The broker HonorFX is a fairly new addition to the field of online CFD brokers, having been licensed in 2020. It is a brand name for the parent company Honor Capital Markets Limited and is fully licensed and regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer license.
The broker offers CFD trading on over 5 asset classes and 165+ trading instruments in three different account types, including an Islamic account which is swap-free in accordance with Sharia laws. There is also a demo account available to test the broker and platform.
The broker offers the world class MetaTrader 4 and MetaTrader 5 platforms for desktop and mobile. The following review will provide additional details regarding the broker and its conditions.
HonorFX Pros and Cons
As we mentioned above Honor FX is licensed and regulated by the Financial Services Commission of the Republic of Mauritius under license number GB200225826. That should give prospective clients a degree of confidence that the broker will act in all fairness with all funds, accounts and trading activities.
There are three different trading accounts available from HonorFX, which should cover the needs of any type of trader. They also include a demo account for anyone to register and test the trading conditions on the platform. The demo account is also very useful in testing trading strategies before using them with real money.
Metatrader 4 is the preferred trading platform at HonorFX and for good reason. It is an award-winning trading platform that nearly anyone with trading experience has been exposed to at some time. Metatrader 4 is famous for the wide variety of tools and indicators it offers, as well as the automated trading made possible by the use of Expert Advisors. It is hard to beat the technical analysis capabilities of Metatrader 4.
In addition to Metatrader 4 traders also have access to the next generation Metatrader 5 platform. This newer version of Metatrader excels at order management, with eight different pending orders and four different order execution modes. It also provides a hedging option system and gives traders the ability to open and scan up to 100 charts concurrently. Other features added include direct news streaming and an economic calendar.
There are five asset classes available from HonorFX. These are:
HonorFX has 40 different currency pairs available for trading, including all the popular pairs like the EUR/USD, GBP/USD, and JPY/USD. In addition to these fiat currencies there are over 8 different cryptocurrencies available, including Bitcoin, Litecoin, and Ethereum. In terms of stocks there are more than 90 global equity shares as CFDs, and if you prefer indices you are having a choice at HonorFX with more than 10 global indices. Commodities make a small appearance and traders have access to precious metals, base metals and energy products.
HonorFX does claim to offer access to free trading education, and expert news and analysis, but it is not available directly from the website. It appears that you must first register and fund an account before you get access to these educational materials and research. With that said we cannot comment on the range or quality of educational materials and research at HonorFX.
Customer support at HonorFX is provided via email, telephone, or online chat. Support is offered Monday through Friday from 10:00 GMT to 19:00 GMT. This is an area that could use some improvement. The website also says support response could take up to 24 hours.
We contacted the support center with some basic questions and while the responses were professional and accurate, there was nothing spectacular about the support given. It was quick though, so in normal circumstances it does not appear as if you will need to wait the 24 hours mentioned on the website.
Overall the offerings and characteristics of HonorFX are quite acceptable for experienced and new traders. There is a nice choice of account types, customer support is satisfactory, the assets being offered cover most everything a trader would want, and of course the broker in regulated to inspire trust.
We were pleased to see the broker offers both MetaTrader 4 and MetaTrader 5. Traders looking to enter the forex markets will appreciate the access to MetaTrader 4 since it excels at forex trades. Those looking to trade stock and commodity CFDs will likely prefer MetaTrader 5 as it excels at these asset types.
Whether you are a beginner or an experienced trader there will be something of value for you at HonorFX.