How HonorFX Scammed Investors and Got Away With It

Online trading has gained widespread acceptance over the past decade, but it can be a tricky terrain to navigate for beginners or those who are not well-informed. In this review, we will take a closer look at HonorFX, a relatively new online trading broker.

Company Overview 

Team 

The website does not have the lists of company’s management team and staff, although it doesn’t provide much information to help us evaluate their experience or qualifications.

Services and products 

HonorFX offers a range of trading services that include forex, CFDs, commodities, and indices. The company claims to have a wide range of trading tools such as algorithmic trading, social trading, and copy trading that enable traders to benefit from the insights of experienced traders. 

Trading platform 

HonorFX uses the MetaTrader 5 (MT5) platform, which is a popular software among forex traders. The platform has a user-friendly interface, and it enables traders to analyze markets and execute trades efficiently. 

License and regulation 

License status 

HonorFX claims to have the certification from the Financial Services Commission Mauritius. They provided the license number GB20025826. It is true that they are licensed in Mauritius, but as they have operations in the UAE too, they did provide any license for that country.

You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.

Regulation status 

As earlier stated, HonorFX is not regulated. We did not find any regulations from reputable regulators such as FCA, FNMA, or FINMA. That means they are not a regulated broker.

Why should you not trust an unlicensed broker? 

Investing in an unlicensed broker is a high-risk endeavor that can lead to significant losses. When an online trading platform is not licensed, it means that it doesn’t follow the set regulatory framework, and traders who invest in such platforms are not protected from fraud. 

Legal warnings against HonorFX

France’s financial markets regulator, the Autorité des Marchés Financiers (AMF) issued a warning and put this broker on their blacklist for their fraudulent activities. It is a clear sign to avoid this broker.

Client feedback about HonorFX 

A quick check online reveals that many clients have complained about HonorFX’s services and practices. Many customers have reported difficulty withdrawing their funds or accessing their accounts. Other complaints touch on issues of poor customer service, fraudulent practices, and platform outages. 

About their trading 

HonorFX markets itself as a platform that offers some of the most advanced trading tools, yet clients have reported disappointing performance. There have been reports of technical glitches in their trading platform, which have resulted in losses for traders. 

About their customer service 

The quality of customer service offered by HonorFX has also been called into question by many clients. Many have expressed frustration with the broker’s lack of response to emails and inability to resolve complaints satisfactorily. 

How can Reviewsadvice help you if you get scammed? 

If you get scammed by this broker and you did not get any guidance to recover the money, you can contact us. We will evaluate your case and will provide you with a free consultation and service recommendations to help you in recovering the lost fund.

Final thoughts 

In conclusion, our review of HonorFX indicates that it’s a high-risk trading platform that is not registered with a regulatory body. Reports of poor customer service, technical glitches in their trading platform, and fraudulent practices from clients underscore the importance of conducting due diligence before investing in any trading platform. As an independent entity, we urge traders to use regulated brokers and platforms with a track record of fair trading and transacting with clients.