HonorFX Review

Minimum Deposit: $100 VISIT BROKER
Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

HonorFX is an online forex and CFDs broker that provides MT5 trading platforms for clients all over the world to trade on major markets in a variety of asset classes such as Forex, Indices, Shares, Spot Metals, Energies and Cryptocurrency. The broker offers very competitive trading costs and environments, such as narrow spreads as well as a wide choice of training resources and trading tools to help traders.

HonorFX Review


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 a reasonable range of over 275 financial products to trade via the popular and powerful 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 provide you with education and research so that you can make informed decisions.

7.8Expert Score
HonorFX Rating

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.

Trading Products
Commissions and Fees
Platforms and Tools
Research and Education
Deposit and Withdrawal

HonorFX Review

Pros and Cons

HonorFX is a regulated CFD broker that provides trading products and 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 in MT4, cTrader or any other. The broker requires a minimum deposit of $100 which is not the lowest when you consider some brokers such as TD365 let you get started with just $1. In addition, HonorFX does not offer zero spread accounts so might not be ideal for scalping. The broker does not accept clients from some countries, with the USA being one of them. If you are from the USA, you might want to take a look at Oanda instead. 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
  • Rebates
  • 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 Review

Trading Products

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.

HonorFX Markets
HonorFX Markets

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. If these are markets that you are looking for, then you might want to consider having a look at IG instead.

HonorFX Instruments Summary

HonorFX Instruments

HonorFX Review

Commission and Fees

Commission and Spread Fees

HonorFX provides traders with decent 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. When all things are taken into account, the difference in price may not be that noticeable unless you are trading significant volume. If that is the case, then you might want to consider IC Markets as they have raw spreads starting from 0.0 pips and ECN execution with a large pool of liquidity providers to ensure superior pricing.

Fee Standard ECN Islamic
Commission (per standard lot per side)$0$0$0
Spreads from1.20.21.5
HonorFX Fees

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.

Inactivity Fees

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. There are other brokers who do not charge inactivity fees, including Eightcap.

HonorFX Review

Platforms and Tools

HonorFX offers the multi-asset MetaTrader 5 trading platforms for all convenient trading on all of your devices, including desktop, web and mobile. In addition to the plethora of trading tools already built-in the MT5 platform, the broker includes some useful resources such as a free VPS service and market analysis to help inspire trade ideas.

HonorFX Trading Platform
HonorFX Trading Platform

MetaTrader 5 (MT5)

Clients of HonorFX get access to the 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 whilst on the move. It is compatible with both Android and iOS devices. I find the app a pleasure to use, with a simple yet effective layout and easy navigation. You can do all of your trading activity in just a few clicks via the modern and sleek app.

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
HonorFX Trading App
HonorFX Trading App


When trading online with HonorFX, you may use a variety of tools to assist you in making informed trading decisions.

News Analysis

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.

VPS Hosting

A VPS (virtual private server) enables you to keep your trading platform operational all the time with 99.9% uptime. 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. If you want to run automated systems 24/7 around the clock, you can get a free VPS from some other brokers including Switch Markets.


The broker maintains an A-Z Terms of Business Glossary of financial words, definitions, and explanations related to trading and markets in general. This is pretty basic but still handy to have, especially if you are an absolute beginner. If that is the case, IronFX have lots of guides and videos to help bring you up to speed with the markets.

Technical Analysis

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)
Social Tradingx
HonorFX Platforms

HonorFX Review

Research and Education

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, I think it is worth noting that 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. I would suggest having a look at GO Markets because they provide free access to both Autochartist and Trading Central. These are excellent tools for analysing the markets and finding opportunities.

Trading Videos

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.

Trading Guides

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.

FAQ section

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

Market Analysis
Trading Centralx
Economic Calendar
HonorFX Resources

HonorFX Review

Deposit and Withdrawal

HonorFX provides 16 payment methods for deposit and withdrawal. The good part is, the broker does not charge any deposit or withdrawal fees. 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

Payment MethodDepositWithdrawal
Wire Transfer
Credit/debit Card
Electronic Wallets
HonorFX Funding Options

HonorFX Review

Regulation and Safety

HonorFX is a registered trademark of Honor Capital Markets Limited. The broker has its headquarters in St. Vincent and the Grenadines and is registered by the Financial Services Authority (FSA) of St. Vincent & The Grenadines as an International Business Company, and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with an Investment Dealer licence and the Labuan Financial Services Authority (LFSA) Malaysia. If you are looking for a top-tier regulated broker, AvaTrade are regulated in multiple jurisdictions.

HonorFX Regulation Summary

ASIC (Australia)x
IIROC (Canada)x
CySEC (Cyprus)x
SFC (Hong Kong)x
JFSA (Japan)x
MAS (Singapore)x
FINMA (Switzerland)x
Other (FSA, FSC, LFSA)
HonorFX Regulators

HonorFX Safety

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 Review

Client Support

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. I think they could improve by extending support hours to weekend to keep up with competitors such as Hugo’s Way.

HonorFX Review


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. However, I feel they could improve regulations, add weekend support and I would also like to see them lower the minimum deposit requirement. Other than that, they are a broker worth consideration for anyone who if looking to trade online with minimal fuss.

Everything that you find on InvestingBrokers.com is based on information and data that is readily available from each broker that we have reviewed. We combine our 15+ years of industry experience with research, analysis and user feedback. This enables us to give an impartial and reliable broker rating. You can read more about our broker review process here.

HonorFX Review


When was HonorFX founded?

HonorFX was founded in 2017.

Where is HonorFX located?

HonorFX’s headquarters are located in St. Vincent and the Grenadines. However, they also have offices in the Republic of Mauritius and Malaysia.

Is HonorFX regulated?

HonorFX is authorised and regulated by FSA, FSC and LFSA.

What trading instruments does HonorFX offer?

HonorFX offers 275+ trading instruments over multiple asset classes such as forex, CFDs, indices, stocks, commodities and cryptocurrencies.

What is HonorFX’s minimum deposit?

HonorFX requires a minimum deposit of $100.

What trading platforms does HonorFX offer?

HonorFX offers access to trade with MetaTrader 5 on multiple devices and through web browsers.

What is HonorFX’s commission fee?

HonorFX does not charge any commission fee on any account types or asset class.

Does HonorFX charge an inactivity fee?

HonorFX charges an inactivity fee of $5 from the accounts where no trading activity has been conducted during the past 6 months.

What are HonorFX’s spreads?

HonorFX offers variable spreads starting from 0.2 pips.

What funding options does HonorFX offer?

HonorFX offers various funding options such as wire transfers, debit/credit cards, e-wallets and cryptocurrencies.

Does HonorFX offer demo trading?

Yes, HonorFX offers demo trading as a way to try out the brokers trading products and services.

Does HonorFX offer Islamic accounts?

Yes, HonorFX offers swap-free Islamic accounts.

How do I contact HonorFX customer support?

HonorFX’s customer support can be reached 24/5 via live chat, phone or email.
HonorFX Review
HonorFX Review
Minimum Deposit: $100
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