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Herzen

Marshall Islands|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://herzen-intcare.com/

Website

Rating Index

Contact

inquiry@herzen-int.com
https://herzen-intcare.com/
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Repubic of Marshall Island MH96960.

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

MY SCM
2022-01-01

Broker Information

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Company Name

Herzen

Company Abbreviation

Herzen

Platform registered country and region

Marshall Islands

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-19
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Herzen · Company Summary

Broker Name Herzen
Registered Country/Region Marshall Islands
Founded in 2022
Regulation Not Regulated
Tradable Instruments Forex, Stocks, Indices, Commodities, Crude Oil
Trading Platforms MetaTrader 5
Minimum Deposit $100
Maximum Leverage Up to 1:500
Account Types Standard
Commission No
Deposit & Withdrawal Methods Unknown
Customer Support Email
Educational Resources Video Tutorials, Webinars, Trading Guides

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.

basic-info

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.

market-instruments
market-instruments

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.

open-account

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.

open-account

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.

trading-platform

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.

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.

News

Herzen to Use PAMM for Recovery?

NewsHerzen to Use PAMM for Recovery?

2023-05-19 17:12

Herzen announced that the company is willing to bear the losses from the hacking incident and assist foreign exchange investors in recovering their losses.

WikiFX
2023-05-19 17:12
News
Herzen to Use PAMM for Recovery?
Herzen's Hack is Fake?!

NewsHerzen's Hack is Fake?!

2023-05-15 17:02

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.

WikiFX
2023-05-15 17:02
News
Herzen's Hack is Fake?!
500 Victims Fall Prey to Forex Scams in Malaysia by Mid-2023!

News500 Victims Fall Prey to Forex Scams in Malaysia by Mid-2023!

2023-05-15 15:55

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.

WikiFX
2023-05-15 15:55
News
500 Victims Fall Prey to Forex Scams in Malaysia by Mid-2023!
Game Over?! Herzen Hacked & Withdrawals Halted

NewsGame Over?! Herzen Hacked & Withdrawals Halted

2023-05-12 18:23

Herzen hacked! Hopeless traders await in fear and hopelessness as funds get stuck within the platform. Could this be the end of Herzen?

WikiFX
2023-05-12 18:23
News
Game Over?! Herzen Hacked & Withdrawals Halted

User Reviews

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12

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Jayden235
6-12months
The Malaysian police have determined that "Hezhen Company" is a financial fraud. Investors are urged to report to the nearby police station if they cannot receive funds! I was introduced by the founder Dato Seri Simon Liew Shan Wen and went to the company's Menara Exchange 106, 29th floor to visit and understand. Later, I invested RM 350,000, about US$80,000. But profits and commissions cannot be reflected after a few months. The principal was also delayed by the company on the grounds of being investigated for money laundering. So I decided to seek help from the police. The police said that many investors invested with the same reason, and after a few months, the company asked me to invest more to submit the commission. I hope everyone will stop trusting this company, and the victim should report to the nearby police station as soon as possible. Bring those responsible to justice! Malaysian police have confirmed that "Herzen International" is a scam broker. I invested RM350k (80k USD) which was not paid to me after few months. Result of this I decided reported to the police station which founded out it is scam!
2023-05-01 23:55
Reply
0
0
老公公
more than one year
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.
2023-02-28 16:53
1
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Davis3946
more than one year
Good platform, Good result 10 year plus experience of 5 Trader Match in www.myfxbook.com and MT5
2022-12-24 09:57
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0
2
Ong888
more than one year
It's been five months. Happy to take USD 464.62. Thank you.
2022-12-24 09:35
Reply
0
2
traderZX
more than one year
thumbs up for user friendly portal for copy trading and most trusted financial advisory firm in the region.
2022-12-22 15:35
Reply
0
3
吴楚平
more than one year
One star is too much for the service from Herzen, unprofessional customer support, unworkable trading platform… everything sucks. I lost my big amount here!
2022-12-19 10:06
Reply
0
0
Hufangu
more than one year
This is an offshore, unregulated trading platform, although they have been contacting me to deposit, but I will never waste money on this kind of platform. Keep your eyes open, don't be cheated of your real money by unsupervised black platforms.
2022-12-14 15:13
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0
0
Ong888
more than one year
So far so good. Good platform copy trading.
2022-12-06 23:26
Reply
0
3
杰夫瑞
more than one year
The platform has been out for a year and a half, and there is no problem with withdrawing money, everything is normal
2022-11-02 23:30
1
1
2
我为苍生
more than one year
Can't get money, black platform, no supervision around, still white label
2022-10-05 23:52
Reply
0
0
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