Heralded noiseless amplification of photons has recently been shown to provide a means to overcome losses in complex quantum communication tasks. In particular, to overcome transmission losses that could allow for the violation of a Bell inequality free from the detection loophole, for device independent quantum key distribution (DI-QKD). Several implementations of a heralded photon amplifier have been proposed and the first proof of principle experiments realized. Here we present the first full characterization of such a device to test its functional limits and potential for DI-QKD. This device is tested at telecom wavelengths and is shown to be capable of overcoming losses corresponding to a transmission through 20 km of single mode telecom fibre. We demonstrate heralded photon amplifier with a gain >100 and a heralding probability >83%, required by DI-QKD protocols that use the Clauser–Horne–Shimony–Holt inequality. The heralded photon amplifier clearly represents a key technology for the realization of DI-QKD in the real world and over typical network distances.