HonorFX: trader reviews on the service and trading conditions, activity analysis
**HonorFX: traders’ opinion and conditions analysis**
The brokerage firm HonorFX may seem like a reliable intermediary at first glance, considering its official registration, licensing, and transparent cooperation conditions. However, opinions on the quality of trading with HonorFX are extremely contradictory, with serious accusations against the company. It is important to consider both the promises of the intermediary and the position of dissatisfied clients before making a decision. Details below.
Main information about HonorFX
The HonorFX brand belongs to Honor Capital Markets Limited, registered in various offshore zones such as Saint Vincent and the Grenadines or Mauritius. The company’s website is quite well done, providing information about registration, the option to communicate through live chat, and links to social networks. However, there are almost no user reviews and comments, or they are quickly deleted, but the pages remain active, allowing for a general overview of the company.
The honorfx.com website has been operating since 2018. At that time, brokerage services were actively offered, although the regulator’s license was obtained only in 2020. Thus, for over two years, HonorFX operated illegally. Although the license has been obtained, the company’s honesty remains questionable.
According to the Terms of Use, the user of honorfx.com enters into an agreement with Honor Capital Markets Limited, registered in Saint Vincent and the Grenadines. The user becomes a client of this branch, and all claims should be discussed within the jurisdiction of the islands. However, the government of Saint Vincent and the Grenadines has stated that it does not license, control, or supervise the activities of brokers.
Regulation in Russia
In Russia, the Central Bank acts as the state regulator, issuing licenses to both domestic and foreign brokers targeting clients from Russia. HonorFX meets all the criteria suitable for obtaining permission to operate from the Central Bank. However, such permission has not been obtained, and instead of honest interaction, the company chose to apply deceit, leading to numerous negative reviews and its inclusion in the Central Bank’s blacklist.
Accounts and trading conditions at HonorFX
The MetaTrader 5 platform is offered for trading. Clients have access to three types of accounts: “Standard,” “ECN,” and Islamic, with a minimum deposit of $100. Trading assets include currencies, cryptocurrencies, commodities, indices, CFDs, and metals. However, a leverage ratio of 1:500 is a gross violation of international regulators’ requirements. Additionally, liquidity providers or banks where clients’ funds are held are not specified.
In the Terms and Agreements, it is noted that the company is not responsible for the accuracy of the provided data, has the right to change conditions without notice, and access to the website is provided on a temporary basis. This allows scammers to freely change cooperation conditions and manage clients’ funds.
Traders’ reviews on HonorFX
In the Russian-speaking segment of the Internet, many reviews about working with HonorFX can be found, and most of them are extremely negative. Examples of reviews are provided below.
Deception methods at HonorFX
HonorFX scammers have embedded their fraudulent schemes in the company’s legal documents. For example, traders are prohibited from complaining about quote changes, giving scammers the opportunity to manipulate prices. In addition, fund withdrawals are extremely difficult, and many clients face problems when contacting customer support.
HonorFX managers offer various bonuses for depositing funds in cryptocurrency at the account registration stage. Such transactions are not tracked and cannot be revoked through chargebacks, allowing scammers to transfer clients’ funds to their advantage.
Expert assessment of HonorFX reliability
Despite having licenses from regulators, HonorFX is not a reliable intermediary. In Russia, the company has already been blacklisted by the Central Bank, and a multitude of negative reviews indicate that HonorFX does not comply with laws and deceives clients, leading to the loss of their deposits.