HonorFX Review

Honorfx Logo

Established in 2017, HonorFX is a retail trading broker that is based in Saint Vincent and the Grenadines. They provide traders with the MT4 and MT5 trading platforms for trading multiple financial assets, including forex, indices, shares, spot metals, cryptocurrency, and CFDs. Their clients enjoy various favorable trading conditions, such as tight spreads, leverage of up to 1:500, zero deposit fees, and more. In addition, there are various learning and trading tools and a client support team to assist traders. The minimum deposit required to start trading is $100.

HonorFX Financial Instruments

HonorFX offers a wide range of instruments to trade. It included Forex, Indices, Cryptocurrencies, Stocks, and Futures.

HonorFX Markets
HonorFX Markets

HonorFX Platforms

HonorFX provides traders with the MT4 and MT5 trading platforms. These are some of the most popular trading platforms in the industry. While the MT4 was launched in 2005 with an avalanche of helpful trading tools, the MT5 came later in 2010 with even more advanced trading features and functionalities. These platforms’ built-in features include charting tools, market indicators, scripts, expert advisors, advanced risk management tools, real-time market execution, and more. The MT4 and MT5 trading platforms are available as a desktop application for Windows and Mac computers and a mobile app for Android and iOS devices. In addition, there is a web version that can run directly on most modern web browsers — Chrome, Safari, Firefox, and Edge — without needing to install any additional software.

HonorFX Trading Apps
HonorFX Trading Apps

MetaTrader 4

MetaTrader 4, generally known as MT4, is a sophisticated trading platform that allows users to make and automate complex trading strategies. It also gives customers a variety of market indicators to utilize while trading. It’s extremely beneficial for foreign exchange (forex) trading, although it may be used in a different range of marketplaces. MetaTrader is completely free to download and use. Consider contacting a financial adviser if you want to learn more about the sophisticated data accessible via MT4. MetaTrader has been in existence since 2005 and is a very popular trading platform. MetaQuotes, a software business, created it. As the name implies, it has many versions, with MetaTrader 4 being the most prevalent.

HonorFX MT4 Platforms
HonorFX MT4 Platforms

Seasoned traders will have an easier time using all the platform has to offer. Beginners should also have an easy time navigating the site’s interface. While customers will not be able to contact live customer care, they will utilize a range of educational material and tutorials to help them grasp the platform as a whole. Customers may automate their trades by programming custom indicators in MetaTrader 4’s proprietary coding language, one of the most beneficial features. The platform is different in over 30 languages and allows you to copy the activity of other successful traders. While MT4 is best known as a forex trading platform, it may also be used for trading in other markets such as options and futures.

MetaTrader 4 may be used on your desktop by simply downloading and running the program on any computer that runs Mac OS, Windows, or Linux. By downloading the MetaTrader 4 app, you may utilize MT4 on your Apple or Android mobile device.

MetaTrader 5

MetaTrader 5 is the most popular multi-asset trading platform that lets you trade Forex, stocks, and futures. It provides improved tools for in-depth price analysis, the use of algorithmic trading apps (trading robots, Expert Advisors), and copy trading. The MetaTrader 5 multi-asset platform includes the hedging method, which allows establishing numerous positions in the same financial instrument, either in opposing or the same direction. This function is popular in Forex trading. MetaTrader 5 provides a robust trading system with Market Depth and a system of separate order and trade accounting. It supports the classic netting and the hedging option systems for order accounting. To satisfy various trading goals, four order execution options are available: instant, request, market, and exchange execution. The platform supports all trade orders, including market, pending, stop orders, and trailing stop.

HonorFX MT5 Platforms
HonorFX MT5 Platforms

With such a wide range of order types and execution options, traders may use any trading technique to succeed in financial markets. The platform embodies the all-in-one philosophy and provides powerful analytical tools. It enables you to open up to 100 currency and stock quote charts simultaneously. The 21 accessible timeframes allow for in-depth analysis of every minor price fluctuation. Over 80 technical indicators and analytical tools, including graphic objects, allow extensive analysis of quote dynamics. Furthermore, the terminal’s analytical resources are not restricted to built-in tools.

Traders may pick from thousands of free indicators in the Code Base, buy or rent applications from the market of over 2500 ready-made algorithmic apps, and request bespoke indicators from expert programmers through the Freelance service. You may construct your indication with your unique qualities using the great performance of the MQL5 programming language. All of these capabilities improve your platform’s analytical capacity and your ability to do the most extensive and accurate technical analysis of quotes. Another approach for forecasting the price dynamics of financial instruments is fundamental analysis. The goal is to constantly examine various open-source economic and industrial indicators. MetaTrader 5 provides direct access to original fundamental data.

International news agencies’ news reports are streamed straight into the platform, providing you with critical financial information. The economic calendar displays various countries’ most important macroeconomic indicators, enabling traders to assess their influence on various financial instruments.

Stay connected and make better-informed trading decisions with access to financial news and an economic calendar right from your platform. Suppose you don’t have time to trade manually or analyze trading markets. Subscribe to a successful trader’s signal, and MetaTrader 5 will automatically replicate all of his trades on your account. Choose from hundreds of free and premium signals accessible for a demo or real accounts, each with its own risk and profitability level. You may subscribe to the chosen signal source in only a few clicks, and your platform will trade automatically for you. You may either watch trading outcomes or depend entirely on signal behavior. You no longer need to trade on your own with the MetaTrader 5 copy trading option. Algorithmic Trading is one of your MetaTrader 5’s most impressive capabilities. This characteristic denotes automated trading using specialist apps — trading robots (Expert Advisors). The robots work independently of the trader, analyzing quotes and carrying out trading activities in accordance with an underlying algorithm.

HonorFX Trading Tools

To help traders get an enhanced trading experience, the broker makes available a good selection of standalone trading tools, such as technical analysis and VPS hosting tools.

HonorFX VPS

A Forex Virtual Private Server, also known as a Forex VPS, is a virtual computer that operates independently, just like a real computer, and through this service, the broker assists traders in deploying their MT5 expert advisors, also known as robots, on a dedicated server that will run 24/7 without interruptions, independently from the trader’s own computer, and without any effort on the trader’s part. HonorFX VPS hosting keeps you permanently connected to the internet and allows you to continue trading, providing you with protection and security against unforeseen system outages.

Trading Central

HonorFX has teamed with Trading Central to provide the customers with a unique Technical Analysis. Trading Central is the world’s first financial market research solutions supplier that combines senior analyst experience with automated algorithms.

Trading Central
Trading Central

This patented pattern recognition system continuously analyses the market to present traders with actionable trading strategies based on award-winning methodology. Meanwhile, a worldwide team of expert market technologists is on hand to check all analytical output, ensuring that only the finest analysis is disseminated.

HonorFX Research & Education

The broker is aware of the importance of educational resources to the overall trading competence of clients. As a result, they make available a good selection of educational resources on the broker’s website. These educational resources include a forex glossary, video tutorials, e-books, and several learning articles. Under the e-book learning category, HonorFX covers all the main topics like forex risk management, optimizing forex trading profits, money management for forex traders, and a guide to strategic forex trading. The glossary section extensively covers important financial terms in alphabetic order. You will find clear definitions and terminologies here.

HonorFX Trading Accounts

HonorFX offers a choice of three live trading account options, namely: Standard, ECN, and Islamic accounts. The minimum deposit required to start trading is $100. In addition, a demo account option is available to help traders practice their trading strategies before implementing them on the live trading account options.

HonorFX Account Funding

Traders can deposit and withdraw funds to and from their trading accounts using any of the following payment methods:  bank wire transfers, credit/debit cards, and some online payment gateways, such as Neteller and Skrill.

HonorFX Customer Service

The broker’s clients can send all their trading inquiries to a responsive client support team who are available 24/5 and can be contacted via telephone, email, and Live Chat.

HonorFX Regulation

HonorFX is a brand name of Honor Capital Markets Limited. They are regulated by the Financial Services Commission of the Republic of Mauritius (FSC) with an Investment Dealer License.

HonorFX FAQ

What is the HonorFX minimum deposit?

HonorFX requires a 100$ minimum deposit for its Standard account.

Where is HonorFX based?

HonorFX is based in Mauritius.

When was HonorFX founded?

HonorFX was founded in 2017.

What are the HonorFX platforms?

HonorFX offers MetaTrader 4 and MetaTrader 5 trading platforms.

What trading instruments does HonorFX have?

HonorFX offers Forex, Indices, Cryptocurrencies, Stocks, and Futures.

What are the HonorFX deposit and withdrawal options?

HonorFX offers Wire Transfer, Debit/Credit card, e-wallet, and Cryptocurrencies.

What is the HonorFX leverage?

HonorFX leverage is 1:500.

What is the HonorFX commission fee?

HonorFX commissions are starting from 0$.

What are the HonorFX spreads?

HonorFX spreads start from 0.2 pips per standard lot per side.

Does HonorFX offer demo accounts?

Yes, HonorFX offers demo accounts.

Does HonorFX offer Islamic accounts?

Yes, HonorFX offers Islamic accounts.

Does HonorFX allow scalping, hedging, news trading, and automated trading?

Yes, HonorFX offers scalping, hedging, news trading, and automated trading.

Does HonorFX charge an inactivity fee?

HonorFX charges 5$ if the account remains inactive for the period of 6 months.

Is HonorFX regulated?

HonorFX is regulated by FSC.

HonorFX Review Summary

Putting it all together, HonorFX is an online trading broker that offers multiple financial assets through the MT4 and MT5 trading platforms, which are available in desktop, web, and mobile versions. Their clients benefit from favorable trading conditions, including several trading instruments, tight spreads, flexible leverage, and zero-fee deposits/withdrawals. There are various learning resources and trading tools to assist traders. The minimum deposit required to start trading is $100.

Honorfx

7.8

Spreads

8.0/10

Liquidity

8.0/10

Commissions

8.0/10

Support

8.0/10

Regulation

7.0/10

Features

  • Powerful MetaTrader platforms
  • Over 165 trading instruments
  • Helpful trading tools
  • Various educational resources
  • Flexible leverage
  • Multiple trading accounts
  • Different payment options
  • Free demo trading accounts
  • Tight spreads and low costs
  • Any trading strategy allowed