Written by: Krisztián Gátonyi
Recommended for: forex trading 0.2/5
Trusted broker: Regulated by top-tier financial authorities
Updated: DEC,2022
Popularity: multiple people chose this broker in last 6 months
BrokerChooser Score: 0.2/5
HonorFX review summary
HonorFX is an ECN (Electronic Communication Network) and STP (Straight Through Processing) broker founded in 2018. It has three offices and is regulated by two financial commissions: the Labuan Financial Services Authority (Malaysia) and the Financial Services Commission (Republic of Mauritius). This broker offers its clients access to over 275 financial instruments with leverage, specializing in currency trading (Forex) and CFDs. HonorFX offers traders three accounts for trading, including those with no minimum deposit requirements.
Is HonorFX a legit broker?
See how HonorFX is regulated and whether you should have any concerns using it.
HonorFX pros and cons
Pro
Cons
- Licenses from two financial regulators.
- A wide range of currency pairs and CFDs.
- Trading using the MetaTrader trading platform.
- 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.
HonorFX main highlights
| Country of regulation | United Kingdom |
| Trading fees class | Low |
| Inactivity fee charged | No |
| Withdrawal fee amount | $5 |
| Minimum deposit | $200 |
| Time to open an account | 1 day |
| Deposit with bank card | Available |
| Depositing with electronic wallet | Available |
| Number of base currencies supported | 8 |
| Demo account provided | Yes |
| Products offered | FX Majors, FX Crosses, FX Minors, FX TRY, Spot Metals, Spot Indices, Indices mini, Shares, Futures |
Fees
HonorFX has low forex and CFD trading fees and there are no deposit fees. On the other hand, withdrawal carries a charge.
Account opening
The account opening process at HonorFX is fully digital, user-friendly and fast. Our account was approved within a day. On the other hand, the minimum deposit is high for Prime Accounts.
Deposit and withdrawal
HonorFX deposit and withdrawal services are great. Several base currencies are available, there are numerous options for moving your money, and there is no deposit fee. However, the broker charges a fee on withdrawals.
Web trading platform
The web trading platform at HonorFX (provided by MetaTrader) is highly customizable and has a clear fee report. On the other hand, its design is outdated and it lacks a two-step login and price alerts.
Mobile trading platform
HonorFX Markets has a great mobile trading platform, provided by MetaTrader 4. It’s well-designed and user-friendly with good search functions, but lacks a more secure login.
Desktop trading platform
In design and functionality, HonorFX MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Markets and products
At HonorFX, you can trade real stocks, forex and CFDs. In other words, popular asset classes like bonds or ETFs are not available.
Research
HonorFX has limited research tools. Clients will not find a quality news service and the range of analytic tools is limited. As a plus, clients have access to an economic calendar and market analyses.
Customer service
HonorFX Markets has great phone, email, and live chat support. On the negative side, customer support is not available 24/7.
Education
HonorFX offers great educational tools in the form of educational videos, quality educational texts, trading platform tutorials and a demo account.
