Question 1

Is HonorFX regulated and safe for traders?

FXScope Intelligence Lab · Accepted Answer

HonorFX is rated as a Red-listed offshore broker operating through Honor Capital Markets Limited, registered in Malaysia, Mauritius, and St. Vincent & The Grenadines. The Spanish regulator CNMV issued a warning against HonorFX in January 2022, and the French watchdog AMF blacklisted the broker in April 2022. While HonorFX has offshore licenses in Mauritius and Labuan, these do not entitle the broker to offer financial services in other regulatory regimes such as the EEA. Clients of offshore brokers are not entitled to investor protection schemes or financial ombudsman services, increasing risk in an already high-risk segment.

Question 2

Is HonorFX beginner-friendly?

FXScope Intelligence Lab · Accepted Answer

HonorFX offers educational resources including educational videos and daily news analysis. The broker provides multiple account types including Standard and Premium accounts with no commission fees, making it potentially accessible for beginners. However, offering maximum leverage of 1:500 violates regulatory requirements in many jurisdictions and poses significant risk, especially for inexperienced traders. The lack of investor protection and regulatory warnings make it unsuitable for beginners who may not fully understand the risks.

Question 3

What are HonorFX's trading costs and account types?

FXScope Intelligence Lab · Accepted Answer

HonorFX offers three main account types: Standard Account (1:500 leverage, spreads from 1.5 pips, no commission, swaps apply), Premium Account (1:500 leverage, spreads from 1.8 pips, no commission, no swaps), and ECN Account (1:200 leverage, spreads from 0.2 pips, $7 per lot commission, swaps apply). The broker offers trading on 275+ instruments including forex, indices, stocks, and futures through the MT5 platform. No deposit fees are charged, but regional restrictions apply for residents of USA, Japan, British Columbia, Mauritius, Quebec, and FATF blacklisted countries.

Question 4

Why has HonorFX been red-listed by regulators?

FXScope Intelligence Lab · Accepted Answer

HonorFX has been red-listed primarily due to regulatory warnings from major authorities including the CNMV (Spain) and AMF (France) in 2022. The broker operates with offshore licenses that don't authorize services in regulated jurisdictions like the EEA. Additionally, offering maximum leverage of 1:500 violates regulatory requirements in EEA jurisdictions. Recent website traffic analysis shows a massive drop in visitors and average visit duration lasting only seconds, suggesting operational issues. The combination of regulatory warnings, inappropriate leverage offerings, and declining business metrics led to the red compliance rating.

Question 5

What payment methods does HonorFX accept?

FXScope Intelligence Lab · Accepted Answer

HonorFX accepts 16 different payment methods according to their official website. However, the specific payment methods are not detailed in the available information. The broker mentions accepting various payment options to accommodate different regional requirements, including offering swap-free Islamic accounts for Middle Eastern traders. Potential clients should consult the broker's payment methods section directly for the complete list of supported payment options in their jurisdiction.

Question 6

How is HonorFX's customer service and support?

FXScope Intelligence Lab · Accepted Answer

HonorFX provides customer service 24/5 according to their website. The broker can be contacted through their helpdesk at helpdesk@honorfx.com and phone numbers +97142105333 and 1900292920. The support appears to be focused on serving clients in their primary markets of India, Pakistan, Vietnam, and other Asian countries, as well as the Middle East region where the company is based in Dubai. The recent compliance warnings and operational issues may affect service quality, but specific customer service performance metrics are not publicly disclosed.

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