HonorFX is a Red-listed offshore broker operating through Honor Capital Markets Limited, registered in Malaysia, Mauritius, and St. Vincent & The Grenadines. EEA regulators have issued warnings against HonorFX as early as 2022. While HonorFX grew rapidly in 2022, website traffic has recently collapsed. Most recently, a website visit’s average duration has only lasted a few seconds. Is HonorFX in trouble? Here is our updated review.
Key Data
| Trading name | HonorFX |
| Business activity | CFD broker |
| Domain | https://honorfx.com |
| Social media | |
| Legal entities | Honor Capital Markets Limited (SVG, est. Sept 2018) Honor Capital Markets Limited (Mauritius) Honor Capital Markets Limited (Malaysia) Honor Marketing Ltd (UK) Honor FX Ltd (UK) |
| Corporate agent | Wilfred Services Ltd |
| Jurisdictions | Mauritius Labuan St. Vincent & The Grenadines United Arab Emirates (UAE) |
| Authorization | Financial Services Commission (FSC) of Mauritius Labuan Financial Services Authority (LFSA) |
| Trustpilot | 4.0-star rating with “Great” trust level |
| Compliance rating | Orange |
| Leverage | up to 1:500 |
| Payment facilitators | BrightCart |
| Related individuals | Filippo De Rosa (LinkedIn) Indresh Shah Hemanshu Mehta |
| Warnings | CNMV, AMF |
Short Narrative
HonorFX operates primarily in India, Pakistan, Vietnam, and other Asian countries. On ForexPeaceArmy (FPA), we have discovered some complaints from clients from these regions. According to the information on LinkedIn, the broker is based in Dubai.
HonorFX offers region-specific products and services to meet local requirements, including swap-free Islamic accounts for traders from the Middle East. Currently, Filippo De Rosa is the CEO of the broker scheme. He replaced Andrew Ishchuk in July 2022.
The payment agent for the HonorFX scheme is Honor Marketing Ltd, registered in the UK, where Indian Indresh Shah is the director and controlling person.
The analysis of the website via Similarweb shows a massive drop in the number of visitors (see picture on the left) as well as in the average duration of a visit. These are not good signs. Customers should be very careful.
Compliance Check
In January 2022, the Spanish regulator CNMV already issued a warning against HonorFX. In April 2022, the French watchdog AMF blacklisted the broker. However, we have registered with HonorFX as residents of EEA jurisdictions without any problems. The countries are included in the drop-down list.
HonorFX has offshore licenses as a securities dealer in Mauritius and Labuan. However, this does not entitle the broker to offer financial services in other regulatory regimes such as the EEA. Furthermore, offering maximum leverage of 1:500 violates regulatory requirements in the EEA jurisdictions. On a positive note, no pre-KYC deposits were possible, i.e., no deposits before verification of identity and address.
Thus, we included HonorFX in our Red Compliance list.
Clients of offshore brokers are not entitled to investor protection schemes or financial ombudsman services. Thus, they have an increased risk in an already high-risk segment. Stay away; it doesn’t pay in the end.
Share Information
If you have information about HonorFX, its operators, and its facilitators, please share it through our whistleblower system, Whistle42.
