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
Rating Index
Herzen Forex Broker - Complete Information Guide
1. Broker Overview
Herzen is a relatively new forex brokerage that was established in 2022. The company is headquartered in the Marshall Islands, specifically at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of Marshall Islands MH 96960. This location is known for being a popular jurisdiction for offshore financial services. Herzen operates as a private entity and claims to provide trading services to a broad range of clients, including retail traders and institutional investors.
Herzen presents itself as a leading regional trading firm, specializing in various financial instruments such as currencies, precious metals, crude oil, indices, and cryptocurrencies. Despite its claims of being a well-established broker with over a decade of experience, it is important to note that the company lacks a significant track record or history in the industry. As a relatively new player, Herzen is still in the process of building its reputation and client base.
The broker's business model primarily focuses on retail forex trading, offering its clients access to a variety of trading products through its online platform. However, the absence of detailed information about its operational history raises concerns regarding its credibility.
2. Regulatory and Compliance Information
Herzen is not regulated by any reputable financial authority, which poses significant risks for potential investors. The Securities Commission of Malaysia (SC) placed Herzen on its investor alert list on November 16, 2022, due to the company engaging in unlicensed capital market activities related to securities trading. Furthermore, the Bank Negara Malaysia (BNM) added Herzen to its alert list on September 14, 2023, citing illegal operations.
The broker claims to hold a license issued by the Labuan Financial Services Authority (Labuan FSA) under the name "AIFC Technology Ltd." However, upon investigation, it was found that the registered email and domain of the licensed company do not match with those of Herzen, indicating that there is no legitimate connection between the two entities.
Herzen does not provide any information regarding customer fund segregation or participation in an investor compensation fund, which are essential safeguards for clients. Additionally, the broker does not appear to have implemented adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, further complicating its compliance standing.
3. Trading Products and Services
Herzen offers a variety of trading products across different asset classes. The broker claims to provide access to over 31 currency pairs, including major, minor, and exotic pairs. In addition to forex, the broker also offers Contracts for Difference (CFDs) on precious metals, crude oil, indices, and cryptocurrencies.
The range of trading instruments includes:
- Forex: A wide selection of currency pairs.
- CFDs: Options on indices, commodities, and cryptocurrencies.
- Precious Metals: Gold and silver trading options.
- Energy Products: Including crude oil.
However, the specific details regarding the trading conditions, such as spreads, leverage, and commissions, are not disclosed on the broker's website. This lack of transparency raises concerns about the broker's legitimacy and the quality of its trading services.
Herzen's focus on retail trading services is evident, but there is no mention of institutional client services or white-label solutions, which are common offerings among more established brokers.
4. Trading Platform and Technology
Herzen claims to support the popular MetaTrader 5 (MT5) trading platform, which is known for its advanced charting capabilities and technical analysis tools. However, the installation file provided on the broker's website appears to be registered under another company, AIFC Technology Ltd., raising questions about the authenticity of the platform offered.
The broker does not provide any information regarding the availability of a proprietary trading platform, nor does it mention whether it offers a web-based trading solution. There is also no mention of mobile applications for iOS or Android, which are essential for traders who prefer to manage their accounts on-the-go.
In terms of execution models, the specifics regarding whether Herzen operates on an ECN, STP, or Market Making basis are not disclosed. Additionally, the broker has not provided any information about its server locations or technological infrastructure, which are crucial for ensuring reliable trade execution.
Furthermore, there is no mention of API access or support for automated trading, which are important features for professional traders.
5. Account Types and Trading Conditions
Herzen does not clearly specify the types of trading accounts available to clients on its website. The absence of detailed information regarding account types, minimum deposits, spreads, and commissions is concerning for potential investors.
However, here are some general aspects that can be inferred or are commonly expected in forex trading accounts:
- Standard Account Conditions: Typically, brokers require a minimum deposit ranging from $100 to $250 for a standard account. The spreads and commissions would generally vary based on market conditions.
- Advanced Account Types: Some brokers offer VIP or professional accounts with lower spreads and additional features, but this information is not available for Herzen.
- Special Accounts: Information about Islamic accounts or corporate accounts is not provided.
- Demo Account Policy: There is no mention of a demo account for traders to practice their strategies before committing real funds.
- Leverage Ratios: While many brokers offer leverage up to 1:500, the specifics for Herzen are not disclosed.
- Minimum Trade Sizes: This information is also not provided, leaving potential investors in the dark regarding trading conditions.
- Overnight Fees: Details about swap rates or overnight fees are not mentioned.
Given the lack of transparency regarding account types and trading conditions, potential investors should exercise caution when considering trading with Herzen.
6. Fund Management
Herzen does not provide sufficient information regarding its fund management policies, which is critical for potential investors. Here are some aspects typically associated with fund management that are either missing or unclear:
- Deposit Methods: The broker does not specify the supported deposit methods, which may include bank transfers, credit cards, and e-wallets.
- Minimum Deposit Requirements: There is no information available regarding the minimum deposit for different account types.
- Deposit Processing Times: Typically, deposits are processed instantly or within a few business days, but this information is not provided.
- Deposit Fees: The absence of information on deposit fees raises concerns about potential hidden costs.
- Withdrawal Methods and Restrictions: Details regarding the supported withdrawal methods and any associated limitations are not disclosed.
- Withdrawal Processing Times: The time frame for processing withdrawals is also unspecified, which can lead to uncertainty for clients.
- Withdrawal Fee Structure: There is no information about any fees that may apply to withdrawals, leaving clients unaware of potential costs.
The lack of clarity surrounding fund management practices is a significant red flag for potential investors considering trading with Herzen.
7. Customer Support and Educational Resources
Herzen claims to offer various customer support channels, but the specifics are vague. Here are the expected aspects of customer support that are either mentioned or lacking:
- Support Channels: The broker lists email support as its primary channel, with no mention of phone or live chat options.
- Service Hours and Time Zone Coverage: There is no information available about the operational hours for customer support, which can impact traders in different time zones.
- Multilingual Support: The broker appears to offer support in multiple languages, including English, Chinese, and Thai, but this is not explicitly stated.
- Educational Resources: There is no mention of any educational materials, such as webinars, tutorials, or e-books, which are vital for traders looking to enhance their skills.
- Market Analysis Services: Information on whether the broker provides daily market analysis, news, or research reports is absent.
- Trading Tools: The availability of trading tools, such as calculators or signal services, is not specified.
The absence of comprehensive customer support and educational resources indicates a lack of commitment to client assistance and education, which are crucial for fostering a positive trading experience.
8. Regional Coverage and Restrictions
Herzen appears to target a wide range of markets, but specific details regarding its regional coverage are limited. Here are the aspects related to regional coverage:
- Primary Service Markets: The broker claims to serve clients globally, but does not specify the exact regions or countries it focuses on.
- Regional Offices Distribution: There is no mention of any regional offices or local representatives, which may hinder support for clients in different areas.
- Countries Not Accepted: The broker does not provide a list of countries or regions from which it does not accept clients, leaving potential investors uncertain about their eligibility.
- Special Restrictions: There are no details regarding any specific restrictions that may apply to certain regions or countries.
The lack of information regarding regional coverage and restrictions raises concerns about the broker's transparency and reliability.
In conclusion, while Herzen presents itself as a forex broker with various offerings, the overwhelming lack of transparency, regulatory oversight, and clarity regarding its services and operations raises significant red flags. Potential investors should exercise extreme caution and consider seeking out more reputable and regulated brokers for their trading needs.
Herzen Similar 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
Herzen
News
News Herzen to Use PAMM for Recovery?
Herzen announced that the company is willing to bear the losses from the hacking incident and assist foreign exchange investors in recovering their losses.
News Herzen's Hack is Fake?!
Fraudulent forex companies may use claims of being hacked to avoid accountability and legal consequences, which appears to be the case for Herzen International, as traders suspect the company of staging the hack to take everyone's money.
News 500 Victims Fall Prey to Forex Scams in Malaysia by Mid-2023!
By mid-2023, the Malaysian Securities Commission (SC) received reports from 500 victims who collectively lost nearly RM1 million to fraudulent investment schemes. These individuals have lodged complaints, urging the SC to investigate the suspected companies for alleged criminal breach of trust and fraud.
News Game Over?! Herzen Hacked & Withdrawals Halted
Herzen hacked! Hopeless traders await in fear and hopelessness as funds get stuck within the platform. Could this be the end of Herzen?
News A Broker with "Story" - Ponzi Scheme Herzen Changes its Disguises Again and Again
Recently, a Malaysian investor said that the Ponzi scheme Herzen is rampant in Malaysia and cheated many Malaysians.
News A Broker with "Story" - Ponzi Scheme Herzen Changes its Disguises Again and Again
Recently, a Malaysian investor said that the Ponzi scheme Herzen is rampant in Malaysia and cheated many Malaysians.
News A Broker with "Story" - Ponzi Scheme Herzen Changes its Disguises Again and Again
Recently, a Malaysian investor said that the Ponzi scheme Herzen is rampant in Malaysia and cheated many Malaysians.
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