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EFG Hermes Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jan 1, 2023

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Available in United States

Overall Rating

2.5 / 5

EFG Hermes is #15 in our CFD broker rankings.

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Customer Reviews

Minimum Deposit $0

Trading Platforms Own

Instruments CFDs, Forex, Stocks

Regulators DIFC

Account Currencies USD, EUR, GBP

Payment Options Wire Transfer, Cheque

EFG Hermes is a financial services corporation and brokerage group that operates in global markets. While it has a focus on the Middle East and North Africa (MENA), day traders from around the world can sign up and speculate on a range of different instruments using either the One or the Pro platform. This 2024 EFG Hermes review will explore the company’s services and outline its platforms, markets, pros, cons and security details.

What is EFG Hermes?

Company Details

Egyptian Financial Group (EFG) Hermes Holding carries out many banking and non-bank financial institution (NBFI) services. These include investment banking, private equity investment management, asset management, research and leasing solutions. In addition, EFG Hermes operates as a securities brokerage firm.

As a broker, it offers many markets in the MENA (the Middle East and North Africa) region. The firm has MENA offices in Jordan, Saudi Arabia, the UAE and Bahrain. This is in addition to its head office, which can be found on Alexandria Desert Road, Cairo in Egypt. According to Mubasher, the EFG Hermes Holding company has a market cap of EGP 14.4 billion, which equates to around USD 915 million.

History

EFG Hermes was launched in 1984, though it did not commence its brokerage operations until 1993. There is a large ownership group comprised of many executives, such as Karim Moussa, Mona Zulficar and current CEO Karim Awad. Since Karim Awad took the CEO position in 2013, the broker has won many awards. For example, of the EMEA Finance’s Banking Awards of 2013, it won the best broker awards in Egypt and in Kuwait.

If you wish to see information on each year of the broker’s operations, you can find annual reports, financial statements and research team reports on the website. The broker also hosts several conferences like the EFG Hermes and Tadawul investor conference. Often, these take place in different countries around the world, such as the UK and Egypt. However, in 2020 and 2021, they were replaced with virtual conferences. Annual reports for individual branches such as EFG Hermes Holding SAE are not freely accessible and must be purchased.

Trading Platforms

EFG Hermes Pro

This is a technologically advanced platform that offers access to many different stock exchanges and markets. You can download the Pro platform on Microsoft Windows computer devices. Features include:

• Live price data
• Historical charts
• Custom watchlists
• Conditional alerts
• Customisable alerts and orders
• Hot Spot Bar with multiple trading views

EFG Hermes One

The One platform is the option for clients looking to trade online while on the go. The application is available for download on iOS and Android mobile devices via the Apple App Store and the Google Play Store. Ensure you have the correct name and logo before downloading the application. The mobile platform offers the same markets as the Pro platform but with some additional features, such as:

• Customisable alerts
• One-click/one-tap trading
• Many technical analysis tools
• Full access to accounts with trading capabilities

Markets

With the EFG Hermes securities brokerage service, customers have access to many different markets and stock exchanges. Instruments on offer include the following:

• Forex
• Bonds
• Stocks
• Indices
• CFDs on equities, indices (such as EGX30 of Egypt and TASI of the KSA), currencies and commodities.

The broker operates mainly with the stock exchanges of countries within MENA, such as Egypt, Kuwait, Oman, Dubai, Abu Dhabi and Qatar. The firm also offers day trading with stock exchanges in frontier emerging markets, including Kenya, Nigeria, Pakistan and Vietnam.

Trading Hours

The EFG Hermes working hours vary with the different markets. For the normal trading session in Egypt, the trading hours are 10:00 – 14:30 local time (EET). OTC markets are only open for a half-hour period between 12:00 and 12:30 EET on Mondays and Wednesdays.

Account Types

There is one account option available for retail investors. The standard individual account provides access to live stocks and shares prices, as well as price history charts and graphs. Clients can speculate on the full range of markets and instruments, with floating spreads. To open an account with EFG Hermes, sign up on the broker’s website. You will need to provide personal information such as date of birth and nationality, as well as sign an agreement before you can commence trading.

Demo Account

Day traders that wish to test out the platforms or trial the broker’s services can sign up for a demo account. This option has no time limit and lets you fund the account with virtual capital in a real-time simulated trading environment. To enquire, call the customer service team.

Payment Methods

EFG Hermes does not offer an extensive range of payment options and those available vary according to your country. Egypt-based clients can fund their accounts via bank transfers, cheques and cash deposits. All other customers must deposit via bank wire transfer.

There is no minimum initial deposit or transaction charge. Deposits can be made in USD, EUR and GBP, though securities are purchased using the currency of the exchange, so conversion fees may apply.

Withdrawals can only be made via bank wire transfer. While the broker does not charge for this, you may incur third-party fees from your bank.

Fees

EFG Hermes earns its revenue from global clients, those not based in Egypt, the UAE, Oman and Saudi Arabia, via spread markups, with no commissions charged. Egyptian day traders are charged an EGP 75 per month fee for access to the live market data. Fees from the other local countries vary and can be found upon enquiry.

Regulation

The EFG Hermes UAE Limited branch of the Holdings group is licensed and regulated by the Dubai International Financial Centre (DIFC) under registration number 113. Additionally, the firm is certified by the British Standards Institution, covering processes to account for possible disruption to normal business operation. The broker carries out annual drills that test the computing systems to ensure they are well designed and there is a sufficient number of redundancies for protection.

Security

There are second-level account authentication processes in place for login and account registration. When users create an account, they must provide a valid passport, national ID and proof of address to access the financial markets.

Customer Support

EFG Hermes has many branches across the MENA region that customers can contact in either Arabic or English. Often, there is more than one office location per country. For example, in Egypt, there are branches in Alexandria, Maadi, Cairo and Dokki in Giza. In Saudi Arabia, there is an office in Riyadh and a brokerage call centre. There are also branches outside of the MENA region, such as Lahore and Karachi in Pakistan, Dhaka in Bangladesh, New York in the USA and London in the UK. Each office has a phone number hotline and an email address, which is particularly useful for area-specific issues.

Alternatively, you can contact the firm through one of its many social media accounts on Facebook, LinkedIn and Twitter. These are also helpful channels to keep up to date with news, announcements and research.

Advantages

• Mobile trading
• Margin trading
• Low fees for global customers
• Exotic range of equities markets
• Physical branches for in-person support

Disadvantages

• Limited payment methods
• Time-limited demo account

EFG Hermes Verdict

EFG Hermes is an exotic and accessible broker that is based in Egypt and caters primarily to the MENA region, though global clients are accepted. The firm offers a desktop trading platform or a mobile application through which to speculate on a wide range of securities and CFDs from the region and across the world. The company also demonstrates a focus on customer service, with a local phone number and email address for most customer regions, as well as lots of physical branch locations. However, the payment methods on offer are limited and those wishing to trial the firm using its demo account have a limited time to do so.

FAQs

Who Is The Founder Of EFG Hermes?

EFG Hermes was launched by Dr Mohamed Taymour, though he is no longer the owner. Nowadays, there is a large board of directors and management team, up-to-date details of which can be found on the website. The full list of shareholders, such as Natixis S.A and RA MENA Holdings, can also be found on the website on the investor relations page.

Where Can I Find Out More About EFG Hermes?

Websites such as Reuters, Zoominfo and Zawya are good for details on news and events such as acquisitions, funds and the different parts of the company. For example, the EFG Hermes non-profit Foundation or investor relations. The broker’s website has press releases and its own news section for information on company activities, such as partnerships with valU, Ignis and Tanmeyah and the many funds, including an education fund, the Vortex Energy fund, the MEDA fund and mutual funds. Reuters additionally reported on the controversial links between Gamal Mubarak, a shareholder, and the broker.

Is EFG Hermes Regulated?

Yes, EFG Hermes is regulated by the Dubai International Finance Centre.

What Are The Different Branches Of The EFG Hermes Group?

There are many different branches of the firm under a range of jurisdictions outside of the main Holding SAE and Brokerage Group in Egypt. There are several in other Middle East countries, such as the EFG Hermes Syria LLC, EFG Hermes IFA Financial Brokerage Company and EFG Hermes UAE Ltd. In Africa, there is EFG Hermes Kenya Ltd. and EFG Hermes Nigeria Ltd. Furthermore, there are global branches such as EFG Hermes UK Limited and EFG Hermes SP Limited in the Cayman Islands.

What Stock Exchanges Does EFG Hermes Offer Securities From?

EFG Hermes clients can invest in or speculate upon stocks, shares and indices from exchanges and markets in Egypt, the UAE, Nigeria, Kuwait, Oman, Pakistan, Kenya, Vietnam and more. This includes Tadawul and the Nairobi Stock Exchange.

Top 3 Alternatives to EFG Hermes

Compare EFG Hermes with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
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2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. xChief – xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
   Go to xChief

EFG Hermes Comparison Table

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