Herdos is an unregulated, offshore CFD broker that allows South African investors to trade CFDs in forex, cryptocurrencies, stocks, indices and commodities.
I know what you’re thinking. This sounds just like any other broker in the market. What you really need to know is whether to trust this company or not, because we all know that many brokers out there are just pure scams for South African traders.
Don’t worry, we’ve already done all the heavy lifting for you and have all the answers ready.
Read our full Herdos review below, including our final verdict on whether or not Herdos is a scam. Don’t miss out on our trading tips along the way.
Herdos Demo Account
All brokers offer types of trading accounts that cater to different investors and Herdos is no different, offering South African traders five different accounts to choose from.
When reviewing the Herdos trading accounts though, we noticed three basic problems.
1: The incredibly high minimum deposit ($1,000)
The starting deposit for the first account, which would normally be considered a “beginner’s account” is $1,000. This amount is massive compared to most brokers out there, and certainly unthinkable for a complete beginner who is looking to test out the waters.
Tip: Trade with IQ Option South Africa instead, the best regulated broker for South African traders with a minimum deposit of only $10!
2: No real difference between each Herdos account type
Another striking problem with the accounts you will see listed below is that there is no true difference between each account. Take for example the first (basic account) and the second (bronze account). The only difference between these two accounts is a 10% bonus increase which, technically, South African traders would be paying $4,000 extra for.
Warning: Never accept a bonus before carefully reading the conditions of this bonus.
Herdos may offer attractive bonuses, but in most cases, bonuses can make it impossible to withdraw your funds unless you reach a certain profit.
3: No specific trading conditions listed
Finally, Herdos is extremely vague when it comes to trading conditions South African investors will have on each account. There is no mention across their entire website of leverage, minimum investment amount or spread.
This lack of transparency is a sign that Herdos could be a scam.
Herdos: The 5 Account Types
South African traders will find the following features available on all accounts Herdos offers.
- 24/5 customer support
- Education center
- Daily market review
- Pro webinars
- Price alerts
- Expert intro session
Without further a due, check out each account below.
Basic Account ($1,000 Min. Deposit)
Bronze Account ($5,000 Min. Deposit)
Silver Account ($10,000 Min. Deposit)
- 50% bonus
- Strategic analyst private session
- 2 live webinars
Gold Account ($50,000 Min. Deposit)
- 80% bonus
- Strategic analyst private session
- 4 live webinars
Platinum Account ($100,000 Min. Deposit)
- 100% bonus
- Strategic analyst private session
- 8 live webinars
- Exclusive position access
Trading Platform & Assets
If deciding to trade with Herdos, South African investors will be able to trade over 400 underlying assets, which include CFDs in forex, 200 cryptocurrencies, commodities, stocks and indices.
The platforms available are: The MetaTrader4 (MT4) platform and the Panda web trader.
MetaTrader4 (MT4)
If you’ve been in the trading game for any amount of time, you will have definitely heard of MetaTrader4. MT4 is considered one of the most popular trading platforms for South African traders and investors worldwide due to its user-friendly interface and selection of powerful trading tools.
Herdos gives South African users access to this trading platform when registering with the CFD broker. All you need to do is download it onto your PC/laptop or mobile device. MT4 is available in both the App Store and Google Play.
Web Trader
For South African users who prefer to not download or install anything onto their devices, Herdos offers a simple, web-based trading platform called Panda. All you need to start using this platform is an internet connection and to log in to your Herdos account.
The Herdos web-based platform is the perfect solution for beginners in trading, who don’t prefer more complicated platforms like MT4 that have too many options and tools. The Panda platform is simple, straightforward and easy-to-use by anyone.
Herdos Scam?
South African traders can reach the Herdos customer support team by email, phone or the contact form on their website.
There is no live chat available, nor is there a South African number provided. The lack of a live chat especially is disappointing, for it is the preferred contact method for most South African users since it means direct and immediate answers.
The broker Herdos is owned and operated by the company Takeda Partners LTD. They are located offshore, at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro MH96960 Marshall Islands.
Herdos accepts a variety of payment methods, which include credit card (Visa, Mastercard, Maestro, American Express), bank wire transfer, Yandex, Entropay and Qiwi.
Warning: South African investors are not advised to deposit any money with Herdos.
As you have probably realized by now, our review of Herdos has concluded that this broker is not to be trusted and is most likely a scam.
Herdos is unlicensed and located offshore, which means no regulatory agency can keep tabs on them. In addition, Herdos has an incredibly vague website, no clear trading conditions, too many bonus offerings and incredibly high deposits required to open each account.
Tip: Stop wasting your time with another fraudulent company, when you can simply trade directly with a fully-regulated, award-winning broker like IQ Option.
