HonorFX Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MetaTrader5
- 2017
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- MetaTrader5
- 2017
Our Evaluation of HonorFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
HonorFX is a high-risk broker with the TU Overall Score of 2.65 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by HonorFX clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. HonorFX ranks 349 among 417 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
HonorFX has particular features that should be taken into account before opening a trading account, both for novice and experienced traders.
Brief Look at HonorFX
HonorFX is an ECN (Electronic Communication Network) and STP (Straight Through Processing) broker founded in 2018. It has three offices and is regulated by two financial commissions: the Labuan Financial Services Authority (Malaysia) and the Financial Services Commission (Republic of Mauritius). This broker offers its clients access to over 275 financial instruments with leverage, specializing in currency trading (Forex) and CFDs. HonorFX offers traders three accounts for trading, including those with no minimum deposit requirements.
- Licenses from two financial regulators.
- A wide range of currency pairs and CFDs.
- Trading using the MetaTrader trading platform.
- Protection against negative balance.
- First deposit starts from $1 on standard accounts.
- Broker has a referral program.
- Bonus deposit.
- The minimum deposit amount for ECN accounts is $10,000.
- The inability to make trades in WebTrader.
- Swap Free option is available only on one account type.
TU Expert Advice
Financial expert and analyst at Traders Union
The HonorFX broker offers trading accounts with adapted trading conditions for both novices and professionals. On Standard accounts, there are no requirements for a minimum deposit, so a novice trader can deposit any amount at the initial stage of cooperation. It is also possible to trade with leverage, which means increasing your purchasing power with a loan provided by the broker.
Experienced market participants have access to trading on ECN accounts with very low spreads. Professional traders pay the broker a commission per lot for direct access to the interbank foreign exchange market. However, all clients receive protection from negative balances, 24/7 support on trading days, as well as access to analytics from Trading Central.
HonorFX offers a wide range of payment methods. Bank transfers are available in USD, EUR, and AED, while card payments are accepted in EUR, USD, and GBP. International and local electronic payment systems can be used to deposit USD, as well as IDR, THB, INR, MYR, and VND. Money from a bank account to a trading account is deposited within 1-5 business days, while other methods are instant.
HonorFX Summary
| 💻 Trading platform: | MetaTrader 5 |
|---|---|
| 📊 Accounts: | Demo, Standard, Premium, ECN |
| 💰 Account currency: | USD |
| 💵 Replenishment / Withdrawal: | Bank Transfer, Visa, Mastercard, Maestro, Paytrust, FasaPay, GB Pay, eCompany, local transfer |
| 🚀 Minimum deposit: | No for Standard and Premium accounts. For the ECN account, it is $10,000 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.2 pips |
| 🔧 Instruments: | FX Majors, FX Crosses, FX Minors, FX TRY, Spot Metals, Spot Indices, Indices mini, Shares, Futures |
| 💹 Margin Call / Stop Out: | 50%/30% |
| 🏛 Liquidity provider: | International banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market execution |
| ⭐ Trading features: | Margin size from 0% to 17% |
| 🎁 Contests and bonuses: | 100% Credit bonus |
HonorFX is a broker that allows you to trade more than 275 financial instruments, including 44 currency pairs. Leverage for stocks is up to 1:10; for metals, it’s up to 1:333; for currencies, it’s up to 1:500; and for the other CFDs, it’s up to 1:100. HonorFX clients have access to mobile trading, protection against negative balance, and a wide selection of payment systems. Spreads for all account types are floating, and order execution is market.
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Trading Account Opening
To start trading with HonorFX broker, you need to have a user account on their website. The process of creating one consists of the following steps:
Registration. To start, fill out a form with your personal information. This can be done using the Start Trading Now or Register buttons located on the HonorFX website.
Fill out the registration form and enter your personal information (surname, name, phone number, email, address) and generate a password. After confirming the email, the company provides access to the user account. Email and password are used to access it.
Features of the HonorFX user account:
Your HonorFX user account also provides access to:
Open a trading account.
Deposit funds.
Quick access to customer support.
Work with the economic calendar.
View technical analysis from Trading Central.
Submit a request for profit withdrawal.
Regulation and safety
HonorFX is the general name for three brokerage companies, each of which serves clients from a specific region. Each company also operates under the laws of the country where its legal entity is registered.
HonorFX has licenses from the regulators Financial Services Commission of the Republic of Mauritius (No. GB20025826) and Labuan Financial Services Authority (LFSA) Malaysia (No. MB/21/0072). Another division is registered with the local financial supervisory commission, the Financial Services Authority of Saint Vincent and the Grenadines.
Advantages
- All accounts have protection against a negative balance
- There is no need to confirm your trading experience when opening an account
- The broker provides high leverage
Disadvantages
- HonorFX regulators do not have their own compensation funds
- Before making a payment of any amount, you need to provide scans of documents
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | From $15 | May be charged by the payment system |
| Premium | From $18 | May be charged by the payment system |
| ECN | From $2 | May be charged by the payment system |
Positions held overnight are subject to a Swap commission. Its size depends on the traded asset and the position type (short/long).
The table below shows a comparison of the swap commissions charged by HonorFX and other popular brokers offering access to the Forex market.
| Broker | Average commission | Level |
|---|---|---|
|
$11.6 | |
|
$1 | |
|
$8.5 |
Account types
HonorFX clients can trade on standard and ECN accounts, both of which offer protection against negative balance. The accounts differ in size and trading commissions, as well as maximum leverage.
Account types:
In addition to real accounts, the broker offers a demo account, which is an educational tool that allows you to test trading conditions with virtual funds.
HonorFX offers accounts for traders with varied levels of trading experience and preferences for the size of commissions per transaction.
Deposit and Withdrawal
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Withdrawal methods are Bank Transfer, card withdrawal, Paytrust, FasaPay, eCompany, GB Pay systems, and local payment providers in Asia.
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Funds are deposited within 1 business day using any of the above methods. All withdrawal requests are processed from Sunday to Friday from 9:00 to 18:00 (GMT+8). All requests received outside of business hours will be processed on the next business day.
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USD dollars can be withdrawn to a card, bank account, or e-wallet. Asian currencies can be withdrawn using FasaPay, Paytrust, GB Pay, and local payment systems. To withdraw EUR, a bank transfer or card is required. GBP can only be withdrawn to a card.
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There are no fees for depositing funds from HonorFX, but banks and payment systems may charge fees.
Investment Options
HonorFX is a Forex broker that does not specialize in investing. However, the company does not forbid its clients from using solutions to earn passive income. Also, investors are not allowed to invest in trust management accounts, such as PAMM or MAM. If a trader is active on social media, they can also earn money through the affiliate program.
HonorFX provides services for passive income
HonorFX offers the MT5 trading platform, which allows its users to earn profits through active trading and passive income services. These services are available to all registered traders on the MQL5.community website. HonorFX clients can earn additional income in two ways:
Copy trading signals. Experienced traders transmit these signals for a fee. The service is also known as copy trading. The investor selects a signal provider based on trading performance (provider rankings are available on the www.mql5.com website) and pays a subscription fee. After that, the trader's transactions are automatically copied to the investor's account. Risk can be reduced by adjusting copying volumes.
Algorithmic trading. It is conducted by using special trading robots called Expert Advisors (EAs). They analyze the market and open new deals when reaching the price or trend values specified by the developer, then close them. A ready-made trading robot can be purchased on the MQL5.community website. Free advisors are also available.
The investor does not pay the broker a commission for automated trading. If trades are copied, the subscriber gives the signal provider a portion of their profits, but only for profitable positions. If advisors are used, the only fee is the cost of purchasing EAs in the store on www.mql5.com.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
HonorFX’s affiliate programs
Affiliate Program. To receive a partner reward of $100, an active client must have a trader register through their referral link and meet two conditions. First, the trader must deposit at least $3000, and second, they must reach a trading volume of 30 lots.
White Label. HonorFX provides the necessary technologies and resources, including liquidity, trading platforms, CRM, and a client portal, for creating your own brokerage company through White Label. The cost of using these services is outlined in the contract.
Introducing Brokers. Official HonorFX representatives who attract new clients receive commissions for their trades. For each lot closed by a trader, the IB is rewarded $20. The program is a five-tier program.
White Labels regulate their own income by setting the prices for their services and trading commissions. Introducing Brokers receive a portion of HonorFX's profits as they work under the HonorFX brand rather than creating their own.
Customer support
The company's tech staff are available 24/5. If a trader sends a question on Saturday or Sunday, they will receive a response no earlier than Monday.
Advantages
- Chat operators respond within 1-3 minutes
- 24/5 access to support
Disadvantages
- Chat responses may not be detailed
- There is no form for requesting a callback on the website
If you intend to work with HonorFX or are already a client of this broker, you can contact support using the following methods:
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Live Chat.
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Phone call (contacts are listed on the website).
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Email.
The broker serves clients in physical offices as well. They are located in the UAE, Malaysia, St. Vincent and the Grenadines, and on the island of Mauritius. The offices are open from Monday to Friday from 10:00 to 19:00 local time.
Contacts
| Foundation date | 2017 |
|---|---|
| Registration address | Honor Capital Markets Ltd, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent & the Grenadines |
| Official site | https://www.honorfx.com/ |
| Contacts |
Education
The HonorFX website has educational materials dedicated to active trading, but it is not enough for budding experts. However, beginners will find the Tools and Markets sections useful, where Forex terminology is explained, as well as brief descriptions of currency pairs, indices, futures, and stocks.
A demo account is suitable for effective trading education. With it, you can practice placing orders and learn technical analysis. You don't need to deposit any money because trading is done on a simulator, not on the real market.
Comparison of HonorFX with other Brokers
| HonorFX | RoboForex | Pocket Option | Exness | Vantage Markets | Libertex | |
| Trading platform |
MetaTrader5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5, WebTrader, Mobile Apps | Libertex, MT5, MT4 |
| Min deposit | $1 | $10 | $5 | $10 | $50 | 100 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:30 for retail clients |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.2 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0.1 points |
| Level of margin call / stop out |
50% / 30% | 60% / 40% | 30% / 50% | No / 60% | 100% / 50% | 50% / 50% |
| Execution of orders | Market Maker | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of HonorFX
Because HonorFX provides a wide range of trading assets and high leverage, this broker will be of interest to both novice traders and experienced market participants. It supports over 15 payment methods, allowing clients worldwide to deposit and withdraw funds in a way that is convenient for them, without paying high fees. HonorFX offers ECN and Standard accounts without additional trading fees, as well as demo and Islamic accounts.
HonorFX by the numbers:
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Over 5 years of experience providing brokerage services.
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More than 275 trading instruments available.
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Minimum spread is 0.2 pips.
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Maximum leverage is 1:500.
HonorFX is a broker with a wide range of CFDs and currency pairs
HonorFX provides leverage for trading with all available instruments; its value and margin size depends on the asset type. The highest leverage is available for major currency pairs, up to 1:200 on ECN accounts and up to 1:500 on other account types. The margin size for Major and Cross pairs is 1%; for Minors, it’s 1%-3%; for Exotics, it’s 1%-6%, and for pairs with TRY, it’s 7%-13%. Through HonorFX, you can trade CFDs on 10 indices (NAS100, SP500, UK100, and more), as well as mini-indices (NQ, AX, YM, ES) with a 0% margin. Also, trading is available for over 80 US, UK, Canadian, German, French, Dutch, and Hong Kong stocks in CFDs.
For Forex trading, HonorFX provides the MetaTrader 5 platform. Desktop versions are available for Windows and MacOS, as well as mobile applications for iOS and Android smartphones.
HonorFX’s analytical services:
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Technical analysis from Trading Central. Available only to active HonorFX clients with open trading accounts.
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Educational materials for beginners. The website offers Forex Glossary and e-books on the basics of trading on the currency market.
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Demo account. It can be used to test the broker's trading conditions or simply practice opening/closing trades.
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Economic calendar. Displayed in the client's user account. It broadcasts the most important events in the field of economics and finance for traders.
Advantages:
Wide selection of stocks from European, Asian, and American companies.
Possibility of depositing and withdrawing funds in dollars, euros, pounds sterling, and other currencies.
Trading bonuses for all clients who deposit at least $200.
24/5 support via chat and phone on market days.
Minimum trade order size is 0.01 lot.
Analytics, economic calendar, and e-books on Forex trading basics are available to all clients.
User Satisfaction