HotForex Review

Hot Forex now known as HF Markets or HFM is a multi-asset Forex broker specializing in Forex and Commodities trading. The brokerage firm was established in 2010 and is headquartered in Cyprus. However, they also have several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines. The broker offers several base currencies, allowing clients to choose their preferred currency.

HotForex broker offers trading platforms such as MetaTrader 4, MetaTrader 5, and Webtrader, which are all reliable and user-friendly. With various trading platforms, traders can choose one that suits their trading style and preferences.

HotForex offers many assets, including equities, energies, forex, and currency pairs. The broker has a solid global presence in over 100 countries and has won multiple industry awards, which is a testament to its reliability and credibility. And in the review of the Hot Forex broker platform, you will learn all there is to know.

Supported Countries

This review of Hot Forex shows that it welcomes clients from many parts of the world except for a few countries due to regulatory restrictions. Many of their traders come from countries such as the Philippines, Nigeria, Colombia, Malaysia, South Africa, the UAE, Mexico, Singapore, Kenya, Brazil, and many more. They also provide limited service to clients from the UK.

Unfortunately, USA, Canada, Sudan, Syria, and North Korean residents cannot use the HotForex platform. Similarly, HF Markets (SV) Ltd does not offer services to residents of Iran, Iraq, Myanmar, Yemen, Afghanistan, and several EEA countries. 

However, even living in a non-supported country, you can still access HF Markets services by going to a supported region.

Customer Service Rating

HotForex is a top-rated broker with a "Great" Trustpilot rating of 3.9 based on 177 reviews. The rating breakdown shows that 54% of users gave a 5-star rating, while 18% gave a 4-star rating.

Reviewers who left positive reviews praised HotForex for its wide range of trading instruments and significant leverage. They also appreciated the fair trade execution process with no delays. Other positives include dedicated account managers, a user-friendly interface, and industry-standard withdrawal processes. 

However, some users had negative reviews, citing issues with difficulty withdrawing or delayed withdrawal.

Hot Forex Trading Platforms

HFM provides several trading platform options, including its very own HFM Trading App., the popular MT4 platform, the latest MetaTrader 5, and Webtrader. These platforms offer tools and resources to help you trade, including technical indicators, expert advisors, and back-testing options. 

Best of all, these platforms are available in various versions, such as desktop, mobile, and web, so you can trade whenever and wherever you want.

• HRM Trading App: Hotforex's HFM Trading App combines the company's industry-leading conditions and cutting-edge technology, providing an even better trading experience. With this app, you'll have access to your account and can instantly trade CFDs on more than 1200 assets. The HFM Mobile Application also has a "trade on the go" option.

• MT4: If you're a beginner or an experienced trader, the MT4 platform is perfect for you. With 30 indicators and support for nine-time frames, the app offers a locking option and a single-thread strategy tester. The MT4 platform is available on mobile apps (iOS and Android), web terminals, and PC/MAC downloads.

• MT5: Advanced traders looking for more options can always try the MT5 trading platform on HotForex.com. It's perfect for social trading and algorithmic trading. With more indicators, time frames, and updated strategy testers than the MT4 platform, the MT5 platform offers partial order filling, a built-in economic calendar, embedded MQL5 community chat, six pending orders, market depth, and a hedging option.

Type of Trading Accounts on Hot Forex

Hotforex Broker offers its clients a range of account types to choose from. Five account types are available: Micro, Premium, Zero Spread, HFcopy, and PAMM (PREMIUM).

• Micro account: Hotforex's Micro account type is an excellent option for those just starting with forex trading or who prefer to trade with smaller volumes. It has a minimum deposit of $5, You'll have access to all available trading instruments, and with variable spreads starting from just 1 pip, you can keep your trading costs low. The maximum leverage on the Micro account is an impressive 1:1000. The account also features market execution, fifth decimal pricing, and the ability to trade in increments of 0.01 lots. You can open up to 150 simultaneous open orders; the maximum total trade size is 7 standard lots. The margin call is 40%, with a stop-out level of 10%.

• Premium account: The account type allows for variable spreads starting from 1 pip, with a fifth decimal option available. With a minimum deposit of just $10, you can begin trading and benefit from maximum leverage of 1:500. This account type also enables market execution with a trade size increment of 0.01. The maximum total trade size is 60 standard lots per position. The maximum simultaneous open orders for this account type are 500, with a margin call of 50% and a stop-out level of 20%. You can choose USD, EUR, NGN, or JPY as your account currency.

• Zero Spread account: With this account type, you get spreads from 0 on Forex and Gold, making it easier to maximize your profits. You can trade all available instruments and enjoy a maximum leverage of 1:500. The minimum deposit for this account type is $200, and the minimum trade size is 0.01 LOTS (1,000 units of the base currency). Plus, you get a personal account manager and the option for telephone trading. The account is available in USD, EUR, NGN, and JPY.

• HFcopy account: As an HFcopy account holder, you can choose to be a strategy provider or a follower. Strategy providers must deposit at least $500, while followers only need to deposit $100. You'll have access to trading on Forex, Indices Spot, Gold, and Energies Spot markets. Spreads are variable and start from just 1 pip, while the maximum leverage is 1:400. You can trade in increments of 0.01 lot with a maximum total trade size of 60 standard lots per position. The account currency is USD, and forex pairs have no commission.

• PAMM (PREMIUM) account: You'll have access to variable spreads starting from just 1 pip. Plus, you enjoy its contract size of 1 lot equals 100,000 units, so you can confidently make trades. You can easily get started with a minimum deposit of only $250 and a minimum trade size of 0.01 Lot. And with a maximum leverage of 1:300 and no limit on the maximum total trade size, you can trade on your terms. There is also a margin call of 50% and a stop-out level of 20% to manage risk effectively.

Trading Denominations on Hot Forex

HFM broker allows its users to choose from 4 base currencies to denominate their account. These include USD, EUR, NGN, and JPY.

Company Structure

HotForex is a trading name of HF Markets (SV) Ltd, registered as an International Business Company in St. Vincent & the Grenadines with registration number 22747 IBC 2015.

The company's headquarters is located in Cyprus. Still, its services are regulated by the Financial Conduct Authority (FCA) in the United Kingdom, considered one of the top-tier regulatory bodies in the industry.

Over the years, HotForex has earned a well-deserved reputation for its outstanding performance, as evidenced by the numerous awards and sponsorships it has received. The trading platforms offered by HotForex are all user-friendly and reliable, ensuring a smooth trading experience for traders of all levels.

HF Markets Licenses and Regulatory Compliance

HotForex is a global market maker regulated by several credible financial authorities. This means that they adhere to strict legal requirements that ensure investor safety. Here are the licenses held by HotForex:

• HF Markets (Europe) Ltd is authorized by CySEC (Cyprus) registration no. 183/12

• HF Markets (UK) Limited is authorized by FCA (UK) registration no. 801701

• HF Markets (DIFC) Ltd is authorized by DFSA (Dubai) registration no. F004885

• HF Markets (SV) Ltd is authorized by FSA SVG registration no. 22747 IBC 2015, and by FSC (Mauritius) registration no. C110008214

• HF Markets SA (PTY) Ltd is authorized by FSCA (South Africa) registration no. 46632

• HF Markets (Seychelles) Ltd is authorized by FSA (Seychelles) registration no. SD015

• HFM Investments Ltd is authorized by CMA (Kenya) license no. 155

HotForex is proud to hold several licenses from reputable financial authorities, ensuring clients can trade confidently. With these licenses, HotForex can offer its clients a wide range of trading services in multiple jurisdictions.

Hot Forex Customer Protection

Hot Forex takes excellent care in ensuring the safety and security of its client's funds. The company has implemented several measures to protect against potential financial loss. One of these measures is a Civil Liability insurance program with a limit of €5,000,000. 

Hotforex broker also maintains separate bank accounts for clients' funds, ensuring they are never mixed with the company's funds.

The company is committed to identifying, assessing, and monitoring all risks associated with its operations. In addition, the platform's reputation as a reputable and reliable broker allows the company to provide liquidity through major banks. They also offer negative balance protection.

Trading Information

Hotforex has over 50 currency pairs available, giving you plenty of options. The spreads are tight, and orders are executed quickly so you can trade confidently. Users can access various deposit and withdrawal methods, making it easy to manage your funds the way you want.

Tradable Instruments

• 50 Currency Pairs.

• 90+ Stock CFDs.

• 30 ETFs

• 12 CFDs on popular Indices

• 2 Energy CFDs

• 5 Commodities CFDs. 

• 6 Metal trading 

• 3 Bonds

HotForex Leverage

Hotforex has an attractive leverage option. Depending on where you are trading from and the instrument/platform you're using, you can get leverage as high as 1:1000. However, some countries have a cap on leverage to minimize risk.

Hotforex offers fixed and floating leverage, which is helpful for traders just starting with smaller balances. Higher leverage ratios of up to 1:400, 1:500, or 1:1000 are available through HFM offshore entities. If trading from South Africa, you can only access leverage up to 1:200.

Deposits and Withdrawals

HotForex ensures that depositing funds into your trading account is easy and convenient, so you can focus on trading and making profits.

Deposits 

You can fund your account via bank transfer. For this method, the HFM minimum deposit is set at $50 with no maximum limit. Wire transfer has no fees for deposits over $100 and takes between 2 to 7 business days.

You can also use your credit or debit card to deposit with a minimum of $5 and a maximum of $10,000. There are also a couple of alternative means of depositing on HotForex with various minimum deposits applied.

Withdrawals

Hot Forex makes it easy for clients to withdraw funds from their trading accounts. You can choose from various withdrawal options, including bank transfers, credit/debit cards, and e-wallets. Submitting a withdrawal request before 10:00 am server time will be processed on the same business day between 7:00 am and 5:00 pm server time.

Hotforex Trading Education and Training

One thing that the HFM broker platform does well is education, especially for traders in Africa and Asia. They offer a ton of resources to help you improve your skills, no matter if you're a beginner or a seasoned pro:

• Trading courses

• Live Webinars

• Video Tutorials

• Daily Analysis

• Market Outlooks

• News Feeds

• Analytical Objects

• Economic Calendar

• Autochartist

• Trader's Board.

FAQs

Is Hot Forex the same as HFM?

In May 2022, the global multi-asset broker unveiled a fresh, new look as it underwent a visual transformation of its corporate name and logo. This was to accommodate the Broker’s reach beyond Forex trading. Now, HFM is known as HF Markets, or HFM for short.

Is Hot Forex a Scam?

HF Markets has been a legitimate and regulated broker in the industry for over a decade. Their clients range from individual traders to large financial institutions, and they pride themselves on providing top-notch trading conditions, security, and transparency. Hot Forex has won numerous awards for its excellent services and customer satisfaction.

How do I open a Hotforex trading account?

To create an account with HFM, navigate to their website and click the "Open Live Account" button in the top menu bar.

Conclusion

Hot Forex Broker is an exceptional online trading platform that offers diverse trading instruments, including forex, stocks, indices, and commodities. The broker has established a strong reputation in the industry thanks to its ideal trading conditions, competitive spreads, and reliable customer service.

A big selling point for HotForex is its multi-regulated status, providing traders with an added layer of security and trust. The platform also offers excellent analytical and research tools.