Herofx Review: Beware!

HeroFx was founded in 2022 as an online trading platform offering financial instruments such as forex, indices, commodities, cryptocurrencies, and stocks. It gives you the choice of raw spreads and no-commission accounts, trade signals, educational resources, and expert advisors. 

Herofx is currently unregulated, which means they have no oversight and strict financial guidelines. 

Herofx Pros and Cons

Is Herofx Secure?

Herofx is not 100% secure because it’s not licensed or regulated by any tier 1 financial regulators. It’s also unclear on its withdrawal process and lacks transparency about its team and operations on the website. We don’t recommend this broker.

Markets and Products

Herofx supports several trading instruments including:

• Currency pairs (forex majors, minors, and exotics)
• Cryptocurrency
• Metals
• Indices
• Energy
• Futures
• Stocks/Shares

Herofx Fees and Charges

You can start trading on Herofx with a minimum deposit of $20. The Raw Spread and Islamic Account attract a flat rate commision but the exact amount is unclear. It only mentions that deposits made in crypto may be subject to gas fees. Any potential extra fees are also undisclosed. 

Herofx Account Types & Account Opening

Herofx has three main accounts.

Raw Spread account. This account has raw spreads starting from 0.01pips and a flat rate commission. It also supports hedging, all the currency pairs, and EAs.

Islamic account. The Islamic account is similar to the Raw Spread account in terms of pips and commissions. It doesn’t support swaps or interest adjustments.

No commission account: This account has low spreads starting from 1.5 pips. It has no commissions and allows hedging, EAs, and trading on all forex pairs.

How to Open an Account

Opening an account on Herofx is quick and simple. 

• Click the “Open Free Account” in the upper right of the website.
• Choose your desired account by clicking on “Open Account”
• A new page will open. Enter your details as required and check the boxes. 
• Click “Register”.

You will need to verify your email address before you can access the account. You will also be required to verify your phone number, submit your identity documents, and add a selfie to complete setting up your profile. 

Trading Platforms

You can trade using the MT4 and MT5 platform. Herofx is also planning to add Traidingview.  Many customers are complaining about the MT4 and MT5 platforms crashing when trading. 

Mobile Trading Platform

Herofx has 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 isn’t as smooth on mobile as it is on the desktop platform or web interface. 

Web Trading Platform

The platform also includes a web-based trading platform for different web browsers. You can access your account and trade without downloading any software. This is the most preferred option. 

Desktop Trading Platform

Herofx offers a desktop trading platform, which you can download from the website. The desktop is easy to navigate and makes trading simple. 

Herofx Research Tools

Herofx doesn’t currently have any research tools you can use to better your trade. 

Herofx Educational Content

Herofx says it offers forex trading educational courses but the courses are not yet available. YouTube and FAQ pages also have minimal information about the platform.  

Customer Service Overview

You can contact the Herofx customer support team by clicking on the “Help Desk” in the “Profile” tab. This will help you submit a new ticket and make your inquiry.  You can also email them at  support@herofx.co. Unfortunately, the customer support isn’t 24/7. 

Herofx Deposit and Withdrawals

Herofx has a flexible payment process for you to deposit funds and withdraw from your account, including cryptocurrency. 

Deposit Methods

You can deposit on Herofx using:

• Cryptocurrency
• CashApp
• Apple Pay
• Google Pay
• Visa
• Mastercard
• WireTransfer

Withdrawal Methods and Payout Times

Herofx pays you within two (2) business days. You can only withdraw using Bitcoin and Tether. 

Herofx Online User Reviews and Ratings

Herofx has a low rating of 2.3 out of 28 reviews. 

• 64% give it a 1-star rating praising the platform for fast withdrawals and responsive customer support. 
• 21% give it a 5-star rating citing unhelpful customer service, no payouts, and a crashing MT5. 

Author Opinion on Herofx

Herofx is a new broker with three main accounts you can choose from. You can trade forex, indices, shares, futures, crypto, metals, and energy. While it offers raw spreads and a no commission account, the broker is not transparent about any of its fees or commissions. More importantly, Herofx is not licensed or regulated by any known financial authority like FCA, ASIC, or CySEC. 

The lack of transparency and accountability proves that Herofx is not a legitimate platform and you should proceed with caution when choosing the platform as your broker. There are countless other licensed and regulated brokers that you can go for instead.  

Frequently Asked Questions

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