Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighTakes deposits with no financial licence anywhere. A Saint Lucia company registration is not regulation, and Saint Lucia does not license forex.
Identity & transparency
6/10 · HighDiscloses a named entity and registration number, but floats an unverified BVI address, names no owners, and cannot be confirmed on any financial register.
Withdrawals & conduct
7/10 · HighFund-integrity pattern across at least two platforms (blocked accounts, denied/stuck withdrawals, including a 64,300 USD case), offset by some positive payout reports.
Reputation
7/10 · HighTrustpilot 3.5 with a bimodal 66 percent 5-star / 25 percent 1-star split that looks managed, plus multiple third-party sites flagging it high-risk.
Website claims
5/10 · ModerateNo fake tier-1 licence claimed, but 'Since 2021' slightly predates the 2022 domain, and safety claims like segregated accounts are unverifiable.
Operational history
4/10 · ModerateVerified operating since about 2022 (roughly four years) via the domain and 2022 complaints; company incorporation date could not be precisely confirmed.
Who they are
A quick desk file on the company behind the brand.
- Brand: HeroFX
- Legal entity: HeroFX Ltd (International Business Company)
- Registered: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. Company registration number 2023-00356. A British Virgin Islands address is also referenced but does not appear on the BVI register.
- Website: herofx.co (main) and herofx.org
- Only licence: None. There is no financial-services licence. The Saint Lucia number is a company registration, not a trading permission.
- Offers: Forex and CFD trading on MT5, funded-style accounts, deposits by crypto, Apple Pay, Google Pay and cards.
- Not accepted: No investor-compensation scheme and no ombudsman; clients in regulated markets get no protection.
- Age claim: The site says 'Since 2021'. The main domain was created in January 2022 and the company was registered in 2023.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Saint Lucia company registration (International Business Company)
Why we reached this verdict
How the evidence adds up.
We reached 'likely scam' because the broker takes deposits with no regulation at all and there is a real, repeating pattern of clients not getting their money out.
- No regulation, taking real deposits. HeroFX holds no licence from the FCA, ASIC, CySEC, NFA or any comparable authority. Its only paperwork is a Saint Lucia company registration, and Saint Lucia does not regulate forex trading. If this firm fails or refuses to pay, there is no regulator or compensation scheme to help you.
- Withdrawal-denial pattern. Across more than one review platform, traders describe the same failure: funds deposited, then withdrawals left in 'processing', accounts blocked, or requests refused with shifting document demands. One public complaint describes 64,300 US dollars stuck since October 2022. This is the money-not-coming-back pattern, not ordinary service grumbles.
- Crypto-first money flow. Deposits are steered toward cryptocurrency and withdrawals are crypto-only. Crypto transfers cannot be reversed or charged back, which is the delivery method scam brokers prefer.
- Weak transparency. The firm names a Saint Lucia entity but also floats a BVI address that does not check out, and it names no owners or directors.
Two honesty notes. First, we could not open the Saint Lucia registry to confirm the exact incorporation date of HeroFX Ltd, so the company age rests on the main domain and on the fact that the broker was clearly operating in 2022. Second, some of the harshest 'scam' write-ups about HeroFX come from fund-recovery sites, which we treat with caution; our finding leans on the more concrete complaints and on the total absence of regulation.
Note on operating history: the 4.7-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1HeroFX holds no licence from any recognised regulator; Saint Lucia does not license forex brokers, so its only registration provides no oversight.
E2Fund-integrity withdrawal complaints across platforms, including a report of 64,300 US dollars left in 'processing' since October 2022 and later accounts blocked or withdrawals denied.
E3Deposits are steered toward cryptocurrency and withdrawals are crypto-only at an unlicensed entity, an irreversible money flow favoured by scam brokers.
E4The main domain herofx.co was created on 5 January 2022 (GoDaddy, Cloudflare nameservers), consistent with a firm operating from 2022.
ModerateWHOIS record (whois.com)E5The operating entity is HeroFX Ltd, a Saint Lucia IBC (registration 2023-00356); a British Virgin Islands address is also referenced but the firm does not appear on the BVI register.
E6An FCA warning names 'HerosFX' at herosfx.com (email [email protected], BVI). This is a different, similarly named firm and is not attributed to HeroFX at herofx.co.
ModerateFCA warning noticeE7Trustpilot shows 67 reviews at 3.5 stars with a lopsided 66 percent 5-star and 25 percent 1-star distribution and a hollow middle, a pattern consistent with managed reviews alongside genuine complaints.
ModerateTrustpilot
The other side
The strongest case in this broker’s favour.
The fair case for HeroFX, which a reader deserves to see:
- It is genuinely an operating broker, not an empty shell. The website has run since early 2022 and offers a real MT5 platform.
- It does not appear to impersonate a regulated firm. It uses its own brand and domain, so this is not a clone.
- Some Trustpilot reviewers report fast, same-day withdrawals and responsive support, and the firm answers some complaints publicly.
- It does not falsely claim a tier-1 licence on its own site. It simply omits regulation, which is honest, if unreassuring.
- Offshore, unregulated brokers are not automatically scams; hundreds operate on weak licences without stealing.
Where the steelman breaks down: the positive reviews sit in a lopsided distribution that looks managed, and the negative reports are about money not coming back, which is the one complaint type that separates a risky broker from a harmful one.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict up or down:
- Toward safer: A genuine, in-force licence from a real regulator, verifiable on that regulator's own register under HeroFX Ltd, would lift the regulation score sharply.
- Toward safer: A sustained record of paid, verified withdrawals over many months, with the fund-access complaints resolved, would ease the withdrawal-trap finding.
- Toward worse: A warning notice from a regulator naming herofx.co (not the separate herosfx.com), or credible, specific reports of demands for extra 'tax' or 'unlock' fees before releasing funds, would push this to confirmed scam.
- Toward worse: Evidence tying HeroFX to the FCA-warned HerosFX operation through shared infrastructure would carry that warning across.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FCA Warning List of unauthorised firms
Check whether a regulator has flagged a broker before you deposit.
FCA Financial Services Register
Confirm whether a firm is actually authorised in the UK.
FCA notice for HerosFX (a different, similarly named firm)
This warning names herosfx.com, not HeroFX at herofx.co. Shown so the two are not confused.
BVI Financial Services Commission
Verify the British Virgin Islands address the broker references; it does not appear as a licensed entity.
Frequently asked questions
Quick answers about this broker’s safety.
Is HeroFX a scam?
We rate HeroFX a likely scam. It takes deposits with no financial regulation, and traders across several sites report blocked accounts and withdrawals that never arrive. Treat it as unsafe for your money.
Is HeroFX regulated?
No. HeroFX holds no licence from any real financial regulator. Its only registration is a Saint Lucia company number (2023-00356), and Saint Lucia does not license forex brokers. That gives you no protection.
Can I withdraw my money from HeroFX?
Many users say no, or only after long delays. Public complaints describe withdrawals stuck in 'processing', accounts frozen after a withdrawal request, and shifting document demands. Some users do report payouts, but the pattern of denials is the concern.
Is my money safe with HeroFX?
There is no compensation scheme or ombudsman behind HeroFX, so if it fails or refuses to pay, it is unlikely you would get your money back. We would not consider client funds safe here.
Who owns HeroFX?
The site names HeroFX Ltd, a Saint Lucia International Business Company, but discloses no owners or directors. That lack of named people is itself a transparency weakness.
How old is HeroFX?
The main website, herofx.co, was created in January 2022, and the broker was clearly operating that year. The Saint Lucia company was registered in 2023. So it is roughly a four-year-old operation, not a brand-new one.
What is the Saint Lucia registration worth?
Very little for your protection. It is a company registration, not a financial licence. Saint Lucia does not supervise forex brokers, so the number does not mean anyone is checking how HeroFX handles client money.
Is HeroFX a clone of another broker?
No. HeroFX uses its own brand and domain and does not appear to impersonate a regulated firm, so it is not a clone. Note that a separate firm called HerosFX (herosfx.com) exists and carries an FCA warning; that is a different company.
Why does an FCA warning show up when I search HeroFX?
The FCA warning is for 'HerosFX' at herosfx.com, spelled with an extra s. It is a different operation with a different website and email. Several review sites mix the two up. We did not count that warning against HeroFX.
Why does HeroFX push crypto deposits?
HeroFX steers deposits toward cryptocurrency and pays out only in crypto. Crypto payments cannot be reversed or charged back, so if a broker refuses to pay, recovering crypto is very hard. That is why crypto-only rails at an unlicensed broker are a red flag.
What should I check before depositing with any broker?
Confirm a real licence on the regulator's own register, not just a logo on the broker's site. Check independent reviews for withdrawal complaints, prefer reversible payment methods, and be cautious with offshore firms that name no regulator.
I think I was scammed by HeroFX. What do I do?
Stop depositing, gather dated screenshots of your account and withdrawal requests, and report to your local financial regulator and your bank or card provider. Do not pay any 'fee' or 'tax' claimed to be needed to release funds, and avoid 'recovery' services that ask for upfront payment.
What we recommend
The practical takeaway from everything above.
Treat HeroFX as unsafe for deposits until it is properly regulated.
- Do not deposit new money, and especially avoid crypto deposits, which cannot be reversed.
- If you hold a balance, attempt a withdrawal now and keep dated screenshots of every request and reply.
- Check any 'licence' claim yourself on the named regulator's own register before believing it.
- If you cannot withdraw, report the firm to your local financial regulator and your payment provider, and do not pay any 'fee' or 'tax' someone says is needed to release your funds.
- Be wary of 'fund recovery' services that appear when you search this broker; many are follow-up scams.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 1, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.