HonorFX is an online forex broker located in St. Vincent and the Grenadines. The broker has been providing trading services since 2017 and is authorised and regulated by FSC, LFSA, and FSA.
The broker offers over 275 financial products to trade via the most popular MT5 multi-asset trading platform. The asset classes offered by the broker are: Forex, Indices, Stocks, Commodity Futures, and Cryptocurrencies.
HonorFX offers trading at very low spreads and charges no commissions. Traders can enjoy trading on ECN accounts with raw spreads. The broker has a library of videos and market updates to help its clients make informed decisions in terms of education and research.
HonorFX provides true ECN connectivity, so clients have direct access to other participants in equity and currency markets using best conditions for their trading experience. You can choose a trading account that suits your trading style and trade on major markets across 5 assets classes including FX, Indices, Shares, Spot Metals and CFDs.
HonorFX is a regulated broker and provides trading services globally. The broker has user-friendly trading platforms with competitive trading costs. In addition, the broker offers 275+ trading instruments. Moreover, practical educational resources with demo accounts help newbies to learn. HonorFX also offers swap-free Islamic accounts. The broker has a low minimum deposit and 15+ funding options, including cryptocurrencies. Finally, the broker has super-responsive customer support.
On the other hand, HonorFX does not offer other trading platforms such as the predecessor of MT5 or cTrader or any other. The broker requires a minimum deposit of $100. In addition, HonorFX does not offer zero spread accounts. The broker does not accept clients from some countries, and the US is one of them. Moreover, the broker does not hold a banking licence, is not traded on any stock exchange, and does not publicly disclose its financial information.
Let’s summarise the advantages and disadvantages of trading with HonorFX:
- World-class MT5 trading platform
- Commission free investing and trading
- Spreads from 0.2 pips
- No deposit and withdrawal fees
- 275+ trading instruments
- Market updates
- Trading videos
- Multiple accounts types
- 24/5 customer support
- Islamic accounts
- Demo accounts
- Cryptocurrencies to trade
- Variety of funding options including Cryptos
- Easy funding and fast withdrawal
- Licensed and regulated
- Only MT5 offered
- Limited educational and research resources
- $100 minimum deposit
- No US clients
- No customer support at weekends
- Inactivity fee
HonorFX offers 275+ trading instruments over a wide range of asset classes: FX Major, FX Crosses, FX Minor, Spot Metals, CFDs, Spot Indices, Shares, Cryptocurrencies. You can trade 40+ FX pairs, numerous commodity and energy futures, 90+ indices, 65+ stocks, and 8+ cryptocurrency CFDs.
On the other hand, HonorFX does not offer other popular asset classes such as options, bonds and ETFs. It would be nice to see these trading instruments in the broker’s trading portfolio.
HonorFX Instruments Summary
Commission and Spread Fees
HonorFX provides traders with trading at such low trading costs. You can open three account types and choose to trade from tight spreads as low as 0.2 pips without any commission fees. The broker does not offer zero spread accounts; however, this is because HonorFX does not charge any commission fees.
|Commission (per standard lot per side)||$0||$0||$0|
Deposit and Withdrawal Fees
HonorFX does not charge any deposit or withdrawal fee while using over 15 funding methods, including cryptocurrencies. However, you should check with your service provider (funding option) if they charge any fee per transaction.
If an account is declared inactive (no trading activity) for six months, the company will charge a 5 USD inactivity fee. These costs will be assessed after the six-month period in which the customer has been inactive and each month until the account is designated as Active.
HonorFX offers the most popular multi-asset MetaTrader 5 trading platforms. The broker offers MT5 on multiple devices. In addition, the broker has impressive tools such as VPS service and a trading glossary.
MetaTrader 5 (MT5)
Clients of HonorFX get access to the most popular multi-asset trading platform, MetaTrader 5 (MT5). Millions of traders from all around the world utilise the MetaTrader platforms. They are noted for having a user-friendly interface as well as a plethora of features and functionality to provide a seamless trading experience.
MetaTrader 5 platforms are appropriate for traders of all levels of expertise. Web versions of the MT5 platform are accessible through popular browsers or may be downloaded for free for desktop and mobile devices. The desktop platform includes all of the functionality, whilst the web platform may be accessed directly through most current web browsers without downloading and installing any extra software. The MetaTrader mobile trading app is beneficial for traders who want to trade on the move. It is compatible with both Android and iOS devices.
Salient features of the MetaTrader 5 platforms include:
- Price quotes in market watch
- 21 timeframes
- 3 chart types
- Multi-threaded and Multi-currency strategy Tester
- 275+ Supported Markets
- Immediate or Cancel Return order Fill Policy
- Unlimited charts at once
- Email System
- 44+ Graphical Objects
- 6 Pending Order Types
- 38 Technical Indicators
- Multiple order types
- Drawing objects
- Economical calendar with the latest market news
- Automated trading via EAs
- MQL programming interface
- MQL marketplace
- Available for Windows, macOS, web and mobile devices
When trading online with HonorFX, you may use a variety of tools to assist you in making informed trading decisions.
You can keep up with the latest moves and developments in the financial markets. HonorFX has a skilled research team that chooses information from throughout the industry for the broker. This can aid in the fundamental analysis of different markets.
A VPS (virtual private server) enables you to keep your trading platform operational all the time propbably 99.9% uptime 24/7. HonorFX clients can subscribe to a forex VPS hosting service from an external third-party supplier (MetaQuotes), ensuring that trades are disrupted as little as possible due to technological or internet errors.
The broker maintains an A-Z Terms of Business Glossary of financial words, definitions, and explanations related to trading and markets in general.
The technical analysis section provides technical analysis of different financial assets. You may discover upcoming trade opportunities within this section. Any trading pair’s technical analyses involve pivot points, support, resistance, chart patterns and indicator-based results. Combined, all of these factors provide trade opportunities and explain the overall market sentiment.
HonorFX Platforms Summary
|MetaTrader 4 (MT4)||x|
|MetaTrader 5 (MT5)||✓|
On their website, HonorFX provides a good assortment of educational resources. These are designed to help you improve your trading knowledge and increase your trading skills.
However, It’s worth noting HonorFX does not offer other proprietary research tools such as AutoChartist, Trading Central and trading calculators. Moreover, the broker does not hold podcasts, webinars or seminars to interact with its clients. We know that traders like to interact with the brokers’ professionals and ask questions regarding their trading strategies and analysis. It would be nice to see those research tools and webinars or an alternative educational resource.
HonorFX provides a series of trading videos that are suitable for both novices who want to learn more about trading and experienced traders who want to refine their methods. These basic and advanced trading lessons are designed to increase your trading expertise and broaden your awareness of the markets as a whole.
HonorFX offers extensive training tools like Guides and PDFs to traders of all experience levels to further develop their understanding of the financial markets. You may learn about trading from the basics all the way up to the expert level. A beginner’s approach to Forex trading eBook is also available for free download.
Daily Market Reports
HonorFX offers daily market reports of global markets and the most concerning factors that could shape the market.
In addition, the broker includes a frequently asked questions area where you can discover answers to frequently asked questions regarding HonorFX, trading, accounts, and other topics.
HonorFX Research and Education Summary
HonorFX provides 16 payment methods for deposit and withdrawal. The good part is, the broker does not charge any deposit or withdrawal fee. You can fund your account or withdraw funds from it via bank transfers, credit/debit cards, electronic wallets and cryptocurrencies.
Here is the summary of the funding options and the support currencies:
- Bank transfers: AED, USD, EUR
- Credit/Debit Cards: USD, EUR, GBP
- Local transfers: MYR, IDR, THB, and VND
- Digital wallets: USD, EUR, GBP, BTC, IDR
HonorFX Funding Summary
HonorFX is a registered trademark of Honor Capital Markets Limited. The broker has its headquarters in St. Vincent and the Grenadines and is authorised and regulated by the Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company, the Financial Services Commission (FSC) of the Republic of Mauritius with an Investment Dealer licence and the Labuan Financial Services Authority (LFSA) Malaysia.
HonorFX Regulation Summary
|SFC (Hong Kong)||x|
|Other (FSA, FSC, LFSA)||✓|
HonorFX is a brand name of Honor Capital Markets Limited (Mauritius), Honor Capital Markets Limited (Malaysia) and Honor Capital Markets Limited (St. Vincent and the Grenadines). Honor Capital Markets Limited is not a publicly-traded company. Neither does the company hold a banking licence nor disclose its financial statements in public.
The United States, Japan, British Columbia, Mauritius, Quebec, and FATF blacklisted nations are not eligible for services under the Honor Capital Markets Limited brand. Due to regulatory constraints, some HonorFX broker services and products described may not be available to traders from specific countries.
Several regulatory licences establish HonorFX’s reputation in various parts of the world, helping ensure that the broker follows fair business practices and conform to local laws and regulations.
HonorFX provides customer support via live chat, phone and email 24/5. Therefore, if you have a conern during weekends, your query will be answered on the coming Monday.
Overall, HonorFX is a trading broker that can meet the demands of clients from all over the world with varying degrees of expertise and particular requirements. They provide hundreds of trading products, narrow spreads, zero commissions, educational resources, trading tools, and no-fee deposits and withdrawals. There are several account types, and customer service is accessible 24 hours a day, five days a week, to answer any questions you may have.