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User Review
5 (8 votes)

Summary

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.

Pros

• 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

Cons

• 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.

HotForex global

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.

HotForex Factsheet 2020

  • Funds Withdrawal

This broking company has perfect and easy funds withdrawal. You can make all your funds withdrawal before 10:00 am except during the holidays.

  • Customer Support and Service

HotForex customer service features 27 different languages and you can contact the customer care team anytime you want. In other words, the support team is available 24/7.

  • HotForex Education

HotForex Broking Company provides a top-notch forex education. It avails all the required resources needed by traders to study new trading techniques and develop their trading skills. The broker has more than 30 forex videos and more than 20 educational tutorial videos.

  • Accounts

HotForex has up to 1, 300,000 live active trading accounts.

  • Good Reputation

The company supports up to 27 different languages and has been in operation for more than 8 years. Also, it has secured the hearts of 20 industry awards and proves that its one of the online trade broker that’s worth considering.

How Reliable Is HotForex?

HF Markets (SV) Limited, the parent company of HotForex, gives top priority to compliance, regulation, and transparency.

Regulation
  • 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:

HotForex types of account

  • 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.

HotForex trading instruments

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.

Trading Platforms

HotForex trading platforms

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

Autochartist

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.

Deposit Options

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.

HotForex payment methods

Withdrawal Options

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

HotForex Contact Form

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.

HotForex FAQ’s

FAQ

❔ What is HotForex trading?

This is an award-winning commodities broker and forex that provides trading facilities and services to both institutional and retail clients.

❔ Is HotForex a trusted broker?

Yes, despite the moderately enhanced MetaTrader, the company offers a limited selection of tradeable items as compared to other top multi-asset brokers. HotForex was launched in 2010 and it regulated a three-tier and one-tier jurisdictions, thus making it a trusted broker for CFD’s and Forex trading.

❔ Does HotForex permit scalping?

No! They don’t allow scalping. HotForex doesn’t feature low spreads such as XM or Exness. Rather, this broker company has extremely low slippages and swap.

❔ How do I register for a HotForex demo?

When you are a present member, ensure you login to the current myHF section to open a new Demo account. But when you are a new client, begin by registering a new myHF account to gain access to myHF area then launch the Demo Account.

❔ How can I deposit funds on my HotForex account?

If you want to make some deposit on the HtForex MT4 account through the Bank Wire Transfer, make sure you start by logging in to the portal first then navigate to Deposit then move to wire transfer.

❔ How can I withdraw funds on my HotForex account?

Withdrawal of funds from HotForex is an easy task and you can perform your withdrawals anytime you want to any requirement. If you wish to make a funds withdrawal request, log in to the myHF area then choose to withdraw. All the withdrawals are done before 10:00 am based on the server time. Furthermore, funds can be processed on the same day between 7:00 am 5:00 pm.

❔ Who is the most popular and richest forex trader?

One of the famous people who have gained a lot from forex trading is Paul Tudor Jones. He shorted the market crash in 1987 that made him one of the luckiest traders alive in the present days and owns a net worth of $4.5.

❔ Can I rely on HotForex broker?

Yes, you can rely on the company as the brokers have a wide range of currencies and services to trade. You can focus on trade and trust on HotForex and you don’t have to get worried about how you can withdraw your profits or funds from HotForex broker. You can withdraw as much as 10 times and they’ll always process the request within 24 hours excluding holidays.

❔ What kind of broker is HotForex?

This is a MetaTrader company that provides a full MetaTrader suite that’s accompanied by optional tools for clients known as Premium Trader Tools. This tool facilitates the default experience and customers can access to over 100 securities (with limitations).

❔ Does HotForex give bonuses to traders?

Yes! Register with HotForex and receive maximum returns. Using the 100% Credit Bonus, you can enjoy the fruits of increased leverage during the trading period.

Overall Experience of HotForex & Rating

About HotForex

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.