User Review( votes)
According to the facts and figures available on the official website, HotForex has more than 1,300,000 live trading accounts. It supports over 27 languages and has been in business for over 8 years. The fact that it has won more than 20 industry awards proves that it is an online trading broker worth considering.
• Excellent trading conditions and smart trading options
• Superior online trading tools
• Multiple types of accounts
• Wide range of trading platforms
• Safe and secure trading services
• Couldn’t find any for this FX broker
The company offers world class online trading services to institutional as well as retail clients. It features several types of accounts and a wide range of tools, which traders can use to make successful trades.
Here are some of the advantages of trading at HotForex:
- Excellent trading conditions – Traders can expect up to 1:1000 flexible leverage, tight spreads that start from EUR/USD 0.1, 24/5 customer support, hedging and scalping, and myHF, a portal to manage online trading accounts.
- Trade smart – Traders can trade on a variety of instruments such as CFDs, commodities, and indices and get 100% credit bonus, lucrative promotions, free account funding, 100% supercharged bonus, competitions based on performance, and an award-winning affiliate program.
- Wide range of trading tools – The Forex broker offers superior trading tools such as one-click trading, free VPS hosting, market analysis and breaking news, free educational material, economic calendar, trading calculators, free educational material, text messaging, and auto transfer to instantly withdraw trading profits.
How Reliable Is HotForex?
HF Markets (SV) Limited, the parent company of HotForex, gives top priority to compliance, regulation, and transparency.
- Regulated Service – The company has been regulated and authorized in St. Vincent & the Grenadine. It has also been audited by Deloitte.
- Insurance – The online financial service understands that traders want to focus on trading without worrying constantly about the safety of their funds. It has therefore protected its liabilities against third parties, including clients, with a €5,000,000 civil liability insurance. This insurance covers negligence, omissions, errors, fraud, and a variety of other risks. Clients don’t have to pay for this insurance.
- Fund Segregation – The broker works only with the best international banks. It maintains client funds in separate bank accounts and never uses them for operational purposes. In case of default, the company cannot use trader deposits to pay back its creditors.
- Risk Management – Through continuous risk assessment, the company maintains its ability to cover its capital requirements and financial needs at all times.
- Industry Awards – HotForex is the winner of 20+ industry awards such as Best FX Broker in the Gulf, Best Affiliate/IB Programme, Best Broker in China, and Best FX Broker Western Europe. Recently, it was selected for the World Finance Top 100 Global Companies.
- List of Licenses – HF Markets Group has a number of subsidiaries, each licensed in different jurisdictions. HF Markets (SV) Ltd is licensed in St. Vincent & the Grenadine, HF Markets (UK) Ltd is licensed by the Financial Conduct Authority (FCA), HF Markets (DIFC) Ltd is licensed by the Dubai Financial Services Authority (DFSA), HF Markets SA (Pty) Ltd is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa, and HF Markets (Seychelles) Ltd is licensed by Seychelles Financial Services Authority (FSA).
Account Types – How to Open an Account
You can choose from the following types of accounts:
- Micro Account – HotForex has designed this account for newcomers to the forex trading industry and for small volume traders. The initial deposit is much lower than that for the classic account.
- Premium Account – This type of account is meant for experienced traders. It features flexible position sizing and limits the size of a single trade to 60 lots. It uses platforms such as MT4, MT5, and WebTrader.
- HFCopy Account – This type of account is meant for followers of HFCopy as well as strategy providers (SPs). The broker encourages SPs to open HFCopy accounts to get followers and trade for performance fees up to 35%. Followers can open this type of account of copy the trades of SPs of their choice.
- Auto Account – Even new traders can open this type of account to subscribe to paid as well as free trading signals.
- PAMM Account – The PAMM Program at HotForex enables customers to invest without making a single trade. PAMM accounts are available for investors as well as fund managers, giving the latter an opportunity to earn extra income by successfully managing investors’ funds. PAMM managers can open Premium or Premium Plus accounts.
- Zero Spread Account – This type of account features raw spreads with 0 markup, low cost trading, super tight spreads, low commission, and a minimum deposit of $200.
- Islamic Account – HotForex offers several types of Islamic accounts, including Premium, Auto, Zero Spread, Fix, and Micro accounts.
- Demo Accounts – HotForex has designed its demo account to give you a simulated trading environment so that you can practice trading strategies. The demo trading environment closely resembles the live trading one.
Demo accounts remain valid for an unlimited period of time, giving you access to real market conditions so that you can test trading strategies.
When you open a demo account, you get $100,000 in virtual funds. You also get access to trading platforms such as WebTrader and MT4 Terminal.
Available Trading Instruments
HotForex offers top trading opportunities such as CFDs on cryptocurrencies, Forex, energies, spot metals, indices, commodities, shares of top global companies such as Facebook, Apple, and Google, bonds, and indices.
Here is a list of asset classes at HotForex:
- Cryptocurrencies – Trade cryptocurrencies such as Ethereum, Ripple, Litecoin, Dashcoin, and Bitcoin.
- Forex – You can access spreads that start from 0 pips.
- Metals – You can trade on spot metals such as gold.
- Indices – Trade on leading indices such as the Shanghai Composite, USA 100, and UK 100.
- Shares – Trade shares of top companies such as Facebook, Apple, Google, Coca Cola, and Microsoft.
- Energies – Trade in energies such as Crude Oil, Brent Oil, and Natural Gas with a typical spread of 1 pip and a lot size of 1000MMBtu.
- Commodities – You can open a commodity trading position for as little as US$10. Moreover, HotForex doesn’t charge commission on commodities.
- Bonds – Trade on a variety of bonds, ranging from UK Gilts to Euro Bunds.
The online forex trading service offers a variety of trading platforms, suitable for all types of devices, including laptops, desktops, smartphones, and tablets:
- HotForex Multi Terminal – You can use this platform to manage multiple trading accounts.
- MT4 Terminal – This platform is ideal for trading on desktops. It also happens to be the world’s most popular online trading platform.
- MetaTrader 4 WebTerminal – You don’t have to download any software to trade on the WebTrader platform. You just have to log in to your trading account to get started.
- HotForex iPhone Trader – Traders can stop relying on their desktop and trade on the move.
- HotForex iPad Trader – This platform integrates seamlessly with iPad functionality so that traders can enjoy the best trading experience.
- HotForex Android – You can use this platform to trade on the go on your Android smartphone and tablet.
- Rapid Trader FIX/API – This is the best solution for professionals who want an integrated and dynamic trading environment.
In addition, HotForex offers the following brand new MetaTrader5 platforms for a variety of devices, including desktops, Mac computers, and mobile devices:
- HotForex MT5 Terminal– You can trade on your desktop with MT5 Terminal, which happens to be one of the fastest in the industry.
- HotForex iPhone Trader– Use this advanced platform to buy trades anytime and from anywhere.
- HotForex iPad Trader– This platform offers a full-functionality trading solution for trading on the move.
- HotForex Android– Enjoy the ultimate MT5 experience on your Android smartphone or tablet.
- MetaTrader 5 Web Terminal– No download is required to access the markets in your browser using this platform.
Free Forex Education
HotForex delivers high-quality forex education. It provides all the resources that traders need to improve their trading skills and learn new trading strategies. The broker has educational tools for new as well as seasoned traders.
- Forex trading webinars hosted by forex experts
- 30+ forex videos
- Daily market fundamental and technical analysis
- 20+ tutorial and educational videos
- eCourse in Forex
- Frequently Asked Questions (FAQs)
HotForex Exclusive Trading Tools
The online trading service offers a set of high-quality tools to deliver an enhanced trading experience.
- Premium Trader Tools – You can download and install these tools on your MT4 or MT5 platforms in a single package.
- Autochartist Tool – This is a market scanner that works well on MT4 and MT5 platforms. It scans traders’ watch lists and alerts them whenever it identifies a Fibonacci pattern or chart.
- The HF App – Traders can download the HF App to get daily market analysis, direct access to their myHF area, and live streaming of market rates.
- Economic Calendar – Use HotForex’s customizable, real-time calendar to track indicators and international economic events and predict market movements.
- SMS Service – The FX broker sends market alerts through SMS.
- Traders Board – The Traders Board is a great way to get the latest market news, gauge market sentiments, and identify top currency movers.
- VPS Hosting – The broker’s virtual private server (VPS) is compatible with all expert advisors (EAs).
- One Click Trading – HotForex’s advanced one-click functionality makes it possible to place trades with just a click of the mouse.
- Auto Trading – Traders can automate their trading with a wide range of paid and free trading signals.
- Calculators – The Risk Percentage Calculator helps customers to calculate lot sizes by specifying the amount they are willing to risk, currency pair, account currency, and opening/stop loss price. Some of the other calculators’ traders can use are Multitarget Calculator, Pivot Points Calculator, Pip Value Calculator, Position Size Calculator, Fibonacci Calculator, and Risk and Reward Calculator.
Traders can fund their HotForex accounts free of charge and without any hassles or delays using the following deposit methods:
- Wire Transfer – Deposit a minimum of $100 to an unlimited amount using Wire Transfer. It takes 2 – 7 days for the funds to get credited to their account. HotForex does not cover fees for Wire Transfer deposits below $100.
- UnionPay – Deposit in the range of $50 to $8000 in 24 hours.
- Maestro & Visa– Deposit in the range of $5 to $10,000 in 10 minutes.
- MasterCard – Deposit in the range of $5 to $7500 in 10 minutes.
- Online Payment Methods – Deposit in the range of $5 to $10,000 using online payment methods such as Bitcoin, Bitcoin Cash, and FastPay. Deposits made through these methods are either instant or may take up to 10 minutes.
- Neteller and WebMoney – Make instant deposits in the range of $5 to $10,000 using these electronic payment processors.
- Skrill – Deposit instantly in the range of $5 to $10,000. Skrill is an eWallet similar to Neteller.
Traders should submit their withdrawal requests before 10:00 a.m. server time if they want the company to process them on the same day. HotForex processes payout requests between the hours of 7:00 a.m. and 5:00 p.m. server time daily. To submit a withdrawal request, traders have to log in to their accounts and click on Fund Withdrawal.
You can choose from following withdrawal methods:
- Wire Transfer – You can withdraw a minimum of $100. The withdrawal time frame is 2 – 10 days depending on your bank.
- UnionPay – Withdraw a minimum of $50 in 2 – 5 banking days.
- Maestro, Visa, and MasterCard – Withdraw a minimum of $5 in 2 – 10 working days.
- Online Payment Methods – Withdraw a minimum of $5 instantly using FastPay, Neteller, and Skrill. However, Bitcoin withdrawals may take up to 3 business days.
How to Get Help at Hot Forex
To get help at Hot Forex, you have to click on the Contact Us 24/5 link right at the top of the website. This takes you to a page listing various ways of getting in touch with the online broker.
- Online Contact Form – Just fill it up and submit it to get the help or information you need.
- International and Toll Free Numbers – The toll-free number for global support is +44 – 2033185978. Telephonic support is available for many countries including India, Nigeria, China, Russia, Turkey, Brazil, Russia, and Indonesia.
- Email – Send an email to [email protected]
- Live Chat – Click on the live chat button at the top of the website to launch the live chat window.
Support is available from Monday to Friday between the hours of 7:00 to 23:59.
Overall Experience of HotForex & Rating
Featuring a wide range of trading tools, trading platforms, account types, and educational resources, HotForex is great for beginners, intermediates, and seasoned traders. We couldn’t find any serious user complaints or negative customer reviews for HotForex.
We tested the service for a few days and found them to be highly recommendable. Since it offers unlimited demo account use, HotForex is ideal for beginners who like to test the waters before taking the plunge.
Here are some of the advantages of trading at HotForex: