HonorFX Review

HonorFX is an online broker that provides trading platforms for clients around the globe to trade on major markets across multiple asset classes including Forex, Indices, Shares, Spot Metals, Cryptocurrency and CFDs. The broker has very competitive trading conditions including tight spreads and flexible leverage along with a vast range of educational materials and trading tools to support traders.

HonorFX Review, Pros & Cons
  • User-friendly & powerful MetaTrader platforms
  • Zero fees on account deposits & withdrawals
  • 165+ trading instruments
  • Trading tools & educational resources
  • Variety of account types & funding options
  • 24/5 customer support
  • Minimum $10,000 deposit for ECN account
  • No US clients

In this detailed HonorFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

HonorFX Overview

HonorFX is an online broker that offers hundreds of trading instruments including shares, forex, indices, commodities, cryptocurrencies and more.

The broker has spreads starting from as low as 0.2 pips whilst there is flexible leverage of up to 1:500 available. You can start trading with a $100 deposit with zero fees for account deposits and withdrawals. The customer support team is on hand to assist clients 24/5.

HonorFX implements the latest technologies and has an in-depth knowledge of trading which enables them to serve clients according to their own individual needs.

HonorFX Broker Features

HonorFX Broker Features

HonorFX Regulation

HonorFX is a brand name of Honor Capital Markets Limited. They are regulated by the Financial Services Commission of the Republic of Mauritius (FSC) with an Investment Dealer License.

HonorFX Countries

The Honor Capital Markets Limited brand does not provide services to residents of the USA, Japan, British Columbia, Mauritius, Quebec and FATF black listed countries.

Some HonorFX broker features and products mentioned within this HonorFX review may not be available to traders from specific countries due to legal restrictions.

HonorFX Platforms

MetaTrader

HonorFX clients gain access to two of the most popular trading platforms, MetaTrader 4 and MetaTrader 5. The MetaTrader platforms are used by millions of traders from all over the world. They are known for having a user-friendly interface along with an abundance of features and functionalities to deliver a smooth trading experience.

HonorFX Platforms

HonorFX Platforms

The MetaTrader platforms are suitable for traders of all experience levels and can be downloaded free of charge for desktop, web and mobile. The desktop platform has all of the functions implemented whereas the web platform can run directly in most modern web browsers without needing to download and install any additional software. The MetaTrader mobile trading app is useful for those who need to access their account and trade whilst on the go. It is available for Android and iOS devices.

Some of the key features of the MetaTrader platforms include:

  • Live bid/ask price quotes in the market watch window
  • Multiple chart timeframes
  • Multiple chart types
  • Multiple order types
  • Large selection of technical indicators for chart analysis
  • Graphical drawing objects to mark important price points
  • Economical calendar to keep up with the latest market news
  • Automated trading via expert advisors (EAs)
  • MQL programming interface to create custom EAs, indicators and scripts
  • Strategy tester to back test EAs over historical data
  • MQL marketplace to share trading tools and signals
  • Available for desktop, web and mobile devices

HonorFX Trading Tools

When trading online with HonorFX, you can choose from various tools to help take an informed decision with respect to your trading. HonorFX believe that the best traders are the educated ones.

News Analysis

You can stay up to date with the latest movements and developments across the various financial markets. The broker has articles curated from across the industry by an expert research team. This can help with fundamental analysis of various trading instruments.

VPS Hosting

A Forex VPS (virtual private server) allows you to keep your trading platform running 24/7. HonorFX clients are able to subscribe to an MT4 & MT5 Forex VPS hosting service from an external third-party provider (MetaQuotes), helping to ensure that trades have minimal disruption due to technological or connectivity issues.

Glossary

The broker has an A-Z glossary of various financial terms, definitions and explanations associated with trading and the markets in general.

HonorFX Education

The broker has a good selection of educational materials available on their website. These are geared towards improving your trading knowledge and developing your trading skills.

Trading Videos

HonorFX has a series of trading videos that are suited to beginners looking to learn more about trading as well as the experienced trader looking to develop their strategies. These basic and advanced videos aim to improve your knowledge of trading and develop your understanding of the markets as a whole.

Trading Guides

HonorFX provides traders of all experience levels with comprehensive educational materials such as Support Guides and PDF’s to help them further expand their knowledge of the financial markets. You can get to know trading from basic topics all the way through to an expert level. There is also a beginner’s guide to Forex Trading eBook that is free to download.

FAQ

The broker also has a frequently asked questions section where you can find answers to common questions about HonorFX, trading, accounts, and more. Find below snippets of few questions covered in this section:

  • How do I fund my account?
  • What are the details for bank wire?
  • Which countries do we not accept?

HonorFX Instruments

HonorFX has a good selection of over 165+ trading instruments across various asset classes including forex, stocks, shares, indices, commodities and cryptocurrencies.

Forex

Trade 40 currency pairs including major, minor and crosses with competitively low spreads and instant execution.

Commodities

Trade on Metals (Gold, Silver & Copper) and Energy (Crude, Brent & Natural gas).

Stocks

Take positions on over 65+ shares across UK, US and European markets on popular shares including Amazon, Apple, Facebook, Netflix, Nike and much more.

Indices

Indices trading allows you to trade on a basket of the top shares representing the performance of a country’s economy or business sector.

Cryptocurrencies

HonorFX supports trading in Bitcoin, Ethereum, Litecoin, Dash and Ripple amongst others.

HonorFX Accounts & Fees

HonorFX offer 3 types of trading accounts that are flexible to suit the varying needs of different traders. Whatever your level of trading experience or trading style, you can choose your preferred trading account type to get started. The main difference between the account types are the deposit required and spreads. The ECN account will generally have the lower spreads.

Standard

  • Trading Platform: MT4
  • Account Currency: USD
  • Leverage: From 1:10 to 1:500
  • Min Deposit: $100
  • Spreads From: 1.2
  • Margin Call: 50%
  • Stop Out: 30%
  • Swap-Free: NO
  • Min Lots: 0.01

ECN

  • Trading Platform: MT5
  • Account Currency: USD
  • Leverage: From 1:10 to 1:500
  • Min Deposit: $10,000
  • Spreads From: RAW
  • Margin Call: 50%
  • Stop Out: 30%
  • Swap-Free: NO
  • Min Lots: 0.01

Islamic

  • Trading Platform: MT5
  • Account Currency: USD
  • Leverage: From 1:10 to 1:500
  • Min Deposit: $100
  • Spreads From: RAW
  • Margin Call: 50%
  • Stop Out: 30%
  • Swap-Free: YES
  • Min Lots: 0.01

Demo Accounts

Demo accounts are available upon request. These can be a great way to practice your trading strategies and familiarise yourself with the brokers trading platforms.

As broker fees can vary and change, there may be additional fees that are not listed in this HonorFX review. It is imperative to ensure that you check and understand all of the latest information before you open an HonorFX broker account for online trading.

HonorFX Support

HonorFX have an experienced support team available to help 24/5. Customer service can be contacted via email, live chat and telephone. They will be happy to answer all of your general, technical and account related questions in a prompt, polite and efficient manner.

HonorFX Deposit & Withdrawal

The broker has a choice of easy and quick withdrawal and funding options from a range of providers. This includes credit/debit card, wire transfer, Skrill, PayPal and Neteller.

HonorFX Funding Options

HonorFX Funding Options

Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some additional fees may be charged when using certain payment methods. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.

Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. HonorFX strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your HonorFX trading account.

HonorFX Account Opening

There is a short application form on the brokers official website if you wish to open a trading account with them. You will need to provide some personal information and documents which is a normal part of any brokers KYC procedures. The accounts team should validate your account very shortly after and from there you will be able to fund it and start trading when you feel ready to do so.

 

HonorFX Account Application

HonorFX Account Application

It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.

HonorFX Summary

Overall, HonorFX is a trading broker that can cater to the needs of clients from around the globe of all different experience levels and with various individual needs. They have very competitive trading conditions including hundreds of trading instruments, tight spreads, flexible leverage, educational materials, trading tools and zero fee deposit/withdrawals. There are flexible account types whilst customer support is available 24/5 to help with any questions that you may have.

Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors.

Min $100 Deposit

HonorFX is a trading broker that provides hundreds of instruments for clients to trade on the MetaTrader platforms with tight spreads, flexible leverage, trading tools and a variety of trading accounts.

Leave a Reply