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.
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
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Henordy Review.