HotForex Review

Author By Jeffrey Cammack
Updated: March 1, 2021
Overall Rating
4.49 4.49 / 5
Rated #9 of 49 Recommended Brokers
Min. Deposit
USD 5
Regulators
Trading Desk
Trading Cost
USD 10
Website Language
English, Chinese, Vietnamese, Indonesian, Portuguese, Arabic, Japanese, Malay
Support Language
English, Japanese, Vietnamese, Chinese, Arabic, Hindi
AlertMost retail CFD accounts lose money. Your capital is at risk.

Summary

An ECN/STP broker regulated by multiple major authorities including the FCA and CySEC, HotForex has built a reputation among traders for its stable, fair, secure and transparent trading environment. Excellent educational and analytical material is available for both visitors and clients, and customer service is world-class.

Listed as one the Top 100 Companies by World Finance Magazine and with an award for Business Excellence 2015 (World Confederation of Businesses), HotForex is not just celebrated by their industry peers, but also by the financial industry as a whole.

Reviews

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
111115/ 5
Assets Available
111115/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses

Account Information

Base Currencies
EUR, USD, ZAR
Number of FX Pairs
51
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Acct

Trading Conditions

Min. Spread
0 pips
Commission
6 USD / lot - Zero Account
EUR/USD
0.1 pips
GBP/USD
0.5 pips
USD/JPY
0.3 pips
Max. Leverage
30:1

Company Details

Company Name
HF Markets (SV) Ltd
Founded
2010
Office Locations
Mauritius

Is HotForex Safe?

Regulated by CySEC (license 183/12) since 2012, the FCA (license 801701) since 2013 and the FSCA (FSP 46632) since 2016, HotForex adheres to strict internal processes and auditing policies.

As with all highly-regulated brokers, HotForex takes the security of client funds seriously and uses segregated accounts to ensure that, in the unlikely event of broker bankruptcy, all clients can be refunded.

With awards for Best Client Funds Protection Broker 2015 (Mena Dubai Fx Show) and Best Client Fund Security 2014 (Global Financial Market), the trading industry has specifically highlighted HotForex for their commitment to the protection of the client funds.

More recently, HotForex won awards for Best New Forex Broker South Africa 2016 (Global Banking & Finance Review Awards) and Best Forex Broker Latin America 2018 (International Business Magazine). In 2019, further underscoring its commitment to client security, HotForex won the award for Best Client Fund Security (Global Brands).

Trading Conditions

HotForex is an STP broker; all trades have market execution and the broker will not profit directly from any losses you make. Account types suits traders who wish to deposit as little as 50 USD and over 500 USD. All accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Account Types

HotForex can provide clients with a choice of six account types, depending on location (clients in Europe will only have access to three accounts), and trading conditions vary as the minimum deposit increases. A trader will be able to choose their account based on their trading strategy, level of funding and the size of the trades they wish to make.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
HFCopy
USD 300
Variable
1
None
Account Details
Auto
USD 200
500:1
1
None
Account Details
HFCopy
USD 300
Variable
1
None
Account Details
Islamic
USD 100
1000:1
1
None
Account Details
Micro
USD 5
1000:1
1
None
Account Details
Premium
USD 100
500:1
1
None
Account Details
Premium Pro
USD 5000
400:1
1
None
Account Details
Zero
USD 200
500:1
0.0
$3.00
Account Details

Spreads and Commissions

The spreads on all accounts are variable, where the Zero account has the tightest spreads on FX pairs, and an additional commission is charged based on the trading volume.

Deposit & Withdrawal Fees

Deposits are handled on weekdays and conditions apply to each of the deposit options.

  • Bank Wire – HotForex will cover the fees for transfers over the minimum amount of 250 USD. The funds will be added to your trading account within one business day of the funds reflecting in HotForex’s account.
  • Bank Cards & e-Wallets – A minimum deposit of 50 USD is required, and will take approximately 10 minutes to reflect in your trading account. There are no fees for this deposit method.

Withdrawals are processed within 24 hours (weekdays only) of receiving them, and different conditions apply to each of the payment methods.

  • Bank Wire – No fees & minimum withdrawal of 150 USD
  • Bank Cards & e-Wallets – No fees & minimum withdrawal of 5 USD.

HotForex For Beginners

Award-winning customer service and a client-focused approach to doing business mean that beginner traders at HotForex can rely on excellent support. Quality educational material in both a structured layout and market analysis format will benefit traders of all learning levels.

Educational Material

Traders who open a demo or live account will get access to the HotForex e-Course, a well-structured way to learn the basics. This course includes the basics of Forex theory and Forex trading, reading and interpreting charts, trading strategies, trading psychology, and technical analysis.

Video tutorials are available without registration and these cover introductory concepts, Metatrader tutorials, trading strategies and lessons in economic theory.

Webinars on current events, advanced trading strategy, and risk and money management are run every few days. These webinars do not require an account at HotForex, but you will need to register to participate.

Analysis Material

HotForex devotes an entire section of their website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform.

This dedication to analysis earned HotForex the Best Forex News & Analysis Provider 2016 award (Mena Dubai Fx Show).

Customer Support

Support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

HotForex’s goal is to provide the best customer service to clients by maintaining a client-focused culture. This approach to supporting clients won them the Best Global Forex Trading Education Provider 2018 (Global Brands Magazine).

HotForex Trading Platforms

HotForex offers both MT4 and MT5 trading platforms. As well as the desktop applications, HotForex also offers the MT4 and MT5 WebTerminal, a browser-based version of the platforms, along with mobile versions.

The MT5 desktop and WebTerminal at Hotforex offer 21 different time-frames, analysis tools, advantage chart analysis with detailed overlays, pre-programmed analytical tools and over 80 built-in indicators and tools. Advanced traders can install Expert Advisors to enable programmatic trading.

HotForex Mobile Apps

HotForex offers a seamless trading experience with support for MT4 and MT5 mobile trading apps for Android and IOS, including a native iPad app.

Trading Tools

Hotforex offers a number of powerful trading tools to clients with live accounts. These include free VPS hosting, free access to Autochartist and a collection of Premium Trader Tools such as live sentiment and correlation tracking, tick charts, an MT5 indicator package, a customizable news feed and a sophisticated alarm manager capable of carrying out a number of automated actions.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HotForex offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

HotForex Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HotForex would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.21% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

HotForex is a well-regulated STP broker with awards for their client protection and product offerings. With accounts that suit both beginners and professionals, ample training material, frequent market analysis, and a broad selection of trading tools HotForex is a good choice for new and experienced traders. Robust regulation, mirrored by their awards won in the area of client fund protection make HotForex a trusted brokerage.

AlertMost retail CFD accounts lose money. Your capital is at risk.
  • DPM says:

    Decent broker, fast deposit/withdraw fund. Skrill support, no hassles. Wide asset choices.

  • Scroll for more detailsPreviousNext
    Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Acct
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.49/ 5
    USD 5
    STP
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    Equities
    Energies
    Bonds
    51
    4
    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    • Limited base currencies
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    111115/ 5
    111115/ 5
    11110.54.5/ 5
    72.90% of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    Auto
    HFCopy
    Islamic
    Micro
    Premium
    Premium Pro
    Zero
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Neteller
    Bitcoin
    VLOAD
    Unionpay
    6 USD / lot - Zero Account
    110.5002.72/ 5
    USD 100
    STP
    Forex
    Indicies
    Commodities
    Equities
    50
    0
    • Tight spreads
    • Great customer support
    • MT4 only
    • Limited demo account
    • No swap-free account option
    • High minimum deposit
    111003/ 5
    110002/ 5
    111104/ 5
    100001/ 5
    110002/ 5
    1110.503.5/ 5
    111003/ 5
    0 of retail investor accounts lose money when trading CFDs with this provider
    400:1
    1.20 pips
    Basic
    Professional
    Standard
    Visa
    Mastercard
    Maestro
    Neteller
    Skrill
    Bitcoin
    8 USD/lot
    1110.503.07/ 5
    USD 100
    ECN/DMA
    STP
    Forex
    Metals
    28
    0
    • Tight spreads
    • MT4 only
    • Limited education
    • Limited market analysis
    • Expensive withdrawals
    • High minimum deposit
    1110.503.5/ 5
    111003/ 5
    111104/ 5
    100001/ 5
    110002/ 5
    1110.503.5/ 5
    1110.503.5/ 5
    66% of retail investor accounts lose money when trading CFDs with this provider
    200:1
    0.10 pips
    ECN Advanced
    ECN Standard
    ECN XL
    Visa
    Mastercard
    Neteller
    Skrill
    None

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    AlertMost retail CFD accounts lose money. Your capital is at risk.

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