Trust Score

89
See all Reviews

Regulation

  • FCA

  • CySEC

Platform

  • MT4

Min Deposit

$100

Leverage

:1

Bonus

Zero Commissions

Choosing a reputable forex broker to deal with can be an overwhelming task when there are so many viable options to choose from. The markets are saturated with online trading brokerages, but how do you know which ones can be trusted and offer the best services? HotForex is a reputable broker offering their services around the world. They have been around since 2010, with headquarters in St. Vincent & the Grenadines. They are regulated with Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in Europe, and the Financial Services Commission (FSC) of the Republic of Mauritius to name a few. With 150 tradable assets on board, and a maximum leverage of 500:1 (for specific accounts), HotForex has something for every trader.

Introduction

HotForex is a reputable forex and CFD online trading brokerage that offers their services across the globe. The company was established in 2010 and has since built up a large following and customer base. HotForex is owned and operated by HF Markets Ltd. with their headquarters located in St. Vincent & the Grenadines. The brokerages recognized all around the world and is licenced and regulated in numerous countries. Their most notable regulations are coming from the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in Europe, and the Financial Services Commission (FSC) of the Republic of Mauritius. With these regulatory bodies watching over HotForex, the broker has become well known and trusted all around the world. However, HotForex is not regulated by the CFTC, therefore do not accept traders from the United States. In addition to their regulatory accomplishments, HotForex has received numerous awards across Europe, Asia, Africa, and the Middle East.

HotForex Products

HotForex offers an extensive range of over 150 tradeable assets to their clients. Traders have numerous markets to participate in with many trading options, including Forex, CFDs, Spot contracts, and Futures contracts. Traders can choose from 50 forex pairs to trade, a range of commodities, many indices, over 50 shares, 7 cryptocurrency pairs, and bonds. Every market is available to satisfy any traders needs.

HotForex Trading Conditions

HotForex provides traders with favorable trading conditions that are considerably better than many other online trading brokerages. For instance, traders achieve excellent execution speeds through their premium MT4 and WebTrader platforms. Spreads are as low as 0 on forex and a maximum leverage of 1:200 is achieved. Traders can have a maximum of 500 open orders and a minimum trade size of 0.01 lots. Limit and stop levels start from 2 pips and traders can begin trading with as little as $100 for the minimum deposit. In addition to the regular trading conditions, they can be further improved with the various bonuses offered by HotForex. Deposit bonuses are available on deposits of $250 and higher.

HotForex Account Types

HotForex provides various account types for every type of trader. See the types of accounts offered below:

HotForex Micro Account

  • Min $50 deposit
  • USD or EUR account
  • Up to 1:500 leverage
  • Variable spread from 1 pips
  • 150 orders at once max
  • Max trade 5 lots
  • Stop out at 10%

HotForex Auto Account

  • Minimum $500 deposit
  • Offers opportunity to subscribe to a signal service via MQL5 Community
  • Signals can be free and paid
  • Spread from 1 pip
  • Leverage up to 1:400
  • Max simultaneous orders: 300
  • 20% stop out

HotForex Premium account

  • Min $500 deposit
  • USD or EUR account
  • Up to 1:400 leverage
  • Spread from 1 pip/ variable
  • Max trade 60 lots
  • 300 orders at once max
  • 20% stop out

HotForex VIP Account

  • Min deposit $20,000
  • 3 private half hour consultations with a senior analyst
  • SMS service upon request
  • Spread from 0 pips
  • Up to 1:300 leverage
  • $6/€5 commission per round turn on FX
  • 20% stop out
  • max 400 orders at once
  • 60 lots trade size max

HotForex Zero Account

  • Min $100 deposit
  • From 0 pips spread on FX
  • Max 1:200 leverage
  • Commission per lot $4 for USD majors, $6 for others
  • Commission per lot $3 for EUR majors, $4 for others
  • Max open orders: 500
  • 20% stop loss

HotForex Fixed Account

  • Fixed forex spreads
  • Min $500 deposit
  • Max leverage 1:400
  • 300 max orders at once
  • 60 lots per position

HotForex Commissions & Fees

HotForex has some of the most competitive rates and fees in the online trading industry. They do not charge any fees for deposits or withdrawals on most of the methods available. The only money transfer methods that incur fees are bank wire transfers, which charge fees for transfers less than $250, and American Express, which charges 6.5% for money transfers. As for commissions and spreads, there is a 10% commission charged on the trading of all stock CFDs. As well, HotForex makes some money from the spreads on currency pairs, market indices, crude oil and precious metals. However, these spreads are very competitive in the online trading industry.

HotForex Platforms and Tools

HotForex utilizes the popular MetaTrader 4 platform as their trading platform. The platform can be downloaded on desktop or used online through the MT4 web-trader platform. As well, MT4 mobile applications are available for both Apple and Android smart devices. The platforms come equipped with all the necessary tools and features a professional trader needs to successfully trade. For instance, the MT4 trading platform supports multiple market orders, utilizes an impressive charting package, and various technical indicators. Automated trading is also available through expert advisors.

Is HotForex Mobile Friendly?

HotForex has downloadable mobile applications for both Apple and Android smart devices. As well, the MT4 web-trader platform works on mobile devices too. While the mobile applications are not as practical on mobile devices, all of the same tools and features can be used on mobile devices.

HotForex Promotions

HotForex offers their clients various bonuses and promotions for using their services. New users can receive deposit bonuses of up to 100% depending on how much they deposit. Additionally, HotForex has a loyalty program that rewards traders for trading with them and also features contests and competitions where traders can win prizes and rewards.

HotForex Deposits & Withdrawals

HotForex allows traders to deposit and withdrawal funds with various methods. The minimum deposit amount is only $50 which is very low compared to competitors in the industry, and there is no limit for minimum withdrawal amounts.

Deposit Methods

  • Bank wire
  • Credit cards (Visa, Mastercard, AmEx)
  • Debit Cards (Maestro, Visa electron, HotForex MasterCard)
  • WebMoney
  • Skrill
  • Neteller
  • Sofort
  • iDeal
  • Przelewy24
  • TrustPay
  • Qiwi

Withdrawal Methods

Withdrawal methods are the same as the deposit methods except for the e-wallets available for withdrawals are limited to Skrill & Neteller. Also, bank wire withdrawals must be a minimum of $150.

HotForex Customer Support

HotForex has excellent customer support through live chat, email, and 10 telephone numbers including an international number, and numbers from Russia, China, Brazil, Taiwan, India, South Africa, Indonesia, Nigeria, and Turkey. The live chat is the best option for users who have small issues or questions that they want dealt with very quickly. Email and phone contact options are good for more specialized issues and responses take longer.

HotForex Research and Education

HotForex has an excellent education center where traders can learn everything they need to know about the broker and their services. As well, traders can learn the fundamentals of trading and how to successfully use the MetaTrader 4 platform. Traders have access to numerous webinars, video tutorials, market news, articles, and more.

Conclusion

HotForex has proven themselves to be a very reputable trading brokerage throughout their years of service. They offer the best trading platforms available and a wide range of tradeable assets and financial instruments. The customer service is outstanding compared to competitors in the industry, and there is an extensive education center which focuses on educating traders who use their services. There are not too many online trading brokerages that offer the same level of service and features HotForex broker.

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