokers carries inherent risks due to their absence of rigorous regulations and supervision. Robust regulatory bodies like CySEC, ASIC, and FCA play a vital role in establishing a highly secure trading environment, thus reducing the likelihood of financial losses and other possible complications.

About HeroFX
🏢 Registered inthe Financial Services Regulatory Authority
🗺️ Type of LicenseNo license
🛡️ Is HeroFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is HeroFX?

HeroFX enables trading with Forex, Indices, Shares, Futures, Crypto, Metals, and Energies. The broker mentions its raw spreads, low commissions, and favorable trading conditions. It enables access to Social trading, offers trading signals and expert advisors with no fees.

Yet, closer research revealed significant concerns about HeroFX that every trader should be aware of before investing with the broker:

  • Lack of Regulation: Our investigation revealed that HeroFX is not a regulated broker. While it is registered in St. Lucia under registration number 2085846 BC 2021, it lacks any substantial licenses that would demonstrate regulatory oversight or compliance with relevant regulations. Choosing an unregulated broker for financial investments is risky and might lead to a loss of investments. 
  • Lack of Information: The HeroFX website lacks sufficient information regarding the trading conditions it offers. This insufficient disclosure of terms and conditions prevents clients from gaining a complete understanding of the broker's services.
  • Negative reviews: HeroFX stands out for the abundance of negative reviews. These complaints cover a wide range of issues, including the broker's lack of transparency, difficulties with withdrawals, exorbitant commissions, and inadequate customer support. It is essential to take into account the feedback provided by other clients, as they share their personal experiences to help prevent other traders from potential mistakes and financial losses.
  • Withdrawal problems: One of the main complaints about the broker is its insufficient withdrawal process. Many clients complain about numerous issues that come up during the process, others point out very high and unacceptable withdrawal fees.
  • Given these findings, we strongly advise traders to exercise utmost caution and opt for brokers that adhere to stringent regulations, maintain transparency in their offerings and conditions, and have a positive reputation in the market. This approach can help safeguard against potential risks and uncertainties associated with less reputable brokers.

 

Overall HeroFX Ranking

Based on our research, we have encountered substantial concerns regarding HeroFX's reliability and its adherence to regulatory standards. Consequently, we are unable to issue a favorable rating for HeroFX.

  • HeroFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingHeroFXGo MarketsXM
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentEducation

HeroFX Alternative Brokers

In light of the concerns surrounding the reliability and security of HeroFX, we highly recommend that traders explore alternative options that offer stronger regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

  • FXTM – Good Market Instruments 
  • HYCM– Low Spreads and Competitive Trading Conditions
  • Trading 212– The best selection of Educational Resources

Deposits and Withdrawals

HeroFX offers multiple deposit methods including BTC/ ETH/ USDT (ERC-20). The minimum deposit in BTC is $250. The funding process can take up to 6 hours and mostly depends on the blockchain network. 

  • Traders may withdraw their funds in their wallets while having other funds in their trading account with open trades.
  • Withdrawals are reviewed by the payments team throughout the day. They conduct security checks and once approved by the team, funds arrive in the client's Bitcoin wallet within an hour, depending on blockchain traffic.
  • However, because there are numerous complaints about the HeroFX withdrawal process, we advise traders to be extremely careful not to risk their funds. 

Account Types

HeroFX offers two account options: Raw Spread and No Commission. The trading conditions for the account types differ.

  • Raw Spread account type offers spreads starting at 0.01pips, flat-rate Commissions, hedging and enables EA.
  • No Commission account type offers spreads starting at 1.5 pips,  Zero Commissions, hedging, and enables EA.

HeroFX Review Conclusion

Considering the information we have gathered about HeroFX, there are substantial concerns regarding the broker's trustworthiness and credibility. The main concern about the broker is the absence of regulation. Besides, there are numerous complaints and negative reviews regarding the broker's withdrawal process and customer support. Therefore, we strongly urge traders to exercise caution and refrain from using HeroFX for their trading activities.

We highly recommend considering brokers that are licensed by reputable authorities such as FCA, ASIC, or CySEC.  Many regulated brokers offer excellent services and favorable trading conditions while adhering to top-tier regulations, thus ensuring a secure trading environment. Some examples of such brokers include HFM, OANDA, and BlackBull Markets. These options can provide traders with a higher level of confidence and protection.

  • Overall ranking and experience for HeroFX is Negative.

Amega

Is Amega Scam or Legit Broker?

No, Amega should not be considered a reliable option because it lacks robust regulatory oversight. The broker is governed by the Financial Services Commission of Mauritius. It is widely acknowledged that entrusting investments to offshore brokers carries significant risks and may result in financial losses.

  • Signing in with offshore brokers is considered risky because they typically lack the stringent regulations and oversight provided by top-tier authorities such as CySEC, ASIC, and FCA. These strict regulatory bodies ensure that traders operate within a highly secure environment, thereby minimizing the chances of financial losses or other potential issues that could arise.

About Amega
🏢 Registered inthe Financial Services Commission of Mauritius
🗺️ Type of LicenseOffshore
🛡️ Is Amega safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Amega?

According to the website, Amega has been operating for about a decade offering a range of services. The broker enables access across various markets: Forex, Shares, Indices, Commodities, Metals, and Energy. Amega offers commission-free trading. With the broker clients conduct trading on the MT5 platform. Besides, traders have access to technical analysis and an economic calendar. Amega also provides educational material for beginner traders.

Nevertheless, after conducting a more in-depth investigation of the broker, we uncovered certain facts and issues that should be carefully considered before deciding to sign up with the broker.

  • Regulation issues: Amega is an offshore broker registered by the Financial Services Commission of Mauritius with the GB22200548 license number. However, it's important to note that the broker lacks substantial licenses, making its services appear risky and less dependable. When selecting a broker, regulatory status is of paramount importance, as ensuring the safety of funds remains the top priority in Forex trading.
  • Feedback from fellow traders: A reliable method for gaining insights into a broker is to examine reviews from actual traders. In this regard, Amega is not in the best position, as its reviews are either highly positive or exceedingly negative. The noteworthy aspect is that it lacks consistency in feedback, resulting in an overall low trust score within the market. Consequently, it may not be the most favorable choice for potential investors.
  • Withdrawal issues: Among other complaints, one of the main issues is the lack of the withdrawal process. Many clients indicate either a problem in the withdrawal, which often causes loss of funds or other issues that block profitable trading. 

Overall Amega Ranking

Based on our research, we have identified significant reservations regarding Amega's reliability and its compliance with regulatory standards. Therefore, we are unable to provide a favorable rating for Amega.

  • Amega Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingAmegaTrading 212Go Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading Environment

Amega Alternative Brokers

Given the concerns regarding the reliability and security of Amega, we strongly advise traders to explore alternative options that offer more robust regulations and improved trading conditions. Below is a list of reputable brokers that provide trustworthy choices and a secure trading environment for your consideration:

Deposits and Withdrawals

Amega offers a range of funding methods: Visa/MasterCard, Qiwi, Epay, B-pay, Sticpay, FastPay, Skrill, Payeer, Bank Transfer, etc. The broker does not specify a certain minimum deposit amount. Depending on the payment method, the funds appear on the account almost instantly. 

  • The broker claims about straightforward withdrawal process. During working hours, withdrawal requests are approved almost instantly.
  • To enable withdrawals, the withdrawal method must be the same as the deposit method.
  • In light of the numerous complaints concerning the inadequacy of the withdrawal process, we strongly encourage traders to carefully assess the potential risks associated with investing with this broker.

Account Types 

Amega offers only one account type. This means, the broker limits trading opportunities and features into a single account type. The minimum deposit seems to be $20, although the broker also mentions there is no deposit amount specification, and the minimum amount depends on the payment methods. Amega offers a high leverage of 1:1000. Spreads start from 0.1 p.

Amega Review Conclusion

Based on the data we have gathered about Amega, there are significant reservations regarding the broker's credibility. Amega's lack of serious registration (it has Mauriutus registration only) raises substantial concerns. Additionally, the numerous negative client reviews are serious grounds for concern.  Further, the services and trading conditions are average, thus it is certainly advisable to give preference to tightly regulated brokers with good standing in the market and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HFM.

  • Overall ranking and experience for Amega is Negative

Athens Markets

Is Athens Markets Scam or Legit Broker?

No, Athens Markets cannot be considered a trustworthy broker due to its lack of regulation. The broker does not provide any information about its regulations and licenses, making it a risky trading option. 

  • The primary lack of unregulated or offshore brokers lies in their lack of proper regulation, which creates a significant safety gap. Engaging with offshore and unlicensed brokers, might pose a high risk of exposing traders to potential forex scam.

About Athens Markets
🏢 Registered inNo regulation
🗺️ Type of LicenseNo license
🛡️ Is Athens Markets safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Athens Markets?

Athens Markets' website highlights its offerings, including access to a wide range of major currency pairs, CFDs, and commodities, all with competitive spreads. The platform also boasts a comprehensive set of real-time charting tools and trading indicators, enabling clients to analyze markets and make well-informed investment decisions. Additionally, Athens Markets provides access to the popular MT4 and MT5 trading platforms, boasts low fees, offers free educational resources, and ensures round-the-clock customer support.

However, there are some important facts we were able to reveal that will make traders second-guess their decision to sign up with the broker:

  • Lack of regulation: Regulation is one of the most important aspects in Forex trading to consider. Upon research, we revealed that Athens Markets is an unregulated broker. This means that the broker operates without adhering to any regulatory rules or guidelines, and can operate its business however it wants. This makes Athens Markets a risky choice for financial investments. 
  • Feedback from clients: When traders have doubts about a broker and its level of trust, it's a wise decision to consider reviews from real traders. Of course, even in this case it is important to be very careful, as there are many fabricated reviews that might put an unregulated and untrustworthy broker in a good light. With mixed reviews of very good and an abundance of very poor reviews, Athens Markets gives space for consideration. In fact, there are many reviews pointing out problems with the withdrawal process, and insufficient customer support. 
  • Withdrawal problems: It seems like one of the main problems is the insufficient withdrawal process. Clients complain about the lack of withdrawals. They claim that in many cases their investments are either impossible to withdraw or they are simply not shown on the account. 

Overall Athens Markets Ranking

Through research, we have identified significant concerns regarding the trustworthiness of Athens Markets and its adherence to regulatory standards. Consequently, we cannot issue a favorable rating for Athens Markets.

  • Athens Markets Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingAthens MarketsEightcapAdmiral Markets
Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Conditions

Athens Markets Alternative Brokers

Considering the concerns surrounding Athens Markets reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for your consideration:

  • Eightcap– Low Pricing
  • HFM– Competitive Trading Conditions
  • FP Markets – Wide Range of Trading Instruments

Deposits and Withdrawals

Athens Markets supports deposits using BTC, ETH, USDT ERC20, and UDSC ERC20. Logging into the client area, traders should click on the “deposit funds” and then select the currency they wish to deposit with.

  • The only available option for deposits seems to be Bitcoin.
  • Unfortunately, there is not much information on deposits and withdrawals on the broker's website.
  • Many clients complain about problems with withdrawal. Traders get scammed through crypto wallets.

Account Types

Athens Markets offers two account types to its clients: Athens Pro and Athens Standard. Each account type offers different trading conditions. The broker states low spreads and commissions, however, traders point out that the spreads are higher than the market average, and commissions are exceedingly high. 

  • The broker does not mention the available leverage for the accounts.
  • There is limited information on the account conditions and features, which is a problem, as traders do not know what to expect from the broker. 

Athens Markets Review Conclusion

Based on the data we have gathered about Athens Markets, there are considerable reservations concerning the broker's trustworthiness and credibility. The broker's lack of registration raises substantial concerns. Additionally, the numerous negative client reviews should not be disregarded. It is always advisable to give preference to tightly regulated brokers with good standing in the market and good and transparent trading conditions. 

To avoid risks typical in trading with unregulated or offshore brokers, we always  recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HYCM.

  • Overall ranking and experience for Athens Markets is Negative