info Icon

Advertising Disclosure

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 FCAASIC, 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 HFMOANDA, and BlackBull Markets. These options can provide traders with a higher level of confidence and protection.

  • Overall ranking and experience for HeroFX is Negative.

No news available.

Leave a Reply

Your email address will not be published. Required fields are marked *