HonorFX Forex Broker

HonorFX Information

　　HonorFX is a brokerage firm that operates under the regulatory framework in Malaysia. It is licensed as a Straight Through Processing (STP) provider, offering access to multiple market instruments. The broker has a presence in Saint Vincent and the Grenadines and has been in operation for 2-5 years.

　　While HonorFX provides a range of trading options and full licenses for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, it is important to note that the WikiFX Score for this broker is low due to numerous complaints. This indicates potential risks and suggests the need for caution when considering trading with HonorFX or any other broker.

　　HonorFX offers various trading accounts, including Standard, Premium, and ECN. The account types differ in terms of leverage, spreads, and commissions. The broker prioritizes negative balance protection for all account types, ensuring risk management for its clients.

　　Traders can access a diverse range of market instruments through HonorFX, including forex, precious metals, futures, stocks, ETFs, and indices. The broker provides low spreads and immediate execution for forex trading, and also offers trading opportunities in commodities and global stock markets.

Pros and Cons

Is Honor FX Legit?

　　HonorFX is regulated by the regulatory agency in Malaysia. The license type is Straight Through Processing (STP), and the license number is MB/21/0072. The licensed institution is Honor Capital Markets Limited. The email address of the licensed institution is indresh@honorfx.com, and the phone number is 087-504 747. The address of the licensed institution is Office 2, Phil Business Centre 2, Unit F7, 1st Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan F.T. Malaysia.

Market Instruments

　　HonorFX offers a diverse range of market instruments for traders to engage in various financial markets. Here's an overview of the market instruments available:

　　1. Forex: HonorFX provides access to 40 currency pairs, including major, minor, and crosses. Traders can benefit from ultra-low spreads and immediate execution. Popular currency pairs such as EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, and USD/CHF are available for trading.

　　2. Precious Metals: Traders can take advantage of price movements in precious metals like gold, silver, and more. These instruments serve as alternative investment options and offer trading opportunities. HonorFX provides trading hours and margin rates for gold, silver, crude oil, Brent oil, and natural gas.

　　3. Futures: Trading opportunities in precious metals (gold and silver) and some of the world's largest oil and natural gas markets are available. Traders can speculate on the price movements of these commodities as an alternative investment option.

　　4. Stocks: HonorFX offers the opportunity to trade over 65+ shares across UK, US, and European markets. Popular shares like Amazon, Boeing, Facebook, and Netflix are available for trading. Traders can take positions in these stocks and benefit from market movements.

　　5. ETFs: Exchange-Traded Funds (ETFs) are also available for trading. HonorFX provides access to a variety of ETFs with a commission rate. These instruments allow traders to diversify their portfolios and gain exposure to different sectors and markets.

　　6. Indices: Traders can trade on a basket of top shares representing the performance of a country's economy. HonorFX offers over 90 cash and forward indices instruments, including the UK 100, US 30, Germany 30, and more. These instruments allow traders to speculate on the overall performance of specific markets.

　　HonorFX provides traders with a wide range of market instruments, allowing them to diversify their trading strategies and take advantage of various opportunities in the forex, commodities, stocks, ETFs, and indices markets.

Account Types

　　The broker offers three account types: STANDARD, ECN, and PREMIUM. The STANDARD account is ideal for beginners with a minimum deposit of $1000, 1.5 pips spread, and leverage up to 1:500. The ECN account targets experienced traders, offering raw spreads, a minimum deposit of $10,000, and leverage up to 1:200. The PREMIUM account provides advanced features, including swap-free options for Forex Major and Spot Metals, a minimum deposit of $2000, and leverage up to 1:500. All accounts offer MT5 platform access and a minimum trade size of 0.01 lots.

　　*Note for PREMIUM accounts: Only Forex Major and Spot Metals are swap-free, while FX Crosses, Minor Forex, Spot Metals, and Cryptos are not swap-free.

　　This table summarizes the key features of the STANDARD, ECN, and PREMIUM accounts, making it easy to compare their offerings.

Accounts & Leverage

　　There are three kinds of account types for investors to choose from at Honor FX:

　　- Standard: minimum deposit of $100, maximum leverage up to 1:500;

　　- ECN: minimum deposit of $10,000, maximum leverage up to 1:200;

　　- Islamic: minimum deposit of $100, maximum leverage up to 1:500;

Spreads & Commissions

　　HonorFX offers different account types with varying spreads and commissions to suit the trading preferences of its clients. The Standard account features spreads starting from 1.5 pips and does not charge any commissions. The Premium account has slightly higher spreads starting from 1.8 pips, but like the Standard account, it does not charge commissions. The ECN account offers the lowest spreads starting from 0.2 pips and includes a commission of $7 per lot traded. It's important to note that HonorFX prioritizes negative balance protection for all account types, ensuring a level of risk management for its clients.

Trading Platform

　　HonorFX offers the popular trading platform MetaTrader 5 (MT5) to its clients. MT5 is an advanced version of the widely used platform, with several improvements and additional features. It is suitable for experienced traders and provides sophisticated order management tools.

　　One of the advantages of MT5 is its Strategy Tester, which allows for multi-threaded, multi-currency testing with real ticks. The platform also includes an embedded MQL5.community chat for easy communication and collaboration with other traders.

　　MT5 supports a wide range of markets, including Forex, Futures, Options, Stocks, and Bonds. It offers a multilingual Unicode interface, allowing users to navigate the platform in their preferred language. The platform provides various order fill policies, including Fill or Kill, Immediate or Cancel, and Return.

　　Some features of MT5 include an Economic Calendar, unlimited symbols, email system with attachments, hedging capabilities, graphical objects for technical analysis, partial order filling policies, multiple timeframes, depth of market information, various pending order types, time and sales data for exchange markets, and a comprehensive set of 38 technical indicators. The MT5 platform is available for download on Windows, macOS, Android, and iOS devices.

Trading Tools

　　HonorFX provides traders with a range of tools and resources to enhance their trading experience and knowledge. Here's an overview of the tools offered:

　　1. GLOSSARY: HonorFX offers a comprehensive glossary of basic forex terms, financial terms, and trading-related keywords. It provides clear explanations and definitions to help traders understand the terminology associated with trading and markets.

　　2. E-BOOKS: User-friendly and easy-to-read e-books are available for traders at all levels, including beginners and intermediates. These e-books serve as guides to help traders learn and refresh their knowledge about various trading concepts and strategies.

　　3. TECHNICAL ANALYSIS: HonorFX has partnered with TRADING CENTRAL, a leading financial market research provider. Traders can access exclusive technical analysis reports from TRADING CENTRAL, which combines senior analyst expertise with automated algorithms. This analysis helps traders make informed trading decisions and provides actionable trading plans.

　　4. ARABIC WEBINAR: HonorFX organizes webinars in Arabic, hosted by market research and sales experts. These webinars cover topics such as market trends analysis, risk management tips, and common trading mistakes. The webinars aim to educate and empower traders to trade like experts. The duration of the webinars is typically 60 minutes.

　　These tools and resources offered by HonorFX assist traders in expanding their knowledge, improving their trading skills, and making more informed trading decisions in the financial markets.

Deposit & Withdrawal

　　Payment methods include bank wire transfer, credit cards (Visa, MasterCard, Maestro), Digital Wallet (Skrill, Neteller, Perfect Money, Fasapay, Bitpay), local (Malaysia Local Transfer, Indonesia Local Transfer, Thailand Local Transfer, Vietnam Local Transfer). No deposit fee is charged.

　　For deposits, you can choose from the following methods:

　　1. Bank Wire: Deposit funds through bank transfer in currencies such as AED, USD, and EUR. There are no fees, and the processing time is 1-5 business days.

　　2. Credit Cards / Debit Cards: Deposit instantly using Visa, Mastercard, or Maestro in currencies like EUR, USD, and GBP. No fees are charged.

　　3. Digital Wallet: Deposit instantly through Paytrust, Fasapay, GB Pay, or Ecompany in various currencies such as USD, MYR, IDR, and THB. No fees apply.

　　4. Local Transfers: Deposit funds through local transfers specific to certain countries. Malaysia Local Transfer, Indonesia Local Transfer, Thailand Local Transfer, Vietnam Local Transfer, and India Local Transfer are available. The processing time is up to 1 hour, and there are no fees.

Accepted Countries

　　HonorFX accepts traders from various countries, providing them with access to their trading services. However, there are certain restrictions on the provision of services based on the company's policy. The HonorFX brand does not offer its services to residents of the United States (USA), Japan, British Columbia (Canada), Mauritius, Quebec (Canada), and countries that are blacklisted by the Financial Action Task Force (FATF). These restrictions are in place to comply with regulatory requirements and ensure the company's adherence to legal and compliance standards. Traders should review and be aware of these limitations to ensure their eligibility before engaging with HonorFX for trading activities.

Customer Support

　　HonorFX provides customer support to assist traders with their queries and concerns. Here's an overview of the available contact options:

　　1. LIVE CHAT: Traders can engage in a live chat with the support team by clicking on the “Start Chat” button. This real-time communication allows for immediate assistance and quick resolution of issues.

　　2. EMAIL: Traders can send an email to helpdesk@honorfx.com to reach out to the customer support team. They can explain their queries or concerns in detail, and the support team will respond within 24 hours.

　　3. PHONE: Traders can contact HonorFX by phone at +97142105333. This contact number is available for customers to call and speak directly with a representative from the support team.

　　HonorFX has a global presence with offices in the following locations:

　　- Dubai, United Arab Emirates: HonorFX has a representative office in Dubai. The address is API Tower, Office No - 1604, 16th Floor, Shk Zayed Road, Dubai, located outside Exit 2 of the Trade Centre Metro Station. The contact number for the Dubai office is +97142105333.

　　- Port Louis, Mauritius: HonorFX has an office in Port Louis, Mauritius. The address is The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius. The contact number for the Mauritius office is +23052970920.

　　Office hours for HonorFX are from 10 AM to 7 PM, Monday to Sunday.

Conclusion

　　HonorFX is a regulated broker in Malaysia, offering a wide range of market instruments and three types of trading accounts. With a minimum deposit of $100 and maximum leverage up to 1:500, it provides accessibility to traders of various experience levels. The availability of the popular MetaTrader 5 platform enhances the trading experience. However, it is important to note that the ECN account requires a higher minimum deposit of $10,000. While HonorFX has its advantages, potential disadvantages may include limited information on trading conditions, account types, and services, which can make it challenging for prospective clients to make informed decisions. It is recommended to thoroughly research and consider these factors before choosing HonorFX as a broker.