Our research about HonorFX shows that it has been blacklisted by a financial regulator and that is why we are publishing this warning.
What HonorFX is about
HonorFX is an online broker that will let you use Metatrader to trade different financial assets, namely currencies on Forex, cryptocurrencies, stocks, indices and commodities. To open an account you will the a minimum of 100 USD.
Official website: https://honorfx.com
Address: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines
Contact information: [email protected], +97142105333
Is HonorFX legit?
Based on our research we have to say that HonorFX is not legit. The reason for this conclusion is that it has been blacklisted by a financial regulator for providing unauthorized investment services.
The warning about HonorFX
The financial regulator that has warned the public about HonorFX is AMF, see the full alert HERE.
The AMF had this to say about HonorFX: This broker is providing its services to residents of France without having the necessary authorization from the financial regulator.
Why this warning is important
Financial regulation is key to maintaining orderly markets. Every country has at least one independent regulator that oversees financial markets to ensure that customers of investment services are protected.
No regulation is perfect, but it provides at least basic protection to consumers. In the investment world, regulation often ensures that clients’ funds are segregated from the money of the company, that there is transparent pricing of traded assets, that the company is not in conflict of interests, etc.
Simply put, there are rules that investment companies have to follow and regulators make sure that they follow them.
In some countries, deposits with investment companies are even insured. This means that if the company, for example, a broker, goes bankrupt, clients still get their money back from an insurance fund.
For all the reasons mentioned above the risks with regulated companies are far smaller than with the ones that are not regulated. There are many, many more scams among unlicensed and unauthorized investment services.
Therefore, to stay on the safer side, it is always better to trade and invest only with regulated companies. Only with platforms that are licensed by regulators to provide the services they are offering.
You should educate yourself about financial regulation in your country and use only investment and other financial services that are authorized in your country by relevant authorities.
Is HonorFX a scam?
HonorFX being blacklisted by a financial regulator, namely by the AMF, does not necessarily mean that it is a scam. Unless it is explicitly said in the alert.
But it is important to know that every time there is a reason for a company to be placed on a warning list by a financial authority.
There must have been an impulse for the regulator to investigate HonorFX and conclude that the public must be warned about it. Like complaints from users or suspicion, for example.
Some investment projects just overlook their duties as far as financial and investment laws are concerned, some are outright scams that just avoid regulation.
In this review, we report on the alert that the AMF published about HonorFX. So for a conclusion about whether it is a scam or not you can contact directly this financial authority.
They should be able to explain with more details why they published the warning. For example, if it was initiated by bad user experience or something else.
In our experience, to stay safe, it is better to avoid all companies and investment services that have been blacklisted by financial regulators.
You can also contact the national financial authority in your country and ask it about HonorFX to see what they have to say.
In conclusion about HonorFX
HonorFX has been the subject of a warning from the AMF, which is a financial regulator. So there is a problem with it, and that is why you’d better stay away from it.
If you have doubts about HonorFX, just ask a licensed investment advisor and/or the national financial authority in your country to get a professional opinion.
Warning #honorFX Broker Scam, not allow withdrawals and locks customers’ accounts
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My MT5 account is 920046, I have joined since 2/6/2022. When there is a profit on the Exchange which allows you withdraw a few times to make investors believe. However, after that I withdrew 5000 USD and the order was still approved. Initially, it was still deducted from my trading account, but after a few hours, the money will not be returned to my personal account but added to my account. transaction account, this action keeps repeating from last Friday – July 8, 2022 to now (That is, when I withdraw money, initially deduct money from my trading account, but then that amount be added to the account). When contacting the customer service department of the HonorFX Exchange whose number in Vietnam is 1900292920, it is explained that the bank’s personal information has errors, the explanation of the customer service officer is not really convincing because I have already successfully withdrawn several times . Currently the amount I cannot withdraw is 88654 USD
After many times writing to the Broker’s support as [email protected] and [email protected] but did not receive a reply, on the afternoon of July 13, 2020 My account was locked (Unable to access the account anymore)
So I post on this page is asking honorfx Exchange to give me my money back. And by the way, participating investors should be careful with this floor and new investors should stay far away from this Honorfx floor.