HeroFX Forex Review – Is it legit?

Read our full HeroFX review to get the exact details about their safety, accounts, spreads, platforms, assets, support, and much more. Our unbiased HeroFX opinion allows our readers to decide whether HeroFX is a reliable broker.

HeroFX Forex Broker History

HeroFX is an unregulated Forex and CFDs trading broker that has been around since 2023. The broker is young and has very little experience in the Forex brokerage industry. It advertises itself as a trusted broker but is not overseen by the authorities, which makes these claims very questionable. Hero FX Ltd does not accept traders from the United States or Sweden.

The broker has very negative feedback on various platforms, indicating there are substantial inefficiencies in its services and ethical practices. There are several account types offered, including raw spreads and accounts without commissions. The raw spread account offers low spreads but charges flat commissions according to trading volume.

HeroFX broker safety

The broker is not regulated and is only registered in Gros-Islet, Saint Lucia, which makes it a very unreliable trading partner for traders. Regulations are critical to ensure your broker follows strong ethics, and in case they mishandle your account or manipulate prices, there are regulators to step in. In the case of HeroFX, there is no one to contact in case the broker is a scam.

The broker does not offer negative balance protection to prevent traders from losing more than their initial investment. In other words, if traders blow up their accounts, they might become liable for losses beyond their balance. The broker is not part of the investor compensation fund and does not follow KYC and AML policies, which is very concerning.

HeroFX Broker Review of Accounts

The broker offers several trading account types. There are four different accounts available, including a 100% Bonus, Zero Commission, Raw Spread, and Islamic Accounts.

100% Bonus

This account provides up to a 100% bonus on the first deposit. The maximum bonus size is capped at 25,000 USD, spreads are zero, and there are commissions charged for trading. The broker allows EAs or Expert Advisors on this account type. Hedging is also enabled, meaning traders can use hedging strategies. Traders are not limited to which assets they can access on this account. However, bonuses require strict rules, and often, brokers will require strict rules, which makes many bonuses not worth it.

Raw Spread

The raw spread account offers spreads from 0 pips but charges commission as well. It is similar to the 100% bonus account type in this regard. Traders can use Expert Advisors, and all pairs are available as well. Hedging is allowed in this trading account. The one big downside is that the broker never mentions the exact amount of volume-based commissions for low spreads.

Zero Commission

This account is a standard trading account that offers spreads from 1.5 pips, which is expensive. However, it has zero commissions, unlike other account types. All other conditions are exactly like previous accounts with EAs, and hedging is allowed, and all pairs are available for trading. The broker does not disclose the exact amount of commissions for any of its low spread accounts, which is a red flag.

Islamic Account

The HeroFX Islamic account is targeted at Sharia law followers and has no overnight swap commissions. There are no interest adjustments either. However, the spreads start from 0.1 pips, and commissions are charged on this account as well.

HeroFX instruments

Trading is not limited to the means offered by HeroFX, which include diverse asset classes. There are Forex pairs (major FX pairs, minor pairs, and exotic pairs), commodities (energies, metals), popular indexes, crypto CFDs, futures, and stocks (shares). This is a very diverse offering and seems attractive for multi-asset traders. However, since the broker is unregulated and unreliable, it is not a good idea to trust its platforms. The broker also does not disclose the exact amount of leverage it allows for each trading account type, which is a serious downside. However, we found the exact leverage it offers, and it is capped at 1:500. The spreads start from 0.1 pips on many pairs and not 0 pips. There are 59 stocks and 30 cryptos offered.

HeroFX Reviews of Trading Platforms

When it comes to trading platforms, HeroFX offers its own customized MetaTrader 4 (HX4) and MetaTrader 5 (HX5) platforms. They are available for all devices, including desktop, mobile, and web traders.

The broker never calls these platforms by their names and instead calls them HX4 and HX5, which is misleading. It also raises questions about the official license and security of these platforms and makes the broker very risky to do business with. Mobile trading is available via these platforms. The broker also allows EAs or Expert Advisors.

There is also a TradeLocker web platform offered for trading, which is actually flexible. This platform is new and has many useful features but lacks access to custom indicators and Expert Advisors.

HeroFX Deposit and Withdrawal

The broker supports several payment options, including popular cryptos, debit cards, Apple Pay, and Google Pay. Deposits are mostly instant, but withdrawals are lengthy. The minimum deposit is mostly 5 dollars, but when using Bitcoin and Ethereum, traders have to deposit at least 15 USD.

Withdrawals can only be done using cryptos, and no other payments are allowed, which is a downside. Traders should carefully read the terms and conditions to ensure the broker allows them to withdraw with the same methods only which were used for deposits. This rule could make withdrawals impossible.

HeroFX Forex Review of Extra Features

The broker offers a bonus for the first deposit of up to 25,000 USD. The percentage is 100%, and traders can double their trading power using this bonus. However, the bonus is not withdrawable and has strict requirements, which traders must read before applying.

The broker does not offer educational resources, which is a downside for beginners.

HeroFX Reviews of Customer Support

The customer support by HeroFX is provided via the email channel. There are no live chat nor phone support options offered, which is a direct red flag. Live chat and phone support ensure a seamless customer support experience, and traders sometimes might need immediate assistance. They will have to wait for an email reply, which is often slow.

Both the website and the support of the HeroFX are provided only in the English language, which is yet another downside.

Overall, the firm falls short in customer support experience, which can not be tolerated.

HeroFX Review Conclusion – Can you trust HeroFX?

HeroFX is an unregulated FX broker with a lack of transparency, negative reviews, and no investor protection. While the broker offers a variety of account types and trading instruments, its lack of regulation, questionable trading conditions, and poor support make it a very risky choice for traders. Traders should avoid this broker, exercise caution, and consider regulated brokers.

FAQs on HeroFX

Is HeroFX a scam?

The HeroFX scam is highly likely as the broker is not regulated by any authorities and lacks live chat and phone support options.

What is HeroFX’s minimum deposit?

The minimum deposit starts from 5 USD on most payment options and 15 USD when using BTC and ETH.

Is HeroFX a cheap broker?

Yes, the broker has very low minimum deposit requirements and has a 1:500 leverage, which allows for controlling substantial trading sizes.