Note: Hengrys official site - https://www.hengryfx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is Hengry？
Hengry is a Canada-based global brokerage firm that may offer forex trading as one of its market instruments to traders. While the availability of forex trading services may be appealing to potential clients, there are concerns regarding its regulatory status. The suspicion of a fake clone regulatory status raises red flags about the legitimacy and reliability of the company. Traders considering Hengry as their brokerage should exercise caution and conduct thorough research to ensure the platform's credibility and compliance with regulatory standards before engaging in any financial transactions.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Hengry Alternative Brokers
There are many alternative brokers to Hengry depending on the specific needs and preferences of the trader. Some popular options include:
FBS - FBS is a reputable broker with a wide range of trading instruments and account options, suitable for both beginners and experienced traders.
Admiral Markets - Admiral Markets offers a user-friendly platform and a diverse range of instruments, making it a solid option for traders of all experience levels.
City Index- City Index is a well-established broker with a user-friendly platform and a wide range of trading instruments, making it a solid choice for traders of all levels.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is Hengry Safe or Scam？
When considering the safety of a brokerage like Hengry or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with. The ASIC (Australia Securities & Investment Commission, license number: 162 170 943) claimed by this broker is suspected to be fake clone. Besides, the official website of the broker is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
User feedback: Read reviews and feedback from other clients to get an understanding of their experiences with the brokerage. Look for reviews on reputable websites and forums.
Security measures: So far we cannot find any security measures info on Internet for this broker.
Ultimately, the decision of whether or not to trade with Hengry is a personal one. You should weigh the risks and benefits carefully before making a decision.
Market Instruments
As a forex broker, Hengry provides traders with the opportunity to engage in forex trading. As a market instrument, forex allows traders to participate in the dynamic and decentralized foreign exchange market, where various currencies are bought and sold against one another. Forex trading is known for its potential for profit generation and its high liquidity, making it an attractive option for investors seeking to diversify their portfolios. Through Hengry's platform, traders can access a wide range of currency pairs and employ different trading strategies to capitalize on market fluctuations. However, understanding the intricacies of the market and maintaining a disciplined approach before trading are essential to maximize the benefits of forex trading.
Accounts
HengryFX offers five account types to cater to the different needs and preferences of its clients: Standard, Premium, Prime, VIP, and Super VIP accounts. However, the broker has not provided clear information regarding the minimum deposit requirements for these accounts. This lack of transparency may raise concerns among potential clients, as knowing the minimum amount required to open an account is crucial in determining their suitability and affordability. Without this essential information, traders may find it challenging to make informed decisions about which account type aligns with their investment goals and financial capabilities. As such, it is essential for traders to consult with broker directly to address this ambiguity and get comprehensive details about the minimum deposit requirements for each account type to ensure transparency and build trust.
Trading Platforms
Hengry offers traders access to the MetaTrader 5 (MT5) platform. MT5 is a widely recognized and popular trading platform known for its advanced features and functionalities. As an upgraded version of its predecessor, MetaTrader 4, MT5 provides traders with an enhanced user experience and a more comprehensive set of tools for trading various financial instruments, including forex, stocks, commodities, and cryptocurrencies. With its user-friendly interface and powerful analytical capabilities, MT5 allows traders to execute trades with efficiency and precision. The platform's built-in technical indicators, charts, and expert advisors empower traders to conduct in-depth market analysis and implement automated trading strategies.
Overall, Hengrys trading platform is well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders.
See the trading platform comparison table below:
Deposits & Withdrawals
Hengry appears to have limited deposit and withdrawal options, with the only available methods being cryptocurrencies, and even then, only a few specific ones. Traders are restricted to funding their accounts exclusively through Tether, Bitcoin, and Ethereum, leaving out more traditional payment methods such as bank transfers, credit or debit cards, PayPal, or Neteller. This lack of diversity in payment options may be a cause for concern for some potential clients, as it limits their flexibility in managing their funds. Moreover, the exclusive reliance on cryptocurrencies may raise suspicion, as scammers often prefer cryptocurrencies for their non-refundable nature, making it challenging to retrieve funds in case of fraudulent activities. Consequently, traders should exercise caution and carefully consider the implications of this limited payment approach before choosing to engage with Hengry. It is crucial for investors to thoroughly assess the risks associated with this type of payment method and determine whether it aligns with their financial preferences and risk tolerance.
Customer Service
Hengry provides customer support through email. While some traders may prefer additional options like phone or live chat support for more immediate assistance, the email channel remains a direct and formal means of communication with the support team. However, it is essential to note that the absence of other support channels might be a consideration for tcse seeking more instant solutions to urgent matters.
Email: cs@hengryfx.com.
Per internet info, company address and phone no.s are also available as customer service channel for this broker:
Address: 2308 E 34th Ave, Vancouver, BC V5R 2S7, Canada
Phone: +18452851858, +15592358848, +17785612160, +17786015944, and +17785612160
Conclusion
According to available information online, Hengry is a Canada-based brokerage firm offers forex currency pairs as market instruments to traders. However, the fact that it is non-regulated is an immediate red flag, as regulated brokers are subject to oversight and compliance with established financial regulations, providing clients with a level of assurance and protection. Moreover, the suspicion of a fake clone regulatory license (Australia Securities & Investment Commission, license number: 162 170 943) further adds to the doubt surrounding the company's credibility. The lack of proper regulation and oversight increases the potential risks for traders, leaving them vulnerable to potentially fraudulent activities or misconduct. Additionally, an unfunctional website indicates a lack of professionalism and attention to detail, which further erodes confidence in the company's ability to provide reliable and efficient services. As such, individuals considering Hengry as their brokerage firm should exercise extreme caution and thoroughly research alternative, regulated options that prioritize transparency, security, and accountability.
Frequently Asked Questions (FAQs)
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