why do we consider the broker Honor Capital Markets Limited to be a fraud
Online broker Honor Capital Markets Limited, which operates in the UK, is a fraudster with an unclean reputation.
When we go to the official website of Honor Capital Markets Limited - honorfx.com then we will read that this company offers brokerage services for Forex trading in the UK. In addition, Honor Capital Markets Limited offers services for financial transactions.
Our experts studied the website of Honor Capital Markets Limited, got acquainted with the working conditions, tried to get at least demo access to the programs, analyzed the existence of official documents, the place of residence of the organization.
With the help of this information, we will find out: Is Honor Capital Markets Limited a fraud or not?
Additionally, we will explain to you how not to fall for the bait of scammers, about their ways of working. We will give you the necessary information in order to keep your money safe.
The firm Honor Capital Markets Limited is based offshore
A serious sign that says that Honor Capital Markets Limited are criminals is the region of registration. The company is officially registered in the Marshall Islands, which is already questionable, since the company operates in the UK. Offshore countries are popular with scammers due to the lack of legislation and regulation.
Also, this region does not have permits to work in the Forex market.
Also, when we tried to find the real address, data about the owners and directors honorfx.com then we couldn't find anything.
This has already been demonstrated that Honor Capital Markets Limited is a criminal Internet broker, interaction with which will result in serious monetary losses.
No information found about the organizers honorfx.com
After analyzing the website, our specialists have not been able to find reliable data about the organizers of the organization honorfx.com . No physical address, no phone numbers or other ways to get in touch.
We assume that this means that the leaders are trying to hide themselves in order to hide from punishment for crimes. Even if it is possible to reach someone from the employees of Honor Capital Markets Limited, then everything will end with this, and the real organizers of the fraudulent company will remain free with money.
Honor Capital Markets Limited, the official website is Honor Capital Markets Limited, valid for less than 30 days
The website of Honor Capital Markets Limited tells about serious experience in the Forex market.
The most common method of site verification is considered to be obtaining domain data. As a rule, they record the lifetime of the domain, the contact information of the owner.
In a particular case, the Honor Capital Markets Limited domain has been operating for less than 30 days, and all information about the legal entity or individual who owns it is hidden. Another evidence that the owners of Honor Capital Markets Limited are trying to preserve anonymity.
This aspiration can be supported, but not when it comes to a financial organization that works as an intermediary between the user and Forex.
At the same time, Honor Capital Markets Limited themselves assure their potential users that they have been successfully operating in the Forex market for many years.
Honor Capital Markets Limited has no test period
It is a common practice for online brokers to give traders a demo version of programs so that they get acquainted with the interface, try out their skills in Forex operations with fake money.
Unfortunately, on the official website honorfx.com , we have not found information about the trial period, the ability to test the software.
Most likely the owners of the company honorfx.com , just does not plan to give traders trial access to the software, as someone is able to suspect fraud.
Online broker Honor Capital Markets Limited operates with a negative account
Registered companies that trade on Forex do not use a negative account in their work. According to the legislation, the broker's trader is not able to spend more now on his account. In those cases when the account still goes into negative, the debt should be paid off not by the client, but by the company that provided the services.
Therefore, official Internet brokers do not use a negative account in their activities.
Nevertheless, Honor Capital Markets Limited offers its users to work with a negative balance, that is, on credit.
Why is this necessary?
To drive the user into the negative and start extorting him to pay off the debt. This is one of the most popular methods of fraud used by financial criminals.
If this has already happened, you need to remember that scammers have no way to get finances under UK law. All methods of pressure on customers are illegal. The maximum that scammers can do is to bother with calls, send threatening letters.
It is impossible to cooperate with Honor Capital Markets Limited, as any attempts to negotiate will result in expenses.
Honor Capital Markets Limited operates with a leverage of one to 400 or more
At this point, it becomes clear that Honor Capital Markets Limited are criminals. Nevertheless, we will point out one fact, namely the existence of excessively high leverage.
The credit ratio is the ratio of funds of users and online brokers when performing a trading operation. The leverage gives the opportunity to make large trading transactions to users who do not have sufficient finances.
In order to protect Forex users, in developed regions, legislation assumes the use of a credit ratio with a maximum ratio of 1 to 30, sometimes 50.
At the same time, Honor Capital Markets Limited uses a leverage of one to four hundred for trading operations on the Forex market.
This attitude is allowed in Switzerland, as firms registered in this state enjoy great confidence. But Honor Capital Markets Limited is not registered in this state.
In fact, Honor Capital Markets Limited cannot conduct Forex operations with such leverage, due to the high risk for users. So, this is used only to force the trader not only to give as much money as possible, but also to drag in loans.
Local divisions of Honor Capital Markets Limited
It is considered respectable for any financial firm to have local offices in developed countries, even if the work is carried out exclusively in the UK. So Honor Capital Markets Limited says that in addition to many awards, there are local offices in Britain, Australia and other developed countries, and in addition about a lot of experienced employees.
It is elementary to check the presence of these branches. Since there are industry organizations that regulate the work of Internet brokers. In England it is FCA, in Australia it is ASIC.
Accordingly, a law-abiding company must have supporting documents from these or other organizations that will prove their right to provide services for trading in the Forex financial market, indicate the degree of responsibility.
And yet, after checking the industry websites, we could not find them. This once again confirms our suspicions.
For registration on honorfx.com confidential data needs to be transmitted
As we mentioned earlier, Honor Capital Markets Limited does not have a test period and because of this, in order to gain access, it is necessary to immediately transfer the minimum deposit to Honor Capital Markets Limited fraudsters. In addition, get access to your personal account honorfx.com, is only real when the client's verification is completed.
This means that Honor Capital Markets Limited requires its clients to transfer such data as:
- Information about an individual (passport, birth certificate);
- Information about the permanent place of residence (utility payments);
- Information about qualifications, length of service, place of work.
Also, during the initial transfer, fraudsters can get access to bank card information.
Together, this data may enable criminals to hang a loan on a trader, or to carry out other illegal actions.
Since for registration on the website honorfx.com , it is necessary to transfer your personal data, our specialists could not get access to the personal account of Honor Capital Markets Limited and the software for earning money on the Forex financial market.
Real reviews of Honor Capital Markets Limited
An extremely important stage in exposing Honor Capital Markets Limited is the analysis of customer reviews.
A thorough study of the search results on the Internet gave the following data:
- Most of the reviews of Honor Capital Markets Limited online are fake. These are template positive mentions of a custom type;
- All true mentions of Honor Capital Markets Limited are negative. Our experts were unable to detect truthful reviews and mentions from former users honorfx.com, which report a serious profit, effective activity.
- Negative mentions are associated with illegal actions, theft of funds, special debt creation.
In accordance with this, real reviews of Honor Capital Markets Limited say that this online broker is a criminal.
Contact details and documents of Honor Capital Markets Limited
Studying the information on honorfx.com we have identified a lot of questionable digital documents that can be easily made using a graphic editor. They are not confirmed by official firms, which means they cannot be trusted.
If an online broker is not affiliated with regulatory organizations, then users simply have nowhere to turn for help.
On the "Contacts" page, our specialists identified a phone number. It turned out that it had already been used by an illegal 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 broker financial market? Make sure that you can take money from him.
After analyzing the client agreement on the official website of Honor Capital Markets Limited, we did not see any available information about the withdrawal methods. In addition, our experts saw the mention of punishments for the inactivity of a personal account, while there was no information about the amounts. Since the bandits do not work in the legal field, it is impossible to challenge these extortions.
Because of this, even if the client has stopped working with Honor Capital Markets Limited, he may receive calls and spam with a demand to pay a fine.
How does Honor Capital Markets Limited operate?
The method of finding new clients used by Honor Capital Markets Limited also raises concerns.
False accounts in social networks are used for promotion, in which non-existent people broadcast about how they instantly managed to get rich by performing operations on the Forex market with the help of Honor Capital Markets Limited. Advertising profiles show expensive cars and houses, trips to resorts and other signs of a rich life.
Fakes guarantee instant income, for which you do not need to study or put a lot of effort.
When a client gets in touch with scammers, the managers of Honor Capital Markets Limited report about the possibility of instant profit, as well as about some unique abilities of their software that allow you to instantly withdraw a large income.
Then various manipulations go into work, allowing you to get maximum money from the user. For example, a user can create a fake profit to provoke even more investments.
If trading on the Forex market turns out to be negative, the representative of the organization will offer to transfer even more to cover the debt.
Employees of Honor Capital Markets Limited, work according to the manuals that were developed by professional psychologists. Criminals are studying information about the user in order to put pressure on specific places, to lure out more deposits.
In any case, everything will lead to one of the options:
- When you are going to withdraw money before you find yourself in loans, you will be charged, banned from using assets, and will do everything to make you pay even more;
- If you allow criminals to drive an account into a loan, threats will come, scammers will start extorting to repay a fictitious loan.
An additional method to earn income for Honor Capital Markets Limited may be the sale of your personal information to interested companies. Most likely, as a result, it is possible to get information about you for a moderate amount of money on an anonymous community on the shadow Internet.
Most likely, after that, various criminals, sellers, etc. will call you. You should also wait for calls from accomplices of Honor Capital Markets Limited, who will offer to "receive" the lost money, of course for payment.
Since Honor Capital Markets Limited does not work in the legal field and protects incognito, they will not be able to be forced to answer according to the law in the UK. The owners of a criminal firm are artfully hiding, and at best, police officers will be able to figure out one of the "managers".
Should I trust Honor Capital Markets Limited?
If you are going to transfer finances to bandits, then transfer them to a good cause.
Let's briefly state the facts indicating that Honor Capital Markets Limited are scammers:
- There is no official registration;
- No test period;
- There is no information about the owners of the organization;
- The phone is seen in illegal operations;
- Negative score;
- Leverage is more than 1 to 50;
- Bad reviews;
- False data on the website.
A detailed review of Honor Capital Markets Limited is over. It is obvious that Honor Capital Markets Limited are bandits.