Henordy offers a single forex trading account with variable spreads, leverage up to 1:100, and the option to trade in micro lots. It claims to offer STP execution.
The Company. Security of funds
N/A (registered as CPO & CTA with US’ CFTC)
Henordy Foreign Exchange (Henordy) is a London-based provider of foreign exchange trading and related services. It offers trading in currency pairs, CFDs and precious metals on the widely used MetaTrader 4 platform.
The company is registered in the UK as a private limited company (dormant), but is not authorized to provide financial services by the FCA. Instead, the broker is registered as a commodity pool operator (CPO) and commodity trading advisor (CTA) with US’ Commodity Futures Trading Commission (CFTC) and NFA. Although this provides certain level of security, registered CPOs & CTAs cannot be compared to Futures Commission Merchants (FCMs).
First of all, Brokers that are registered with the NFA as FCMs are required to maintain a net capital of at least $20 million to guarantee customers’ positions, which is the highest minimum capital requirement worldwide. In addition, hedging is not allowed and leverage is capped to 1:50, while many brokers operating outside the US provide leverages up to 1:500 (or higher). Henordy offers leverage up to 1:100 and is not obliged to comply with the above requirements, aimed mainly at customer protection.
Minimum initial deposit
The minimum initial deposit required by Henordy is average, amounting t0 $100.
Spread and Commission
The spreads offered by this broker amount to around 3.3 pips for the EUR/USD on average, while most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair.
In comparison, forex brokerage HYCM (holding multiple licenses, including from FCA) offers fixed spread of 2 pips on EUR/USD, and one can open an account with $100.
As we have already mentioned, this broker offers leverage up to 1:100, which is average, yet most brokers usually offer leverage of up to 1:200 or 1:400. HYCM, for instance, provides leverage up to 1:400.
Henordy supports the popular MetaTrader 4 (MT4). MT4 provides all the tools and features a trader needs: a number of technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment.
What is more, Henordy’ clients specializing in copy trading may use the MyFXBook’s AutoTrade.
Clients of Henordy may use bank wire transfer, debit/credit cards, as well as China UnionPay as payment methods.
Henordy is a relatively new forex and CFD broker that supports the MT4 platform. It based in the UK, but does not hold a FCA license. Instead, it is registered with US’ CFTC as a commodity pool operator and trading advisor, which we find rather odd. The thing that we dislike about this broker is that its spreads are too high.
Henordy Review Conclusion
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