Herzen foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://herzen-intcare.com/, about the company's legal and temporary regulatory information, the company's address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Repubic of Marshall Island MH96960..
Herzen Forex Broker
Basic information
Marshall Islands
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Overview of Herzen
Herzen is a relatively new financial services company that specializes in providing online trading services for forex, stocks, indices, and commodities. The broker was founded in 2022 and is headquartered in the Marshall Islands, which is a popular location for offshore financial services companies due to its favorable tax and regulatory environment.
One of the main advantages of trading with Herzen is the availability of the MetaTrader 5 (MT5) trading platform, which is known for its advanced charting capabilities and wide range of technical analysis tools. MT5 is also popular among traders for its ability to support multiple trading accounts and order types.
Herzen also provides its clients with a range of educational resources, including video tutorials, webinars, and trading guides.
Is Herzen legit or a scam？
Disappointingly, Herzen is not regulated by any financial regulatory body at the moment. it's important to keep in mind that trading with an unregulated broker comes with inherent risks. Without regulation, there is no oversight to ensure that the broker operates fairly and transparently, or that client funds are kept separate and secure.
Pros and Cons
Herzen is a promising new broker that offers competitive trading conditions and a variety of trading instruments on the popular MT5 trading platform. However, the broker is still relatively new and has limited account types and research tools. Additionally, customer support options are limited, with no 24/7 support or social trading platform offered.
| Pros | Cons |
| Offers a variety of trading instruments including forex, stocks, indices, and commodities | New broker with limited trading history |
| Uses the popular MetaTrader 5 (MT5) trading platform | Limited account types |
| Provides clients with educational resources including video tutorials, webinars, and trading guides | No Islamic account option |
| Limited research and analysis tools | |
| No 24/7 customer support | |
| Limited phone support | |
| No social trading platform offered |
Market Intruments
Herzen offers a wide range of trading instruments across various asset classes, including:
Forex: Herzen provides access to more than 60 currency pairs, including major, minor, and exotic pairs such as EUR/USD, USD/JPY, and USD/ZAR.
Crude Oil: Herzen also offers access to crude oil trading.
Indices: Herzen offers trading in over 15 global indices, including the S&P 500, NASDAQ 100, and FTSE 100.
Commodities: The broker provides access to the commodities markets, including precious metals like gold and silver, as well as energy products like crude oil and natural gas.
Cryptocurrencies: Clients can also trade popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Account Types
It appears that Herzen only offers one type of trading account - a live trading account. This account is designed to provide traders with access to a range of financial instruments, including forex, stocks, indices, and commodities.
Traders who sign up for a live trading account with Herzen will have access to the MetaTrader 5 (MT5) trading platform, which is a powerful and user-friendly platform that is widely used in the industry. The platform comes with a range of features, including advanced charting tools, technical analysis indicators, and the ability to automate trades using expert advisors (EAs).
However, the absence of a demo account may be a drawback for traders who prefer to test their strategies and become familiar with the trading platform before investing in real funds.
How to open an account？
Opening an account with Herzen is a straightforward process. To begin, simply click on the “Open Live Account” button on the Herzen website and follow the steps outlined on the screen.
You'll need to provide some basic personal information, such as your name, address, and contact details. You'll also be asked to select your preferred account type and leverage level. Once you've completed the application form, you'll need to upload some documentation to verify your identity and address. This might include a copy of your passport or national ID card, as well as a recent utility bill or bank statement. The verification process is typically quick and straightforward, and once your account is approved, you'll be ready to start trading.
Leverage
Herzen offers leverage of up to 1:500 for forex trading, which means that clients can trade up to 500 times the value of their account balance. This high leverage can potentially increase the profits that traders can make, but it also comes with increased risk. It's important for traders to use leverage responsibly and understand the risks involved.
For other instruments such as stocks and commodities, the leverage offered by Herzen may vary depending on the instrument and the trading conditions.
Spreads & Commissions (Trading Fees)
Herzen claims that it operates on a variable spread model, which means that the spreads can change based on market conditions and liquidity. For forex trading, the average spread for major currency pairs starts from 1.5 pips, which is in line with other brokers' offerings in the industry. The commission for forex trading is $7 per lot traded, which is also considered reasonable.
For stock trading, the commission is 0.1% of the transaction value, which is relatively low compared to some other brokers that charge higher commissions for stock trading.
For commodity trading, the spread varies depending on the type of commodity. For example, the spread for crude oil is around $0.05, while the spread for gold is around $0.30.
| Pros | Cons |
| None | Average spreads offered by this broker |
| Spreads on some instruments can be higher than industry average | |
| Swap rates on some instruments can be higher than industry average | |
| Spreads can widen during periods of high market volatility |
Non-Trading Fees
Non-trading fees are fees that are not directly related to trading, such as deposit and withdrawal fees, inactivity fees, and account maintenance fees. Here are the non-trading fees for Herzen:
Deposit fees: Herzen does not charge any deposit fees for any of its accepted payment methods.
Withdrawal fees: Herzen does not charge any withdrawal fees for any of its accepted payment methods.
Inactivity fees: Herzen charges an inactivity fee of $10 per month if there has been no trading activity for 90 consecutive days.
Account maintenance fees: Herzen does not charge any account maintenance fees.
Trading Platform
Herzen offers its clients the ability to trade on the MetaTrader 5 (MT5) trading platform, which is one of the most popular and widely used trading platforms in the industry. The MT5 platform is known for its advanced charting capabilities, customizable indicators, and algorithmic trading options. With MT5, traders can access a range of order types, including market, limit, stop, and trailing stop orders. The platform also features a built-in economic calendar and news feed, allowing traders to stay up-to-date on important market events and news that can impact their trading decisions. Additionally, MT5 is available on both desktop and mobile devices, allowing traders to access their accounts and trade on-the-go. Overall, the MT5 platform is a powerful and versatile tool for traders of all levels, and Herzen's offering of this platform provides its clients with a reliable and feature-rich trading experience.
Deposit & Withdrawal
Herzen offers limited deposit and withdrawal methods for its clients, including bank wire transfers, credit/debit cards. The minimum deposit amount is $100. Deposits are usually processed instantly, while withdrawals can take anywhere from 1-5 business days to process, depending on the method used. Herzen does not charge any deposit or withdrawal fees, but clients may incur fees from their payment providers.
| Pros | Cons |
| Multiple deposit methods, including credit/debit cards and e-wallets. | Withdrawal fees may apply depending on the method chosen. |
| No deposit fees charged by the broker. | Limited withdrawal methods available. |
| No hidden fees or commissions. | Withdrawal processing time may take longer than other brokers. |
| Minimum withdrawal amounts may be relatively high. | |
| Deposits may not be immediately reflected in the trading account. |
Customer Support
While Herzen claims to offer 24/7 customer support, their support team is only reachable through email. This means that clients may experience longer wait times for responses compared to brokers that offer phone or live chat support. However, the broker does not offer a FAQ section on their website, which can not help answer some common questions and potentially alleviate the need to contact customer support.
| Pros | Cons |
| 24/7 customer support availability (Allegedly) | Only email support available |
| No phone or live chat support available | |
| Limited communication options | |
| No FAQ section on the website | |
| Limited availability on weekends and holidays | |
| No social media support |
Educational Resources
Herzen does not offer any educational resources to its clients. It is important for traders to have access to educational resources as it can help them to improve their trading skills, learn new strategies and understand the markets better
Conclusion
Overall, Herzen is an online trading brokerage that specializes in forex, stocks, indices, and commodities trading. While the broker offers its clients the ability to trade on the MetaTrader 5 (MT5) trading platform, it is not regulated by any reputable financial authority.
Furthermore, the broker only offers a single live trading account and does not provide any demo accounts. The non-trading fees are reasonable, but the deposit and withdrawal methods are limited. Customer support is available 24/7, but it can only be reached through email, and educational resources are very limited.
FAQs
Q: Is Herzen a regulated broker？
A: No, Herzen is not a regulated broker.
Q: What trading platform does Herzen offer？
A: Herzen offers the MetaTrader 5 (MT5) trading platform.
Q: What financial instruments can I trade with Herzen？
A: Herzen offers trading in forex, stocks, indices, commodities, and crude oil.
Q: What types of trading accounts does Herzen offer？
A: Herzen offers a single live trading account for its clients.
Q: Does Herzen offer a demo account？
A: No, Herzen does not offer a demo account.
Q: What is the leverage offered by Herzen？
A: Herzen offers leverage up to 1:500 for forex trading.
Q: What are the spreads and commissions charged by Herzen？
A: Herzen charges variable spreads starting from 1.5 pips and does not charge any commissions.
Q: What are the deposit and withdrawal options available with Herzen？
A: Herzen offers limited deposit and withdrawal options, including bank transfer, credit/debit cards.
Rating Index
Herzen Similarly Rated Brokers
Latest Reviews
Mattin
Malaysia
The company promised free deposit and withdrawal within 5-7 working days, which is a lie. I raised the principal of 10,000 on February 14th, and I waited for 2 months. During this process, I have been following with the company's customer service, but nothing It's playing football and pushing herzen online, and herzen pushing AIFC, AIFC has a lot of excuses and even said that the labuan account has been frozen. See the screenshot of the conversation. The last time I went to the company to see the boss, the solution was to divide the 10,000 principal into three times, and I followed suit to do 3,500, 3,500, and 3,000, but I didn’t receive the money after waiting for more than 10 days, but the company sent an email (the name in the email is also Intentionally wrong) Ask for a bunch of unreasonable withdrawal rules, one word is Lai... I hope the company will solve it or I will post it on social media. I will post all the following conversations and evidence
Exposure
2023-04-26
老公公
Singapore
I am new to trading, I find Herzen easy to use and to follow, good to read what other traders are thinking and so far found everything straightforward, also good to have a backup from my customer advisor, is appreciated every time.
Positive
2023-02-28
娅娅
Hong Kong
It's a scam. Claiming that the platform has been hacked and ostensibly demanding compensation is a completely self-directed and self-acted plot. A $1,000 account will give you less than $7 per month, and you need to reach $100 before withdrawing. We were played for suckers.
Exposure
2023-09-13