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HotForex Review
HotForex general information
Founded in: | 2010 year |
Headquarters: | Cyprus |
Offices in the country: |
Mauritius, Saint Vincent and the Grenadines, South Africa |
Minimum Deposit: | 5 $ |
Website: | www.hotforex.com |
Website languages: |
English, Arab, Bengal, Vietnamese, Greek, Indonesian, Spanish, Italian, Chinese, Korean, Malay, Deutsch, Persian, Polish, Portuguese, Romanian, Russian, Slovak, Thai, Philippine, French, Croatian, Czech |
Execution model: | NDD |
Deposit currency: | USD, EUR, PLN |
Support languages: |
English, Arab, Bengal, Hungarian, Vietnamese, Greek, Indonesian, Spanish, Italian, Chinese, Korean, Malay, Deutsch, Persian, Polish, Portuguese, Romanian, Russian, Slovak, Thai, French, Hindi, Croatian, Czech |
Regulated by: |
CySEC (Cyprus) license №183/12 FSC (Mauritius) |
Mobile trading: | iOS, Android, Windows Phone |
Types of offered accounts: |
Demo accounts (with a time limit), Standard Accounts, Swap free accounts, VIP accounts, Micro accounts, Segregated accounts |
Trust management: | PAMM |
Affiliate program: | Yes |
HotForex Forex broker description
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Trading accounts of HotForex
- Auto
- Premium
- VIP
- FIX
- ZERO Spreads
- PAMM
- Micro
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 500 $ |
Deposit currency : |
USD - US Dollar EUR - Euro PLN - Polish Zloty |
Trading instruments:
| Forex1:400
Number of currency pairs: 390
Metals1:100
Cryptocurrencies |
Stop Out:
| 20 % |
Minimum position size:
| 0.01 лотов |
Maximum position size:
| 60 лотов |
Max. number of orders:
| 300 |
Execution type:
| Market Execution |
Swap Free:
| Yes |
VIP Account:
| Not |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Commission:
| Not |
Phone trading:
| Not |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 500 $ |
Deposit currency : |
USD - US Dollar EUR - Euro PLN - Polish Zloty |
Trading instruments:
| Forex1:400 Cryptocurrencies |
Stop Out:
| 20 % |
Minimum position size:
| 1 лотов |
Maximum position size:
| 60 лотов |
Max. number of orders:
| 300 |
Execution type:
| Market Execution |
Swap Free:
| Yes |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Commission:
| Not |
Phone trading:
| Not |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 20000 $ |
Deposit currency : |
USD - US Dollar EUR - Euro PLN - Polish Zloty |
Trading instruments:
| Cryptocurrencies |
Stop Out:
| 20 % |
Minimum position size:
| 1 лотов |
Maximum position size:
| No limit лотов |
Max. number of orders:
| 400 |
Execution type:
| Market Execution |
Swap Free:
| Yes |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Commission:
| 3 USD for 100,000 USD trades |
Phone trading:
| Not |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 500 $ |
Deposit currency : |
USD - US Dollar EUR - Euro PLN - Polish Zloty |
Trading instruments:
| Cryptocurrencies |
Stop Out:
| 20 % |
Minimum position size:
| 1 лотов |
Maximum position size:
| 60 лотов |
Max. number of orders:
| 300 |
Execution type:
| Market Execution |
Swap Free:
| Yes |
VIP Account:
| Not |
Spread type:
| Fixed |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Commission:
| Not |
Phone trading:
| Yes |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 100 $ |
Deposit currency : |
USD - US Dollar EUR - Euro |
Trading instruments:
| |
Stop Out:
| 20 % |
Minimum position size:
| 0.01 лотов |
Maximum position size:
| No limit лотов |
Max. number of orders:
| 500 |
Execution type:
| Market Execution |
Swap Free:
| Yes |
VIP Account:
| Yes |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Speed of execution:
| 0.3 sec. |
Commission:
| 8 USD per lot |
Phone trading:
| Not |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile |
Minimum Deposit : | 250 $ |
Deposit currency : |
USD - US Dollar EUR - Euro |
Trading instruments:
| |
Stop Out:
| 20 % |
Minimum position size:
| 0.01 лотов |
Maximum position size:
| No limit лотов |
Max. number of orders:
| 350 |
Execution type:
| Market Execution |
Swap Free:
| Not |
VIP Account:
| Not |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 50 % |
Speed of execution:
| 0.3 sec. |
Commission:
| Yes |
Phone trading:
| Not |
Trading platforms: | MetaTrader 4, Meta Trader 4 Mobile, HotForex Web Trader |
Minimum Deposit : | 5 $ |
Deposit currency : |
USD - US Dollar EUR - Euro PLN - Polish Zloty |
Trading instruments:
| Forex1:1000
Number of currency pairs: 389
Metals1:100
Cryptocurrencies |
Stop Out:
| 10 % |
Minimum position size:
| 0.01 лотов |
Maximum position size:
| 60 лотов |
Max. number of orders:
| 150 |
Execution type:
| Market Execution |
Swap Free:
| Not |
VIP Account:
| Not |
Spread type:
| Floating |
Decimal places:
| 5 characters |
Margin Call:
| 40 % |
Commission:
| Not |
Phone trading:
| Not |
Contacts of HotForex
Recent customer reviews of HotForex
Advantages: Withdrawal to bank account...
Disadvantages: Scammed me
Comment: I went through a lot of stress after losing a lot of money to a fake forex scheme. Glad i managed to recover the money through the help of { Adamwilson. Trading At Consultant dot C om } I am so grateful to you guys. I will not advise anyone to embark on an investment journey with someone that they can’t have access to when something goes wrong because I learned my lesson the hard way. I will forever be grateful to the Adam Wilson team. They simply restored all the funds I lost in trading.....
Advantages: Simple verification A large number of assets Favorable trading conditions Demo account Profitable affiliate program
Disadvantages: None
Comment: For several years of trading and investing in various traders, I have not had any big problematic issues, complaints. All agreements are clearly observed, there is nothing to reproach the broker with.
Advantages: Bonus program Modern terminal Affiliate Program
Disadvantages: None
Comment: For 2 years of trading in maximarkets, I received a very good income, which allowed me to part with an unloved job. I like everything here: platform, tools, spreads, account types, support. There have never been any problems with withdrawing money. Many complain about managers. Well, I don't know, they don't bother me. Analytics is commendable. I use it in my trading. In short, I am personally satisfied with the trade.
HotForex webinars and seminars
Having a hard time analyzing the market? Let Stuart Cowell of HotForex teach you. In his webinar, he will analyze the market liv ...
participateJoin Stuart Cowell, HotForex’s Senior Analyst, as he talks about the Forex, stocks, and commodities market in real-time. T ...
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All bonuses, promotions, contests HotForex
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