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Honor FX Review - is it scam or safe?

Honor FX review - Is honorfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Honor FX
Honor FX is an offshore broker. Your money is not safe.

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Honor FX is a forex and CFD broker offering four account types with a selection of forex pairs and CFDs on the MetaTrader4 platform. However, we have some issues with the broker's ownership and regulation, so if you are considering investing with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads*
Standard  $100 1:500 from 1.5 pips
Variable $100 1:500 from 1.2-1.8 pips
Honour $5000 1:500 from 0.8 pips
ECN  $1000 1:500 from 0.2 pips + $7 /lot

*As announced on website.

 

Honor FX Advantages:

 

40 currency pairs and some crypto CFDs

 

Honor FX offers a good selection of forex pairs – over 40, some of which with exotic currencies like Norwegian Krone, South African Rand, Turkish Lira, Singapore Dollar, Russian Ruble, Swedish Krona, Mexican Peso and Chinese Yuan.

 

Apart form that, the broker offers CFDs on spot metals like silver and gold, futures on energy commodities and indices and a number of crypto CFDs with coins including Bitcoin, Bitcoin Cash, Zcash, Dash, Ripple, Monero and Ethereum. And as crypto assets are getting more and more popular, here you may check our list of brokers, offering Bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 500:1

 

Honor FX offers leverage of up to 500:1 only with its Standard Account, while for the rest of the accounts the leverage ranges between 400:1 and 100:1. 

 

Have in mind that even leverage of up to 100:1 is perfectly enough to support even the most aggressive trading strategy. And because higher leverage comes with an increased risk of loosing your fund with the slightest fluctuation of the market, we strongly advise you to use leverage with caution.

 

Its not a surprise that in the beginning of August the European Securities and Markets Authority caped the maximum leverage allowed in the European Union to 30:1. Similar restrictions are already in place in USA and Japan.

 

A wide variety of payment methods

 

You can fund your account at Honor FX  in a variety of ways – form major credit and debit cards like VISA and MasterCard to popular e-wallets like NetellerSkrill, MoneyGram, UnionPay and Western Union. 

 

Of course, Honor FX accepts payments via bank wire as well, but there is no option to pay with Bitcoins, so here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

 

Honor FX Disadvantages:

 

Registered offshore

 

Trading conditions put aside, our main issue with Honor FX is that are not regulated. The broker is allegedly a trademark of Honor Capital Markets Limited, a company incorporated in St. Vincent & the Grenadines. The SVG is a popular offshore zone with lax taxes and no regulation whatsoever for on;line forex brokers.

 

Also, have in mind that all brokers, providing services in Europe, the USA, Australia and Japan should be authorized and regulated by an official financial watchdog such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or the National Futures Association (NFA) in the US.

 

Properly licensed borers, are required to make regular reports, combined with external audits, to keep all client's money in a segregated, protected form creditors account, to maintain a minimum capital adequacy ratio and in certain cases even to insure traders funds.

 

Traders with FCA brokers for example are entitled to a compensation of up to 50 000 GBP in case their brokers happen to be insolvent. So here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads with the Standard Account

 

As tested with a Demo Account that mirrors Honor FX Standard Account the benchmark EURUSD spread fluctuated between 2,4 pips and 2,6 pips, which is way above what traders consider acceptable. Have in mind that acceptable spreads in general should start below 1,5 pips. 

 

With Honor FX Pro Account spreads are advertised to start at 1 pip, but you have a trading commission of 8 USD per lot (round trip), which in practice adds another 0,8 pips to the spread, when the second currency of the pair is USD. 

 

So, that basically leaves us with spreads above 1,5 pips as well. Anyway, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

Honor FX is an offshore website pretending to accommodate forex and CFD trade, but most probably operating as a scam. As we discussed above, we strongly recommend dealing with properly regulated brokers only.

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Traders` reviews for Honor FX

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