HonorFX group includes 3 related companies.
HonorFX MY - located in Malaysia, regulated by the Labuan Financial Services Authority (LFSA).
HonorFX SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.
HonorFX MU - located in Mauritius, regulated by the Financial Services Commission (FSC).
HonorFX group accepts clients from all over the world, excluding USA, Japan, British Columbia, Mauritius, Quebec and FATF sanctioned countries.
Forex broker offers the following underlying assets for trading.
|45+ Currency Pairs||Based on major and minor world currencies.|
|8 Crypto Pairs||Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Monero, ZCash, Ripple.|
|10 Indice CFDs||Based on baskets of different blue-chip stocks.|
|3 Metal CFDs||Based on Gold, Silver and Copper.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
|150+ Stock CFDs||Based on shares of US, CA, UK, German, French, Spanish and Hong Kong companies.|
HonorFX is an offshore forex broker with branches registered in Malaysia, Saint Vincent and the Grenadines, and Mauritius, in addition to a representative office in Dubai. As most offshore brokers, HonorFX offers high trading leverage, a relatively easy sign-up and account verification process, and the option to fund trading accounts with crypto.
A great thing about HonorFX that clients are likely to appreciate is the strong focus this broker has on trading education, as well as all the special trading tools it makes available to clients. First and foremost, the broker offers as many as four completely free ebooks on topics such as money management in trading, risk management, and how to optimize profit taking. Secondly, a number of innovative trading tools from the market analysis platform Trading Central are also available.
The instruments offered by HonorFX includes all commonly traded forex pairs, a selection of eight cryptocurrencies, a handful of major stock indices, precious metals, energy commodities, and shares of around 150 companies listed in the US, Canada, UK, the EU, and in Hong Kong.
All of the instruments offered by HonorFX can be traded on MetaTrader 5 (MT5), which is the only trading platform this broker supports. As usual, MT5 is available in its standard downloadable version for Windows computers, as well as a version for Mac, a web version, and mobile apps for Apple and Android devices.
When signing up as a new user at HonorFX, there are four types of trading accounts to choose from:
– Standard account with spreads from 1.5 pips and no commissions
– ECN account with RAW market spreads (starting from 0.2 pips) and commission-based trading
– Islamic (swap-free) account with spreads from 1.8 pips and no commissions
– Promo account with spreads from 2 pips (terms based on specific promotions)
All of the trading accounts are denominated in US dollars and have a minimum deposit requirement of $100 (except the ECN account which requires a $10,000 deposit).
Not surprisingly, perhaps, the ECN account is by far the best option for those who can afford the high minimum deposit requirement and who typically make higher volume trades. For beginners or those with smaller trading accounts, however, HonorFX’s Standard account will in most cases do fine.
Trading accounts with HonorFX can be funded with either bank transfer, Visa, MasterCard or Maestro, or e-wallet services like Paytrust, Fasapay, GB Pay and Ecompany. In addition, the broker also accepts the cryptocurrencies Bitcoin (BTC) and Tether (USDT). All of the funding methods are accepted and processed free of charge by the broker.
To contact HonorFX, clients and others are welcome to use the live chat option on the broker’s website, email, or call the broker’s Dubai-based office directly. The broker promises to respond to all queries within 24 hours, but unfortunately it has not published any information about its support team’s working hours.
In conclusion, it’s important to note that although HonorFX can certainly be called an offshore forex broker, it is registered and regulated in several jurisdictions. This, combined with the fact that it has been operating successfully since 2018, means that the risk with this broker is lower than with many comparable forex brokers. Still, we urge all traders to do their own due diligence, and only deposit money with forex brokers they fully trust.