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The WikiFX Score of this broker is reduced because of too many complaints!

Honch International

United Kingdom|2-5 years|
Suspicious Regulatory License|MT4/5 White Label|Chinese market only|High potential risk|

http://www.honchlimited.com/en/index.html

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
HonchInternational-Demo MT5
Server Location Hong Kong

Contact

erge@sutforex.com
http://www.honchlimited.com/en/index.html
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Honch International Limited

Company Abbreviation

Honch International

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 14 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Expose

    Honch International · Company Summary

    Aspect Information
    Registered Country/Area United Kingdom
    Founded Year 2-5 years
    Company Name Honch International Limited
    Regulation Lacks valid regulation
    Minimum Deposit $100
    Maximum Leverage Up to 1:100
    Spreads Average spread: 2 pips for major currency pairs, 4 pips for minor currency pairs
    Trading Platforms Not specified
    Tradable Assets Forex, equities, commodities, interest rates
    Account Types Standard Account, Premium Account, VIP Account
    Demo Account Not specified
    Islamic Account Not specified
    Customer Support Email: erge@sutforex.com
    Payment Methods Wire transfer, credit card, debit card
    Educational Tools Not specified

    Overview of Honch International

    Honch International Limited is a brokerage company based in the United Kingdom. However, it is important to note that Honch International lacks valid regulation, which poses a significant risk to potential clients. Recent reports indicate that there have been 14 complaints filed against the company within the past three months alone, raising concerns about its legitimacy and potential involvement in fraudulent activities. Individuals should exercise caution and be aware of the risks associated with engaging with Honch International.

    Honch International offers various market instruments in different categories. In the field of foreign exchange (FOREX), they provide spot transactions, forward contracts, swaps, and options. They also offer market instruments related to equities, commodities, and interest rates. However, it's important to consider the potential risks and limitations associated with trading these instruments through Honch International due to its lack of valid regulation.

    The company provides different account types, including standard, premium, and VIP accounts. Each account type has its own minimum deposit requirement, monthly fees, and benefits. However, it's worth noting that customers may face limitations in terms of research tools and the absence of an account manager, depending on the chosen account type. It's important to carefully evaluate the features and benefits of each account type before making a decision.

    Overall, potential clients should approach Honch International with caution due to the company's lack of valid regulation and the number of complaints filed against them. It's advisable to thoroughly research and consider alternative options that provide more reliable and regulated services.

     basic-info

    Pros and Cons

    Honch International presents a range of pros and cons for potential clients to consider. On the positive side, Honch International offers market instruments in various areas, providing opportunities for diversified trading. The company also provides leverage options, allowing traders to amplify their positions. Additionally, Honch International offers multiple account types with an accessible minimum deposit requirement. The company supports diverse deposit and withdrawal methods. However, there are several drawbacks to be aware of. Honch International lacks valid regulation, which may raise concerns about its legitimacy. The company has also received numerous complaints within the past three months, indicating potential issues with its services. Furthermore, there is a lack of educational resources and advanced trading tools, and the website appears to be broken and ineffective. Additionally, there is limited information available on payment methods, and the company lacks specific trading platforms.

    Pros Cons
    Offers market instruments in various areas Lacks valid regulation
    Provides leverage options, up to 1:100 Numerous complaints within the past 3 months
    Multiple account types available Lack of educational resources and advanced trading tools
    Accessible minimum deposit of $100 Monthly fee for premium and VIP accounts
    Diverse deposit and withdrawal methods Broken and ineffective website
    Reasonable processing times for withdrawals Limited information on payment methods
    Lack of specific trading platforms

    Is Honch International Legit?

    Honch International is a broker that lacks valid regulation, posing a significant risk to potential clients. Verified reports indicate that the number of complaints lodged against the company has reached 14 within the past three months alone, raising concerns about its legitimacy and potential involvement in fraudulent activities. It is essential for individuals to exercise caution and be mindful of the risks associated with engaging with Honch International.

    regulation

    Market Instruments

    1. FOREX:

    Honch International offers various market instruments in the field of foreign exchange (FOREX). These instruments include spot transactions, forward contracts, swaps, and options. Spot transactions involve the immediate exchange of two currencies at the prevailing market rate. Forward contracts enable customers to agree upon a future exchange of currencies at a predetermined price. Swaps involve simultaneous purchases and sales of two currencies with different settlement dates. Options provide the holder with the choice to buy or sell a currency at a specified price within a given timeframe.

    2. EQUITIES:

    Honch International provides market instruments related to equities, which represent ownership in a company. These instruments include stocks, exchange-traded funds (ETFs), and warrants. Stocks are shares of ownership that individuals can purchase in publicly traded companies. ETFs are investment funds that track the performance of specific indexes or asset portfolios. Warrants are options that allow the holder to buy or sell stocks at a predetermined price within a specified period.

    3. COMMODITIES:

    Honch International offers market instruments in the realm of commodities. These include metals, energy, and agricultural products. Metals encompass precious metals like gold, silver, and platinum. Energy commodities comprise oil, natural gas, and other energy resources. Agricultural products include crops like wheat, corn, soybeans, and other relevant agricultural commodities.

    4. INTEREST RATES:

    Honch International presents market instruments related to interest rates. These instruments involve swaps, futures, and options. Swaps are contracts that facilitate the exchange of interest payments between different debt securities. Futures contracts allow customers to buy or sell an interest rate instrument at a predetermined price on or before a specific date. Options provide the holder with the right to buy or sell an interest rate instrument at a specified price within a given timeframe.

    Pros and Cons

    Pros Cons
    Offers a wide range of market instruments in various areas Limited types of instruments available
    Provides opportunities for trading in foreign exchange (FOREX)
    Allows access to market instruments related to equities and commodities

    Account Types

    STANDARD ACCOUNT

    Honch International offers a standard account option, requiring a minimum deposit of $100. This account type provides access to the online trading platform without any monthly fees. While it offers limited research tools, customers do not have an account manager assigned to them.

    PREMIUM ACCOUNT

    For those looking for more features, Honch International offers a premium account with a minimum deposit of $10,000. This account type entails a monthly fee of $50. Customers with a premium account gain access to live market data, additional research tools, and the advantage of having an account manager to assist them.

    VIP ACCOUNT

    Honch International provides a VIP account for high-net-worth individuals or those seeking comprehensive services. To qualify for a VIP account, a minimum deposit of $100,000 is required, along with a monthly fee of $100. VIP account holders enjoy access to all Honch International services and have the privilege of a personal investment advisor to provide tailored guidance and support.

    Pros and Cons

    Pros Cons
    Accessible minimum deposit of $100 No demo account available
    Premium account offers additional features Monthly fee for premium and VIP accounts
    VIP account provides comprehensive services High minimum deposit and monthly fee

    Leverage

    Honch International offers leverage options for trading activities. The leverage ratio provided is up to 1:100, allowing traders to amplify their positions by a factor of 100.

    Spreads & Commissions

    Honch International applies spreads and commissions to its trading services. The average spread for major currency pairs is 2 pips, while for minor currency pairs, it is around 4 pips. As for commissions, the fee per lot for forex trades is $7, and for stock trades, a commission of $10 per trade is applicable.

    Minimum Deposit

    Honch International has a minimum deposit requirement of $100. This provides accessibility for a wide range of individuals looking to start their investment journey. With the minimum deposit set at $100, customers can enter the platform and begin investing with a reasonable entry point.

    Deposit & Withdrawal

    DEPOSIT

    Honch International offers a range of deposit methods to its customers, including wire transfer, credit card, and debit card. This diverse selection allows users to choose the method that suits them best. The minimum deposit amount required is $100. At the same time, the maximum daily deposit limit is set at $100,000.

    WITHDRAWAL

    Honch International provides customers with multiple withdrawal methods, including wire transfer, credit card, and debit card. This allows users to withdraw their funds. The minimum withdrawal amount is set at $100. The maximum daily withdrawal limit is $100,000, catering to individuals with financial requirements.

    FEES AND PROCESSING TIMES

    For wire transfer withdrawals, Honch International charges a fee of $10 to cover processing costs. Credit card and debit card withdrawals are subject to a $5 fee to cover transactional expenses. Wire transfers typically take 1-3 business days to process. Credit card and debit card withdrawals are usually processed within 1-2 business days.

    Pros and Cons

    Pros Cons
    Offers a range of deposit methods (wire transfer, credit card, debit card) Wire transfer withdrawals have a $10 fee
    Minimum deposit amount of $100 Credit card and debit card withdrawals have a $5 fee
    Mu Minimum withdrawal amount of $100 accommodates smaller balances Wire transfer withdrawals take 1-3 business days to process
    Credit card and debit card withdrawals processed in 1-2 business days

    Trading Platforms

    Honch International does not currently provide any specific trading platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5) accounts, despite mentioning MT5 on their website. The website itself appears to be broken and ineffective, potentially hindering users from accessing the desired information or functionalities related to trading.

    Pros Cons
    N/A Lack of specific trading platforms like MT4 or MT5
    Broken and ineffective website, hindering access to information
    Potential limitations in functionalities for trading

    Customer Support

    Honch International offers customer support through a team reachable via email at erge@sutforex.com. This allows customers to seek assistance, ask questions, or resolve any issues they may have while using Honch International's services.

    Reviews

    The reviews of Honch International on WikiFX are mixed. Some users have reported positive experiences, highlighting the variety of deposit and withdrawal methods offered by the company. However, there are also negative reviews mentioning issues with the trading platforms and the website, including broken functionalities and ineffective customer support. Overall, the reviews indicate a range of experiences with Honch International, with both satisfied and dissatisfied customers.

    reviews

    Conclusion

    In conclusion, Honch International Limited, a broker based in the United Kingdom, presents both advantages and disadvantages. On the positive side, the company offers various market instruments in foreign exchange, equities, commodities, and interest rates. It provides different account types, including a standard, premium, and VIP account, catering to various investor needs. Additionally, Honch International allows leverage options for trading activities and has a reasonable minimum deposit requirement of $100. Furthermore, it offers a diverse selection of deposit and withdrawal methods. However, there are significant concerns regarding the company's legitimacy, as it lacks valid regulation and has received a notable number of complaints within a short period. The absence of specific trading platforms and issues with the website's functionality also raise usability concerns. Potential clients should exercise caution and thoroughly evaluate the risks associated with engaging with Honch International.

    FAQs

    Q: Is Honch International a legitimate company?

    A: Honch International lacks valid regulation and has received numerous complaints, raising concerns about its legitimacy and potential involvement in fraudulent activities.

    Q: What market instruments does Honch International offer?

    A: Honch International offers market instruments in FOREX, equities, commodities, and interest rates.

    Q: What are the account types available at Honch International?

    A: Honch International provides standard, premium, and VIP account options with varying features and benefits.

    Q: Does Honch International offer leverage?

    A: Yes, Honch International offers leverage options up to 1:100.

    Q: What are the spreads and commissions at Honch International?

    A: The average spreads for currency pairs range from 2 to 4 pips, and commissions apply to forex and stock trades.

    Q: What is the minimum deposit required by Honch International?

    A: The minimum deposit requirement at Honch International is $100.

    Q: What are the deposit and withdrawal methods at Honch International?

    A: Honch International offers wire transfer, credit card, and debit card as deposit and withdrawal methods.

    Q: How long does it take to process withdrawals at Honch International?

    A: Wire transfers take 1-3 business days, while credit card and debit card withdrawals are processed within 1-2 business days.

    Q: Does Honch International provide specific trading platforms?

    A: Honch International does not currently offer specific trading platforms.

    Q: How can I contact customer support at Honch International?

    A: Customer support at Honch International can be reached via email at erge@sutforex.com.

    Q: What do reviews say about Honch International?

    A: Reviews of Honch International on WikiFX are mixed, with both positive and negative experiences reported.

    User Reviews

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    FX1341143041
    more than one year
    I found that Honch International’s mt5 tarding was greatly problematic and technical issues were always happened, which nearly drove me crazy. I asked for its customer support to help me, but they said that they don’t know how to do. Ridiculous!
    2023-03-13 13:34
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