HotForex Review

HotForex

Forex Broker

  • Company name: HF Markets SA (PTY) Ltd
  • Founded: 2010
  • Offices: Mauritius
  • Regulators: FSCA No.46632
  • Broker type: ECN/STP

Trading info

  • Min. Deposit: £5
  • Leverage: 1000:1
  • Min. Spread: 0.0 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill, Neteller and many more
  • Currency pairs: 51

Trading platform

  • Platform: MetaTrader 4
  • Web based: Yes
  • Mobile: Yes

Open Account

8.5 FXScouts
Pros
  • With HotForex you get free trade signals.
  • You get the best support and a great personal service. You get phone support, email and live chat.
  • Negative account balance protection.
  • You get your own prepaid MasterCard that can be connected to your HotForex Account
  • 7 Different account types.
Cons
  • For Micro account type the spreads are a bit too high.
Summary

Listed as on the Top 100 Companies by World Finance Magazine and the award for Business Excellence 2015 (World Confederation Of Businesses) HotForex is not just recognized for their integrity by their industry peers, but also in the financial industry as a whole.

As an STP broker regulated by multiple major international organizations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginning and expert level trader.

Account Types9
Client Support & Onboarding7.5
Free Services8
Deposit & Withdrawal9.5

Is HotForex Safe?

Regulated by major international organisations like CySEC (license 183/12) since 20/11/2012, the FCA (license 801701) since 02/05/2013 and the FSCA (FSP 46632) since 09/02/2016 HotForex adheres to strict internal processes and auditing policies. The FCA is widely considered on the most traditional and stoic of the regulators, while CyCEC is the more modern regulator that is intent strict oversight of the changing trading environment.

As with all highly-regulated brokers, HotForex tasks security of funds earnestly, and all client funds are kept in segregated accounts away from company funds used for business operations. Segregated accounts ensure, that in the unlikely event of bankruptcy of the broker, all client funds can be returned.

The quality of this process is underscored by their winning of awards for Best Client Funds Protection Broker 2015 (Mena Dubai Fx Show)and Best Client Fund Security 2014(Global Financial Market)where the trading industry has specifically highlighted HotForex for their commitment to the protection of the client funds.

HotForex continues to win awards like Best New Forex Broker South Africa 2016 (Global Banking & Finance Review Awards)as they enter new markets and challenge the local players and deliver high-quality trading services.

HotForex For Beginners

Award-winning customer service, as well as their client-centric approach to doing business, means that beginner clients at HotForex will are received with a support team willing to help. Quality educational material in both a structured layout and market analysis format benefits traders of learning levels.

Educational Material

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

Video tutorials are available without registration, which incorporates introductory concepts with Metatrader tutorials, trading strategies and lessons in economic theory.

Webinars on current events and live analysis, as well as advanced trading strategy and risk and money management, are run every few days. These webinars do not require membership at HotForex, but signup is required to participate.

Analysis material

HotForex devotes an entire section of their website to quality market and analysis and trading tools, which includes market news, analysis, and outlooks published daily. Trading calculators and economic calendars are available for reference outside of your trading platform, and educational webinars are run weekly.

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.

The published HotForex mission is to provide the best customer service to clients by maintaining a client-centric culture. This approach to supporting clients won them the Best Global Forex Trading Education Provider 2018 (Global Brands Magazine), which was seen as a follow up to winning the Best Customer Service 2015 from the European CEO Awards.

HotForex in their own words

Trading Conditions

HotForex is an STP broker which means that all trades have market execution and the broker does have the opportunity to profit directly from the trade you are making. 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 of service fees.

Account Types

HotForex provides clients with a choice of 6 account types, whose trading conditions vary as the minimum deposit goes up. 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.

The minimum deposit for the Premium Pro account is 500 USD, while the minimum amount to open a micro account is 50 USD.

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 Trading Platforms

HotForex offers a single choice of MT4 as their trading platform, which helped HotForex has simplified the onboarding experience and helped the support team win awards for their customer service.

MT4 at Hotforex offers nine different timeframes, detailed quote analysis, advantage chart analysis with detailed overlays, preprogrammed analytical tools and over 50 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 mobile trading apps on IOS and Android.

The HotForex MT4 app allows traders to work from anywhere, with access to 20+ indicators and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in realtime, and tick chart trading empowers traders to include trading into their lives in a way that suits their trading plan.

HotForex Vs. other brokers

HotForex Vs. Pepperstone

 HotForexPepperstone
FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
RegulatedFSCA No.46632AFSL No.414530, ASIC
Broker TypeECN/STPECN/STP
Currency Pairs5162
Minimum Spread0.0 pips0.0 pips
Minimum Deposit£5£200
Max Leverage1000:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit HotForexVisit Pepperstone

HotForex Vs. FXTM

 HotForexFXTM
FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many more
RegulatedFSCA No.46632FSCA No.46614, FCA, CySEC, IFSC
Broker TypeECN/STPECN/STP
Currency Pairs5159
Minimum Spread0.0 pips0.1 pips
Minimum Deposit£5£5
Max Leverage1000:1Flexible
Expert ReviewRead reviewRead review
Visit WebsiteVisit HotForexVisit FXTM

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 processthat 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 which gained awarded-acclaim for the strength of their business and their product offering for the trader. With accounts that would suit the beginner to the professional, and ample training material and market analysis, traders at HotForex should be happy as long as they are content trading with MT4.

Robust regulation, mirrored by their awards won in the area of client fund protection make HotForex a trusted brokerage, while their client-centric approach to doing business keeps their customers loyal and content.

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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