General Information
Herzen Is A Relatively New Financial Services Company Specializing In Online Trading Services For Forex, Stocks, Indices And Commodities. Founded In 2022, The Broker Is Headquartered In The Marshall Islands, A Popular Location For Offshore Financial Services Companies Due To Its Favorable Tax And Regulatory Environments.
One Of The Main Advantages Of Trading Herzen Is The Availability Of The Metatrader 5 (mt5) Trading Platform, Which Is Known For Its Advanced Charting Capabilities And Extensive Technical Analysis Tools. Mt5 Is Also Popular With Traders For Its Ability To Support Multiple Trading Accounts And Order Types.
Herzen Also Offers A Range Of Educational Resources To Its Clients, Including Video Tutorials, Webinars, And Trading Guides.
Regulatory Information
Herzen Is Currently Not Regulated By Any Financial Regulator.
Herzen Claims To Be A Leading Regional Trading Firm, Focusing On Financial Instruments Such As Currencies, Precious Metals, Crude Oil, Indices, And Cryptocurrencies. More Importantly, Herzen Presented A License Issued By Labuan Financial Services Authority (Labuan FSA) With License Number MB/21/0087 And Company Name "AIFC Technology Ltd.". We Did Find A Match Result With This Company At Labuan Financial Services Authority. But According To The Regulatory Details Shown On The FSA, The Registered Email And Domain Name Of The Licensed Company Are "admin@aifctechnology.com" And "https://aifctechnology.com/" Respectively. This Means That Herzen Has No Relationship With The AIFC Company Because The Information Of The Former Is Inconsistent With That Of The Licensed Company.
More Importantly, The Securities Commission Of Malaysia (SC) Added Herzen To Its Investor Warning List Because The Company Was Conducting Unlicensed Capital Markets Securities Trading Activities.
The Fact Is That Herzen Is Not Effectively Regulated By Any Regulatory Body To Do Forex. Investors' Funds In This Broker Are Not Safe And Cannot Be Protected By Any Law.
Market Tools
Herzen Offers A Wide Range Of Trading Tools Covering A Wide Range Of Asset Classes, Including:
Forex: Herzen Offers Access To Over 60 Currency Pairs, Including Major, Minor, And Exotic Currency Pairs, Such As EUR/USD, USD/JPY, And USD/ZAR.
Crude Oil: Herzen Also Offers Trading In Crude Oil.
Indices: Herzen Offers Trading In Over 15 Global Indices, Including The Standard & Poor 500, NASDAQ 100, And FTSE 100.
Commodities: Brokers Provide Access To Commodity Markets, Including Precious Metals Such As Gold And Silver, As Well As Energy Products Such As Crude Oil And Natural Gas.
Cryptocurrencies: Customers Can Also Trade Popular Cryptocurrencies Such As Bitcoin, Ethereum And Litecoin.
Account Types
It Appears That Herzen Only Offers One Type Of Trading Account - A Live Trading Account. The 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, 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, For Traders Who Prefer To Test Their Strategies And Become Familiar With The Trading Platform Before Investing In Real Money, Not Having A Demo Account Can Be A Drawback.
How Do I Open An Account?
Opening An Account With Herzen Is A Simple Process. To Get Started, Just Click On The "Open A Real Account" Button On The Herzen Website And Follow The Steps Listed On The Screen.
You Will Need To Provide Some Basic Personal Information Such As Your Name, Address And Contact Details. You Will Also Be Asked To Choose Your Preferred Account Type And Leverage Level. After Completing The Application Form, You Will Need To Upload Some Documents To Verify Your Identity And Address. This May Include A Copy Of Your Passport Or National ID Card, As Well As A Recent Utility Bill Or Bank Statement. The Verification Process Is Usually Quick And Straightforward, And Once Your Account Has Been Approved, You Can Start Trading.
Leverage
Herzen Offers Leverage Of Up To 1:500 For Forex Trading, Which Means Clients Can Trade Up To 500 Times The Value Of Their Account Balance. This High Leverage May Increase A Trader's Profits, But At The Same Time Increase Risk. It Is Important For Traders To Use Leverage Responsibly And Understand The Risks Involved.
For Other Instruments Such As Stocks And Commodities, By Herzen May Vary Depending On The Instrument And Trading Conditions.
Spreads And Commissions (Transaction Fees)
Herzen Claims That It Operates On A Variable Spread Model, Which Means That Spreads Can Vary Depending On Market Conditions And Liquidity. For Forex Trading, The Average Spread For Major Currency Pairs Starts At 1.5 Pips, Which Is In Line With What Other Brokers In The Industry Offer. 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 Amount, Which Is Relatively Low Compared To Some Other Brokers That Charge Higher Commissions For Stock Trading.
For Commodity Trading, The Spread Varies By Commodity Type. For Example, Crude Oil Spreads Are About $0.05, While Gold Spreads Are About $0.30.
Non-transaction Fees
Non-transaction Fees Are Fees That Are Not Directly Related To The Transaction, Such As Deposit And Withdrawal Fees, Inactivity Fees, And Account Maintenance Fees. This Is A Non-transaction Fee Herzen:
Deposit Fees: Herzen Does Not Charge Any Deposit Fees For Any Payment Method It Accepts.
Withdrawal Fees: Herzen Does Not Charge Any Withdrawal Fees For Any Payment Method It Accepts.
Inactivity Fees: Herzen Charges A Monthly Inactivity Fee Of $10 If There Is No Trading Activity For 90 Consecutive Days.
Account Maintenance Fee: 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, 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. Using Mt5, Traders Can Access A Range Of Order Types, Including Market Orders, Limit Orders, Stop-loss Orders And Moving Stop-loss Orders. The Platform Also Features A Built-in Economic Calendar And News Feed, Enabling Traders To Stay Up-to-date On Important Market Events And News That May Affect Their Trading Decisions. In Addition, Mt5 Is Available On Desktop And Mobile Devices, Allowing Traders To Access Their Accounts And Trade Anytime, Anywhere. Overall, The Mt5 Platform Is A Powerful And Versatile Tool For Traders Of All Levels, And Herzen's Products On This Platform Provide Its Customers With A Reliable And Feature-rich Trading Experience.
Deposit And Withdrawal
Herzen Offers Its Customers Limited Deposit And Withdrawal Methods, Including Bank Telegraphic Transfer, Credit/debit Cards. The Minimum Deposit Amount Is $100. Deposits Are Usually Processed Immediately, While Withdrawals Can Take 1-5 Business Days To Process, Depending On The Method Used. Herzen Does Not Charge Any Deposit Or Withdrawal Fees, But Customers May Charge Their Payment Providers.
Customer Support
Although Herzen Claims To Offer 24/7 Customer Support, Their Support Team Can Only Be Contacted Via Email. This Means That Customers May Experience Longer Response Wait Times Compared To Brokers That Offer Phone Or Live Chat Support. However, Brokers Do Not Provide An FAQ Section On Their Website, Which Does Not Help Answer Some Common Questions And May Reduce The Need To Contact Customer Support.
