How can I open an account with HonorFx?
Opening an account with us is easy. Just enter your details on this link, upload one government photo ID (e.g. passport, driver’s license or ) and a recent proof of address (utility bill or bank statement) that matches your application, and you should be all set to be approved by our accounts team.
How do I create a demo account on HonorFx Platform?
If you haven’t created an account with HonorFx yet. Go to our website www.honorfx.com and you will find on screen option to open DEMO Account and Enter your details, choose your account type and create a demo account. You will receive account details on your email within few minutes.
Or you can click this link : https://my.honorfx.com/opendemoaccount
Do you accept applications from a Company, Corporate, Trust, etc?
Yes, we do. Just sign up here and send the complete requirements, as shown below,
1) Documents that you need to provide to open a company/corporate account.
- Certificate of Incorporation.
- Article of Association.
- Proof of address from the company registered address and the List of members/directors/shareholders.
- All members/directors/shareholders need to provide proof of ID and proof of address documents also.
- LEI number if needed
2) To sign up as a Company’s trustee:
- Certificate of Incorporation
- Article of Association
- The List of members/directors/shareholders
- Trust Deed
- Finally, all members/directors/shareholders need to provide proof of ID and proof of address documents also.
What are the requirements for the MAM/PAM account application?
For you to apply for a MAM/PAM account, you must have the below requirements. The trader can only earn a performance fee/ management fee. There is no IB’s or commission payouts allowed.
- $5000 minimum non-negotiable minimum deposit per slave account
- Three funded slave accounts
- At least three months of a track record to show the system is profitable. This can be from another broker.
- The manager needs to trade with us for at least one month, with similar performance to the track record shown
- A trader needs to be licensed in this type of activity regulated in his/her country.
Which countries do you not accept?
HonorFx Markets is open to most clients. However, currently we do not to take clients from Burma, Côte d’Ivoire, Democratic People's Republic of North Korea, Democratic Republic of the Congo, Eritrea, Former Federal Republi of Yugoslavia, Ghana, Iran, Iraq, Lebanon, Liberia, Libya, Japan, New Zealand, United States of America, Somalia, Sudan, Syria, and Zimbabwe.
How much is your minimum deposit?
True to our mission of putting you first, USD 1000 is minimum amount to deposit. We believe that you should start with what you feel most comfortable. However, on average, most clients fund with USD 5000 and above.
How much is the maximum deposit?
You can fund as much as you like, but when using a Visa or Mastercard, we recommend a maximum of USD 25,000 or equivalent at a time to reduce rejections from Visa or Mastercard.
Is there a charge to fund my account?
We do not charge fees on funding your account if you fund with Visa or Mastercard.
If funding with a bank wire, transfers from bank account also incur no fees.
If you are transferring from an international bank account to our Malaysian bank account, the fees will likely be USD 20-30. Please note that at certain banks, they may use what is called an “intermediary bank” (which HonorFx has no control over) which charge their own fees for forwarding the funds to us. We apologise, but HonorFx is not responsible for these fees should they be charged.
What are your modes of payment/deposit?
We strive to provide our clients with the best service we can by offering different kinds of payment methods. We offer the ability to fund via Visa, MasterCard (credit & debit), Skrill, Neteller, Paypal or bank wire. If you are from the Philippines, Thailand, Indonesia, and Vietnam, you can also use our local bank transfer method.
What are the details for bank wire?
You can find the full information within your HonorFx Client Hub, however, please see the below table for quick reference.
Bank Name XXX Bank Limited Malaysia
Account Number 1234564789
Bank Address XXX Street XXX Area Country
SWIFT Code ABGJD56425BSHSB5264XXXXX
How long will it take for my deposit be posted on my account?
If you fund using Visa or Mastercard, your deposit should be credited to your account instantly if the deposit made within but If using a bank wire internationally to Malaysia, the average is 2-3 business days. However, depending on which country you’re depositing from, the process can typically take up to 5 business days.
How do I transfer funds between two trading accounts?
To transfer between trading accounts, simply login to your HonorFx Client Portal and on the left-hand side menu, select ‘My wallet’ then ‘Deposit to wallet’ and follow the prompts. Or you can contact our support team for more details.
How do I withdraw funds? Are there any restrictions?
To withdraw your funds, log in to the HonorFx Client Portal and go to the “My Fund” tab located on the left-hand side, and select “Withdraw’’ then choose the method you would like to use. Or you can contact our support team for more details.
There are no restrictions on withdrawals. You can withdraw anytime you wish. Depending on the method that you used to fund your account, funds will be returned or ‘matched’ to this method first.
For example, if you funded $1000 via Visa, just like any purchase, we would need to refund the $1000 back to your card. If you funded with bank wire, we would need to send funds back to your bank account. Or if ever you funded via card and wants to withdraw to your bank, we will return the deposited amount first to your card and whatever excess will be transferred to your bank.
How long does it take to withdraw from my account?
All withdrawals received by 11 am MYT are processed on the same day. If we receive your request after 11 am MYT, we will process it the next business day. You should receive your funds within 1-5 business days for credit and debit cards depending on the card provider and 2-5 business days for bank wires.
How to withdraw if expired or lost credit card?
We will need to confirm that your card was lost so we will need confirmation from your bank (for example, a letter confirming this). We will also need a bank statement dated within the last three months displaying your name, address and account number for the account that you wish to nominate for your withdrawal. Once you have all the document, please send it to us at firstname.lastname@example.org
Can I withdraw while I have trading positions open on my account?
When withdrawing funds from your live account, you will need to take extreme care so as not to withdraw too much that you trigger a margin call or automatic stop out on your account. Please note that managing your risk and margin levels are your responsibility, and we are unable to restore any closed positions if you do so.
Can I deposit or withdraw from/to a third party?
We can only accept deposits or withdraw funds from an account that matches the account holder’s name.
What currencies can I deposit with/have my trading account denominated?
We offer most major currencies such as USD and JPY for you to deposit with and trade with.
How much is your commission?
We have Labuan’s lowest advertised forex commissions, starting with USD 4.50 per 1 standard lot or equivalent. We have different types of accounts so you can refer our website for more information on account types, spread and commission.
What are your minimum and maximum leverage?
For Forex & Metals, 1:20 to 1:500.
For CFDs, the maximum is 1:100.
For Cryptocurrencies, the maximum is 1:5.
What is the minimum trade size?
The minimum trade size will depend on the product that you’re trying to trade. For currency pairs, metals and other commodities, the minimum is 0.01 (often 10c per pip). For indices and everything else, the minimum trade size is 0.1 (often $0.10 per big point).
Please be aware that different products have different notional values. We advise you to place trades on a demo account to familiarise yourself with these different trade sizes.
What is the maximum lot size I can trade with you?
The maximum lot size that you can trade is 50 lots. However, we recommend you get the best execution on up to 20 lots because exceeding that can result in unnecessary slippage. If you are a high-volume trader, we can set up customised liquidity feeds so that you can trade bigger volumes. Please contact us for more information.
How many orders can I have open at once?
You can have as many as 200 orders open at any time. This number also includes any pending orders you have at any time. This is limited to 200 to ensure that our servers are performing at their highest level.
What is a Stop Loss and Take Profit?
A Take profit (TP) is an order that you tell or send to your broker, informing them to close your position or trade when the price reaches a specified price level in profit. Stop-loss is a trade order to sell a currency when the price reaches or falls below the specified price. This is used to limit loss, usually when the trader cannot actively monitor the price.
What does “Volume” on MT5 Mean?
Volume on MT5 is the size of the trade you wish to place. For example, when trading currencies most orders of 1.0 will equate to roughly $10 per pip whereas 1.0 on indices it can mean $1 per point.
What are swaps? How do you calculate them?
A swap rate in currencies is simply an overnight finance cost that is either received or paid on positions held overnight. They are calculated by our prime broker and liquidity providers and based on current market conditions and risk analysis. It is worth noting that HonorFx does not have any control over these rates but strives to only work with providers with the most competitive rates.
Do you offer ‘’Swap-Free’’ or Islamic Accounts?
Unfortunately, we do not offer Islamic accounts or "Swap-Free" accounts for now. We are constantly looking to provide value to our clients so if we launch this; we will be sure to let our clients know.
What is the difference between the Standard and The ZERO Spread Account?
The difference between The ZERO and Classic is the cost of the account. One is where spreads start from 0.0.2 pips (ZERO spread) + USD 4.50 commission (The ZERO). The other is The Classic Account where the commission is included in the spread. ZERO total cost to trade is roughly around 0.5 pips, whereas the classic is about 0.9 with all costs included.
How is your spread being calculated on a ZERO Spread account?
Our spreads vary depending on the current market price of each currency pair. Please refer our website to see the average spread for each currency, indices and more.
How is your spread being calculated on a Standard account?
Our average spreads on a standard account for, e.g. on this currency: EURUSD the Average spread is 0.92(commissions included).
I chose Standard Account. Can I change to The ZERO Spread later?
Yes, you may change from a Standard to a ZERO Spread account. Just send us a request at email@example.com, and we will change it for you.
Why do you call your account “The ZERO Spread”?
The account is called “The ZERO” because the spreads have no mark-up and start from zero pips. It is designed to be a premium account except without the extra requirements of a minimum deposit or minimum trading volume.
Do you allow hedging on the platform?
Yes, HonorFx markets allow hedging. In the context of MT5 trading, “hedging” refers to where you can buy and sell the same product at the same time. e.g. short USDJPY long USDJPY at the same time.
Do you use client’s money for hedging?
No, we do not use our client's money for hedging. We are a broker that is regulated by LFSA, and we follow client money rules regarding what we can do with our client's money. It is a strict implementation that we abide by in separating our client's trust from our own company's funds and do not use this for hedging our client’s trades.
Do you offer copy trading?
Unfortunately, we don't offer that kind of service yet. However, we can suggest some companies you can use if you want others to copy your trades via an EA.
How do I install MT5 for Windows?
Please see this short video to guide you on how to install MT5 for Windows. LINK
How do I install MT5 Mobile?
Please see a short video to guide you on how to install MT5 for mobile application. LINK
For Android: https://www.youtube.com/
For iOS: https://www.youtube.com/
How do I reset my MT5 password?
Please follow the steps below on how to reset your MT5 password:
Click on ‘Tools’ in the main toolbar, then select ‘Options’
On the new panel select the ‘Server’ tab
Make sure the login and master password are filled in and press the change button
You will be prompted to enter your current password and new password twice
You can also choose to change either the Master or Investor password (read-only)
Click the ‘Ok’ button
Via HonorFx Client Portal
Log in to your Client Portal
Go to ‘My Account’ and select “Change MT5 Password”
Select MT5 Account you wish to change password
Then insert new password under “Password”
Why do I get the message “invalid account”?
The most common reason for this was an incorrect login or password. If you have forgotten your password, please check your original welcome email to HonorFx Markets or create a unique password on your HonorFx account. Please ensure you’re selecting the ‘live’ server or ‘demo’ if logging in on a demo account.
Where do I find my login details for the demo/live account?
You can find your demo or live account login information in the email that we have sent you after you’ve created it. Once you log in to your new demo account, you can then find the information has been copied into “Mailbox” Tab on your terminal tools inside the “New account registration” email.
What does “Account is disabled” mean?
If you see an ‘account disabled’ message, please contact firstname.lastname@example.org
How do I log in to the HonorFx MetaTrader 5 platform/terminal?
Once the MT5 platform is installed, click on ‘File’ located on the upper left-hand corner then choose ‘log in to trade account’, enter your login details and password. Make sure to choose the correct server (HonorFx-Demo or HonorFx-Live), and you will be ready to trade.
Why are the new order button and other tools greyed out?
The most common cause why the “new order” button and other tools are greyed out is because you may have logged in using your read-only or “investor” password. This password does not allow you to place trades or do anything but monitor the account. It is usually given to a third party (investors) to access your account in read-only mode, which means trading is not allowed.
Please ensure you’ve logged in using the trading password or what we call the “master password” found on your welcome email. If you’re still having problems, please send a screenshot of the error, and we can investigate the issue further.
What does the error “Waiting for update” mean?
When launching the terminal for the first time, you may see the ‘Waiting for update’ notification across your platforms’ charts. This means that the trading terminal is waiting for quotes to be transmitted. For the terminal to start receiving quotes, you need to hold down and drag and drop a product from the instrument list onto a chart.
You should also make sure that you are connected to the platform and have entered the correct login detail, password and server. Please contact us if the issue persists.
What does “Trade Context is busy” mean?
This issue generally occurs if the platform has received an order already and has not been executed yet or the trading server hasn’t received it due to connection issues with your internet. Try closing the platform and re-opening it again or contacting us via email@example.com if the problem persists.
What is the time zone shown in the MT5 Terminal
The HonorFx Markets platform currently operates using “Central European Time” charts, which is GMT+.
How do I get a statement of my trading?
To get a statement of your trading history, log in to the MT5, and down the bottom of your terminal clicks on the tab labelled ‘Account History’. Within this tab, right-click in the middle and select the desired historical period, e.g. “1 March 2020 – 30 June 2020”. You can then download your history by choosing ‘Save a detailed report’ first and download.
How do I see all your trading products in my MT5 Market Watch?
To view all HonorFx’s products, please right click on a product within the ‘Market Watch’ window and select ‘show all’. This will then allow all products to be shown within your terminal.
Can I use MT5 on my MAC?
Yes, you can download it from our website here
What if I have lost internet connection, or the system goes down?
HonorFx invests large amounts into our trading infrastructure and its stability. However, as with any technology, there is always the possibility of system errors or failures with these connections. We recommend that all traders have a back-up plan with their trading, such as installing the mobile or tablet app or installing the platform on another computer with a separate internet connection.
If the trading platform loses connection as a result of HonorFx or its technology providers suffering an outage (and you wish to trade), please contact us immediately. We will request some information from you such and will do our best to honour the prices at the time when the system connection is restored.
What does OHLC stand for/mean?
OHLC stands for Open–High-Low-Close. This type of chart is used to display trading products over time. Each vertical line on the chart shows the price range (the highest and lowest prices) over one unit of time.
Why can’t I see the toolbar?
If these options are not visible, click on ‘View’, then ‘Toolbars’ and make sure the ‘Line Studies’ option is ticked.
How do I use a trailing stop?
To place a Trailing Stop on open trade, right-click on the trade, select Trailing Stop, then select a distance or choose a custom amount. For reference, one pip is equal to 10 points.
Please note. However, that trailing stops do not sit on our trading servers. This means that (like an expert advisor listed
above) your platform will need to be open and constantly connected to the internet for them to be triggered.
What is a margin call?
A margin call refers to when a trader no longer has any usable/free margin. In other words, the account needs more funding or for positions to be reduced or closed. If your margin level reaches 50%, you will officially be in a margin call, and at 30% of free margin, the MT5 platform will attempt to automatically stop out your position/s to avoid any negative balances.
Please be aware that the trader bears all responsibility for margin calls and managing the funds in your account. While we will attempt to contact you to deposit more funds, we can’t guarantee we will be able to.
What is the safest way to keep out of margin call?
Always take extreme care to have enough equity and margin in your live account and maintain a healthy surplus of funds. Markets can move very quickly, and as a trader, you should prepare for any extreme market movements that may occur on any open positions.
What is the difference between buy stops, buy limits, sell stops and sell limits?
"Buy Stop” - is a pending buy order whereby the entry price is currently above the market price at the time. For example, let’s assume the EUR/USD current price is 1.1000. Moreover, you want to buy EUR/USD if the price goes higher and reaches 1.1015. Therefore, you must set a buy stop order at 1.1015.
Now if you place a buy pending order below the market price, that order is known as a “Buy Limit”.
For example, EUR/USD current price is 1.1000. Moreover, you want to buy EUR/USD if the price goes lower and reaches 1.0980. Therefore, you must set a buy limit order at 1.0980.
The Difference between Sell Stop and Sell Limit?
Sell Limit is a sell pending order that you place above the market price. For example, the EUR/USD current price is 1.1000. Moreover, you want to sell EUR/USD if the price goes higher and reaches 1.1015. Therefore, you have to set a sell limit order with an entry at 1.1015.
If you place a sell pending order below the market price, that order is known as “Sell Stop”.
For example, EUR/USD’s current price is 1.1000. Moreover, you want to sell EUR/USD if the price goes lower and reaches 1.0980. Therefore, you have to set a sell stop order at 1.0980
How do I enable one-click trading?
On your MT5 platform, Go to “Tools” located on the upper right-hand side of your screen and click “Options.” From there, choose “Trade” and tick the “One-Click Trading” box if you want to enable it.
What is the exposure tab on MT5?
The Exposure tab contains summary information about the state of all your assets by all open positions on your trading accounts.
What’s the difference between templates and profiles?
An MT5 profile differs from an MT5 template in that a profile is an entire layout including every single chart you have open, while a template is what is on the one specific chart. To further know more about it please refer to this link
How do I do a “close by” trade or “partial close” trade?
Partial close is used to close a portion of your trade to secure some level of profit no matter what could happen later. To do this, double click your order to modify the “Volume” to your desire lot size then close the trade and click ok.
What VPS do you recommend?
HonorFx clients can sign up to a discounted MT5 Forex VPS Hosting Service from recommended third party providers. A VPS will allow your trades to be connected 24/7 on a virtual machine. This ensures traders are never interrupted by connectivity issues.
Can I have someone manage my money?
Through our partners, HonorFx allows managed accounts. However, for various reasons, we cannot recommend any company or trader and advise you to do your research.
How does your Introducing Broker program work?
You need to have five or more existing clients to be qualified. To check for more information and to sign up, click here. Once the application is submitted, our CEO will contact you to discuss more details.
Do you offer negative balance protection?
No, we do not. The reason why is that, unfortunately, there is no such thing as negative balance protection in the underlying interbank forex market. HonorFx (and you as our client) are exposed to the risk that the positions can’t be closed fast enough, and at the desired price. Losses can occur for both HonorFx and you as the client; therefore, we can’t guarantee that they never happen. We can however advise how to reduce their chances of occurring to you. We never want our clients facing a negative balance; please take great caution using leverage on products that are exposed to risks of negative balances, particularly indices, metals and illiquid currency pairs.
What is Balance, equity, margin, free margin and margin level mean?
Balance - the value of your account before considering any current open positions.
Equity - This would be the current value of your account if all current positions were closed.
Margin - The amount of money you need to have, and maintain, in your account to cover any open positions.
Free Margin - The difference between your Equity and the Margin amount above.
Margin Level - This is the ratio of Equity to Margin, calculated by the following formula:
(Equity / Margin) x 100 = Margin Level
What is a CFD?
The contract for difference (CFD) is a popular form of derivative trading. CFD trading enables you to speculate on the rising or falling prices of fast-moving global financial markets (or instruments) such as shares, indices, commodities, currencies and treasuries.
Do you offer API? Can I trade with you through FIX API?
Yes, we do offer API solution. However, Trading through FIX API is available for institutional clients. Previous experience trading via FIX is a requirement, and there will be certain volume thresholds that must be met to trade via this method. If you haven’t used FIX before, it would be best to stick to our MetaTrader 5 platform.
What is your Execution type on MT5? Can I change it?
We execute via Market Execution. Market execution means taking whatever price is offered without any requotes (requotes are when it asks you to re-confirm the price as it has changed).
Can you tell me about your liquidity? Who do you use?
We utilise top tier relationships and strive to offer the best available bid and ask price for our clients. Furthermore, we are connected with institutional FX Broker which gives us a great advantage in offering superior pricing to our customers.
What is a dealing desk?
Dealing desk means the broker automates/executes all trades electronically. Brokers with a dealing desk will have a team of traders/dealers that can accept or reject orders if they please. HonorFx does not operate a dealing desk.
Are my funds guaranteed when I deposit with you?
Funds that are deposited into our segregated trust account are by law required to be held in a separate segregated account, away from our company funds. While funds are technically not guaranteed under Law, the regulator has put in place rules that govern how we are to handle client money which we are compliant with. For example, we are not entitled to use client money for hedging trades, nor items such as business expenses. All money deposited by clients must be held in a separate trust account to our company funds.
Can I receive coaching on how to trade?
HonorFx markets can execute your trades but not provide advice on when what and how to trade. Trading can be a very personal experience, and we believe that you should find the best system and coach to suit your needs.
Something went wrong with my trade. I want my trade investigated.
We would love to help and investigate this for you, but please email firstname.lastname@example.org with the following information, and we'll get right on to it:
Ticket No. of the affected trades
Screenshot or evidence of the trade on your MT5 platform
Description of the issue you faced vs your expectations
Please give us up to 24 hours so we can go about a detailed investigation and report to you the results.
Do you offer Binary Options?
Binary options are not included in our existing products. Binary options are not something HonorFx will offer to customers, and we advise clients to take extreme caution with these products if you are considering investing in them.