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 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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- 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
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 |
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📊 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
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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 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.
- Is regulated
- Negative balance protection
- Track record over 8 years
- Not tier-1 regulated
HonorFX Regulators and Investor Protection
Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
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Financial Services Commission of Mauritius | Mauritius | No specific fund | Tier-3 |
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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 |
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.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- 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 |
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
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.
- Bank wire transfers available
- Low minimum withdrawal requirement
- No deposit fee
- No withdrawal fee
- 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.
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.
- Commodity futures are available
- 40 supported currency pairs
- Indices trading
- 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 |
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 | 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:
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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.
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