Herzen review – 5 things you should know about herzen-intcare.com

Beware! Herzen is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Herzen presents itself as an established forex broker, a leader in the region, but without specifying which region. In fact, this website does not specify even more important information about a broker. In this review, we will take a detailed look at why you should under no circumstances trust your money to this fishy website.

Herzen Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation.

The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

Herzen is completely anonymous. There is no company name, office address or Terms and Conditions. The website is available in Chinese and Thai, suggesting that this obvious scam targets potential victims in Southeast Asia.

The website doesn’t even have an option to register an account or log into an existing one.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia.

There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

Herzen Trading software

Herzen claims to offer the industry’s most widely used trading platform, MetaTrader 5 (MT5).

However, the installation file that can be downloaded from the website is registered in the name of another brand and company – AIFC Technology Limited, based in Malaysia’s Labuan Special Economic Zone.

The registration details show a different domain, so we have no reason to think that this company has anything to do with Herzen.

Here is what the software looks like using the built-in Demo account:

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4.

Herzen Trading instruments

Herzen states that it offers trading in all financial asset classes, but offers absolutely no information about the terms of that trading.

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

Herzen Spreads and cost of trading

We have no reason to believe that Herzen offers real trade, so we recommend that you use the services of an established brand.

Herzen Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Herzen Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods  Herzen uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal,  FasaPay or PerfectMoney.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Herzen Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit.

Herzen Withdrawal requirements

Since Herzen does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.