Skip to main content
Author Avatar
Updated on Apr 9, 2024
Fact checked

Anyone looking for an online broker for trading stocks, forex, crypto, or other investment products can easily find one. But if you ask us, not all brokers are created equal. If you have wondered whether the broker HeroFX is legit or a scam, this article will give you our honest HeroFX review.

We do not recommend Hero FX since it is not regulated by any financial authority, and it offers banned products in some countries, which can get its users in trouble.

HeroFX has also been the subject of numerous customer complaints around issues such as poor customer support and withdrawal problems.

That is our HeroFX review in a nutshell. If you wish to find out more about HeroFX and discover reputable HeroFX alternatives, keep reading.


HeroFX presents itself as an online broker that provides trading in forex, crypto, and CFDs.

On its website, HeroFX states that it offers trading in more than 70 currency pairs in the forex market, dozens of coins and tokens in the crypto market, and exposure to global stocks, indices, and commodities in the CFD market.

Users can access the HeroFX trading platform through desktop and mobile apps or on the web.

HeroFX offers two account types: RAW Spread and No-Commission. The RAW Spread account is marketed as providing favourable spreads and flat-rate trading commissions. On the other hand, the No-Commission is marketed as offering favourable spreads and zero-commission trading.

Account types

Each of these accounts requires a minimum deposit of $20.

HeroFX users can access leverage of up to 500x their deposit. While it offers generous leverage for clients who wish to trade on margin, HeroFX lacks negative balance protection features. That means traders can lose more than their account balances and have more financial problems.

The broker primarily accepts crypto deposits, supporting Bitcoin, Ethereum, and the stablecoin Tether-USDT. Additionally, other funding methods, such as CashApp, Apple Pay, Google Pay, debit cards, and wire transfers, are also listed as available.

Is it legit or a scam?

If you only listen to what HeroFX wants you to know, this is supposed to be the ideal broker for forex, crypto and CFD traders.

HeroFX is marketed as the perfect trading platform for those looking for low-cost trading, fast order execution and access to a broad range of markets. The broker also touts flexible funding methods, generous leverage and availability of trading signals and social trading features.

But that is not what you see when you look under the hood. Instead, you see red flags that should raise your eyebrows.

Questionable company address

Brokers in legitimate businesses strive to win and retain their customers’ trust. They do this by being transparent with their customers about their background, location, operations, and teams. Regarding location choice, reliable brokers seek to base their headquarters in countries with robust regulatory oversight to help bolster their credibility among investors.

HeroFX’s website states that it is headquartered in Saint Lucia.

Saint Lucia may be known for its beautiful mountains, which have made it a popular tourist destination, but the island is also famous for being an offshore tax haven and a place where you can operate a forex brokerage without a license.

While the St. Lucia Financial Services Regulatory Authority doesn’t license forex brokers on the island, HeroFX suggests that the authority oversees its activities on its website. That is misleading and a red flag against the broker’s claim of legitimacy.

You will notice that HeroFX has also offered its address as the British Virgin Islands. But you can’t find the broker’s name in the islands’ company register.

HeroFX is an unregulated broker

HeroFX is available in almost every country.

Although the broker states that it does not accept clients from the U.S. and Sweden, people in these countries can still open an account with HeroFX and trade the financial products offered on the platform. In fact, much of the broker’s web traffic comes from the U.S.

For HeroFX to operate legally in the U.S., it must be licensed by the SEC and the CFTC. But that is not the case. For a broker to operate legally in the UK, it must be authorised by the FCA. Yet, it lacks approval from the authority.

Other major financial regulators, such as the BaFin in Germany, the FINMA in Switzerland, the ASIC in Australia, and CySEC in Cyprus, also do not recognize HeroFX.

HeroFX is prone to conflict of interest

The lack of regulatory oversight means HeroFX lacks accountability and transparency, which can harm its users.

If left alone, brokers can engage in illicit activities to maximise their profit at the expense of their clients. For example, without regulatory supervision, brokers can run deceptive marketing campaigns, charge exorbitant hidden fees, deny withdrawals or disappear with clients’ money.

A financial authority like FINRA looks out to protect investors from abuse by brokers. It sets out rules to ensure that brokers comply with ethical practices. For example, it aims to identify misconduct, prevent fraud, and obtain restitution for investors. FINRA can fine, suspend or ban brokers that violate its rules. But FINRA only supervises licensed brokers.

Since HeroFX is not licensed to operate in the U.S., it is not under FINRA’s watch. That means that HeroFX can easily abuse its clients and get off scot-free.

Using HeroFX can put you in trouble

HeroFX not only operates illegally in the U.S., which means it lacks accountability and protection for clients’ funds and data, but it also offers banned financial products in the country.

HeroFX offers CFD trading, yet CFDs are prohibited in the U.S. under CFTC regulations.

If you are caught using offshore brokers such as HeroFX to trade CFDs, you could face punitive regulatory actions. The CFTC could fine you up to $200,000 if it finds out that you traded CFDs through an unregulated foreign broker. The regulator could also lock you out of the U.S. financial markets if you violate its ban on CFD trading.

HeroFX lacks protection for client funds

Apart from intentional misconduct that FINRA seeks to prevent and punish, brokers can also fail like any other business. When a broker goes bankrupt, its clients should be able to recover at least some of their money.

The Securities Investor Protection Corporation (SIPC)  provides protection for investors’ funds in brokerage accounts. The SIPC ensures that if your broker fails, you can recover up to $500,000 of your funds in cash and investments.

However, the SIPC insurance is only available to clients of member brokers. A broker must be regulated by the SEC to be a member of the SIPC. Because HeroFX is not regulated, there is no protection for its clients’ funds.

Traders entrust brokers with more than their money. They also hand over sensitive personal data to brokers when they sign up for an account to make deposits. Without regulatory oversight, brokers can abuse the data and expose clients to fraud.

HeroFX faces many customer complaints

HeroFX customers have limited channels to get help when they need it. Since the broker doesn’t have a live chat for customer support, those looking for assistance have to contact it through phone or email.

As part of our research for this HeroFX review, we discovered overwhelming customer complaints against the broker. An analysis of HeroFX customer feedback reveals that users have consistently complained about difficulties with withdrawals, trouble completing trades and poor customer support.

The numerous customer complaints point to an untrustworthy broker.


Given the red flags regarding HeroFX’s reliability and security, you should seek out alternative brokers that comply with regulatory standards, provide a secure trading platform, and have a good reputation with customers. Below is a list of HeroFX alternative brokers we recommend.

  1. Interactive Brokers
    Best Overall
  2. Webull
    Best for trading stocks and options commission-free
    Best for securities trading and yield earnings on savings
  4. Saxo Bank
    Best for investors residing outside the U.S.

Bottom line

In conclusion, HeroFX is an unregulated broker that operates in a “scammy” manner, lacking even the basic security for investors’ funds and personal data. HeroFX also offers trading in prohibited CFDs, which can put you in trouble with regulators.

Moreover, the broker has been the subject of many customer complaints over issues such as poor customer support and difficulties withdrawing money from the platform.

Finally, with all the red flags surrounding HeroFX, this is a broker you would want to avoid. Instead, consider credible HeroFX alternatives that comply with regulatory standards, offer satisfactory customer support, and provide protection for customer funds and personal data.

Share this article
Not recommended
On this page
Share this article
About the author
Author Avatar
Neha Gupta, CFA

Neha is a seasoned finance professional with over 17 years of work experience in the investing field.