Hero Markets
Pros and Cons
Pros
- Regulated by CYSEC
- Diverse trading instruments: Forex, commodities, indices, cryptocurrencies, shares, CFDs
- Minimum deposit requirement of €100
- No fees for deposits and withdrawals
- Access to demo accounts for practice trading
Cons
- Exceeded FSCA license status
- High spread of 12 pips on EUR/USD
- No support for popular platforms like MT4 or MT5
- Limited customer support channels available
- Inactivity fees after 90 days of no trading
Basic Information
User Reviews
Hero Markets Overview
Hero Markets, established in 2016 and headquartered in Cyprus, is a regulated forex broker under the Cyprus Securities and Exchange Commission (CYSEC). The broker operates with a Market Maker license, providing a secure trading environment for its clients. While it also claims regulation under the Financial Sector Conduct Authority (FSCA) in South Africa, this status is currently listed as exceeded, highlighting the importance of verifying regulatory claims for potential traders.
Hero Markets offers a diverse range of trading instruments, including forex, commodities, indices, cryptocurrencies, shares, and CFDs, catering to various trading strategies. The broker supports trading through its proprietary WebTrader platform, which is designed for ease of use and efficiency. Customer support is available via email and social media channels, although it may be limited compared to larger firms. Notably, Hero Markets differentiates itself with a low minimum deposit requirement of €100 and no fees for deposits or withdrawals, making it accessible for new traders looking to enter the forex market.
Is Hero Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CYSEC) | Cyprus | Segregated Funds, Investor Compensation Fund |
Is Hero Markets Regulated and How Are Client Funds Protected?
Hero Markets is regulated by the Cyprus Securities and Exchange Commission (CYSEC), providing a level of oversight and compliance with established financial standards. Client funds are protected through measures such as segregated accounts, ensuring that client deposits are kept separate from the broker’s operational funds. Additionally, clients may have access to the Investor Compensation Fund, which provides compensation in the event of the broker’s insolvency. However, it’s important to note that Hero Markets’ regulatory status with the Financial Sector Conduct Authority (FSCA) in South Africa is currently listed as exceeded, which may raise concerns about its validity in that jurisdiction. Overall, while Hero Markets is regulated and has safety measures in place, the status with the FSCA warrants caution for potential investors.
Trading Products and Services
What trading instruments does Hero Markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | Many |
| Commodities | Gold, Silver, Crude Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Many |
| Stocks | Apple, Tesla, BP | Varies |
| Cryptocurrencies | BTC, ETH, LTC | Many |
Hero Markets provides a diverse array of trading tools and financial products that cater to various trading strategies and experience levels. With offerings in Forex, commodities, indices, stocks, and cryptocurrencies, traders can select from a wide range of instruments, enhancing their ability to build a balanced portfolio. This diversity not only meets the needs of beginners seeking to explore different markets but also appeals to seasoned professionals looking to implement complex trading strategies. By supporting multiple asset categories, Hero Markets empowers users to diversify their investments, allowing for flexible trading approaches that can adapt to changing market conditions.
Account Types and Trading Conditions
What Account Types and Fees Does Hero Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, access to educational resources | Suitable for traders starting with smaller capital |
| Professional Account | Experienced traders | Higher leverage, lower spreads, advanced trading tools | Requires proof of trading experience and volume |
| Corporate Account | Corporate clients | Custom services, multi-user access, dedicated account management | Requires corporate documentation and verification |
| Islamic Account | Traders seeking Sharia-compliant options | Swap-free trading, no overnight interest | Available upon request and verification of eligibility |
| Demo Account | All traders | Practice trading with virtual funds, access to all features | Designed for testing strategies without financial risk |
Account Opening Process
To open an account with Hero Markets, prospective traders must follow several straightforward steps. First, they need to provide personal information, including their full name, contact details, and date of birth. Next, employment and financial information will be required to assess the trader’s background and experience level. Identity verification is an essential part of the process, which includes submitting a government-issued ID and proof of address. Once the account is created, traders have the flexibility to upgrade to a professional account in the future if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 12 | $0 | Standard spread for major pairs |
| CFDs (Stocks) | 0.1% – 0.5% | $0 | Varies by stock |
| CFDs (Indices) | 1.0 | $0 | Competitive spread for major indices |
| CFDs (Commodities) | 2.0 | $0 | Standard spreads for commodities |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
Hero Markets charges no deposit or withdrawal fees, making it cost-effective for traders looking to manage their funds. However, an inactivity fee is applied to accounts that have not shown trading activity for more than 90 days. Additionally, an annual inactivity fee will be charged for accounts that remain inactive for over 12 months. Traders should also be aware of overnight interest (swap rates) that may apply to certain positions, as well as potential currency conversion fees when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Hero Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Windows, macOS | 2FA, multiple order types, technical indicators, economic calendar | Demo account, VPS |
| Web Version | Windows, macOS, iOS, Android | Encryption, symbol lookup, price alerts, push notifications | Demo account |
| Mobile App | iOS, Android | Biometrics, one-click trading, market alerts | Demo account |
Hero Markets provides three primary trading platforms: MT4/MT5, a web version, and a mobile app. MT4/MT5 is ideal for advanced traders, offering extensive analytical tools and multiple order types. The web version ensures accessibility across all devices, featuring secure logins and market search capabilities. The mobile app allows for convenient trading on the go, supporting fast order execution and real-time alerts. Overall, Hero Markets emphasizes secure logins and efficient trading tools across all platforms.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3-5 days | No platform fee | Min 100, Max 10,000 | USD, EUR, GBP |
| Credit/Debit Card | Instant | No platform fee, 2% processing fee | Min 50, Max 5,000 | USD, AUD |
| e-Wallet (Skrill, Neteller) | Instant | No platform fee, 1.5% e-wallet charge | Min 20, Max 15,000 | USD, EUR |
| SEPA (for EU clients) | 1-2 days | No platform fee | Min 50, Max 20,000 | EUR |
| GrabPay (for SEA clients) | Instant | No platform fee | Min 30, Max 8,000 | USD, MYR |
Minimum Deposit
The minimum deposit requirement for Hero Markets is $50 for standard accounts. This amount may vary based on the selected payment method and account type, with higher minimums applicable for premium account tiers.
How to Withdraw
- Log in to your Hero Markets account.
- Navigate to the “Withdrawal” section in the account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and follow any additional verification steps, if prompted.
- Monitor your email for confirmation and updates regarding your withdrawal status.
Customer Support
Hero Markets Customer Support Overview
Support Channels
Hero Markets provides a variety of support channels to assist customers effectively. You can reach out to their support team via:
- Email: Customers can send inquiries to support@heromarkets.com for detailed assistance.
- Live Chat: For immediate help, Hero Markets offers a live chat feature on their website, allowing customers to get real-time assistance.
- Telephone: Customers can also contact support through a dedicated telephone line for urgent queries.
- Social Media: Hero Markets maintains a presence on platforms like Facebook and Instagram, where customers can reach out for support and updates.
Service Availability
Hero Markets offers customer support services from Sunday 22:00 to Friday 22:00 GMT, ensuring that assistance is available for most of the trading week. Additionally, the support team is multilingual, providing services in various languages to cater to a diverse customer base.
Additional Resources
In addition to direct support, Hero Markets offers valuable resources including video tutorials, webinars, and market analysis to help traders improve their skills and knowledge. These resources are designed to empower customers and enhance their trading experience.
Frequently Asked Questions
Yes, Hero Markets is regulated by the Cyprus Securities and Exchange Commission (CYSEC). However, please note that its Financial Service Corporate license under the FSCA has been exceeded.
Hero Markets offers trading in various instruments including Forex, commodities, indices, cryptocurrencies, shares, and CFDs. The minimum deposit required is €100, and there is no commission on trades, though spreads may vary (e.g., the EUR/USD spread is 12).
Hero Markets takes fund security seriously by maintaining client funds in segregated accounts, ensuring that your money is separate from the company’s operational funds. Additionally, the firm is regulated by CYSEC, which adds an extra layer of security.
Hero Markets provides customer support via email at support@heromarkets.com, as well as through their social media platforms on Facebook and Instagram. However, the support is available from Sunday 22:00 to Friday 22:00 GMT.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.