HotForex

Editor's Score 3.9
Pros
  • Wide range of instruments
  • Competitive spreads
  • Solid selection of trading platforms
Cons
  • Trading instruments somewhat limited
  • Banking options limited
  • No real promotions
Min Deposit
$50
Max Leverage
1:1000
Mini Account
Bonus
100
Platforms
Withdrawal Options
  • Credit Card
  • Bank Transfer
  • Skrill, Neteller

Review

Introduction

HotForex has been around since 2010 when it was started in Mauritius. They are a leader when it comes to providing forex services online, as well as being a worldwide CFD broker. They place an emphasis on their customer.

Currently, there are a number of jurisdictions in which the broker is regulated in, including the Cyprus Securities and Exchange Commission (CySEC), the Financial Service Provider from the Financial Sector Conduct Authority (FSCA) in South Africa, and the Financial Services Commission (FSC) in Mauritius.

They have won numerous awards since they started their business operations, including being part of the Top 100 Companies list that was compiled by the World Finance Magazine in 2017.

On the HotForex platform, there are 27 different languages catered for.

  • Founded in 2010 in Mauritius
  • Regulated by numerous respected bodies
  • Winner of many esteemed awards

Trading Conditions

One of the key components of HotForex as a broker is to cater for all of the potential needs their customer may have. This is why they have a massively diverse range of account types available for you to choose from, with seven different options on offer, which is extremely high in this sector.

The options available to you are the Micro, Premium, Zero, VIP, Auto, HFcopy , PMAA, and Premium Pro accounts. Each of them has their own strengths and weaknesses, so you need to ensure that in opening an account, you choose an option that best suits your specific needs.

With the micro account, it is suitable for beginners, with a minimum deposit of $50 required, with spreads starting from 1 pips and variable spreads in general. For those looking to minimise fees and spreads, the Zero account has raw spreads with 0 mark-up.

This means that you will be dealing with very tight spreads and low commissions. If you are a high roller, the VIP account could be for you as a result of the minimal fees associated with its use and very competitive spreads.

There is a minimum required deposit of $20,000 on this account type. The Auto account allows you to copy automatically the advice given by the signals and indicators which are provided from expert analysis systems that have been created at HotForex.

Leverage is going to change depending on the type of account and the type of instrument you are looking to trade.

While often times HotForex has interesting bonuses and promotions running, at the moment they do not having anything of note on offer. In the past for example, if a client deposited 250 USD into his/her approved Bonus Scheme Account he could receive a 100 % Supercharge Bonus Credit of 250 USD. The Rescue Bonus applied to deposits over 50 USD. If a client deposited 100 USD, he/she could receive 30 USD as part of a Rescue Program. The Rescue Program could be used as a stop loss as there is was no limitation in using it for trading. Users were able to receive the Rescue Bonus after a loss cut. Unfortunately this is not a current promotion, but it may be worth looking out for such bonuses in the future.

  • 6 different account types to choose from
  • Competitive spreads
  • Flexibility of options

Products

In terms of the trading instruments offered by HotForex, you can deal with everything from cryptocurrencies, Forex, metals, indices, shares, energies, commodities and bonds.

There are more than 50 different currency pairs available and they currently have 53 different shares available as part of their offering.

  • 53 shares available to be traded
  • Over 50 currency pars to be traded

Regulation

Under their official name of HF Market Group, they are regulated in a number of different territories.

They are a Cypriot Investment Firm (CIF) and are regulated by the CySEC (license number: 183/12). They are regulated by the FSC of the Republic of Mauritius (license number: C110008214) as well as being incorporated in St. Vincent and the Grenadine as an international business company (license number 22747 IBC 2015), they are authorised by the FSCA in South Africa (authorisation number 46632), as well as being regulated by the Seychelles FSA (license number SD015).

With such wide ranging regulatory bodies approving of HotForex, you can sleep well at night knowing your funds will be kept safe.

  • Regulated by numerous respected bodies

Platforms

Like a lot of forex brokers, HotForex utilises MetaTrader as their trading platform. This is ideal for those traders who are well used to using this trading platform and it is quite easy to pick up for those who don’t have any experience using it.

There are many different features and tools available to you as part of this platform which helps to enhance the ability of the trader.

There are many different version of MetaTrader 4 available with HotForex, including their desktop, multi-terminal, web browser, iPhone, iPad, Android and general smartphone versions of the trading software.

There is also a proprietary HotForex RapidTrader API available to users which allow traders to get direct market access, as well as being able to conduct automated trading without needing to use the MetaTrader 4 platform.

  • Variety of MetaTrader platforms to choose from
  • Proprietary trading platform option

Mobile Trading

As a result of being a MetaTrader only platform, you will able to utilise the platforms on iOS and Android devices, through the MetaTrader 4 (MT4) app which can be downloaded straight away from either the App Store or the Android Play store. There is also a version for general smartphones that do not fall under the Android or iPhone categories.

There are 30 trading charting indicators available on the mobile apps and you have the full range of trading instruments to choose from with these apps.

  • Quality mobile offering

Pricing

With HotForex, the amount of fees and commission that you have to pay will be dependent on what sort of account you have with them. There are seven different account types in total.

For the most part, there are variable tight spreads offered at HotForex in addition to their specialised account for scalpers that are fixed spread and the automated trading account which has the same spread prices as Interbank.

For their Zero account in which there are no spreads, commission is charged at a tiered rate. Generally, for trades sized up to 1,000 there will be $0.08 charged per round turn, $0.80 charged per round turn for a trade size of up to 10,000 and $8 per round turn for trades sized up to 100,000.

  • The typical spread you can expect for EURUSD is 1.2 pips
  • Competitive spreads
  • Variety of pricing models depending on account type

Deposits & Withdrawals

There are many different deposit and withdrawal options available for users of the HotForex platform. MasterCard and Visa cards are of course catered for in addition to the likes of Skrill, American Express, Neteller, mybitwallet, WebMoney and bank transfers.


The minimum required deposit for a bank wire transfer is $250, with the minimum required deposit for all other options being set at $50. HotForex do not charge any fees for these payment options.

Depositing via bank transfer will take between 2 and 7 working days whereas the other options will have their deposits processed almost instantly. In terms of withdrawals, they will start to be processed within 24 hours after the request has been submitted.

The minimum withdrawal amount is $5 for all options except the bank transfer, with the minimum withdrawal being $150. It will take the bank transfer and credit cards between 2 and 10 working days for withdrawals to be fully processed. Withdrawals made through the likes of Neteller and Skrill will be processed almost instantly.

  • Processing times are average
  • Payment options somewhat limited

Customer Support

You can get in touch with a member of the HotForex customer support team 24 hours a day. You have the option of sending an email, talking to a representative via live chat or ringing them over the phone. There are different numbers you need to ring depending on the specific region you are located in.

There are more than a dozen languages catered for through the customer support team and the support is available five days per week. They also have a comprehensive FAQ section in which you will very likely find answers to your questions.

  • Customer support available 24/5
  • Comprehensive FAQ section

Research & Education

HotForex have an extensive education section as part of their platform to help their traders as much as possible. They have everything from live webinars to market analysis, general training videos and step by step courses.

All of these resources are available to anyone and they are ideal for those trading out their trading journey and more experienced traders alike.

Noteworthy Points

HotForex has a VPS hosting service if you need it and they have a whole host of trading tools, calculators and market analysis all in one place that will fit all of your needs.

It really is a one stop shop for all of your trading needs, as they look after the needs of their users from start to finish.

They are well respected in the industry and this is reflected by the numerous awards they win each and every year. They are involved with numerous charities, including the likes of Unicef and Red Cross, as well as sponsoring numerous events over the years, such as the 2017 Carrera Cup.


The platform is easy to use and with more than 27 languages catered for, they cover most of the bases.

  • Support of numerous charitable organisations
  • Over 27 languages
  • VPS hosting service

Conclusion

HotForex is a one stop shop for all of your trading needs, whether you are new to trading or have many years of experience

They have a great education centre which will allow you to educate yourself on all manners of training, as well as keeping up to date with the latest market analysis.

Their customer support team is always available to help and they have tried and trusted banking options which keep your funds safe and sound. They’re regulated by numerous respected bodies across the world and have competitive pricing across the board through their various account types.

Overall, HotForex is one of the best brokers on the scene today and are definitely a great option if you are looking for a new broker.

Comparison

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