HotForex Broker 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); HotForex also won the Best Global Copy Trading Platform (Global Forex Awards 2019) for its HFcopy trading service.

Trading Conditions

HotForex is an STP broker; all trades have market execution, and the broker will not profit directly from any losses you make. All accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Account Types

HotForex offers several 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.

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Micro Account:  A good entry-level account for beginner traders, with 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. 

Spreads and Commissions

The spreads on all accounts are variable, with most starting at 1 pip on the EUR/USD. The one exception is the Zero Spread account, which offers raw spreads starting at 0 pips but charges a commission of 6 USD round turn.

Deposits and Withdrawals

HotForex accepts all major credit and debit cards, bank wire transfers, and online money services such as Skrill, Neteller and FasaPay. Malaysian traders can make deposits and withdrawals via local Malaysian Banks like CIMB and Maybank using online banking.

Importantly, HotForex charges no fees for deposits or withdrawals and all withdrawals are processed within 24 hours, though it may take longer for funds to be transferred.

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 Bonuses and Promotions

HotForex is constantly running multiple bonuses, trading contests and promotions for Malaysian traders. For all the current HotForex Bonus information click here.

Examples of recent bonuses and promotions include:

• 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 daily.
• 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.

HotForex Trading Platforms

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

The MT5 desktop and WebTerminal at Hotforex offer 21 different time-frames, analysis tools, advantage chart analysis with detailed overlays, pre-programmed analytical tools and over 80 built-in indicators and tools. Advanced traders can install Expert Advisors to enable programmatic trading.

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.

HotForex Trading Tools

Hotforex offers several powerful trading tools to clients with live accounts. These include free VPS hosting, free access to Autochartist and a collection of Premium Trader Tools such as live sentiment and correlation tracking, tick charts, an MT5 indicator package, a customizable news feed and a sophisticated alarm manager capable of carrying out multiple automated actions.

HotForex For Beginners

Award-winning customer service and their client-focused approach to doing business means that beginner traders at HotForex can rely on excellent support. Quality educational material in both a structured layout and market analysis format will benefit traders of all learning levels.

Educational Material

Traders who open a demo or live account will get access to the HotForex e-Course, a well-structured way to learn the basics. This course includes the basics of Forex theory and Forex trading, reading and interpreting charts, trading strategies, trading psychology, and technical analysis.

Video tutorials are available without registration and these cover introductory concepts, Metatrader tutorials, trading strategies and lessons in economic theory.

Webinars on current events, advanced trading strategy, and risk and money management are run every few days. These webinars do not require an account at HotForex, but you will need to register to participate.

Analysis Material

HotForex devotes an entire section of their website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform.

This dedication to analysis earned HotForex the Best Forex News & Analysis Provider 2016 award (Mena Dubai Fx Show).

Customer Support

Support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

HotForex’s goal is to provide the best customer service to clients by maintaining a client-focused culture. This approach to supporting clients won them the Best Global Forex Trading Education Provider 2018 (Global Brands Magazine).

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HotForex offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

HotForex Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HotForex would like you to know that: Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.

Conclusion

Hotforex is a good broker 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 is hard to find anything to fault. 

As well as Forex pairs, HotForex also offers commodities, stocks, and indices. All standard Forex accounts are also available as Islamic accounts.