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HotForex Broker Review

FX Scouts By Jeffrey Cammack Updated: September 12th, 2019
Average Score
4 / 5
Min. Deposit $100
Max. Leverage 500:1
Min. Spread 0.0 pips
Regulators CySEC,FCA,FSCA,DFSA,FSC
Regulator Origin CySEC FCA FSCA DFSA FSC
Broker Type ECN/STP

Summary

HotForex has gained a reputation as being one of the best in the industry in providing client satisfaction and has won many industry awards over the last 7 years.  The trading features and services they offer are continually being improved to tailor to individual traders, where each account has an account manager, and the promotions team always works with award programs and offering bonuses.

HotForex is a straight through processor (STP) that is able to work with all types of traders, including scalpers and automated traders.  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 $100
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 Mauritius

Deposit & Withdrawal Methods

Supported Platforms for HotForex

HotForex Broker Detailed Review

Is HotForex Safe?

HotForex company was formed in 2008 and has its headquarters in Mauritius, and they have dual regulatory compliance and CySEC regulations are applicable to its operations in Cyprus.

Account Types

Micro:  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 the majors allowing a trader to get an easy and profitable start into trading.  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:  This is the next level of account with a minimum deposit of 500 USD and a leverage of up to 1:400.  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:  This is the account that offers 0 spreads on some of the pairs.  Note that zero spreads are only available on currency pairs that have significant liquidity and the other more exotic pairs will maintain the normal spreads.  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 Micro account at 100 USD.

Fixed:  The fixed account offers traders more predictable spreads by fixing them.  This removes small amounts of uncertainty for the trader so an exit from a trade can be easier to calculate in advance.  If this is something you feel would benefit your trading style and appetite for risk, then you are lucky. This is not an account that is offered by many brokers.  The minimum deposit for this account is 500 USD and the maximum leverage is 1:400.

There are two other accounts available with HotForex that we have chosen not to review because we don’t believe that they offer unique enough features and can only be differentiated by minimum deposit amounts.    To read about all about types, click here.

Trading Platforms

HotForex offers the download of the MT4 software, but if you prefer a web-based solution or mobile app, then Forex provides a number of custom-made software solutions to enhance your trading experience. Mobile access is 24/7, and they employ the latest SSL encryption technology for security.

Deposits and Withdrawals

HotForex accepts all major credit and debit cards, bank wire transfers, and additional Internet money services. 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

You are able to speak to bilingual customer service representatives who speak more than a dozen 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 has gone the extra mile to provide customers with a first-class service.  Hotforex has competitive spreads and leverage, special account features, customized trading platforms for all operating systems, social trading, and it all comes with quality support materials.  HotForex deals in binary options, in traditional Forex pairs, commodities, stocks, and indices.

Based on our experience, favorable 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 $100 $5 $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 70% 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 500:1 Flexible 888:1
Spread 0.0 pips 0.0 pips 0.0 pips
Hedging
Scalping
Account Types
  • Islamic
  • Mini
  • Standard
  • Mini
  • Professional
  • Standard
  • VIP
  • Mini
Trading Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding Methods Mastercard, Visa, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Sofort Banking, Bitcoin, Bank Transfer
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HotForex

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Overall Rating 4 / 5 5 / 5 4 / 5
Min. Deposit $100 $5 $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. 70% 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 500:1 Flexible 888:1
Spread 0.0 pips 0.0 pips 0.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes Yes
Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding Mastercard, Visa, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Sofort Banking, Bitcoin, Bank Transfer

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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.