HotForex | Review | CFD Trading Platform Review

Our Review

HotForex review

Leverage: 1:30 | 1:1000

Regulation: CySEC, DFSA, FSCA & FCA

Min. Deposit: 5 USD

HQ: Cyprus

Platforms: MT4 & MT5

Found in: 2010

 

HotForex Licenses

HotForex (Europe) Limited - approved by CySEC (Cyprus) with registration no. 183/12

HotForex (SV) Limited – Under regulation by FSA SVG with registration no. 22747 IBC 2015

HotForex (DIFC) Ltd – certified by DFSA (Dubai) having registration no. F004885

HotForex Markets SA (PTY) Ltd – regulated by FSCA (South Africa) with registration no.  46632

 

Our review

What is HotForex

Is HotForex safe or a scam?

Leverage

Accounts

Fees

Trading Instruments

Deposits and Withdrawals

Trading Platform

Customer Support

Education

Conclusion

What is HotForex?

HotForex is a multi –asset class broker that offers trade on forex, metals, energies, shares, commodities, cryptocurrencies and bonds from six different types of trading accounts on MetaTrader 4 and MetaTrader 5platforms. Recently, this broker also offering trade on stocks DMA and ETFS. The broker also offers a wide variety of training tools such as premium trader tools, the Auto chartist tools, training calculator, and analytical tools as well as educational knowledge and promotional offers. 

 

Pros	Cons
Regulated by multiple authorities	No such cons found
MT4/5 trading platforms
Six type of account with minimum deposit
Provides trading tools
Advanced education
Customer support 24/5

 

 

10 Points Summary

 

Headquarters	Cyprus
Regulation	CySec, DFSA, FCA
Platforms	MetaTrader 4 & MetaTrader 5
Instruments	17 trading tool & over 150 trading products
EUR/USD Spread	1.2 pips
Demo Account	Offered
Minimum deposit	5USD
Base currencies	50 + currency pairs offered
Education	Available
Customer Support	24/5

 

Is HotForex safe or scam?

To be authorized and regulated by officials is become part and parcel for every broker. Without regulated authorities, no one can trust on any broker. So, like all other brokers, HotForex is also regulated by multiple authorities. 

Here are number of authorities which regulate HotForex markets in different group of countries:

HotForex market (UK) Ltd is authorized by the Financial Conduct Authority (FCA) under registration number 801701.

HotForex market (DIFC) Ltd is regulated by the Dubai Financial Services Authority (DFSA) under registration number F004885

HotForex market (Europe) Ltd is authorized by Cyprus Securities and Exchange Commissions (CYSEC).

HotForex market SA (PTY) Ltd is controlled by Financial Sector Conduct Authority of South Africa (FSCA) under license no. 46632.

HotForex market (Seychelles) Ltd is regulated by Financial Services Authority of Seychelles, FSA.

 HotForex also claim protection of clients’ fund under the requirements of authorities.

 

Leverage 

HotForex offers different leverage dependent upon your selected account. For every six account there is different leverage level provided by this broker. 

If you select ‘Micro account’ then maximum leverage ratio will be 1:1000

If you use ‘Premium account’, leverage ratio will be 1: 500

For ‘Zero spread account’, maximum leverage level is 1: 500

If you choose ‘Auto account’, then you leverage level will be 1:500

For ‘PAMM (premium) account’, leverage is set to 1: 300 level

If you select ‘HF account’, then you can have access to maximum leverage of 1:400.  

HotForex also offers different leverage level according to the different regulatory requirement of different region. For example, for European countries that followed ESMA regulations, HF offers leverage of 1: 30 on Forex instruments and 1: 25 on spot metals. South African entities can get leverage of 1: 200.

So, there are different leverage levels offered by HotForex, and this sometime create great confusion in choosing the best option with best trading account. You must have to consult customer support for right guidance before selecting any leverage level because the high leverage level will involved high risk of losing money. 

Accounts

HotForex provides a wide variety of choice to trade from different types of trading accounts to its users. All these accounts have different features and benefits and you can have access to any of them by analyzing your trading capabilities and skills.

Pros	Cons
Offers Six accounts types	High leverage
Demo account
Islamic account
Fast digital opening

 

   Here’s the detail of all six accounts of HotForex:

Micro account

To open a commission-free micro account, minimum deposit of 5$ is required. This account offers the highest leverage level 1:1000, as compare to other accounts’ leverage. This account allow you to trade on Metatrader4 and Metatrader5 platforms with spreads start from 1 pip. You can trade with USD, EUR, NGN currencies with account. Furthermore, if you are Muslim, then you can convert this account into swap free.

 

Premium account

This account is mostly used by experience retail traders. This account is available for Metatradr4 trading platform. You can get access of this account by depositing initial amount of 100$ and spread start from 1 pip with maximum leverage of 1: 500.      

Zero spread account

This account is most appropriate for scalpers, professional traders and for those who trade with expert advisor. This is commission-based account. The maximum leverage is limited to 1:500 with super tight spread and with low commission. For opening zero spread account, you to have to deposit 200$.

Auto account

This account is commission free account and initial deposit of 200$ is required for opening this account. It offers maximum leverage of 500 to 1, spreads start from 1 pip and you can also open 300 orders at one time. This account also offers signals services which is a product of Metaquotes Software Corp.

            

PAMM account

HotForex further gives two choices in its PAMM account, you can choose premium or premium plus account according to your objectives and needs. The differences between the two accounts is in spread and commission. In Premium accounts, spread start from 1.1 pips and no commission is charged and premium plus offers you spread with 0.3 pips and with 5$ commission on 1 standard lot. Both accounts have minimum deposit fees of 250$ with maximum leverage of 1:300. But this account offers trade only on four trading instruments like Forex, metals, oil, and indices.

HF account

This account also offers trade only on four instruments like Forex, Indices spot, Gold and Bitcoin with maximum leverage level 1:400 and spread starts from 1 pip. This is commission-free account only 500$ is required for account opening.

Islamic account

HotForex also provides an opportunity to Muslim traders to convert its Micro, Auto, Zero Spread and Premium account into Islamic account. In Islamic account swap and other rollover charges will not apply for holding overnight position. 

Trading fees

HotForex does apply commission fees only on two account types, Zero spread account and PAMM account. In zero spread account, 3$ will be charged on 1 standard lot and commission fee 6$ will be charged on round lot (2 standard lot). In PAMM account, commission fees is charged only on premium plus account.

There is another fee which is called ‘inactive fees’ apply on those users who are inactive at least for 6 months. In this case, you will pay 5$ inactive fees per month.

Like all other brokers, HotForex also charged overnight fees if you hold a position overnight. This fee varies according to your chosen instruments. HotForex does not apply overnight fees like swap charges or rollover on Islamic accounts. 

Trading instruments

HotForex provides wide range of instruments to trade on. HotForex offers 50+ major and minor currencies pairs of forex with tight spreads and leverage up to 1:1000. You can trade on indices, commodities, shares, stocks DMA, ETFS and metals (like palladium, platinum, Silver/Euro, Silver/Dollar, Gold/Euro and Gold/Dollar), energies (like UK Brent Oil, US Crude Oil), and on Bond issued by the world’s leading economies.

Deposits and withdrawals

HotForex does not apply any deposit and withdrawals fees. This broker provides a wide variety of payment methods and you can choose any of them.

Bank wire transfer

credit card (visa card, master card)

Bitcoin

Neteller, Skrill

Web money

Union pay

For bank transaction it will take 2 to 10 days but digital transaction will be processed instantly within 24 hours. 

 

Trading platforms

This broker provides a wide variety of different trading platforms. This broker offers MetaTrader4 platforms with desktop, web terminals, android, I phone, I pad trader and Mt4 multi terminals. The broker also provides the ability to trade on the MetaTrader 5 platform as well over Mt5desktop, Mt5web, Mt5android, and mt5 I phone.

The HotForex broker also gives an opportunity to trade on its own HF app which can be run on android system and can download from app store.

Trading tools  

There is one super benefit of trading through this broker is that it offers a number of trading tools. These tools can high your level of trading and achievements. These tools provides latest information and you will stay up to date. You have to just open a live account then you can have access to these amazing tools.

Here’s the list of tools provided by HotForex:

Premium trader tools

Autochartist Tools

VPS hosting services

Exclusive analysis

My HF area

Trading Calculators

Economic calendar

SMS services

One click trading

Advanced insights

Forex news

Education 

Unlike other brokers, HotForex provides best knowledge and information about trading on its website. It has separate section named as “Education”. By clicking on this you can go through HotForex educational videos, training course videos, Forex education/e course, podcast and webinars.

This is good opportunity for novice traders to get knowledge before starting trade and also during trade you can get help from HotForex trading tools which can provides you every day analysis and news about trading. 

Customer support 

Like all other brokers, HotForex also provides ‘contact us’ page on its website. HotForex customer support team will be available 24/5. This broker provides super services and quick response if you contact them. You can contact them via live chat, email and phone. They can communicate in up to 27 language so there will be no fear of language barrier

Conclusion

To conclude, HotForex review showed to us that it is best platform for trading. This broker gives you a wide variety of accounts, trading tools and trading instruments with MT4/5 platforms as well. Here, you can also get education material for your better understanding. As this broker has super amazing website and you can easily navigate and can get detail of any topic by searching on its website. 

 

FAQS

How much initial deposit required for HotForex?

The minimum or initial deposit is only $5.

Does HotForex offer any swap free account?

Yes, it offers swap free accounts to its Islamic clients.

Is HotForex available for United States clients?

No, this broker is not for clients from US, North Korea, Canada, Syria, and Sudan.