HonorFX Detailed Review
HonorFX Detailed Review

As HonorFX broker recently showed up on the financial scene, we’ve decided to give it a short glance and determine whether it’s worth your money. We’ve found some exciting things, so let’s dive into our HonorFX review and unveil it all.

Broker status:Regulated Offshore Broker
Regulated by:FSC Mauritius, LFSA
Scammers Websites:https://honorfx.com/
Blacklisted as a Scam by:No Info
Owned by:Honor Capital Markets Limited
Headquarters Country:Mauritius / Malaysia / Saint Vincent and the Grenadines
Foundation year:2020
Supported Platforms:MT5
Minimum Deposit:$100
Cryptocurrencies:Available – BTC, XRP, ETH – 20+
Types of Assets:FX, commodities, indices, shares, cryptocurrencies
Maximum Leverage:1:500
Free Demo Account:No
Accepts US clients:No

HonorFX Regulation and Security

HonorFX is a relatively new broker, established last year. However, it has already gathered a significant number of investors, all of them questioning the broker’s license. Therefore, we’ve decided to analyze the problem and find out what the issue would be. 

The broker is owned by Honor Capital Markets Limited and has been registered in 3 countries – Mauritius, Malaysia, and Saint Vincent and the Grenadines. With two of those being offshore, you would expect the company to have at least one valid license – the Securities Commission of Malaysia. Yet, we were disappointed to learn the company chose Labuan instead, going after the LFSA license. This practically means that none of the authorities are Tier1 regulators, and none of them oblige companies to form a compensation fund.

All of the above means your funds are at high risk, and you should think twice before investing with such a firm.

Also remember the names of the SeaLTD, Smart Trade Group and Global GT trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Fund Withdrawal Issues With HonorFX

As expected from an offshore brokerage, HonorFX causes lots of issues when it comes to withdrawals. According to clients’ complaints, none of them can actually get their funds back. After they submit a withdrawal request, their account managers try to persuade them to give up on it because there’s always one more trading opportunity that will double the profit.

Those who accept quickly learn that it means they will lose everything. On the other hand, those who keep insisting are suspended from accessing their own accounts.

Whatever you do, the outcome is the same – you will not get your funds back easily.

Traders About HonorFX Scam

We are not the only ones who noticed that something about HonorFX is not as straightforward. Many investors filed official complaints after several suspicious events – some of them were prompted to install AnyDesk or similar software so the account manager could access their online banking.

Some noticed trades they had never opened or early closed trades they wanted to keep. And, of course, some cannot access their funds or log in to their trading account.

Whatever issue you have, file a complaint immediately!

In addition, we strongly advise you not to invest in FlexInvest, AvaChoice and EuroFX fraudulent brokers. So don’t fall for these dishonest scam brokers!

Deposit Bonuses As A Scam Tactic

One of the most used scamming techniques to prevent clients from withdrawals is definitely using bonuses. HonorFX offers bonuses of 30%, 100% credit bonus, a $50 bonus on the initial deposit, 50% for IB partnership, and different promotions for bringing friends or family members to the company.

As you can tell, they tried really desperately to sell you one of these programs that implies you won’t be able to withdraw your funds until you reach an impossible rollover within 30 days.

How Does Online Trading Scam Work?

Online trading scams usually start by seeing a trading ad promising a brighter future if you join the financial market. And it would be true if you haven’t come across fraudulent brokerage without a proper license, such as HonorFX. To avoid such situations, make sure that your broker has a Tier1 regulation and a compensation fund you could be reimbursed from.

Scammed by HonorFX? – Tell Us Your Story

If you were scammed by HonorFX or a similar bogus brokerage, let us know. Our chargeback specialists will help you file a dispute and request your money back.

But What Is A Chargeback?

If you can prove that you’ve scammed online, your bank has a way to retrieve your funds directly from the merchant. For further details, contact us via online chat and book your free consultation with our experts.

What Is HonorFX?

Simply put, this is an offshore online trading brokerage operating on the financial market. So beware of fraud and withdrawal issues!

Is HonorFX A Scam Broker?

Absolutely, HonorFX has been accused of not processing withdrawal requests.

Is HonorFX Regulated?

Yes, HonorFX has offshore regulations from Mauritius and Labuan.


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