Note: Hengry's official site - https://www.hengryfx.com/ is currently is currently inaccessible normally.
Hengry Information
Hengry is a brokerage company with its domain registered in Dec, 2021 in Canada. It claims to offer forex trading to global clients and 5 tiered accounts for live trading. However, its website is currently inaccessibe, leaving very limited information about its background, trading conditions and operational status. The alleged MT5 trading platform of the company is also said to be with no download links either before.
Moreover, the broker holds a suspected fake clone license from ASIC (Australia Securities & Investment Commission), further exacerbates its credibility and legality.
Is Hengry Legit?
The broker holds a suspected fake clone license from ASIC (Australia Securities & Investment Commission) with license no. 162 170 943, indicating that it might pretend to be another reputable and regulated broker to deceive customers. You should be extremely vigilant about this if you intend to trade with the company.
Downsides of Hengry
Unavailable website: Hengry's website cannot be opened currently.
Regulatory concerns: The company operates with a regulatory status of suspicious ASIC clone, meanig that it actually does not comply to rules from any regulatory authorities in fact. This heightens trading risks with them.
Lack of transparency: The broker does not reveal info on trading conditions such as account details, initial deposits, leverage, spread, commissions, etc.
No download links to MT5 platform: Though Hengry claims to offer the popular MT5 trading platform, with absence of download links indicate the actual trading software provided by the broker might be pirated.
Limited tradable assets: Hengry only provide forex trading services, with regular diversified products like commodities, stocks, cryptos are not avialable.
Market Instruments
Hengry focuses on forex trading only. Forex is the global marketplace for trading national currencies against one another, making it the largest financial market in the world. Popular pairs are EURUSD, CADUSD, USDJPY, etc. However, the scarcity of diversifications might increase market risks for clients due to concentrated asset distributions.
Account
HengryFX offers five account types: Standard, Premium, Prime, VIP, and Super VIP accounts. However, essential information regarding the minimum deposit, spread, leverage or commissions are not disclosed.
It's never too bother to seek for clarification on these info before commiting any actual trading to avoid losing money.
Trading Platforms
Hengry claims to offer traders access to the MetaTrader 5 (MT5) platform. MT5 is a widely recognized and popular trading platform known for its advanced features and robust functionalities.
Yet, the download link of the MT5 is reported to be absent, making us worry that the platform provided by the broker is couterfeit or unauthorized.
Deposits & Withdrawals
Hengry appears to have limited deposit and withdrawal options, with the only available methods being cryptocurrencies. Traders are restricted to fund their accounts exclusively through Tether, Bitcoin, and Ethereum. You should note that scam brokers always use crypto as funding methods due to anonymity and irrevocability.
Conclusion
Wrapping all these details up, Hengry is a not a recommeded broker at all and should be stayed far away from. Suspcious ASIC clone status implies no compliance to financial rules and possible disguise as another company to cheat customers. What's more, the unavailable website leaves no window for customer to know about the company. Furthermore, the lack of transparency on its line of services and trading conditions affects overall trading experience and trust in the platform. Therefore, we suggest you lose possible scam brokers like Hengry and turn to regulated brokers instead.
