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EFG HERMES Review

 

 

Overall Rating

4.7/5

Rated #373 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

FINRA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Finding a reputable EFG HERMES review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding EFG HERMES to help you make an informed decision before opening your account or trading on their platform.

EFG HERMES is a forex broker company in Egypt.

A Forex broker like EFG HERMES provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

EFG HERMES is a premier investment banking firm that was founded in 1984 in Egypt. The company moved into the business of securities brokerage in 1993.

EFG HERMES has offices in Egypt, the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Pakistan, Oman, Kuwait, Jordan, Kenya, Nigeria, the UK, the United States, and Bangladesh and is listed on both the Egyptian and London stock exchanges.

EFG HERMES is seen as a market leader in securities brokerage, asset management, investment banking, and private equity in the Arab world. Its renders services to countries in the Middle East, North Africa, Sub-Saharan Africa, and South Asia regions.

EFG HERMES’ clients include governments and corporations as well as institutional and individual investors.

 

Awards and Recognition

In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.

EFG HERMES has accumulated the following awards during its years of service to traders:

As Best Broker in Egypt at the EMEA Finance’s African Banking Awards in 2013

As Best Broker in Kuwait at the EMEA Finance’s Middle East Banking Awards in 2013

As Best Brokerage House in Egypt, KSA, and Oman at the Global Investor/ISF Middle East Awards in 2013

 

EFG HERMES Accounts

A forex account is a trading account held by a trader with a company like EFG HERMES, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account, and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, that is swap-free accounts, are offered that mirror the other account types, but which operate following Shariah law.

 

Types of Accounts and Their Features

EFG HERMES offers only one type of account, called a Standard Account.

The broker accepts any client as long as the person’s circumstances adhere to the relevant market regulations. So, unless there is a specific restriction imposed by the market, or if the client is on any blacklist, anyone can open an account with EFG HERMES.

EFG HERMES states that it offers corporate accounts for which no requirement of a minimum deposit amount is prescribed.

 

Overall Rating

4.7/5

Rated #373 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

FINRA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Deposits and Withdrawals

In the case of EFG HERMES, you can open an account in any one of three supported currencies – USD, EUR, and GBP – as a base currency, but you can also buy instruments in any other currency.

Accounts can be funded with Credit cards or Wire Transfers. There is no minimum amount required to open an account, leaving even new and smaller traders also the opportunity to start trading.

Withdrawal transfers can be requested to any other supported market, or you can request such a withdrawal to your bank account. The withdrawal can be requested through any of EFG HERMES platforms, by a recorded phone call, or through an email from your registered email address.

EFG HERMES does not charge any withdrawal fees, but generally, bank fees for transfers may apply.

 

Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, it’s trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

EFG HERMES charges various commissions, differing from one instrument to another and from one market to another. It is not clearly indicated exactly what these commissions, or relevant spreads, maybe.

Traders should also be aware that inactivity fees may become applicable when accounts lie dormant for long periods.

 

Leverage

Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

Traders should always keep in mind that, although high leverage offered may be a plus point for the brokerage, but trading at such high leverage should only be attempted by experienced traders that know how to prevent big losses.

EFG HERMES offers a maximum leverage ratio of 1:100. Leverage or margin trading only applies to CFDs on equities. Cash equities don’t allow trading on margin.

 

Bonuses

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

According to the company website and other sources EFG HERMES, no bonuses or promotions are offered to traders.

 

Trading Platforms, Software and its Features

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide their own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested through time. If there is a choice, the trader should keep in mind what he would like to trade and find the platform that suits his needs best.

EFG HERMES provides its own proprietary platform, called EFG Hermes One.

This is, according to the company website, a state-of-the-art trading platform that provides users with one-click access to multiple MENA markets as well as global exchanges.

Traders can trade directly from the website where they can receive live prices and analytical data needed to trade or they can download the trading program EFG HERMES Pro which offers the same features and is compatible with Windows.

Mobile apps for Apple and Android smartphones are also available, allowing users to trade multiple asset classes across some of the world’s most exciting markets anywhere, anytime.

The well-known MetaTrader 4.0 platform can also be used by traders.

 

Markets, Products and Instruments

Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.

 

Cryptocurrencies:

Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

EFG HERMES offers to trade on equities, CFDs on equities, CFDs on indices, CFDs on commodities, Forex and bonds, and CFDs on currencies.

The major currencies are the US Dollar (USD), the British Pound (GBP), the Euro (EUR), the Japanese Yen (JPY), and the Swiss Franc (CHF).

 

 

Safety and Regulation

Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like EFG HERMES is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

In general, a so-called “offshore” broker tends to have a less favorable reputation and potential traders should think carefully before investing with them.

Secondly, the safety or clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sort would come in handy to prevent customers from taking more losses.

EFG HERMES is not regulated by a reputable authority but practices secure data transmission and account information is protected by global-standard encryption techniques.

EFG HERMES allows clients to add a security layer to verify their identity and if a client signed on and not using the site for several minutes, their session times out.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it. The ease with which such support teams can be contacted may also play a role when choosing a broker.

The customer support team of EFG HERMES can be reached via phone or email and support is available in English and Arabic.

 

Education and Training

Before starting to trade, potential EFG HERMES clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If EFG HERMES ’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.

EFG HERMES offers an Introduction to Asset Classes page with all the basics a new trader needs to know, and an online guide provides the assistance needed to understand the platform.

 

Research

Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

With EFG HERMES they have access to a research portal on the website with a research library, strategies, and more. This research division offers clients information on MENA markets, including more than 150 companies representing 60% of the region’s total market capitalization.

Topics include strategy and macro-strategy notes, equity research, economic notes, sector overviews, industrial research, and country-specific economic and banking data reports.

 

Conclusion

EFG HERMES is an investment bank and a Forex broker with more than 20 000 clients across the middle east, Europe, and United States. They provide convenient market and banking services with a wide range of trading products from Forex, Stocks, Commodities, and Indices.

 

Disclaimer

EFG HERMES warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by EFG HERMES, they are advised to contemplate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use EFG HERMES ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While EFG HERMES promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

EFG HERMES at a Glance

Broker’s name EFG HERMES
Headquarters Cairo, Egypt
Year founded 1984
Regulating authorities Not regulated
Countries not accepted for trade United States
Demo account Yes
Islamic account (swap-free) No
Institutional accounts Yes
Managed accounts No
Maximum leverage 1:100
Minimum deposit $5 recommended
Deposit options Wire transfer, credit cards
Withdrawal options Wire transfer, credit cards
Platform(s) provided EFG HERMES One

EFG HERMES Pro

MetaTrader 4

OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Equities, CFDs on equities, CFDs on indices, CFDs on currencies, CFDs on commodities, Forex, and bonds
Languages supported on the website English, Arabic,
Customer support languages English, Arabic
Customer service hours 24/5

 

Overall Rating

4.7/5

Rated #373 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

FINRA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FAQ’s

 

Trading Environment

 

How many instruments can I trade with EFG HERMES?

You can trade several different instruments with EFG HERMES, which include the following:

  • Equities
  • CFDs on equities,
  • CFDs on indices,
  • CFDs on currencies,
  • CFDs on commodities,
  • Forex
  • Bonds

 

Which platforms are supported by EFG HERMES?

EFG HERMES provides the following popular trading platforms:

  • EFG HERMES One
  • EFG HERMES Pro
  • MetaTrader 4

 

Does EFG HERMES offer leverage?

Yes, EFG HERMES offers maximum leverage of up to 1: 100.

 

What spreads can I expect with EFG HERMES?

Since details on the website are not clearly enough stipulated, more information should be obtained from the customer support service to make an informed choice.

 

Does EFG HERMES charge commission?

More information on commissions may become available after opening an account or can be obtained from the customer support service.

 

Is EFG HERMES regulated and by whom?

EFG HERMES is not regulated.

 

Is EFG HERMES a recommended forex trading broker for experts and beginners?

EFG HERMES offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for EFG HERMES?

6/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like EFG HERMES is usually funded with virtual money and allows a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customers own real money.

 

Does EFG HERMES offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with EFG HERMES?

This is not clear from the information on the company homepage.

 

Which live trading accounts does EFG HERMES offer?

  • Standard Account.
  • Corporate Accounts

 

What are the available deposit currencies for a live trading account?

USD, EUR, and GBP

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with EFG HERMES?

$ 5

 

How do you make a deposit and withdraw money with EFG HERMES?

EFG HERMES offers the following deposit and withdrawal methods:

  • Credit cards
  • Wire Transfer.

The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

 

Does EFG HERMES charge withdrawal fees?

No. Fees from financial institutions may be applicable and more information about applicable costs can be obtained from the company’s customer service team.

 

How long does it take to make a withdrawal?

Withdrawals using certain methods may be processed within a shorter period than others. Usually, withdrawals take a few days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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