HotForex Review

HotForex is one of the renowned forex brokers in the world, which is popularly known for trading currencies and CFDs. Although the company was started in 2010, it has grown to become a leading forex broker. One of the primary reasons for the success of the firm is its focus on their clients. A variety of companies including forex brokers promise their clients the world but often have a difficult time delivering their promises. With HotForex, you get everything that the company promises and even more. All the products and services offered by the brokerage company are tailored to the specific needs of their customers. This has made the company earn its status as a reliable and trustworthy broker.

Trading accounts

HotForex is known to have a wide offering in terms of its trading accounts. The company has a total of about six account types which are meant to suit the needs of all the clients in the company regardless of their choices and even their level of experience. Some of the trading accounts include:

1. Micro account. With a small minimum deposit requirement of $50, the micro account is the smallest trading account option for novices in the currency trading industry. It has a minimum trade size of 0.01 and a leverage of 1:1000. The average spreads on the micro account is 1.2 pip on EUR/USD.
2. Premium Account. This account has a minimum deposit requirement of $500 and is suitable for traders of all experiences in the forex industry. It has a minimum trade size of 0.01 and a leverage of 1:400. The average spreads on the micro account is 1.2 pip on EUR/USD.
3. Fixed account. The fixed account has a minimum deposit requirement of $500 and is also suitable for traders of all experiences in the forex industry. It has a minimum trade size of 0.01 and a leverage of 1:400. The average spreads on the fixed account is 1.8 pip on EUR/USD.
4. Zero account. With a small minimum deposit requirement of $100, the micro account is also a great account for beginners in the FX market. It has a minimum trade size of 0.01 and a leverage of 1:1000. The average spreads on the zero account is 0.1 pips on EUR/USD + commission $4 per lot traded.
5. Currenex account. The Currenex account has a minimum deposit requirement of $500 and is also suitable for all traders in the forex industry. It has a minimum trade size of 0.01 and a leverage of 1:400. The average spreads on the fixed account is 0.2 pips on EUR/USD + commission $5.00 per lot traded.
6. VIP. Lastly, is the VIP trading account, which as the name suggests is a relatively premium account. The account has a minimum deposit requirement of about $20,000, a minimum trading size of 0.01 and a leverage of 1:300. The average spreads on the VIP account is 0.2 pips on EUR/USD + commission $6.00 per lot traded.

The company and security of funds

HotForex is the name of a number of companies that operate in various jurisdictions around the world. One of the primary company in the group is HF Markets (Europe) Ltd, an investment firm in Cyprus that is incorporated in the Eu and is also licensed by CySEC (Cyprus Securities and Exchange Commission). This forex broker is also licensed by South Africa’s regulator the FSB and operates through two more offshore companies that include HF Markets Ltd and HF Markets.

A number of currency traders around the world trust HotForex because of the well-balanced regulation. Cyprus, the country where the forex broker is incorporated is arguably one of the most attractive destination for a lot of forex brokers in the world. Forex brokerage companies located in different areas of the world such as the United States and Japan. While CySEC applies a number of rules to financial firms in the country, these regulations are not as stringent as those applied in countries such as the US. For example, investment firms in Cyprus should have at least €1,000,000 as a means of ensuring that they have a good standing financially. Another rule that ensures the protection of your funds is the need to keep the client funds away from the rest of the company’s operating capital. Also, all companies that are regulated in Cyprus are members of the investor compensation fund, which can pay their clients up to 20,000 euros if the financial firm defaults or gets insolvent. Another great thing about CySEC regulated firms is that all firms are also MiFID regulated which gives the company the ability to offer cross border services. This means that HotForex is also regulated by ther EU regulators such as the FCA and BaFin.

Trading conditions

Spreads and commissions

Hotforex is a flexible company when it comes to spreads and commissions with the broker allowing both fixed and floating spreads. The fixed spreads offered by the broker are relatively low pegging at 1.8 pips on EUR/USD.

Minimum initial deposit

You need to have $5 for you to be able to invest with this brokerage company. Although this minimum deposit may seem relatively low, many other cyprus based companies are also offering low minimum deposit to enable all types of people to trade.

Leverage

Hotforex offers an attractive leverage, which is sometimes as high as 1:1000. This is a relatively high leverage considering some countries such as the US and Poland have a cap to reduce the amount of risk. The main reason for having a cap on the leverage is to reduce the risk of losses since leverage magnifies your potential losses and you may lose your whole investment.

Trading platforms

With Hotforex, you have a number of options with regards to the trading platform that you can use. You can use the popular MT4 platform or upgrade to the latest MetaTrader 5. These platforms are well known for the different tools and resources they offer to their clients. You will have access to technical indicators, expert advisors and back testing options among others. Furthermore, the platforms are available on a number of versions such as desktop, mobile and even the web.

BRIEFLY ABOUT  HotForex

In summary, HotForex is a global broker know for the numerous accolades it has received and the various products that they offer. The review gives a lot of useful information to help novice and even experienced traders know more about the broker. You can also check Hotforex customer reviews and comments to get a better picture of the broker.