Reviewed broker: HonorFX
Location: originally launched in St. Vincent and the Grenadines, but more recently has moved to the nearby island of Mauritius
Operated by: Honor Capital Markets Limited (Mauritius), Honor Capital Markets Limited (Malaysia) and Honor Capital Markets Limited (St. Vincent and the Grenadines).
Regulation: Honor Capital Markets Limited (SV) is registered by Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company with registration number 25034 IBC 2018. Honor Capital Markets Limited (MU) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer license. License number GB200225826. Honor Capital Markets Limited (MY) is registered by the Labuan Financial Services Authority (LFSA) Malaysia with registration number LL17270.
Trading instruments: FX Major, FX Crossess, FX Minor, FX TRY, Spot Metals, CFDs, Spot Indices, Shares, Cryptocurrencies
Trading Conditions and Features
Minimum spread 0.2 EUR/USD; 0.5 GBP/USD; 0.8 USD/JPY
Margin rate 50%
Stop out 30%
Leverage: From 1:10 to 1:500
Order Execution: market
Minimum Volume in Lots/Trade 0.01
Benefits of Trading with HonorFX
- Access to over 40 currency pairs – Trade your favourite forex pairs.
- Easy funding and fast withdrawal – Quick withdrawal and funding options from a range of providers.
- Spreads from 0.2 pips – Spreads as low as 0.2 pips on euro.
- Trade in 165+ Instruments – Trade in global markets across 5 asset classes.
- Dedicated support 24/5 – An experienced support team available to help.
- World-class trading Platforms – MT5 – MT5 & mobile apps for iPhone and Android devices.
HonorFX Review: Account Types
Standard Account: The standard account is the entry-level account with HonorFX, it requires a minimum deposit of $100 and has spread starting from 1.2 pips, it does not have any added commission. It uses the MetaTrader 4 and MetaTrader 5 trading platform. There is a margin call level set to 50% and the stop out level is set to 30%. There is also a minimum trade size of 0.01 lots and a maximum trade size of 20 lots. Leverage can be set between 1:10 and 1:500.
ECN Account: The ECN account requires a minimum deposit of $10,000 and it uses the MetaTrader 5 platform exclusively. It can have a leverage of between 1:10 and 1:500 and it uses the raw spreads. The margin call and stop out level remain at 50% and 30% respectively. The minimum trade size is 0.01 lots with the maximum trade size is 20 lots.
Islamic Account: The Islamic account is for those whose religious beliefs do not allow for interest payments. It requires a minimum deposit of $100 and has spreads starting from 1.5 pips, it does not have any added commission. It uses the MetaTrader 5 trading platform only. There is a margin call level set to 50% and the stop out level is set to 30%. There is also a minimum trade size of 0.01 lots and a maximum trade size of 20 lots. Leverage can be set between 1:10 and 1:500.
HonorFX Review: Trading Platforms
Metatrader MT5
1 Trading platform, unlimited opportunities MT5
Metatrader 5 is an advanced version of the widely used MT4 platform with several improvements and additional features.
- Suitable for experienced traders
- Sophisticated order management tools
- Introducing more native technical indicators
- Easy to configure and customize your trading setup
FOR NEW TRADERS
- Start Trading with Micro lots
- Discover MT4/MT5 Platform
- No minimum deposit
- Use leverage upto 1:500
- Access Free Trading Education
FOR EXPERIENCED TRADERS
- Advanced Trading Tools
- Fast, Automated Execution
- Tight Spreads
- Tier 1 Liquidity
- Expert News & Analysis
HonorFX Review: Payment Methods
Payment options include Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, and Perfect Money.
Minimum deposit requirement: $100
HonorFX Review: Promotions and Bonuses
100% available Bonus to Increase your Deposit
HonorFX Review: Customer Support
HonorFX provides customer support on Monday through Friday only from 10am to 7pm GMT via email, via online chat and by telephone. Supported languages – English, Hindi, Arabic, Gujarati, Urdu, Polish, Russian, Ukrainian, Thai.
How was the rating of HonorFX performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on HonorFX FX broker performance and features.
Overall our online HonorFX review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online HonorFX or you find inaccurate details HonorFX broker review please get in touch with us and the changes will be applied.
