Hot forex review
HotForex Review
The multi-asset broker HotForex offers Forex and Commodities through CFDs trading services with tight spreads. There are 7 account types available plus forex trading platforms, providing unrestricted liquidity for all trader profiles.
Founded in 2010, the company is based in Cyprus but serves several global offices including Dubai and South Africa as well offshore entities in St Vincent and the Grenadines. In addition to this, Hot Forex provides its service along with licenses that regulate Forex industry while delivering a trustworthy service at all times.
Hot Forex is one of those brokers who provide access to unlimited liquidity so any size or profile trader can make their choice between various hotforex spread or providers via automated trade execution platform within seconds which we believe will lead them towards success! They also offer some great opportunities for our African/Asian/MENA region customers by giving a sense of belongingness!
HotForex Pros and Cons
Hotforex is a broker with a good reputation and regulations. They offer high quality education for basic traders, an easy to use service with large portfolio for forex and CFDs, as well as low fees. On the other hand XM offers limited portfolios only in EU countries, its services are not user friendly at all but it does have some different assets from Hot Forex such as treasury bonds or commodities.
10 Points Summary
Headquarters
Cyprus
Regulation and License
CySEC, FCA, DFSA, FSCA
Platforms
MT4, MT5
Customer Support
24/5
EUR/USD Spread
1.2 pips
Demo Account
Available
Minimum deposit
5 US$
Base currencies
Several currencies available
Education
Provided
Instruments
17 trading tools with access to global markets, Indices, Metals and Energies; 150+ trading products with access to the world's leading financial indices; 80+ precious metals including Gold and Silver
Awards
Besides its attractive trading proposal at the first sight, there are some confirmations about its trustworthy business due to official figures and numbers, as well as numerous industry awards that HoForex holds and counting.
Till now more than 500000 Live accounts have been opened with Hot Forex along with multiple Industry awards and sponsorship Hotforex prestigious titles recognizing them like Best Clients Funds Security Broker, Best Forex Provider or Top 100 Companies etc.
Is Hot Forex safe or a scam
Not according to numerous licensing authorities, like the FCA or CySEC. Hotforex is a brand name of HF Markets (Europe) Ltd., which has been authorized and regulated by the Cyprus Securities Exchange Commission for Investment Services firms in Cyprus, as well as having cross-border licenses due to its European location that grants it authorization to provide investment services within EEA zone.
In simple terms: The broker is an established enterprise with all necessary safety measures and controls applied.
Is HotForex legit?
Holding licenses for various jurisdictions, this broker is really safe and secure to trade with. There are Hot Forex entities that have been registered in offshore zones like Mauritius, SVG, and Seychelles- though as a general rule we do not recommend trading with offshore brokers due to the lack of regulation on online Forex trading, it is considered safe to trade here because of their multiple regulations.
| Legal entity | Regulation Comparison |
|---|---|
|
HF Markets (Europe) Ltd |
Regulated by CySEC (Cyprus) registration no. 183/12 |
|
HF Markets (UK) Limited |
Licensed by FCA (UK) registration no. 801701 |
|
HF Markets (DIFC) Ltd |
Authorized DFSA (Dubai) registration no. F004885 |
|
HF Markets SA (PTY) Ltd |
Licensed by the South African Registrar of Companies, Registration No. 46632
|
|
HF Markets (Seychelles) Ltd |
Authorized by FSA (Seychelles) registration no. SD015 |
|
HF Markets (SV) Ltd |
Authorized by FSA SVG registration no. 22747 IBC 2015 |
How are you protected?
To protect your funds, HF Markets(Europe) Ltd is a member of the Cyprus Investor Compensation Fund. Clients’ deposits are protected under the requirements of regulatory bodies. This makes it much safer to trade, because they have protection for clients and you can rely on safety measures (like Civil Liability insurance). Yet, there may be differences in terms between one entity and another depending on applicable laws or regulations.
Leverage
What is so great about HotForex’s fixed or floating leverage? Fixed/floating leverage can be a very useful tool especially for traders of smaller size. Leverage brings the opportunity to multiply your balance in a certain number of times by using it, which leads to increased potential gains.
Nonetheless, while leveraging you are also risking more money- don’t forget that! Using high amounts of leverage without understanding how risks work can make some retail trading accounts lose money rapidly!
In accordance to the regulation of the region, your leverage levels are first assessed. In addition, your level in finance would also be considered before deciding on what level of leverage you can access.
European entities that oblige to ESMA regulation have a maximum limit for their Forex instruments at 1:30 as well as Spot Metals at 1:25 and so forth. South African residents may use a leverage up to 1:200 which is offered by HotForex Broker offshore entities due to them being not restricted from offering high leverages like 1:400 or even higher ratios such as 1:500 or above.
HotForex Account types
Hot Forex offers a variety of account types with 6 different accounts, along with the Islamic Account suitable for traders from MENA region or beyond. From the very beginning you may hotforex sign up and then move your Demo Account to Live by depositing money.
Each of these account types provides an opportunity for your trading strategy while allowing either new traders, investors or professionals to find their own way in trading – The options range from Micro lots to HFCOPY if you would like be a Masker trader. You can see more about each type below in our Hot Forex Review detailed overview so that you understand what is on offer:
How to open a Demo Account?
- To open a demo account, you should follow the risk-free account opening process.
- You will be given access to either hotforex MT4 or hotforex MT5 platforms with unlimited demo funds on Demo Account Opening successfull completion of this process and documents verification like an identity card, passport residence visa etc.,
- Once you’re all set up after completing Demo Accounts opening procedure and when ready to start live trading HotForex Broker may ask for confirmation of your Identity Papers like Identity Card Passport Residence Visa Etc before starting Live Trading Process in myHF Client Area where user can manage all accounts and finances as per need.
Opening a Demo account step by step
You get to see the following content on your screen.
- If you are a new client, enter all of your personal information in the fields like first and last name, country of residence and email address etc., or if you’re an existing client simply log into the HotForex Demo Account Sign In page.
- Fill in all required information for the account approval process 3 Where through signing in with our Client Area at HotForex Live Account login page will allow access to New Hot Forex Demo Account as well as Live Trading accounts where through such one can manage their funds.
What instruments I can trade in HotForex?
HotForex offers a variety of trading tools and products that provide access to global markets. The range includes indices, metals, energy commodities, shares and bonds as well as cryptocurrencies such – bitcoins Ethereum Litecoin Ripple more.
Fees
Trading at HotForex will cost you mainstays and spread opportunities, as well as the best spreads offered by any best forex trading platform in our industry. But before confirming your trades with us, be sure to take note of all additional charges that apply to deposits or withdrawals- they can finish off a deal’s total costs. You’ll find more information about those fees on Fee Table below!
| Fees | HotForex Fees | FXTM Fees | XM Fees |
|---|---|---|---|
|
Deposit Fee |
No |
No |
No |
|
Withdrawal Fee |
No |
No |
No |
|
Inactivity Fee |
Yes |
Yes |
Yes |
|
Fee ranking |
Low |
Average |
High |
HotForex Spread
HotForex fees are transparent, with each charge being a spread. HotForex does not offer fixed spreads and charges no commission or additional fees.
Of course, there are differences in trading costs dependent on hotforex account types and margin requirements: you’ll see an almost double difference if you want to trade without paying any hotforex spread at all. You need to pay attention when looking into details before signing up for an account by verifying what is stated beforehand!
Below we have compared some popular instruments that show typical spreads, as well as comparison with another broker FP Markets.
| Asset/ Pair | FXTM Spread | eToro Spread | XM Spread |
|---|---|---|---|
|
EUR USD Spread |
1.2 pips |
1.5 pips |
1.6 pips |
|
Crude Oil WTI Spread |
5 pips |
9 pips |
5 pips |
|
Gold Spread |
19 |
9 |
35 |
|
BTC USD Spread |
30 |
20 |
60 |
Overnight Fee
As well always consider overnight or rollover fees as trading costs in case you are holding an open position longer than a day. The fee will fluctuate depending on the individual trade, and it is up to your broker to explain these terms before opening a trade. Below, we see how this works with cryptocurrencies:
However, unless you have swap-free accounts designed for Sharia traders following Islamic law (which do not allow any interest rates), there may be other charges taken from trades that would render them unsuitable for Muslims because of their prohibition against any type of speculation.
Fee conditions upon opening of trade
An overview of the Non-Trading Fees
There is a $5 maintenance fee per month if you have not used your account and it has been inactive for 6 months or more. Despite this, there are no deposit fees or withdrawal fees which we will cover in detail when reviewing the platform.
Deposits and Withdrawals
There are multiple ways to fund a HotForex trading account. Besides the ability to issue your own HotForex MasterCard, you can use other safe payment methods like online transactions and safer payments by phone.
Deposit Methods
HotForex offers 14 different ways to deposit or withdraw money from your account. These include major credit and debit cards, wire transfers at some regions, vast e-wallets.
How do I deposit money on HotForex?
HotForex is a company that offers you the opportunity to deposit money in order to trade. To make a payment, select which provider you prefer and check your region’s availability before proceeding with payment. HotForex processes withdrawals within short time frames and 24/7.
HotForex Minimum deposit
HotForex minimum deposit are flexible. We start with only 5$, but you might want to take a look at your preferences and the account type, as well as what payment methods you can use – that will determine your minimum deposit according.
Withdrawals
You can withdraw your funds from HotForex in a variety of ways, with card withdrawal by far the most popular option. There are also various E-wallets that you can use to send money to and receive it from Hotforex.
The fee for using this method is actually $0 – which makes it amazing news for people who want nothing but their funds without any extra charges! However, Wire Transfer may involve some correspondent fees according to your bank and international policies.
How do I withdraw money from HotForex?
To start the Withdrawal process, you should visit your myHF area and submit a Fund Withdrawal request.
Opening an account step by step
- Log into your my HSF account, and select ‘Fund Withdrawal’ on the left-hand menu
- Choose whether you are withdrawing funds to a bank account or by cheque
- Check that all necessary data is filled out correctly, then submit the withdrawal request
How long does it take to receive funds from HotForex?
A variety of payment methods will process withdrawal money in different time periods. When we talk about withdrawal, the HotForex accounting team confirms transactions quite quickly within business days; however, the matter might take longer depending on the type of payment provider. For instance, wire transfer takes 2-10 working days with your bank and international policy processing it while e-wallets load requests instantly.
Trading Platforms
Talking about trading software, HotForex provides an award-winning Hotforex MT4 Platform and its newer version MetaTrader 5 as its new trading software. It’s not a surprise choice because platforms enable one-click trading along with numerous tools and access to institutional quality technology through advanced configuration. Whether you’re very beginner or an advanced trader, this trade smart tool is suitable for both of users.
WebTrading Platform
MetaTrader offers various platforms with products to suit your personal needs for efficient trading. Hotforex MT4 and MT5 terminals are available in a variety of versions, which allows you to trade through the Desktop Platform or WebTerminal, compatible with any browser.
Or by using an MT4 HotForex MultiTerminal where you can manage multiple accounts simultaneously. MetaTrader’s full range is powered by quick execution and equipped with all the tools needed for trading on all offered instruments.
Mobile Trading Platform
Of course, there is a mobile trading platform as well as HotForex app with an option to trade “on the go”. MT4 and MT5 mobile trading are known for its advanced capabilities and interactive charts with almost the same productivity as their full versions. Besides this, there are over 30 technical indicators and 24 analytical objects so that using a phone’s features for purposes of reviewing trades is possible.
Does HotForex allow scalping?
Yes, HotForex allows scalping and places no restrictions on which strategies you can use. However, various entities may apply some conditions so make sure to always check the terms and condition before starting any strategy.
Especially about scalping there is no restriction as well as our range of accounts with Zero spread in forex that may assist even better to trade this strategy. Moreover, there is a possibility for professional master traders where you can copy trade or become one yourself through an advanced PAMM technology designed by HotForex company.
The program really does allow investors at any level without having to invest themselves in trading marketplaces simply follow their Fund Manager from the ranking list!
Customer Support
HotForex offers a number of customer contact alternatives, available 24/5 in 27 languages. You can also contact the broker through the website’s contact form if you wish. The broker’s website also has a FAQ section that is comprehensive and detailed.
Research and Education
HotForex broker is that focuses on the African and Asian regions, as well. It provides many Forex courses, webinars with live video tutorials, daily analysis and market outlooks for traders to learn from or get advice from. HotForex has all of these resources which allows anyone to become an excellent trader in either a beginner or professional level.
HotForex Broker also provides a range of analytical and research tools to ensure good research in trading. One of the many is Analytical Objects, Economic Calendar, Autochartist and Trader’s Board for comprehensive analysis. Additionally, there’s VPS Hosting with free VPS packages provided to those who deposit from 5,000$.
Conclusion - HotForex review
HotForex is an established customer oriented broker with a secure, regulated trading environment. The services and products are tailored to the specific requirements of clients while providing them with a wide range of accounts, platforms, tools and instruments.
Whether user wish to join copy traders or use EAs; perform scalping or become partners – they have options for all! HotForex has one of the lowest commission rates in this industry which makes it even more attractive.
