Regulators: CySEC, FCA, BaFin, FSC, FSCA, FSA
Minimum Deposit: $50
Maximum Leverage: 1:1000
My Score: 7.5
HotForex is a broker offering online forex trading since 2010. After 8 years on the Forex market, it became a well-known brand all over the world. We see that they have received more than 20 awards in the process. For example; one of the most notable among the awards they have received is that: they were shown among the top 100 companies by World Finance Magazine which is a highly respected magazine.
The official web site of the broker is serving 27 languages. The official website has about 1 million visitors per month. Moreover, these visitors are from many different places in the world. Therefore, HotForex has preferred to be licensed from a wide variety of regulators in terms of regulation and licensing. You should have as many licenses as possible to serve such a wide geographical area.
As the customer base is quite different from other countries, HotForex has adopted a service concept that will satisfy everybody. So, as well as having a large number of licenses, the account types offered are quite diverse. There are also a wide variety of methods of depositing and withdrawing money.
After all this information, is HotForex a reliable broker or scam? Let’s look at it together. In addition, you can find important information on this HotForex review, such as the account types offered by HotForex and their spreads, minimum deposit, maximum leverage. Thus you will see that what are advantages and disadvantages of Hotforex, compared to other brokers.
Regulation & Client Protection
HotForex offers a wide variety of licenses in terms of regulation. As you can see from the table below, HotForex is regulated by strong regulators such as CySEC, FCA, BAFIN to ensure the safety and protection of EU clients.
|HF Markets (Europe) Ltd||UK||FCA|
|HF Markets (Europe)||Cyprus||CySEC|
|HF Markets (Europe) Ltd||Germany||BaFin|
|HF Markets Ltd||Mauritius||FSC|
|HF Markets SA (PTY) Ltd||South Africa||FSCA|
|HF Markets (Seychelles) Ltd||Seychelles||FSA|
In addition, the company is licensed by the regulators of countries such as Seychelles, South Africa, as preferred by many large forex brokers. Because these licenses are very important to offer this service and account to investors who demand very high leverage. It is a very difficult process for a broker to acquire a license from these regulators.
For example; Brokers regulated by CySEC are also members of the Investor Compensation Fund. It is obligatory for CySEC-regulated brokers to keep at least € 1,000,000 from the bank account and clients’ funds are kept separate from the operational funds of the company. This provides extra security and credibility. Also, if CySEC-regulated brokers go bankrupt, the client funds will be compensated by ICF for losses up to € 20,000. Similar security measures are also offered by FCA-regulated brokers. Client funds of FCA-regulated brokers are under guarantee of up to £ 50,000 by Financial Services Compensation Scheme (FSCS).
In addition, the company is licensed by the regulators of countries such as Seychelles, South Africa, as preferred by many large forex brokers. Because these licenses are very important to offer this service and account to investors who demand very high leverage.
Account Types & Spreads at HotForex
One of the key features of HotForex is that it offers a variety of account types. As you can see in the table below, HotForex tries to provide a type of account that will please each investor type. There are two different types of accounts that offer copytrading even for investors who have adopted the copytading strategy.
|Account Type||Minimum Deposit||Maximum Leverage||Spreads|
|Micro||$50||1:1000||1.2 pip on EUR/USD|
|Premium||$500||1:400||1.2 on EUR/USD|
|Fixed||$500||1:400||1.8 pip on EUR/USD|
|Zero||$100||1:200||0.1 pips on EUR/USD + commission $4 per lot traded (per side)|
|VIP||$20,000||1:300||0.2 pips on EUR/USD + commission $6.00 per lot traded round turn|
|Auto||$500||1:400||1 pip on EUR/USD|
|Hfcopy||$500||1:400||1 pip on EUR/USD|
The spreads offered by HotForex are around 1.2 pips on EURUSD. I can say these spreads are very competitive. Fixed spread account type offer spreads of 1.8 pips on EURUSD. Investors who do not want to face problems like spread widening may prefer fixed spread account. Investors who prefer the Auto account type can access free to the paid Trading Signals from MQL5.
In Micro account type, minimum deposit is $50 and maximum leverage is 1:1000. However, these may vary depending on the country. The minimum deposit is $ 20,000 for a VIP account that offers privileged services.
In addition, the swap-free account type known as an Islamic account is also offered to investors. You have to apply for it. The broker may ask you to document your belief after the application you have made and have the right to refuse your application.
Deposit & Withdrawal Methods at Hotforex
HotForex offers a wide variety of deposit and withdrawal methods, just as it is about account types and regulation. You can see deposit and withdrawal methods on the table below.
|Methods||Fees on Deposit||Processsing Time on Deposit||Fees on Withdrawal||Processsing Time on Withdrawal|
|wire transfer||No fees||2-7 working days||Depends on sending, correspondent and receiving bank||2-7 business days|
|China Union Pay||No fees||Instant||No fees||2-3 business days|
|Maestro||No fees||Up to 10 minutes||No fees||2-10 business days|
|Mastercard||No fees||Up to 10 minutes||No fees||2-10 business days|
|VISA||No fees||Up to 10 minutes||No fees||2-10 business days|
|VISA Electron||No fees||Up to 10 minutes||No fees||2-10 business days|
|HF MASTERCARD||No fees||Up to 10 minutes||No fees||Instant|
|Bitcon Bitpay||No fees||Up to 10 minutes||No fees||1-3 Business days|
|Bitcon by Skrill||No fees||Up to 10 minutes||X||X|
|Fasapay||No fees||Instant||No fees||Instant|
|Neteller||No fees||Instant||No fees||Instant|
|Skrill||No fees||Instant||No fees||Instant|
|WebMoney||No fees||Instant||No fees||Instant|
The fastest payment method at forex brokers is credit / debit card in generally. At You can also make deposits and withdraw via e-wallet systems like Neteller or Skrill.