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HonorFX Broker Review

We’ve chosen to take a quick look at HonorFX broker as it only just entered the financial market in order to establish whether it’s worthwhile for you to invest in. Let’s go into our HonorFX review and reveal all we’ve discovered.

Broker status: Regulated Offshore Broker
Regulated by: FSC Mauritius, LFSA
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

A relatively new broker, HonorFX was founded only last year. But a sizable number of investors have already come forward, all of whom are doubting the broker’s licensing.

Honor Capital Markets Limited owns the broker, which is licensed to operate in Mauritius, Malaysia, and Saint Vincent and the Grenadines. You would anticipate the corporation to have at least one active license, the Securities Commission of Malaysia, given that two of those are overseas. We were sorry to find that the business decided to pursue the LFSA license in Labuan rather. As a result, it may be said that none of the agencies are Tier 1 regulators and that none of them require businesses to establish compensation funds.

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

Fund Withdrawal Issues With HonorFX

HonorFX has a lot of withdrawal troubles, which is to be anticipated from an offshore brokerage. Customers claim that none of them can genuinely get their money back. The moment they seek a withdrawal, their account managers attempt to convince them to give up since there will always be another trading chance that will result in a profit increase.

Accepting it means losing everything, as those who do so rapidly discover. On the other side, people who are persistent lose access to their own accounts. You won’t be able to simply get your money back, no matter what you do.

Traders About HonorFX Scam

We are not the only ones who have recognized that HonorFX lacks some simplicity. After a number of questionable occurrences, several investors filed formal complaints; some of them were instructed to install AnyDesk or comparable software so the account manager could access their online banking.

Some people were aware of transactions they had never entered or early terminated deals they had wished to preserve. Of course, some people have trouble logging in to their trading accounts or accessing their money.

Deposit Bonuses

The usage of incentives is undoubtedly one of the most prevalent scams used to stop customers from withdrawing money. HonorFX provides a variety of benefits, including a 30% bonus, a 100% credit bonus, a $50 bonus on the initial deposit, a 50% bonus for IB partnerships, and numerous promotions for referring friends and relatives to the business.

As you can see, they made a valiant effort to offer you one of these schemes, which suggests that you won’t be able to withdraw your money unless you accomplish an impossibly quick rollover within 30 days.

Online trading scams typically begin with a trade advertisement that tempts you to enter the financial market with promises of a better future. And it would be true if you had never encountered a dishonest brokerage operating without a valid license, like HonorFX. Make sure your broker has a Tier1 regulation and a compensation fund you may be compensated from to prevent similar occurrences.

Are you having trouble successfully requesting a withdrawal from your broker? Tell us about it and add a comment.[/vc_column_text][/vc_column][/vc_row]