What would we know about broker Honor Capital Markets Limited
Julius Conley
30 / March / 22
Visitors: 1094
Broker Honor Capital Markets Limited, which operates in the UK, is a fraudster with a bad reputation.
When we go to the official website of Honor Capital Markets Limited - honorfx.com , then we will read that the company under study provides intermediary services for trading on the Forex market in the UK. Honor Capital Markets Limited also provides services for trading activities.
Our experts reviewed the official website of Honor Capital Markets Limited, familiarized themselves with the terms of operations, tried to get demo access to programs, studied the existence of official documents, the place of residence of the company.
With the help of the data obtained, we will find out: Is Honor Capital Markets Limited a scam or not?
In addition, we will explain to you how not to fall for the bait of deceivers, about their algorithms of actions. We will give you the necessary information to keep the money safe.
The organization Honor Capital Markets Limited is based in an offshore zone
The first call that indicates that Honor Capital Markets Limited are scammers is the region of residence. According to the documents, the company is registered in the Marshall Islands, which is already suspicious, since the company operates in the UK. Offshore regions attract the attention of scammers due to the absence of the need to comply with the law and supervision.
Also, this state does not have the full powers to work in the Forex market.
In addition, when we tried to identify the legal address, mentions of the owners and directors of Honor Capital Markets Limited, we could not find anything.
This has already been demonstrated that honorfx.com - a criminal broker, working with whom can result in serious monetary losses.
No information found about the management of Honor Capital Markets Limited
After studying the site, our experts could not find reliable data about the company's directors honorfx.com . No physical or legal address, no phone numbers or other means of contact.
As a rule, this means that the actual leaders are trying to hide information about themselves in order to hide from punishment for their crimes. Even if it is possible to catch one of the managers of Honor Capital Markets Limited, then everything will end with this, and the organizers of the fraudulent organization will remain at large.
At Honor Capital Markets Limited, website - honorfx.com, has been in existence for less than a month
On the website honorfx.com it is said about the extensive experience of operations in the Forex financial market.
The most common way to analyze any site is to obtain information about its domain name. As a rule, they record the age of the existence of the domain name, the contact details of its owner.
In this case, the domain name Honor Capital Markets Limited has been operating for less than one month, and the data about the person who owns it is hidden. Another proof that the directors of Honor Capital Markets Limited are trying to preserve their incognito.
This desire can be accepted, but not when it comes to a financial firm acting as an intermediary between the client and Forex.
At the same time, themselves honorfx.com they assure their potential users that they have been successfully operating in the Forex market for many years.
Honorfx.com there is no test period
It is a common practice for online brokers to provide clients with a demo version of their software so that they can familiarize themselves with the interface, test their skills in operations on the Forex financial market with virtual currency.
Unfortunately, on the official website honorfx.com , we did not find information about the test period, the possibility to try out the software.
We assume that the directors of the organization honorfx.com most likely, he does not plan to give traders test access to his software, since someone is able to start suspecting a scam.
Online broker Honor Capital Markets Limited operates with a negative account
Official organizations that work in the Forex market do not use a negative balance in their activities. In accordance with the laws, the trader of an online broker is not able to spend more now is on the balance sheet. In rare situations, when the balance goes into negative, its debts should be repaid not by the trader, but by the company that offered its services.
Therefore, official brokers do not use a negative account in their work.
However, honorfx.com provides its traders with Forex operations with a negative balance, that is, on credit.
Why is this necessary?
In order to drive the user into a loan and start demanding from him to repay the debt. This is one of the most common methods of fraud used by scammers.
If this happens, you need to remember that scammers have no way to recover money under UK law. All methods of pressure on you are criminal. The maximum that scammers can do is to call, send threatening messages.
With honorfx.com it is impossible to cooperate, because any attempts to negotiate will result in expenses.
Honor Capital Markets Limited operates with a credit ratio of one to four hundred or more
Already, it becomes obvious that Honor Capital Markets Limited are bandits. Nevertheless, let's pay attention to one nuance, namely the existence of an excessively large leverage.
The leverage is called the ratio of funds of traders and brokers at the conclusion of a trading operation. It gives the opportunity to make large trading transactions to traders who do not have a lot of money freely available.
In order to protect users of the Forex market, in developed countries, the current laws provide for the use of leverage with the highest ratio of 1 to thirty, sometimes 50.
At the same time, Honor Capital Markets Limited uses a credit ratio of 1 to four hundred for trading activities in the Forex market.
This attitude is allowed in Switzerland, as companies registered in this state enjoy considerable trust. However, Honor Capital Markets Limited is not registered in this country.
In fact, Honor Capital Markets Limited does not have the right to conduct operations on the Forex financial market with such a credit ratio, due to the high risk to customers. Accordingly, this is used to force the user not only to give as much of his own money as possible, but also to drag him into loans.
Regional divisions of Honor Capital Markets Limited
It is considered important for the company to have local divisions in developed regions, even if the activity takes place only in the UK. Therefore, Honor Capital Markets Limited says that in addition to a significant number of awards, there are regional offices in England, Australia and other civilized regions, and also about a large number of qualified employees.
It is very easy to check the reality of these branches. After all, there are industry structures that control the actions of online brokers. In the UK it is FCA, and in Australia it is ASIC.
That is, an official organization is obliged to have supporting papers from data or other structures that will confirm their ability to provide services for earning money in the financial Forex market, to indicate the degree of responsibility.
However, after checking the industry websites, our experts did not find them. Which once again confirms our suspicions.
To register on honorfx.com need to transfer personal data
As we said earlier, Honor Capital Markets Limited does not have a test period and, accordingly, in order to gain access, you need to immediately pay the Honor Capital Markets Limited scammers a minimum deposit. Also, create a personal account honorfx.com, really only when the client's verification is completed.
This means that Honor Capital Markets Limited requires clients to provide such information as:
- Data about an individual (passport, driver's license, etc.);
- Information about permanent residence (receipt for communal services);
- Information about qualifications, place of work, length of service.
In addition, at the first payment, criminals can get access to personal account information.
Together, this information may enable criminals to issue a loan to a deceived user, or to carry out other illegal operations.
Since to register on the website honorfx.com , you need to send your personal information, our specialists have not been able to access the personal account of Honor Capital Markets Limited as well as applications for transactions in the financial Forex market.
Reviews of Honor Capital Markets Limited
An important step in exposing Honor Capital Markets Limited is to study customer reviews.
A thorough study of the search results on the Internet gave us such information:
- Most mentions of Honor Capital Markets Limited on the Internet are fake. These are template positive reviews and mentions of a custom type;
- All real reviews and mentions of Honor Capital Markets Limited are bad. Our experts could not find plausible reviews from users honorfx.com, which would mention profit, effective work.
- Negative reviews are caused by illegal actions, theft of deposits, special debt creation.
Therefore, reviews of Honor Capital Markets Limited indicate that this Internet broker is a criminal.
Contact information and official papers of Honor Capital Markets Limited
Studying mentions on honorfx.com , we found a lot of dubious digital official papers that can be easily done using a graphic editor. They are not confirmed by official companies, which means they cannot be trusted.
If the broker is not connected with regulatory organizations, then his clients simply have nowhere to turn for help.
On the "Contacts" page, our experts found a phone number. It turned out that it had already been used by an illegal online broker. There are also many reviews on the web about fraudulent activities related to the phone number indicated on honorfx.com .
Withdrawal of money from honorfx.com
Are you going to make money with the help of an online Forex financial broker? Make sure that you can take away his finances.
Analyzing the client agreement on the Honor Capital Markets Limited website, we did not find clear information about money withdrawal methods. In addition, our employees have identified a description of charges for prolonged inactivity of the account, but have not found information about the size. Since criminals do not act in a legal field, it is impossible to cancel these fines.
Therefore, even if the client has stopped working with Honor Capital Markets Limited, they can call and send messages demanding to pay a fine.
How does Honor Capital Markets Limited work?
The method of searching for users, which is used by Honor Capital Markets Limited, also raises concerns.
Fake social media accounts are used for advertising, in which non-existent users report how they instantly managed to get rich working in the Forex financial market with the help of Honor Capital Markets Limited. Bots show expensive cars and real estate, trips to resorts and other signs of a rich life.
Fakes guarantee a rapid growth of profits, for which it is not necessary to study or put a lot of effort.
When a potential client comes into contact with criminals, the managers of Honor Capital Markets Limited report about the reality of rapid profits, as well as about the unique abilities of their software, which will make it possible to quickly trade a solid profit.
After that, various techniques are used to get maximum funds from the client. For example, you may create a fake profit in order to provoke you to invest even more money.
When the work on Forex will be unprofitable, the representative of the company will recommend to transfer more in order to close the minus.
Employees of Honor Capital Markets Limited, work according to manuals that have been developed by experienced scammers. They analyze information about the user in order to influence vulnerabilities, to get even more money.
As a result, all this will lead to one of two ends:
- If you are going to withdraw money before you find yourself in the red, you will be charged, the invested money will be frozen, and they will do everything to force you to transfer even more;
- If you allow scammers to drive an account into a loan, threats will begin, bandits will start extorting you to pay a fake loan.
Another way for Honor Capital Markets Limited to earn money is to transfer your personal information to interested companies. We think that, as a result, it will be possible to get complete information about you for a small amount on some anonymous service on the shadow Internet.
Surely, after that, all sorts of scammers, managers, etc. will start calling you more often. You should also wait for letters from accomplices of Honor Capital Markets Limited, who will offer to "return" lost finances, of course for a breastplate.
Since Honor Capital Markets Limited does not operate in a legal field and protects anonymity, Honor Capital Markets Limited will not be able to force a response under current legislation in the UK. The organizers of the shadow organization are diligently hiding, and in the best case, the legitimate authorities will be able to arrest someone from the "administrators".
Is it possible to work with Honor Capital Markets Limited?
No way!
If you plan to transfer finances to scammers, then transfer them to a good cause.
Let's briefly list the evidence saying that Honor Capital Markets Limited are scammers:
- There is no official registration;
- There is no demo period;
- Lack of information about the owners of the company;
- Phone number detected in fraudulent schemes;
- Negative score;
- Credit ratio of more than 1 to 50;
- Negative reviews;
- False data on the website.
A detailed review of Honor Capital Markets Limited is completed. It is obvious that Honor Capital Markets Limited are criminals.
We have compiled a list of brokers, that we recommend avoiding.
