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Score
Saint Vincent and the Grenadines
5-10 yearsRegulated in Malaysia
Straight Through Processing(STP)
White label MT5
Global Business
High potential risk
Add brokers
Comparison
Quantity 19
Exposure
Score
Regulatory Index3.92
Business Index7.19
Risk Management Index0.00
Software Index8.51
License Index3.92
Single Core
1G
40G
Danger
Warning
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Company Name
Honor Capital Markets Limited
Company Abbreviation
Honor FX
Platform registered country and region
Saint Vincent and the Grenadines
Company website
X
YouTube
Company summary
Pyramid scheme complaint
Expose
Cheat? take care of players, trap them to liquidate their accounts within 24h-48h. Liquidate account for 135k usd.
This is a fraud company with lame restrictions that will grab your money; they did it to me, and as a result, I was unable to withdraw any of it they keep asking for more like tax and money laundering fee. These types of businesses will steal your money and keep it forever
Do not use this exchange. When you reach $100k in profit and try to transfer your crypto out they will ask you to pay tax. When you don’t pay tax they lock your account so you can’t trade or move your crypto. My friends and I have been told various tax rates to pay. We are not paying the tax so we almost lost what we put in if not for Cyb3rNub.net
On April 17, 2023, when the European trading session opened at 2:00 p.m., the Louis Vuitton stock code had a virtual price gap from 890 to 8900, causing my account to be liquidated and a huge negative amount. I have contacted HonorFX's customer support department at 1900292920 many times but the answer is still: \'There are no signs of error, let me inform you when I have the results. We will contact you again\' ', "Market error" but that day I checked and there was absolutely no stock unit or exchange that had that error. After that, a few times when I called, they directly hung up. In addition, I have sent many emails to the Platform: support@honorfx.com, support.vietnam@honorfx.com, but not a single email has responded.
nv sp gave the wrong order for the British pound to go 60 lots tk 11k couldn't stand the price fluctuation of only 30 lots but just entered 10k. No professional ethics is still challenging! honorfx platform review nv burned tk ndt very obvious
I have three trading accounts in Honor: 929436, 929552, 930224. Deposit $14894 and withdraw $6419 before, and a withdrawal of $6857 has not arrived from 10/12/2022 to 14/10/2022. The payment address was suddenly tampered with by the platform, it is estimated that it is going to abscond
Initially everything went well and our broker was very nice. We tested the site by making withdrawal of $100 twice, this gave us confidence in the company to Invest $73,000 However he kept pressuring us to Invest more money or lose our entire investment had to involve fintrack/org We got every deposit back from Honor Capital Markets after they rejected requests to withdraw money which was still in our accounts.
Suggest the broker #honorfx pay as promised #honorfx #honorFX #honorfxguide #honorfxafrica #honorfxtotheworld #forex #forextrader #forexsignals #forextrading #forexlifestyle #forextrading #forexmarket #forexmoney #forexasia #forexcharts #forexcharts #forexsoutsignal honor_FX #Scam #scam #merritrade My MT5 account is 920046, I joined the broker Honorfx from 2/6/2022 and until 8/7/2022 the amount in my account is 88654 USD, the broker does not allow I withdrew money and then my account was locked by the exchange. After a period of work, the floor agreed to pay me 35,000 usd, but then the floor did not perform as committed. So I post here to ask the online community to speak up so that this HONORFX exchange will return my money, and also warn players to stay away from reputable exchanges including this HONORFX broker.
MT5 account: 919199 Honorfx platform blatantly rigged prices, causing my account to liquidate. Date of price adjustment incident: April 17, 2023 Stock code: Louis Vuitton Hope the support unit helps me get back the money I lost. I sincerely thank you.
I invested money and earned profit. I did not use the bonus given by the company. When I wanted to withdraw money, they deducted the money from my account and closed my account. The representative said they will get back to you, but they did not return as of 06.07.2023. honorfx is a scam company, they won't give you money
My account number is 930096. I applied for a cash withdrawal on the 14th, but it hasn't arrived yet. The backstage started to say that I refused with the wrong address, and then I submitted it again and deducted my money, but I did not receive the payment. After consulting the salesperson, he said that he would arrive on Friday, but then there was no reply and no payment. Does the platform want to give me no money? I hope WikiFX can help me
My MT5 account is 920046. I joined from 2/6/2022, during the joining process I usually buy stocks and place a stop loss order for each share to avoid burning my account. Initially, Honorfx's MT5 software closed the order at the correct price at which I placed a stop-loss order, but on July 8, 2022, Honorfx platform intervened in MT5 software so that the entire closing price did not match the price. where I placed a stop loss order resulted in my account losing 54 205 USD (See detailed calculation table and screenshot from Honorfx Exchange's closed orders) I wrote to the broker via email support support @honorfx.com and support.vietnam@honorfx.com but there is no response from the exchange so I post here asking Honorfx Exchange to return me the above amount, and also remind investors to be careful with this platform and liquidation of your account
I had an account on their exchange, and when my account was in danger, they told me my code stopped working so I couldn't adjust my codes and until my account didn't bear that price was opened and liquidated. I called and asked about my problem, but still no reply.
I opened a trading account at honor fx in May and made a deposit. After less than three days of trading, my account was unilaterally blocked. The application for withdrawal was rejected, and neither the official website nor email has an responsd . Are you going to absconded? Or is it a fraud platform itself that can hack traders' funds at will?
Honorfx, requested an additional $21,000 payment after receiving my $84,000 investment on the grounds that money laundering was suspected on my account, in order to unfreeze my account. the AssetsClaimBack, an Australian corporation filed a report with the appropriate authorities asking them to investigate closing down comparable exchanges and restoring my withdrawal access, as they had previously done for other victims from other platform. Avoid Honorfx at all costs; they are a scam and fraud!
Warning broker #honorFX specializes in scams, does not allow withdrawals and locks clients' accounts. My MT5 account is 920046, I have joined since 2/6/2022. When there is profit on the floor, withdraw a few times to make investors believe. However, after that I withdrew 5000 USD and the order was still approved. Initially, it was still deducted from my trading account, but after a few hours, the money will not be returned to my personal account but added to my account. transaction account, this action keeps repeating from last Friday - July 8, 2022 to now (That is, when I withdraw money, initially deduct money from my trading account, but then that amount be added to the account). When contacting the customer service department of the floor whose number in Vietnam is 1900292920, it is explained that the bank's personal information has errors, the explanation of the customer service department is not really convincing. because I have successfully withdrawn several times already. Currently, the amount that honorFX has appropriated from me is 88654 USD After many times writing to the floor support department support@honorfx.com and support.vietnam@honorfx.com but did not receive a reply until the afternoon of the 13th. 07/07/2020 My account has been locked (Not accessible anymore) I am posting so this page is asking honorfx Floor to return my money. And by the way, participating investors should be careful with this floor and new investors should stay away from this Honorfx floor lest they lose money and lead to bankruptcy.
Aspect | Information |
Registered Country/Area | Saint Vincent and the Grenadines |
Founded Year | 2-5 years |
Company Name | Honor Capital Markets Limited |
Regulation | Regulated in Malaysia |
Minimum Deposit | $100 (Standard Account), $10,000 (ECN Account) |
Maximum Leverage | Up to 1:500 (Standard and Islamic Accounts), Up to 1:200 (ECN Account) |
Spreads | Starting from 1.5 pips (Standard Account), Starting from 0.2 pips (ECN Account) |
Trading Platforms | MT4/5 full license |
Tradable Assets | Forex, Precious Metals, Futures, Stocks, ETFs, Indices |
Account Types | Standard, Premium, ECN |
Demo Account | Available |
Islamic Account | Available |
Customer Support | Phone: +971 42105333 (Dubai), +230 52970920 (Mauritius), Email: helpdesk@honorfx.com |
Payment Methods | Bank Wire, Credit/Debit Cards, Digital Wallets, Local Transfers |
Tools | Glossary, E-Books, Technical Analysis, Arabic Webinar |
Online trading involves huge risks and you can lose all your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained herein is for general information purposes only.
HonorFX is a brokerage firm that operates under the regulatory framework in Malaysia. It is licensed as a Straight Through Processing (STP) provider, offering access to multiple market instruments. The broker has a presence in Saint Vincent and the Grenadines and has been in operation for 2-5 years.
While HonorFX provides a range of trading options and full licenses for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, it is important to note that the WikiFX Score for this broker is low due to numerous complaints. This indicates potential risks and suggests the need for caution when considering trading with HonorFX or any other broker.
HonorFX offers various trading accounts, including Standard, Premium, and ECN. The account types differ in terms of leverage, spreads, and commissions. The broker prioritizes negative balance protection for all account types, ensuring risk management for its clients.
Traders can access a diverse range of market instruments through HonorFX, including forex, precious metals, futures, stocks, ETFs, and indices. The broker provides low spreads and immediate execution for forex trading, and also offers trading opportunities in commodities and global stock markets.
To open an account with HonorFX, traders need to complete the registration process on the broker's website. The minimum deposit requirement varies depending on the account type chosen, and the broker supports multiple payment methods for deposits and withdrawals.
HonorFX utilizes the popular MetaTrader 5 (MT5) platform, which offers advanced features and tools for traders. The platform supports various markets, provides order management tools, and allows for multi-threaded, multi-currency testing through its Strategy Tester.
While HonorFX provides customer support through live chat, email, and phone, traders should be aware of the complaints and exercise caution when engaging with the broker. Thorough research and due diligence are recommended before making any investment decisions.
HonorFX offers a range of account types, including Standard, Premium, and ECN, catering to the diverse needs of traders. The platform provides access to various market instruments, including forex, precious metals, futures, stocks, ETFs, and indices, allowing traders to diversify their portfolios and take advantage of different opportunities. The availability of the popular MetaTrader 5 (MT5) trading platform offers advanced features and order management tools. HonorFX also provides useful trading tools, such as a glossary, e-books, technical analysis reports, and webinars, to enhance traders' knowledge and decision-making. However, it's important to note that there have been complaints against the broker in the past, indicating potential risks and the need for thorough research before investing.
Pros | Cons |
Offers diverse account types | Detected complaints in the past 3 months |
Wide range of market instruments available | Potential risks and scam indications |
Access to the popular MetaTrader 5 platform | Need for caution and thorough research before investing |
Provides useful trading tools and resources | |
Regulated by the regulatory agency in Malaysia |
According to the information provided, HonorFX is regulated by the regulatory agency in Malaysia. The license type is Straight Through Processing (STP), and the license number is MB/21/0072. The licensed institution is Honor Capital Markets Limited. The email address of the licensed institution is indresh@honorfx.com, and the phone number is 087-504 747. The address of the licensed institution is Office 2, Phil Business Centre 2, Unit F7, 1st Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan F.T. Malaysia.
It's important to note that WikiFX has detected 11 complaints against this broker in the past 3 months, indicating potential risks and a potential scam. Therefore, it's advisable to exercise caution and conduct thorough research before investing with HonorFX or any other broker.
HonorFX offers a diverse range of market instruments for traders to engage in various financial markets. Here's an overview of the market instruments available:
1. Forex: HonorFX provides access to 40 currency pairs, including major, minor, and crosses. Traders can benefit from ultra-low spreads and immediate execution. Popular currency pairs such as EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, and USD/CHF are available for trading.
2. Precious Metals: Traders can take advantage of price movements in precious metals like gold, silver, and more. These instruments serve as alternative investment options and offer trading opportunities. HonorFX provides trading hours and margin rates for gold, silver, crude oil, Brent oil, and natural gas.
3. Futures: Trading opportunities in precious metals (gold and silver) and some of the world's largest oil and natural gas markets are available. Traders can speculate on the price movements of these commodities as an alternative investment option.
4. Stocks: HonorFX offers the opportunity to trade over 65+ shares across UK, US, and European markets. Popular shares like Amazon, Boeing, Facebook, and Netflix are available for trading. Traders can take positions in these stocks and benefit from market movements.
5. ETFs: Exchange-Traded Funds (ETFs) are also available for trading. HonorFX provides access to a variety of ETFs with a commission rate. These instruments allow traders to diversify their portfolios and gain exposure to different sectors and markets.
6. Indices: Traders can trade on a basket of top shares representing the performance of a country's economy. HonorFX offers over 90 cash and forward indices instruments, including the UK 100, US 30, Germany 30, and more. These instruments allow traders to speculate on the overall performance of specific markets.
HonorFX provides traders with a wide range of market instruments, allowing them to diversify their trading strategies and take advantage of various opportunities in the forex, commodities, stocks, ETFs, and indices markets.
Pros | Cons |
Wide range of market instruments available | Potential risks and scam indications |
Diversification opportunities for traders | Detected complaints in the past 3 months |
Access to popular instruments like forex and ETFs | Need for caution and thorough research before investing |
Potential for capitalizing on different market trends |
HonorFX offers three different types of trading accounts: Standard, Premium, and ECN.
STANDARD
The Standard account provides leverage of up to 1:500 and spreads starting from 1.5 pips. There are no commissions charged, and the account offers swaps. The trading platform for the Standard account is MT5.
PREMIUM
The Premium account also offers leverage of up to 1:500 but has slightly higher spreads starting from 1.8 pips. However, there are no commissions charged, and the account does not have swaps. Like the Standard account, the Premium account uses the MT5 trading platform.
ECN
The ECN account has a leverage of up to 1:200, making it slightly lower compared to the other two account types. However, it offers the lowest spreads starting from 0.2 pips. There is a commission of $7 per lot traded, and the account includes swaps. The ECN account also uses the MT5 trading platform.
All three account types support trading in various instruments such as FX Majors, FX Crosses, FX Minors, FX TRY, Spot Metals, CFDs, Spot Indices, and Shares. The minimum trade volume is 0.01 lots, and negative balance protection is provided for all account types.
It's important to note that only the Premium account offers swap-free trading for Forex Majors and Spot Metals. The other instruments and account types may have swaps.
Pros | Cons |
Multiple account types cater to different trading preferences | Standard and Premium accounts have higher spreads |
Leverage of up to 1:500 available in Standard and Premium accounts | ECN account has slightly lower leverage |
ECN account offers the lowest spreads starting from 0.2 pips | ECN account has a commission of $7 per lot traded |
Swap-free trading available in Premium account for Forex Majors and Spot Metals | Standard and ECN accounts have swaps |
All account types use the popular MT5 trading platform | |
Negative balance protection provided for all account types |
To open an account with HonorFX, follow these steps:
1. Visit the HonorFX website and click on the “Register” button.
2. Select the entity under which you want to open the account (e.g., Saint Lucia or Mauritius).
3. Fill in your full name, email address, and create a password for your account. Confirm the password by retyping it.
4. Provide your country of residence and phone number, including the country code.
5. Select your gender from the available options.
6. Enter your address, including street address, city, state, and zipcode.
7. Provide your birthdate to verify your age eligibility.
8. If you have a promo code, you can enter it in the designated field.
9. Review the terms and conditions, privacy policy, and risk disclosure documents, and check the box to confirm that you have read and understood them.
10. Click on the “Register” or “Create Account” button to complete the registration process.
Once you have successfully registered, you will receive a confirmation email with further instructions on how to proceed. It is important to note that opening an account with HonorFX may require additional verification steps, such as submitting identification documents, as part of the account verification process.
There are three kinds of account types for investors to choose from at Honor FX:
- Standard: minimum deposit of $100, maximum leverage up to 1:500;
- ECN: minimum deposit of $10,000, maximum leverage up to 1:200;
- Islamic: minimum deposit of $100, maximum leverage up to 1:500;
HonorFX offers different account types with varying spreads and commissions to suit the trading preferences of its clients. The Standard account features spreads starting from 1.5 pips and does not charge any commissions. The Premium account has slightly higher spreads starting from 1.8 pips, but like the Standard account, it does not charge commissions. The ECN account offers the lowest spreads starting from 0.2 pips and includes a commission of $7 per lot traded. It's important to note that HonorFX prioritizes negative balance protection for all account types, ensuring a level of risk management for its clients.
HonorFX offers the popular trading platform MetaTrader 5 (MT5) to its clients. MT5 is an advanced version of the widely used platform, with several improvements and additional features. It is suitable for experienced traders and provides sophisticated order management tools.
One of the advantages of MT5 is its Strategy Tester, which allows for multi-threaded, multi-currency testing with real ticks. The platform also includes an embedded MQL5.community chat for easy communication and collaboration with other traders.
MT5 supports a wide range of markets, including Forex, Futures, Options, Stocks, and Bonds. It offers a multilingual Unicode interface, allowing users to navigate the platform in their preferred language. The platform provides various order fill policies, including Fill or Kill, Immediate or Cancel, and Return.
Some features of MT5 include an Economic Calendar, unlimited symbols, email system with attachments, hedging capabilities, graphical objects for technical analysis, partial order filling policies, multiple timeframes, depth of market information, various pending order types, time and sales data for exchange markets, and a comprehensive set of 38 technical indicators. The MT5 platform is available for download on Windows, macOS, Android, and iOS devices.
Pros | Cons |
Advanced version of the popular MetaTrader platform | Limited customization options for the platform |
Suitable for experienced traders with sophisticated order management tools | Steep learning curve for beginners |
Strategy Tester for multi-threaded, multi-currency testing with real ticks | Lack of integrated educational resources |
Embedded MQL5.community chat for communication and collaboration with other traders | Limited customer support options |
Available for download on Windows, macOS, Android, and iOS devices | Limited compatibility with older operating systems |
HonorFX provides traders with a range of tools and resources to enhance their trading experience and knowledge. Here's an overview of the tools offered:
1. GLOSSARY: HonorFX offers a comprehensive glossary of basic forex terms, financial terms, and trading-related keywords. It provides clear explanations and definitions to help traders understand the terminology associated with trading and markets.
2. E-BOOKS: User-friendly and easy-to-read e-books are available for traders at all levels, including beginners and intermediates. These e-books serve as guides to help traders learn and refresh their knowledge about various trading concepts and strategies.
3. TECHNICAL ANALYSIS: HonorFX has partnered with TRADING CENTRAL, a leading financial market research provider. Traders can access exclusive technical analysis reports from TRADING CENTRAL, which combines senior analyst expertise with automated algorithms. This analysis helps traders make informed trading decisions and provides actionable trading plans.
4. ARABIC WEBINAR: HonorFX organizes webinars in Arabic, hosted by market research and sales experts. These webinars cover topics such as market trends analysis, risk management tips, and common trading mistakes. The webinars aim to educate and empower traders to trade like experts. The duration of the webinars is typically 60 minutes.
These tools and resources offered by HonorFX assist traders in expanding their knowledge, improving their trading skills, and making more informed trading decisions in the financial markets.
Pros | Cons |
Comprehensive glossary to help understand terminology | Limited information on the frequency of updates |
User-friendly e-books for traders at all levels | Lack of interactive or multimedia learning features |
Access to exclusive technical analysis reports | Webinars only available in Arabic language |
Webinars in Arabic hosted by market experts | Limited webinar duration of 60 minutes |
Partnership with TRADING CENTRAL for expert analysis |
Payment methods include bank wire transfer, credit cards (Visa, MasterCard, Maestro), Digital Wallet (Skrill, Neteller, Perfect Money, Fasapay, Bitpay), local (Malaysia Local Transfer, Indonesia Local Transfer, Thailand Local Transfer, Vietnam Local Transfer). No deposit fee is charged.
For deposits, you can choose from the following methods:
1. Bank Wire: Deposit funds through bank transfer in currencies such as AED, USD, and EUR. There are no fees, and the processing time is 1-5 business days.
2. Credit Cards / Debit Cards: Deposit instantly using Visa, Mastercard, or Maestro in currencies like EUR, USD, and GBP. No fees are charged.
3. Digital Wallet: Deposit instantly through Paytrust, Fasapay, GB Pay, or Ecompany in various currencies such as USD, MYR, IDR, and THB. No fees apply.
4. Local Transfers: Deposit funds through local transfers specific to certain countries. Malaysia Local Transfer, Indonesia Local Transfer, Thailand Local Transfer, Vietnam Local Transfer, and India Local Transfer are available. The processing time is up to 1 hour, and there are no fees.
It's important to note that HonorFX states they do not charge any commissions or fees for deposits.
For withdrawals, the same payment methods are available, and the processing time is up to 1 business day. However, it's mentioned that payment provider fees may apply for withdrawals.
Pros | Cons |
Variety of payment methods for deposits and withdrawals | Potential payment provider fees for withdrawals |
Instant deposits through credit cards and digital wallets | Processing time of 1-5 business days for bank wire deposits |
No fees charged for deposits | Limited country-specific local transfer options |
Wide range of accepted currencies |
HonorFX accepts traders from various countries, providing them with access to their trading services. However, there are certain restrictions on the provision of services based on the company's policy. The HonorFX brand does not offer its services to residents of the United States (USA), Japan, British Columbia (Canada), Mauritius, Quebec (Canada), and countries that are blacklisted by the Financial Action Task Force (FATF). These restrictions are in place to comply with regulatory requirements and ensure the company's adherence to legal and compliance standards. Traders should review and be aware of these limitations to ensure their eligibility before engaging with HonorFX for trading activities.
On our website, you can see that some users have reported scams. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
HonorFX provides customer support to assist traders with their queries and concerns. Here's an overview of the available contact options:
1. LIVE CHAT: Traders can engage in a live chat with the support team by clicking on the “Start Chat” button. This real-time communication allows for immediate assistance and quick resolution of issues.
2. EMAIL: Traders can send an email to helpdesk@honorfx.com to reach out to the customer support team. They can explain their queries or concerns in detail, and the support team will respond within 24 hours.
3. PHONE: Traders can contact HonorFX by phone at +97142105333. This contact number is available for customers to call and speak directly with a representative from the support team.
HonorFX has a global presence with offices in the following locations:
- Dubai, United Arab Emirates: HonorFX has a representative office in Dubai. The address is API Tower, Office No - 1604, 16th Floor, Shk Zayed Road, Dubai, located outside Exit 2 of the Trade Centre Metro Station. The contact number for the Dubai office is +97142105333.
- Port Louis, Mauritius: HonorFX has an office in Port Louis, Mauritius. The address is The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius. The contact number for the Mauritius office is +23052970920.
Office hours for HonorFX are from 10 AM to 7 PM, Monday to Sunday.
HonorFX is a regulated broker in Malaysia, offering a wide range of market instruments and three types of trading accounts. With a minimum deposit of $100 and maximum leverage up to 1:500, it provides accessibility to traders of various experience levels. The availability of the popular MetaTrader 5 platform enhances the trading experience. However, it is important to note that the ECN account requires a higher minimum deposit of $10,000. While HonorFX has its advantages, potential disadvantages may include limited information on trading conditions, account types, and services, which can make it challenging for prospective clients to make informed decisions. It is recommended to thoroughly research and consider these factors before choosing HonorFX as a broker.
Q: Is HonorFX a regulated broker?
A: Yes, HonorFX is regulated in Malaysia under the license type Straight Through Processing (STP) with the license number MB/21/0072. The licensed institution is Honor Capital Markets Limited.
Q: What are the available market instruments on HonorFX?
A: HonorFX offers a diverse range of market instruments, including forex (40 currency pairs), precious metals, futures, stocks, ETFs, and indices.
Q: What types of trading accounts does HonorFX offer?
A: HonorFX offers three types of trading accounts: Standard, Premium, and ECN. Each account type has different features, leverage, and spreads.
Q: How can I open an account with HonorFX?
A: To open an account with HonorFX, visit their website, click on “Register,” fill in the required information, and agree to the terms and conditions.
Q: What is the minimum deposit and leverage offered by HonorFX?
A: The minimum deposit for the Standard account is $100, and the maximum leverage is up to 1:500. The ECN account requires a minimum deposit of $10,000 and offers a maximum leverage of up to 1:200.
Q: What trading platform does HonorFX provide?
A: HonorFX offers the MetaTrader 5 (MT5) trading platform, which is known for its advanced features and order management tools.
Q: How can I contact HonorFX customer support?
A: You can contact HonorFX customer support through live chat, email (helpdesk@honorfx.com), or phone (+971 42105333 or +230 52970920).
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