HotForex Overview
Website: www.hotforex.com
Telephone: +44-2033185978
Regulation: Not Regulated
Pairs offered: USD/ZAR, USD/SEK, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, NZD/CAD, GBP/JPY, EUR/ZAR, EUR/NOK, EUR/GBP, CHF/JPY, AUD/JPY, AUD/CAD
Minimum Deposit: $100
Spreads From: 1 PIPs
Max Leverage: 400:1
Markets: Forex, cryptocurrency, indices, shares, bonds, metals and energies
Deposit Options

HotForex Broker Review

HotForex is regarded as a multi-asset brokerage where traders can enjoy indices, shares, energies, cryptocurrencies, commodities, bonds, metals, and Forex trading. This leading Forex broker is fully licensed by CySEC, the FCA, BAFIN, FSC, and the FSB to offer real money trading on financial instruments to clients. It operates in compliance with the Markets of Financial Instruments Directive (MIFID) of the EU. As a multi-award-winning brokerage, HotForex lays claim to 20 industry awards over the years, with some 500,000 live accounts, 200+ employees, and full security features offered to Forex traders. Among the many benefits offered to clients are free funding options, 8 trading account types, full insurance on all client funds, low-cost trading options, low commissions, and raw spreads with 0 markups.

Overview/ background

 

HotForex was established back in 2010, and has asserted itself as one of the leading providers of Forex trading services. It operates the multi-award-winning MetaTrader 4 platform for Forex traders. The company is a registered brand of a separate investment firm named HF Markets (Europe) Limited. The company’s registration number is: HE 277582. It is fully licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license #183/12. This Forex brokerage operates under the EU’s MIFID protocol to ensure that its services are offered according to the same standards throughout Europe.

 

HotForex is geared towards institutional clients, and retail clients. It is ideal for traders using EAs (expert advisors), as well as scalpers. Multiple account types are currently provided, to make it easy for institutional and retail clients to trade currency pairs online. A wide range of CFD (contracts for difference) trading options is available, with varying spreads, and high liquidity. The financial instruments that are currently supported by HotForex include: cryptocurrencies (Ripple, Litecoin, Ethereum, Dash, Bitcoin), Forex with 0 pips and low spreads, metals like gold, silver, leading indices such as the USA 100, shares of major bourses from multiple countries, energy stocks like gas and oil, bonds, and other commodities.

 

Account Types

 

HotForex currently offers 7 account types for traders across the spectrum. As a Forex trader, it’s important to have options available, and that’s precisely why HotForex goes all out with tailored accounts for your needs. Live accounts and demo accounts are available for all trading options. These include the Auto Account, the Islamic Account, the FIX Account, the Premium Account, the VIP Account, and the Micro Account. We explored each of these account types and their suitability for traders of different types:

 

  • The Micro Account – a minimum deposit of $50 with maximum leverage of 1:500 with variable spreads and pips as low as 1. You can have 150 simultaneous open orders.
  • The Premium Account – a minimum deposit of $500 is required, with a maximum leverage of 1:400, and spreads from just 1 pip. You can have a maximum of 300 open orders simultaneously.
  • Zero Account – the minimum deposit on the zero account is $100. A maximum leverage of 1:200 is available and there are variable spread types. The minimum spreads from pips is 0, and you can open 500/*60 standard lots on each position.
  • The Fixed Account – the minimum deposit on a fixed account is $500. A max leverage of 1:400 is available and there are fixed spreads. The maximum simultaneous open orders that are possible is 300.
  • The VIP Account – the minimum deposit on a VIP account is €18,500 or $20,000. You enjoy maximum leverage of 1:300 with variable spread types and 0 spreads from pips. The maximum simultaneous number of open orders that you can have is 400.
  • Auto Account – the minimum deposit on an auto account is $500. Maximum leverage on these accounts is 1:400 and the spreads are variable. Spreads from pips are 1, and you can have up to 300 open orders simultaneously.
  • HF Copy (HotForex Copy) – the minimum deposit for this account is €1,000 for a strategy provider. If you are a follower, the minimum deposit is just €300. The maximum leverage on this account is limited to 1:100 and the spreads are just 1 pip. You can have up to 300 maximum open orders simultaneously.

 

Trading Platform/ software

 

The trading platform used by HotForex is MetaTrader 4. This is the gold standard for Forex traders around the world. It is available for download on Windows, Mac and Linux devices. To get started with the download, simply click the respective button from the available options. HotForex has made it a priority to develop a user-friendly trading platform with rapid executions of trades, low spreads, and maximum responsiveness. With your trading futures, CFD or Forex, MT4 is ideal for trading purposes. It can be installed on your Mac operating system through Wine. According to HotForex, there are several analytical tools featured in the MetaTrader 4 software, including trend analysis, entry/exit points, 50 tools and indicators, quote dynamics and more.

 

Deposit options

 

As a Forex trader, you can easily deposit funds into your account using the following deposit options: wire transfer (minimum of $250), Maestro, MasterCard, Visa, Visa Electron minimum deposit of $50 for all, with a maximum deposit amount of $15,000. HF MasterCard with a minimum deposit of $50 and a maximum of $10,000, and various online payment options such as NETELLER ($50 and $10,000 minimum/maximum) and Skrill ($50 and $10,000 minimum/maximum). The deposit processing times for most options is up to 10 minutes, but wire transfers can take between 2 – 7 working days. There are no fees levied on deposits on credit cards, HF MasterCard, or online payment options. However wire transfers are subject to fees if the minimum deposit amount has not been met.

 

Markets

 

There are several broad categories of trading instruments available at HotForex. These include bonds, cryptocurrencies, commodities, indices, shares, metals & energies, and Forex. We will briefly explore each of these categories with several options that are available:

 

  • Bonds – EU bonds, UK Gilt, US 10 year treasury
  • Cryptocurrencies – BTC/USD, BTC/EUR, ETH/EUR, ETH/USD, LTC/USD, LTC/EUR, DSH/BTC
  • Commodities – cocoa, coffee, copper, sugar, platinum, palladium, and cotton
  • Shares – Anglo American, Barclays, Volkswagen AG, Daimler AG, HSBC Holdings, Rolls-Royce, Apple, Cisco Systems, Google, Netflix, Boeing Company, Chevron Corporation, MasterCard, IBM, Hilton, Goldman Sachs, McDonald’s, Pfizer, Twitter and others. There are some 53 shares contracts that are available.
  • Indices – Australian 200, France 40, Germany 30, Japan 225, Netherlands 25, Spain 35, UK 100, SPX500, US Tech 100, Switzerland 20 and others.
  • Metals and Energies – gold, silver, US crude oil, UK Brent crude oil
  • Forex – there are some 50 currency pairs available to traders including majors, minors and exotic currencies. These include the USD/ZAR, USD/SEK, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, NZD/CAD, GBP/JPY, EUR/ZAR, EUR/NOK, EUR/GBP, CHF/JPY, AUD/JPY, AUD/CAD and dozens of others.

 

Bonuses

HotForex offers a HF MasterCard, and various rewards to traders. The HF MasterCard is a value-added-added service available to registered traders. There are also various rewards available such as HotForex Gadget Giveaways, and HotForex Merchandise.

 

Customer Support

 

HotForex customer support is available through multiple channels including an online contact form. There are several other contact options for clients in Germany, Spain, the UK, Poland etc. The contact information is as follows:

  • Customer support – [email protected]
  • Telephone number for customer support – +357-24-400165
  • Trading desk support – [email protected]/+357-24-400572 between 8 AM and 11:59 PM

The toll-free and international numbers are listed as follows:

  • Global support – +44-203-318-8569
  • Germany – 0800-182-2677
  • Spain – 900-808571

For further details about HotForex contact options, click here.

 

Safety

 

HotForex is 100% safe and secure to use. There are demo trading accounts and real money trading accounts. This allows you to practice your trading strategies before you deposit and trade for real. Additionally, this Forex brokerage is fully licensed and regulated by multiple authorities around the world, ensuring its compliance everywhere. It sports CySEC licensing and regulation, is compliant with the European Union’s MiFID directives, and is Financial Conduct Authority (FCA) regulated. Other licensing includes FSC, BAFIN, and the FSB. Safety is further enhanced by way of segregated client accounts, with major banks, and everything is supervised by regulators. The ICF (Investor Compensation Fund) is a useful protection thanks to the Cyprus Securities and Exchange Commission. The platform also provides negative balance protection.

 

Ease of Use

 

HotForex is one of the easiest Forex brokerages to use. Everything is laid out neatly and clearly for FX traders. There are multiple account types to choose from, and the demo trading option is always available. Additionally, you have 4 dozen Forex pairs to choose, scores of commodities, indices, stocks and cryptocurrencies to complement your Forex trading activity. Simply click on the demo or live account option at the top of your screen to get started.

 

Final Thoughts

 

HotForex dovetails as the ideal Forex trading brokerage, and all round trading platform. It offers dozens of world-class Forex, metals, stocks and indices. Low spreads are assured, and there is no slippage. Overall a great Forex brokerage to use, and it’s good to see that there is so much regulatory oversight for traders.

Pros
  • Full licensing and regulation with multiple authorities (FCA, FSB, BAFIN, CYSEC, etc)
  • Low-cost trading, low commissions and spreads with 0 markups
  • 17 trading tools, 8 account types, 150+ trading instruments, 14 funding methods, 8 trading platforms etc.
  • Demo trading account
  • 27 supported languages
  • Segregated accounts with major banks
  • Negative balance protection
Cons
  • Bonuses are lacking
  • Social media accounts aren’t regularly updated
  • Can be a little confusing with too many account types
HotForex Overview
Website: www.hotforex.com
Telephone: +44-2033185978
Regulation: Not Regulated
Pairs offered: USD/ZAR, USD/SEK, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, NZD/CAD, GBP/JPY, EUR/ZAR, EUR/NOK, EUR/GBP, CHF/JPY, AUD/JPY, AUD/CAD
Minimum Deposit: $100
Spreads From: 1 PIPs
Max Leverage: 400:1
Markets: Forex, cryptocurrency, indices, shares, bonds, metals and energies
Deposit Options
Pros
  • Full licensing and regulation with multiple authorities (FCA, FSB, BAFIN, CYSEC, etc)
  • Low-cost trading, low commissions and spreads with 0 markups
  • 17 trading tools, 8 account types, 150+ trading instruments, 14 funding methods, 8 trading platforms etc.
  • Demo trading account
  • 27 supported languages
  • Segregated accounts with major banks
  • Negative balance protection
Cons
  • Bonuses are lacking
  • Social media accounts aren’t regularly updated
  • Can be a little confusing with too many account types