HeroFX Review

Launched in 2022, HeroFX is an online broker that offers trading in forex, crypto, and CFDs, but it’s not recommended due to the lack of regulation and the offering of banned products in some countries. This broker has also received numerous customer complaints. HeroFX presents itself as a low-cost trading platform, but there are red flags that raise concerns.

The company headquarters is in Saint Lucia, which is known for offshore tax, and a place where forex brokerages can operate without a license. The broker claims that it is overseen by the St. Lucia Financial Services Regulatory Authority, but this is misleading. There is substantial evidence indicating that HeroFX operates as a fraudulent broker. Faux online trading schemes are willing to promise just about anything to earn your trust. Overall, based on the available information, it is advisable to approach HeroFX with caution and consider other regulated brokers with a proven track record.

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HeroFX Pros and Cons

All brokers come with advantages and disadvantages, here are some for HeroFX:

Is HeroFX Secure?

No. As an unregulated broker, HeroFX is not secure. Non-regulated brokers operate without oversight from financially regulatory authorities. This leads to a higher risk of fraud, lack of investor protection, and unreliable trading conditions. These brokers also may engage in fraudulent activities, offer no compensation schemes for client funds, fail to meet industry standards etc. To simply stay safe, traders should opt for licensed and regulated brokers.

Markets and Products

The markets offered by Hero FX include forex,indices, and cryptocurrencies. Each of them has unique characteristics and provides opportunities for traders to capitalize on price movements.  

In the forex market, traders can trade currencies, leverage the fluctuations in the exchange rates and potentially generate profits. The indices market provides access to global stock indices such as the S&P 500, FTSE 100, and Nikkei 225. When it comes to cryptocurrencies, they offer Bitcoin, Ethereum, and Litecoin trading.

HeroFX Fees and Charges

It’s important to note that Hero FX doesn’t disclose potential hidden fees or charges, which could impact profitability.  Traders should also be mindful of spread fluctuations that can affect trading costs and overall profitability. Deposits made in cryptocurrencies such as ETH and USDT may be subject to network fees, potentially reducing the deposited amount. Despite these considerations, some traders might have concerns regarding the lack of regulatory oversight and the absence of account options tailored for high-volume or Muslim traders, as well as the lack of a VIP account with added benefits.

HeroFX Account Types & Account Opening

Hero FX offers two distinct account types: RAW SPREAD and NO COMMISSION, each with its pricing structure. The RAW SPREAD account boasts raw spreads starting at 0.01 pips along with flat-rate commissions, ensuring transparent and competitive pricing. The NO COMMISSION account provides commission-free trading but comes with higher starting spreads. Traders should be aware of spread fluctuations, which can impact trading costs and ultimately profitability.

It’s stated on the site that Hero FX doesn’t solicit Citizens from the United States or Sweden, so they advise you to check with your local jurisdiction to determine if you are permitted to open an account.

Account Type	Spreads	Commission	Hedging	Minimum Deposit	VIP	EA
Raw Spread	Starting at 0.01 pips	Flat-rate Commissions	Enabled	BTC $250	N	Enabled
No Commission	Starting at 1.5 pips	Zero Commissions	Enabled	BTC $250	N	Enabled

How to Open an Account

Opening account in HeroFX is a simple and straightforward process, follow these steps:

• Click the “Account Types” in the upper part of the page
• Choose one of the two accounts available by clicking “OPEN ACCOUNT”
• Fill in the form that requires your full name, email, phone number
• Check the privacy, refund and AML policy, and risk disclosure
• Click “Register” and you’re done.

It’s stated on the site that Hero FX doesn’t accept Citizens from the United States or Sweden, so they advise you to first check with your local jurisdiction to determine if you are permitted to open an account.

Trading Platforms

HeroFX users can choose industry-standard platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms offer advanced charting tools and real-time market data for efficient trading.

Mobile Trading Platform

The HeroFx mobile trading platform is designed for traders who prefer trading on tablets and smartphones. The interface is user-friendly with access to a wide range of trading instruments. It’s both compatible for iOS and Android devices. 

Web Trading Platform

The platform offers a web-based trading platform for those who prefer trading through their web browser. Users are able to access their accounts and trade directly without downloading any softwares.

Dekstop Trading Platform

For those who prefer the traditional trading experience, HeroFX offers a desktop trading platform. Visit the page and click “Platform” in the top section. Three options will appear, Trading app, Webtrader, and Desktop Terminal. Click the “Download now” button under “Desktop Terminal” and you’re good to go. 

HeroFX Educational Content

Even though educational resources are important for traders, especially beginners, to understand the market, strategies, risk and technical analysis, HeroFX lacks comprehensive educational resources. This is a quite big downside, since traders will find it challenging to develop informed trading strategies and make investment decisions. 

Customer Service Overview

HeroFX provides a solid customer service.They customer support availability is 24/7,and there are several options for reaching them out. 

HeroFX Deposit and Withdrawals

Compared to other competitors, HeroFx offers fewer deposit and withdrawal methods. There are not much information regarding the deposit and withdrawal options on the site.

Deposit Methods

When it comes to deposit methods, this broker offers BTC, ETC/ETH/USDT (ERC-20).To make a deposit, select the preferred method and enter the information that’s needed. Once done, you’ll receive a wallet address where you can transfer your funds. Note that 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. HeroFX does not assume responsibility for covering any differences in deposits if these methods are chosen.

Withdrawal Methods and Payout Times

Withdrawal requests are processed by the Back office department of the company. To submit a withdrawal simply:

• Select “Funds” tab
• Select “Withdraw Funds” on the left
• Complete the “initial information” then proceed to “Transfer Details” and confirm.
• Withdrawals can take up to 24 hours to be reviewed and sent, but sometimes even longer. 

HeroFX Online User Reviews and Ratings

This broker has mostly negative reviews. There are many complaints from platform glitches, and issues with withdrawals and high fees. The TrustPilot score for HeroFX is 2.9 stars for 29 reviews.

21% of users give this platform 5 stars, mostly citing the quality of the customer support.

55% of users give negative reviews of 1 star, citing, withdrawal issues, fees, glitches, scam, problem with account verification, and disappearance of their funds.

Author Opinion on HeroFX

Based on all this information, it’s evident that HeroFX presents several concerning aspects like lack of regulation, numerous customer complaints, the absence of educational resources and so on. 

While the platform offers a range of tradable instruments, and high leverage, these advantages are overshadowed by all the potential risks like fee structures, long withdrawal time, and limited deposit methods. Overall, this broker ends up being too risky, and I suggest exploring alternative options with stronger regulatory oversight.

Frequently Asked Questions