Page 95 - January 2022 Issue 602 Part 1
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Andrew Ishchuk (CEO HonorFX):
Crypto is a trend not a bubble and we believe
in inspiring confidence through transparency
Andrew Ishchuk, CEO of HonorFX, is an experienced senior FX industry
veteran with a strong track record for growth and turnaround
management. With 12+ years of top management experience within the United
Arab Emirates, Kuwait & India, Andrew provides business advisory services
to multiple FX Broker’s owners in UAE. He was among the prominent people
who participated in Forex Expo. On the sidelines of the event,
Al Bayan Magazine met him and conducted an interview in which he gave us
an idea about their company and talked about how they surpassed Covid-19
pandemic. He further shed lights on their strategy and commented
on cryptocurrency as well as stating the characteristics that differentiate
HonorFX from other similar companies. Below is the Q & A.
* Can you give us an idea about your company? brokers in the industry; we would like to start with the Middle East. We
- HonorFX was established in 2018 but in our global business, you are already familiar here with many clients so we are on the stage of
should have regulations and entities around the globe to cover the being prime brokerage company. We always open for clients, they can
global operations. That’s why HonorFX is a brand name of Honor register from abroad online, we don’t need to have a branch there but
Capital Markets Limited (Mauritius), and Honor Capital Markets of course it is better for clients to visit offices and see you in person
Limited (Malaysia), Honor Capital Markets Limited (St. Vincent and so we are working on expanding that. Our operations mainly started
the Grenadines). in Dubai and right now people come from abroad to us. Therefore, we
MU is regulated by the Financial Services Commission of the have interest to have some entities abroad mainly in Bahrain, Kuwait,
Republic of Mauritius with an Investment Dealer license. MY is regu- Oman and Egypt.
lated by the Labuan Financial Services Authority (LFSA) Malaysia and
SV is registered by Financial Services Authority (FSA) of St. Vincent * What is the added value from your participation in Forex Expo?
& The Grenadines as an international business company. Thus, - This event is purely B2C meaning there are so many brokerage
HonorFX is a regulated online Forex broker offering trading with low- companies here and we are one of the main players here so we had
est spreads on forex, futures, stocks, indices and 275+ trading instru- a lot of clients & traders and this is extremely fantastic because expos
ments. We provide true ECN connectivity, so our clients have direct are usually about B2B and it is fully covered with some industry pro-
access to other participants in equity and currency markets using best fessionals but you cannot find proper clients whereas here we found
conditions for their trading experience. a lot of IBs. We are really happy with this event and it is nice to final-
ly meet clients physically.
* How did Covid-19 affect your business?
- Covid-19 actually was a big disaster for the world but in our busi- * What differentiate you from other similar companies?
ness, it is only playing in our turn. That’s why we optimized our oper- - At HonorFX, we provide the best online trading platform in the world
ation accordingly, we adapt to that and we improved our volumes. If (MT5) to our clients and partners. We believe in developing a sus-
you check with the majority of the brokerage companies, they will tell tainable workforce through our years-long experience, in-depth
you that the behavior of the traders has changed and their interest in knowledge of the financial market and the association of our trusted
trading from home online increased. partners. We have set an example of responsible trading that has
made us a reliable platform for services like currency trading, equity
* What is your comment about cryptocurrency?
- These days in Dubai, we can establish any crypto licenses so the indices, energies, precious metals and CFDs. We follow a sim-
industry is growing. The authority in UAE is already provid- ple and client-friendly operational philosophy that does
ing the licenses for crypto. That’s why I am confident not only satisfy our clients and partners but also helps
that there is a future for cryptocurrency although us to earn their loyalty. We use latest technologies
people think that it is just a bubble. Crypto is a along our in-depth knowledge of trading to serve
trend for many years and it is based on our clients with the accordance of their needs.
blockchain technology so it is cool and secure. We do not follow or practice customs that can
This industry is booming and expanding espe- harm our client’s expectations from us. We
cially in UAE there are enough regulatory bodies believe in inspiring confidence through trans-
to assure you that it has future. parency. As a regulated broker we supply our
clients with this legal documentation to review before
* What is your strategy for HonorFX? beginning to trade with us.
- Our strategy is to catch the main place from the top
AL BAYAN ECONOMIC MAG - ISSUE 602 - JANUARY 2022
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