Note: Regrettably, the official website of Hermes Market, namely https://www.hermespty.net/, is currently experiencing functionality issues.
What is Hermes Market？
Hermes Market, based in the United Kingdom, offers a range of trading instruments, including CFDs on forex, precious metals like gold, stocks, and cryptocurrencies. Traders can access the market through the MT4 trading platform. The platform provides customer support via phone and email. However, it is not regulated and its website is inaccessible.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
Pros:
- Wide Range of Trading Instruments: Hermes Market offers a diverse selection of trading instruments, including CFDs on forex, stocks, precious metals, and cryptocurrencies, providing traders with multiple options to diversify their portfolios.
- Specialized Account Types: The platform offers specialized accounts like the Islamic Account (swap-free), Rebate Account, and Scalper Account, catering to the specific needs and preferences of different types of traders.
Cons:
- Unregulated Status: Hermes Market operates without regulation, raising concerns about the transparency and security of the platform for traders.
- Lack of Transaction Information: The broker does not disclose important details like the minimum initial deposit requirement, which can be a drawback for traders looking to start trading with specific budget constraints.
- Inaccessibility of Official Website: The inaccessibility of the official website can hinder traders from managing their accounts and executing trades efficiently, potentially affecting their overall trading experience on the platform.
Is Hermes Market Legit or a Scam？
Hermes Market currently operates without any valid regulation, indicating that their operations are not overseen by any government or financial authority. This lack of oversight significantly increases the risk for investors who choose to trade with them. Additionally, the inaccessibility of their official website further raises concerns about the reliability and legitimacy of their trading platform. The inability for users to access the website limits their ability to manage their accounts and execute trades effectively.
Therefore, these factors collectively contribute to a heightened level of risk associated with investing in Hermes Market.
Market Instruments
Hermes Market offers more than 700 trading instruments in financial markets, including CFDs on forex, precious metals like gold, stocks, cryptocurrencies, etc. This includes:
- CFDs on Forex: Traders can access a wide range of currency pairs, allowing them to trade on the movements of major and minor currencies such as USD, EUR, GBP, JPY, AUD, etc.
- Precious Metals: Traders have the option to trade CFDs on precious metals like gold, silver, platinum, and palladium. These instruments are often used as a safe haven during times of economic uncertainty.
- Stocks: Hermes Market offers CFDs on a variety of stocks from some of the largest companies in the world. Traders can speculate on the price movements of companies like Apple, Google, Amazon, and more.
- Cryptocurrencies: The platform also provides CFD trading on popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple. This allows traders to take advantage of the volatility in the crypto market.
Account Types
The three live trading accounts offered by Hermes Market are:
- Islamic Account (swap-free): This account is designed for Muslim traders who wish to trade without paying or receiving any interest on overnight positions. It adheres to Islamic finance principles and is compliant with Sharia law.
- Rebate Account: This account offers traders the opportunity to receive rebates on their trades. The rebate amount is usually a percentage of the spread or commission paid by the trader, which can help reduce trading costs.
- Scalper Account: This account is specifically tailored for scalpers, who aim to profit from small price movements in the market. It typically has lower spreads and fast execution speeds to accommodate the high-frequency trading strategy.
While the broker did not disclose information about the minimum initial deposit requirement for these accounts, traders can contact Hermes Market directly for more details.
Hermes Market also provides demo accounts for traders who want to practice and familiarize themselves with the platform before trading with real funds. Demo accounts simulate real market conditions, allowing traders to execute trades using virtual funds.
Spreads & Commissions
Hermes Market offers varying spreads for different trading asset classes, with the spread for the benchmark EUR/USD pair set at 1 pip. For other currency pairs, the spread is slightly higher at 2 pips, providing traders with insight into the cost of trading these instruments. In contrast, the spread for gold is wider at 20 pips, reflecting the higher volatility and risk associated with trading precious metals compared to currency pairs.
Unfortunately, due to the inaccessible website, specific information about the commissions charged by Hermes Market is not readily available. Commissions are an important aspect to consider when evaluating the overall cost of trading with a broker, as they can impact the profitability of trades. It is essential for investors to have transparency regarding any commissions that may be incurred, as this knowledge can help them make informed decisions about their trading activity.
Trading Platform
Hermes Market offers its clients access to the industry-standard MetaTrader 4 (MT4) trading platform, which is widely recognized for its user-friendly interface and powerful features. The MT4 platform is available for use on PC, iOS, and Android terminals, allowing traders to engage in trading activities on various devices with ease and convenience.
With MT4, traders can benefit from a range of advanced tools and functionalities such as real-time charting, technical analysis indicators, and customizable charts for in-depth market analysis. The platform also supports automated trading through expert advisors (EAs), allowing traders to execute trades based on pre-set rules and strategies.
Deposits & Withdrawals
Hermes Market claims it offers deposits and withdrawals through over 70 different payment methods. These payment methods include cryptocurrencies, traditional money transfers, electronic fund transfers (EFT). Clients can make deposits and withdrawals through their preferred payment methods.
Customer Service
Customers can get in touch with customer service line using the information provided below:
Telephone: +44 752 063 86 79
Email: contact@hermespty.com
Conclusion
In conclusion, Hermes Market offers a wide range of trading instruments and specialized account types, along with competitive spreads and customer support options. However, the platform's unregulated status, lack of crucial information, and inaccessibility of the official website raise concerns about its reliability and transparency. Traders should contemplate these factors before choosing to trade with Hermes Market.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
