Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
HonorFX Pros & Cons
- 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 Verdict
HonorFX carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.
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HonorFX User Reviews
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5-star
0%
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4-star
20%
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3-star
20%
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2-star
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1-star
60%
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Commissions and Fees
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 criteria8 /10The trading and non-trading commissions of HonorFX have been analyzed and rated as having Low fees, with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, 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
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Is HonorFX Safe?
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 criteria4.4 /10HonorFX 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 9 years
- Not tier-1 regulated
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Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.4.1 /10HonorFX offers the following account options: Demo, Standard, ECN/Raw spread, Swap Free.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Demo account
- Tight spread ECN account
- No Cent account
- No VIP account option
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Deposit and Withdrawal
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 methodology5.5 /10HonorFX received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
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Markets and Tradable Assets
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. Learn the assessment criteria5.5 /10HonorFX offers a limited selection of trading assets compared to the market average. The platform supports 275 assets in total, including 40 Forex pairs.
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Trading Account Opening
We successfully registered an account with HonorFX in 10 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at HonorFX is $1000.Score:We evaluated Trading Account Opening at HonorFX by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.7 /10Overall, the account setup process is efficient and suitable for most traders.
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Customer Support
Score:We evaluated Customer Support at HonorFX by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria3.4 /10
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FAQs
Is HonorFX a safe forex broker and how is it regulated?
HonorFX has a safety score of 4.4/10, which corresponds to a low security level in the Traders Union assessment. It is regulated by the FSC in Mauritius and the SVG FSA in St. Vincent and the Grenadines, both Tier-3 regulators with no specified investor compensation fund, and it offers negative balance protection and KYC verification, but it is not Tier-1 regulated, which may indicate higher regulatory risk compared with brokers supervised by top-tier authorities.
What trading commissions and non-trading fees does HonorFX charge?
According to the review, HonorFX is assessed as having low overall fees, with a fees score of 8/10. Standard account EUR/USD spreads typically range from 0.3 to 0.8 pips, ECN accounts have an average EUR/USD spread of 0.1 pips with a $3.5 commission per lot, and non-trading fees such as deposit, withdrawal, and inactivity fees are listed as 0.
What types of trading accounts does HonorFX offer and how do they differ?
HonorFX provides Standard, Premium, ECN/Raw spread, Swap Free (for certain instruments), and demo accounts, but it does not offer Cent or Micro accounts. The Standard account has no stated minimum deposit, leverage up to 1:500, and floating spreads from 1.5 pips, while the ECN account has spreads from 0.2 pips, a $7 commission per lot, a $10,000 minimum deposit, and leverage up to 1:200; negative balance protection applies to real accounts, and swap-free options are limited to specific account types and instruments.
How do HonorFX clients review its deposit and withdrawal conditions?
The review describes HonorFX’s deposit and withdrawal processes as having a medium score for efficiency and convenience, with a basic range of methods including bank cards and bank wire transfers. The minimum deposit is stated as $1000 and the minimum withdrawal as $100, major fiat currencies are supported as base currencies, and BTC is not available either as a base currency or payment method; user reviews or comments on these conditions are not specified in the section.
What feedback is there on HonorFX customer support responsiveness?
The review notes that HonorFX’s customer support has weaknesses in responsiveness and communication quality, with delays in replies and limited depth of assistance in testing. Support is available 24/5 via live chat, phone, email, and in physical offices in the UAE, Malaysia, St. Vincent and the Grenadines, and Mauritius, but chat responses may lack detail and there is no callback request form mentioned.
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