Avoid HERO MARKETS LTD: Fraudulent Trading App, Fake Trades, and Ridiculous Fees!

HERO MARKETS LTD, a forex broker that purports to have been established in 2006 but its website heromarketsltd.com, in reality, was first registered in July 2023, has become the subject of a client complaint that investing on its app resulted in a loss of all assets.

The trading app mentioned in the client complaint is called “HERO MARKETS LTD”, the same as the broker. The trader’s trading journey on the app began when a woman claiming to be an investor named "Ginney" contacted him saying that she made a lot of profit from the app and encouraged him to invest.

"Ginney" gave the client a demo account and guided him on how to use it. Then she asked him to start trading from $300 and took him to invest $4,500. From there, the trader fell into the trap of HERO MARKETS LTD.

When his trades allegedly brought in a profit of $18,163, he decided to make a withdrawal. "Ginney" sent him a customer service email - "internationalforeignexchange01@gmail.com" - to verify his identity and ensure the amount would be credited to his account through Binance. 

However, "Ginney" asked him to pay an analyst fee of $2,788 first to account ID 'TJxYJsBMEX5ZEW5EXvcPR7NY7GtYU4X3Xy' before his withdrawal request proceeding. After he completed the transaction, he received an email from "internationalforeignexchange01@gmail.com" requiring a personal income tax of $2091 to release his payment. The trader paid and had been waiting for the withdrawal.

The withdrawal’s status on 9 March 2024 was “Pending Review”. “Since that day nothing proceeded, and the lady has blocked me”, the trader stated.

To make matters worse, the email ID "Ginney" gave did not respond to him. Even the complaint email addresses "support@heromarketsvip.com" and "complaint@tyranmax.com" for Hero Markets Ltd and its app were unresponsive.

Oddly enough, on the day the trader submitted his complaint, he opened the trading app with the logo of CXM Trading displayed instead of HERO.

Obviously, like most fake trading sites or apps, the trading app "HERO MARKETS LTD" never actually executes trades. This means that the trades never happened and the profits shown are just false figures, while victims are often misled to pay unreasonable fees to withdraw their "profits".

Exposing HERO MARKETS LTD as a scam

According to the domain information of the trading website, the registry expiry date is 26 July 2024, but the website is now inaccessible for unknown reasons.

From information learned by Brokersview previously, HERO MARKETS LTD fails to disclose any licensing information on its website, which is often seen as a significant indicator of a scam. While the broker purports to have been founded in 2006, its domain name, heromarketsltd.com, was first registered in July 2023. This inconsistency raises questions about its credibility.

On its "Contact Us" page, HERO MARKETS LTD does not provide a physical address or phone number for further verification of its regulatory status. This lack of transparency further casts doubt on its legitimacy and credibility.

In essence, HERO MARKETS LTD is not subject to any financial regulations. Entrusting funds to this broker is extremely risky as there are no legal protections in place to safeguard investors’ funds. 

BrokersView always recommends avoiding unregulated brokers/trading platforms such as HERO MARKETS LTD. In addition, traders are advised to be wary of fake apps, avoid downloading apps from illegal sources, and refrain from clicking on links in unsolicited messages or provided by unknown individuals.