Herdos Broker Review
Herdos is a CFD broker, based offshore and registered in the Marshall Islands. The broker deals in CFDs in cryptocurrencies, forex and various other commodities. The first thing we usually look at when it comes to offshore brokers is the owner. The company is owned by Takeda Partners LTD. This is a company registered in the Marshall Islands. However their contact number on the website seems to be from Ireland. The broker set shop in March 2017, but recently their website seems to be offline. The broker offers two choices when it comes to its trading platform – one can use the market popular Meta Trader 4, or use their own platform built by Panda. The web based platform is easy to use for beginners, but lacks some essential features that Meta Trader 4 has to offer. Read the full review of Herdos here.
The broker offers various different account types, with the basic one requiring a minimum deposit of 1000 USD. As most experienced traders would know, this is four times the usual market norm. Another peculiar thing about the accounts types is that the different levels do not necessarily make sense. While the basic account requires a 1000 USD deposit, the next account type, “Bronze Account” requires a 5000 USD minimum deposit. And there are no major distinctions between the two accounts, apart from an additional 10% bonus on the bronze account.
Now looking at some of the red flags that really stand out about this broker. The company provides very little information about it’s leadership or its offices. However the biggest red flag is that Herdos is not regulated, and thus is not licensed by any regulator to provide financial and brokerage services. The company also doesn’t have a live chat feature, and provides customer support only 24/5.
Another red flag is the surprising bonuses on different account types that range from 20% to 100%. These bonuses actually come with a catch mentioned in their terms. A person can only withdraw their bonus after they have traded thirty times the sum of their investment and bonus. Also, while the company tells you about getting a fixed pip of 3 (which is highly uncompetitive in a market that averages at half that value), it doesn’t tell you much about the leverage you can expect.
As most seasoned traders know, a broker without a license shouldn’t be trusted, especially if its origins and other information are also not clear. The lack of regulation, and it’s misleading bonuses, sure do make Herdos a broker that we would warn new traders of. However, if you are someone who has already invested money with Herdos and are unable to withdraw or recover your funds, then fill the form below and our community of industry experts will try to guide you in recovering your lost funds.