Herzen is not a licensed or regulated broker even though it states offers that look good to be true.
Herzen claims to be a leading regional trading firm, specializing in financial instruments like Currencies, Precious metals, Crude Oil, Indices, and Cryptocurrencies. What's more, Herzen presents a license issued by the Labuan Financial Services Authority (Labuan FSA) with license number MB/21/0087 under the company name "AIFC Technology Ltd."
We indeed find a match result to this company in Labuan FSA. But as per the regulatory details shown on FSA, the registered email and domain of the licensed company are respectively "admin@aifctechnology.com" and "https://aifctechnology.com/." That means Herzen has no connection with AIFC Technology Ltd since the former's information does not match with the licensed company.
What's more, the Securities Commission Malaysia (SC) added Herzen to its investor alert list for the company carrying on unlicensed capital market activities dealing in securities. You can check the full warning from here.
The truth is, Herzen is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Herzen and trade with licensed brokers.
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