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HotForex Broker Review

FX Scouts By Jeffrey Cammack Updated: October 3, 2019
Average Score
4 / 5
Min. Deposit USD 5
Max. Leverage 1000:1
Min. Spread 0.0 pips
Regulators CySEC,FCA,FSCA,DFSA,FSC
Regulator Origin CySEC FCA FSCA DFSA FSC
Broker Type ECN/STP

Summary

HotForex is an award-winning, global broker and has a reputation for client satisfaction. 

Trading conditions are varied across four account types, but spreads are generally tight (and are often zero pips on the market execution account). All accounts are also available as Islamic accounts, and HotForex also offers copy-trading and managed accounts.  All clients have a dedicated account manager, and deposits and withdrawals are free no matter the funding method.

HotForex has managed to attract a broad-based global clientele by offering multiple language capabilities and has a dedicated Malaysian team.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses 100% Credit Bonus
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum Deposit USD 5
Base currencies USD, EUR, GBP, AUD
Number of FX Pairs 51
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.7
GBP / USD 0.5
USD / JPY 0.2

Company Details

Company name HF Markets (SV) Ltd
Founded 2010
Website Visit Website
Type ECN/STP
Regulators CySEC,FCA,FSCA,DFSA,FSC
Office locations St. Vincent and the Grenadines

Deposit & Withdrawal Methods

Supported Platforms for HotForex

HotForex Broker Detailed Review

Is HotForex Safe?

HotForex is the brand name of HF Markets Group, which was founded in 2009 and has had over 1.5 million customers. Entities within the group have been regulated by CySEC (license 183/12) since 2012 and the FCA (license 801701) since 2013.

HotForex in Malaysia is operated by HF Markets (SV), which is registered as an International Business Company in St. Vincent & the Grenadine (registration number 22747 IBC 2015).

HF Markets has won awards for Best Client Funds Protection Broker 2015 (Mena Dubai Fx Show), Best Client Fund Security 2014 (Global Financial Market) and Best Client Fund Security 2019 (Global Brands) highlighting HF Market’s dedication to its client’s financial security.

HF Markets has also 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)

Account Types

HotForex offers a number of dealing desk accounts with no commission and a single market execution account which carries a commission charge per lot. All accounts are available as Islamic accounts.

Micro Account:  A good entry-level account for a trader who wants leverage of up to 1:1000 and a minimum deposit of 5 USD.  The variable spreads start from 1 pip on major pairs, which is tight for an account with such a low minimum deposit.  The only downside to this account is that a trader can only hold open 150 simultaneous orders and the lots per trade are quite limited, but if this becomes an issue, you can always upgrade the account.

Premium Account:  This is the next level of account with a minimum deposit of 100 USD and a leverage of up to 1:500.  With this account, the lots per trade are greatly increased, and the spreads are tighter.  If you have traded before and you are looking for a new broker that will offer you competitive pricing on a variety of instruments, this account could be something for you.

ZERO Spread:  This is the market execution account with significantly lowers spreads.  Note that zero spreads are only available on currency pairs that have significant liquidity and more exotic pairs will still carry wide spreads. As with all market execution accounts, you will be charged a commission – in this case, the charge is 3 USD per lot (6 USD total round turn) on majors and 4 USD per lot (8 USD total round turn) on minors and exotics. 

As with the Premium account, the Zero account allows traders to keep 60 trade standard lots per position, but with reduced leverage at 1:200.  This is a good account for those starting out but requires a slight increased minimum deposit from the Premium Account at 200 USD.

Auto Account: The HotForex Auto Account is for beginner traders who want to subscribe to Trading Signals created by the MQL5 Community, which can be installed directly into the HotForex MT4 trading terminal. Traders can automatically copy the signals of any Signal Provider – paid Signals are subject to a one-month performance evaluation period. 

The minimum deposit on the Auto Account is 200 USD and leverage is 1:500.

PAMM Account and HFcopy Account: HotForex also offers a PAMM Account and an HFcopy account. The PAMM Account is a managed account, whereby you split your profits with a fund manager who trades on your behalf. The HFcopy Account is very similar but allows you to follow multiple HFcopy Strategy Providers, in exchange for a flat performance fee. 

Trading Platforms

HotForex supports MetaTrader 4 (MT4) across all of its account types and MetaTrader 5 (MT5) on the Micro Account and Premium Account.

Both MT4 and MT5 are available as downloads, browser-based and on iOS and Android devices. Mobile access is 24/7, and the mobile apps employ the latest SSL encryption technology for security.

Deposits and Withdrawals

HotForex accepts all major credit and debit cards, bank wire transfers, and additional online money services. Importantly, HotForex charges no fees for deposits or withdrawals, though in the case of international transfers you may be charged by your bank.

As is the case with all Forex brokers, you need to submit proper ID prior to a withdrawal application. You can request a proprietary debit card that can be used for direct purchases or withdrawals at ATMs and is all funded by your account balances.

HotForex For Beginners

HotForex customer service is available in 12+ languages, 24/5 via phone, email, live chat, or Skype.

HotForex has an education centre filled with training materials, videos, charting tools, free signal alerts, daily commentary and lots more for both beginners and experienced traders.

Trading Features Include:

  • regulatory compliance by the FSC in Mauritius and CySEC in Cyprus
  • deposits are safely segregated to Tier-1 international bank accounts
  • they have traditional trades in Forex pairs, stocks, commodities, and indices with over 200 asset choices in 20 markets
  • binary options can be accessed with a single click from the HotForex website
  • MT4 trading platform format
  • account types are – micro, Premium, and VIP
  • specialized accounts
  • the ability to connect with other traders to discuss strategies through their social trading feature
  • they support multiple deposit methods
  • quick withdrawal applications through debit card
  • 24 x 5 customer service support and the website in 25 languages

Bonuses Offered

For all HotForex Bonus information click here.

  • 100% Supercharged Bonus:  This is the bonus that gives you back money for every lot that you trade.  For every lot that you trade you earn a rebate of  2 USD that is loaded directly into your trading account on a daily basis.
  • 100% Credit Bonus:  This is the bonus that extends your leverage even more.  What happens is that the stop out level on your cash balance as zero, meaning you can reach further.

Conclusion

Hotforex is an interesting proposition for both beginner traders and more experienced traders. With commission-free and market execution accounts, support for both MetaTrader platforms, copy trading, excellent customer support and tight spreads it’s very hard to find anything to fault.  As well as Forex pairs, HotForex also deals in binary options, commodities, stocks, and indices. All standard Forex accounts are also available as Islamic accounts.

Based on our experience, favourable testimonials, and industry awards, you will have to look very hard to find another broker that tries this hard to win over the client.

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

Compare Brokers

Overall Rating 4/5 5/5 4/5
Minimum Deposit USD 5 USD 10 USD 5
Regulation
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
Broker Type ECN/STP ECN/STP Market Maker
Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 3 / 5 5 / 5 4 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 72.83% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 69% of retail investor accounts lose money when trading CFDs with this provider
Leverage 1000:1 Flexible 888:1
Spread 0.0 pips 0.0 pips 0.6 pips
Hedging
Scalping
Account Types
  • Standard,Mini
  • Mini,Professional,Standard,Vip
  • Mini,Standard
Trading Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay
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Overall Rating 4 / 5 5 / 5 4 / 5
Min. Deposit USD 5 USD 10 USD 5
Regulation
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
Broker Type ECN/STP ECN/STP Market Maker
Read Full Review Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 3 / 5 5 / 5 4 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 72.83% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 69% of retail investor accounts lose money when trading CFDs with this provider
Leverage 1000:1 Flexible 888:1
Spread 0.0 pips 0.0 pips 0.6 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes Yes
Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay

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