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4.73/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Minimum deposit:
  • $1
Trading platform:
  • MetaTrader5
Foundation date:
  • 2017
15
users picked this broker in 3 months
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Our Evaluation of HonorFX

4.73/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Traders Union icon

HonorFX is a broker with higher-than-average risk and the TU Overall Score of 4.73 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 recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.

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.

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Advantages of trading with HonorFX:
  • 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.
Disadvantages of HonorFX:
  • 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

Anastasiia Chabaniuk

Author, Financial Expert at Traders Union

HonorFX provides access to over 275 financial instruments, with a focus on Forex and CFDs. The broker offers three account types: Standard, Premium, and ECN, each with floating spreads and leverage up to 1:500. Traders use the MetaTrader 5 platform, and there is no minimum deposit needed for the Standard account. Its clients benefit from a wide selection of payment methods and negative balance protection. Additionally, they can participate in a referral program and enjoy a bonus deposit feature.

However, HonorFX also presents some drawbacks. The minimum deposit for the ECN account is significantly high at $10,000, and there are limitations on using WebTrader. The Swap Free option is limited to one account type, possibly restricting some traders. Given these conditions, HonorFX may be more suitable for experienced traders who prioritize leverage and utilize the MetaTrader 5 platform, while those new to trading or favoring lower initial deposits may find other brokers more appealing.

HonorFX Trading Conditions

💻 Trading platform: MetaTrader 5
📊 Accounts: Demo, Standard, Premium, ECN
💰 Account currency: USD
💵 Deposit / 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
💱 EUR/USD spread: 0,1 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
📋 Order 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.

HonorFX Key Parameters Evaluation

User Satisfaction i

Score:
3/10

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justhelp
1 year ago

It’s been a month since I came to honorfx from another company and now I like everything, but this period is not enough to give a full assessment of the company. I’ll write what happens next.

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kahanisagar
2 years ago

This dubious company claims to be a reliable and transparent broker. That’s a very ambitious and false statement! HonorFX is not transparent! Quotes in the company are non-market. There are a lot of quotes that trigger the stop loss and cause losses. Do not trust this company!

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juanfh3
2 years ago

There are now many scams, and HonorFX is no exception. Whether you know how to trade or not doesn't matter. All the same, the broker adjusts the trade as he needs. This broker is not for me. No matter how much I tried to earn money here, I didn’t get. You’ll end up just losing your deposit!

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velikaro
2 years ago

HonorFX is a bucket shop. I worked with them and was very disappointed with the result. Believe me, you won’t be able to make money with this company, and if you do, then you still won’t be able to withdraw money. That’s what happened to me. They owe me $1,200.


Score:
4.32/10

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:

1

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.

Review of HonorFX’s User Account — Registration launch
Review of HonorFX’s User Account — Registration launch
Review of HonorFX’s User Account — Registration launch
Review of HonorFX’s User Account — Registration launch
2

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.

3

Features of the HonorFX user account:

1. Passing verification:
Review of HonorFX’s User Account — Uploading documents
Review of HonorFX’s User Account — Uploading documents
2. Adding personal bank account details:
Review of HonorFX’s User Account — Verification of bank account
Review of HonorFX’s User Account — Verification of bank account
1. Passing verification:
Review of HonorFX’s User Account — Uploading documents
Review of HonorFX’s User Account — Uploading documents
2. Adding personal bank account details:
Review of HonorFX’s User Account — Verification of bank account
Review of HonorFX’s User Account — Verification of bank 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.

Score:
We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria
4.4/10

Regulation and safety

HonorFX has a safety score of 4.4/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.

Advantages
  • Is regulated
  • Negative balance protection
  • Track record over 8 years
Disadvantages
  • Not tier-1 regulated

HonorFX Regulators and Investor Protection

Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level
FSC (Mauritius) FSC (Mauritius) Financial Services Commission of Mauritius Mauritius No specific fund Tier-3
SVG FSA SVG FSA Financial Services Authority of St. Vincent and the Grenadines St. Vincent and the Grenadines No specific fund Tier-3

HonorFX Security Factors

Foundation date 2017
Negative balance protection Yes
Verification (KYC) Yes
Score:
We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria
8/10

Commissions and fees

The trading and non-trading commissions of broker HonorFX have been analyzed and rated as Low with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.

Advantages
  • Low Forex trading fees
  • Tight EUR/USD market spread
  • No inactivity fee
  • No deposit fee
  • No withdrawal fee
Disadvantages
  • Complex fee structure

Trading Fees and Spread

Below, we evaluated and compared the trading commissions of HonorFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.

Standard Account Spread

For Standard accounts, HonorFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.

HonorFX Standard spreads

HonorFX Pepperstone OANDA
EUR/USD min, pips 0,3 0,5 0,1
EUR/USD max, pips 0,8 1,5 0,5
GPB/USD min, pips 0,5 0,4 0,1
GPB/USD max, pips 1,5 1,4 0,5

RAW/ECN Account Commission And Spread

The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.

HonorFX RAW/ECN spreads

HonorFX Pepperstone OANDA
Commission ($ per lot) 3,5 3 3,5
EUR/USD avg spread 0,1 0,1 0,15
GBP/USD avg spread 0,1 0,15 0,2

Non-Trading Fees

We conducted a detailed analysis of the non-trading fees associated with HonorFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.

HonorFX Non-Trading Fees

HonorFX Pepperstone OANDA
Deposit fee, % 0 0 0
Withdrawal fee, % 0 0 0
Withdrawal fee, USD 0 0 0-15
Inactivity fee ($, per month) 0 0 0
Score:
4.12/10

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:

Account Type
Description
Standard
is an account with no requirements for minimum deposit size. Leverage is up to 1:500. Floating spreads start from 1.5 pips. The Swap Free option is not available.
Premium
is an account that allows you to activate Swap Free, but only for deals with Major currency pairs and spot metals. Maximum leverage is 1:500. Spreads start from 1.8 pips, and the amount of the first deposit can vary.
ECN
is an account with the narrowest spreads, starting from 0.2 pips. The commission per lot is $7. The minimum deposit size is $10,000, and leverage is up to 1:200. An Islamic account without a swap commission is not available.

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.

Score:
This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology
5.45/10

Deposit and withdrawal

HonorFX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.

HonorFX provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.

Advantages
  • Bank wire transfers available
  • Low minimum withdrawal requirement
  • No deposit fee
  • No withdrawal fee
Disadvantages
  • PayPal not supported
  • Limited deposit and withdrawal flexibility, leading to higher costs
  • Minimum deposit above industry average

What are HonorFX deposit and withdrawal options?

HonorFX provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire.

HonorFX Deposit and Withdrawal Methods vs Competitors

HonorFX Plus500 Pepperstone
Bank Wire Yes Yes Yes
Bank card Yes Yes Yes
PayPal No Yes Yes
Wise No No No
BTC No No No

What are HonorFX base account currencies?

A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. HonorFX supports the following base account currencies:

What are HonorFX's minimum deposit and withdrawal amounts?

The minimum deposit on HonorFX is $1000, while the minimum withdrawal amount is $100. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact HonorFX’s support team.

Score:
The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change.
5.5/10

Markets and tradable assets

HonorFX offers a limited selection of trading assets compared to the market average. The platform supports 275 assets in total, including 40 Forex pairs.

Advantages
  • Commodity futures are available
  • 40 supported currency pairs
  • Indices trading
Disadvantages
  • Copy trading not available
  • Crypto trading not available

Supported markets vs top competitors

We have compared the range of assets and markets supported by HonorFX with its competitors, making it easier for you to find the perfect fit.

HonorFX Plus500 Pepperstone
Currency pairs 40 60 90
Total tradable assets 275 2800 1200
Stocks Yes Yes Yes
Commodity futures Yes Yes Yes
Crypto No Yes Yes
Stock indices Yes Yes Yes
Options No Yes No

Investment options

We also explored the trading assets and products HonorFX offers for beginner traders and investors who prefer not to engage in active trading.

HonorFX Plus500 Pepperstone
Bonds No No No
ETFs No Yes Yes
Copy trading No No Yes
PAMM investing No No Yes
Managed accounts No No No
Score:
3.4/10

Customer support

Information

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:

  • Live Chat.

  • Phone call (contacts are listed on the website).

  • 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
Score:
4.54/10

Education

Information

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.

Information contained on the HonorFX website
Information not on the HonorFX website
Glossary
What is copy trading?
Forex Risk Management
How to invest in PAMM or MAM accounts
Optimizing Forex Trading Profits
How to calculate the size of trading commission per trade
A Guide to Strategic Forex Trading: Day Trading, Scalping, Hedging, Swing Trading, etc
How to read charts correctly
Money management for Forex traders
How to work with technical analysis indicators
How to place pending orders

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 Bybit Eightcap XM Group TeleTrade Pocket Option
Trading
platform
MetaTrader5 MetaTrader5 MT4, MT5, TradingView MT4, MT5, MobileTrading, XM App MT4, MT5 Pocket Option, MT5, MT4
Min deposit $1 No $100 $5 $10 $5
Leverage From 1:1
to 1:500
From 1:1
to 1:500
From 1:30
to 1:500
From 1:1
to 1:30
From 1:1
to 1:1000
From 1:1
to 1:1000
Trust management No No No No No No
Accrual of % on the balance No No No No 1.00% No
Spread From 0.2 points From 0 points From 0 points From 0.8 points From 0.2 points From 1.2 point
Level of margin call
/ stop out
50%  /  30% No  /  50% 80%  /  50% 100%  /  50% 70%  /  20% 30%  /  50%
Order Execution Market Maker Market Execution Market Execution Market Execution Market Execution Market Execution
No deposit bonus No No No No No No
Cent accounts No No No No Yes 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:

  • Over 5 years of experience providing brokerage services.

  • More than 275 trading instruments available.

  • Minimum spread is 0.2 pips.

  • 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:

  • Technical analysis from Trading Central. Available only to active HonorFX clients with open trading accounts.

  • Educational materials for beginners. The website offers Forex Glossary and e-books on the basics of trading on the currency market.

  • Demo account. It can be used to test the broker's trading conditions or simply practice opening/closing trades.

  • 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:

1

Wide selection of stocks from European, Asian, and American companies.

2

Possibility of depositing and withdrawing funds in dollars, euros, pounds sterling, and other currencies.

3

Trading bonuses for all clients who deposit at least $200.

4

24/5 support via chat and phone on market days.

5

Minimum trade order size is 0.01 lot.

Analytics, economic calendar, and e-books on Forex trading basics are available to all clients.

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