HotForex

Is Hotforex reliable broker or scam? What are account types, spreads, minimum deposit and leverage? You should read this HotForex Review!
8.5/10 (Expert Score)
Product is rated as #4 in category Forex Brokers

One of the best names in the market of forex where clients are stratified and the trading conditions is matching the expectations of the traders. HotForex is indeed a hot name if the forex and CFDs market and the following information in this Hotforex review will show exactly how this great name came to life.

HotForex is keen to provide its clients with the best trading experience and so the variety of unmatched account types along with trading conditions that matches all needs of different traders with different styles, are only found in HotForex.

Aiming at providing the clients with fast and efficient service along with respect, honesty and transparency and to offer the clients a constant improvement in the products and services its providing as well as taking responsibility for their actions, HotForex is showing extreme commitment to their clients.

The broker is also carrying the social responsibility not only in one country but many, as one of the values for HotForex is they feel their participation in not only helping the clients in particular but helping the public in general. And so it takes part in donations for the WHO towards the covid pandemic along with donations to stop fires in the amazon rainforest, the broker also supports to Australia’s bushfire crisis, and so much more examples.

HotForex makes sure to have the needs f their clients met so trading conditions here are quite remarkable. With flexible leverage that can reach 1:1000 with 24/5 customer support ready and willing to help not only in one or two languages but the support is provided in more than 27 languages.

Smart trading options where forex, indices, and commodities are available for trade. 4 different types of bonuses are already implemented with ongoing promotions and continuous offers for new and existing clients.

HotForex is presenting 18 trading tools. free educational and live expert webinars along with 6 account types with options for a demo and Islamic swap free account. MT4 and MT5 are offered for trading on all devices.

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.

8.5Expert Score
Great

I reviewed Hotforex based on the following criteria.

TRUST
8.5
COMMISSIONS AND FEES
9
CUSTOMER SERVICE
8
PLATFORM & TOOLS
8
PRODUCT PORTFOLIO
9
PROS
  • Regulated by CySec and FCA
  • Competetive spreads and fixed spread option
  • Account types for Auto&amp
  • Copy trading systems
CONS

    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.

    📃 RegulationCySEC, FCA, DFSA, FSCA
    💰 Trading fees classLow
    💰 Minimum deposit$5
    💰 Withdrawal fee amount$0
    🎮 Demo accountYes
    🕖 Time to open an account1 day
    💳 Deposit with bank cardAvailable
    💸 Depositing with electronic walletAvailable
    🛍️ Products offeredForex, CFD, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies

    Regulation & Client Protection

    There are many licenses obtained by the broker which only shows the level of trust and responsibility the broker is offering to their clients all over the globe.

    HotForex is having lincense to trade and carry out their client service from the following countries:

    • HF Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA).
    • HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Business Company.
    • HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA).
    • HF Markets SA (PTY) Ltd is an authorized Financial Service Provider from the Financial Sector Conduct Authority (FSCA) in South Africa.
    • HF Markets (Seychelles) Ltd is regulated by the Seychelles Financial Services Authority (FSA)

    The broker is maintaining a few of the best licenses in the markets within the big countries around the world. So for example FCA regulated forex brokers are under a guarantee of up to £50,000 by the Financial Services Compensation Scheme (FSCS). Which provides security and trustworthiness for the broker with the clients. and so the traders would invest knowing their funds are protected and

    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.

    Account Types and Spreads

    Account Types & Spreads at HotForex

    The fact that HotForex is providing a great variety of account types that matches all different trading styles, has made it a great popular name in the forex market. With 6 different accounts with great flexibility in the conditions of the accounts, all clients from beginners to experts would have an account to match their needs.

    With Hotforex minimum deposit that reaches to$5 in micro, premium, and cent accounts, it ensures safe trade for forex newbies that are just starting in investment with different maximum leverage of 1:500, 1:1000, and 1:5000 respectively, again to ensure variability.

    Hotforex spread levels are alos something to look impressively to. Where there is a whole account dedicated for a zero spread trading experience with variable spread options in all accounts. The zero spread accounts offers maximum leverage of 1:500 yet the Hotforex minimum deposit in that account can reach up to $200.

    The PAMM and the HF COPY accounts are having a bit higher minimum deposit than the other accounts as they’re mainly targeting the expert traders, where the Hotforex minimum deposit here is $250 and $500 respectively. The maximum leverage offered in the PAMM account is 1:300 whereas its 1:400 in the HF COPY account.

    The options for Islamic accounts where no swaps are offered in the sell or buy operations are also available for clients with Islamic beliefs. MT4 is offered for the Islamic account on different devices along with webtrader and mobile trading. The spreads in the Islamic account start from 1 pip and all trading instruments are avowable here. USD and EUR are the account currencies available.

    Micro, Premium, Auto and Zero Spread accounts are available in swap-free Islamic account.

    A request needs to be made in order to open an Islamic account to the broker or via customer service and the broker will review the information and they hold the right to accept or reject the request.

    A demo account option is also available within Hotforex where new clients get to try out the broker with all their offered conditions and the trading platforms present also expert traders tend to use a demo account to try out new trading strategies or test out knowledge and learnings.

    Payment Methods

    Deposit & Withdrawal Methods at Hotforex

    HotForex offers a wide variety of deposit and withdrawal methods, that ranges from bank transfers, credit and debit cards and e-wallet options that include Fasapay, Neteller, Skrill, Bitpay and PayRedeem.

    All the provided methods of deposit and withdrawal are very fast and take around 10 minutes to process. However, bank wire transfers may take up to 2-7 business days as its more connected to the rules and regulations of the banks not the broker terms in any way.

    HotForex doesn’t apply any fees on the deposit and withdrawal transactions and so it allows the client to deposit and withdraw with ease in whatever way they find best suitable.

    Platforms

    HotForex Trading Platforms

    HotForex is offering the best and most famous and trusted platforms in the market presented from Metaquotes which are the MT4 and MT5. Where both are having the analytical tools and technical indicators to provide a well-rounded trading experience.

    MT4 is the most known and used platform in the forex market as it provides 21 timeframes with 38 technical indicators, 44 analytical objects, and 6 types of pending orders.

    While, on the other hand, MT5 is the upgraded version of MT4. You can use MT5 to trade using demo accounts which is an option provided by HotForex.

    HotForex also provides the HFM app which you can download easily on your android or IOS as it can be used on the MT5 platforms providing fast market execution and multithreaded strategy tester.

    HotForex has made sure to take advantage of the best features of each platform to provide the perfect trading environment since MetaTrader 4, MetaTrader 5 and the HFM Platform are high-powered trading platforms that allow traders access to the financial markets with ease.

    Trading Instruments

    HotForex Trading Instruments

    From forex, metals, energies, shares, indices, bonds, commodities, DMA stocks, ETFs and Cryptocurrencies, HotForex is making sure to provide as many trading instruments to its clients as they would wish to have as it provides diversity in trading and hence a better profit and a better investment experience.

    Forex trading within HotForex consists of 50+of currency pairs including major minor and exotic pairs as well. Tight spreads take place and leverage up to 1:1000. 18 trading tools and 24/5 specialized customer support.

    The metals supplied are gold, silver, platinum and palladium. While some of trading Gold and Metals include its intrinsic value, low transaction cost and international liquidity.

    Energies trading with HotForex contains low margin requirements with fast execution, low spreads, and risk management tools all to monitor and make sure your trading is safe. UK Brent Oil and USA Crude Oil are examples of the energies available.

    The indices offered allows the trader to explore their opportunities in the stock market. Access to global indices including USA500 and UK100, Competitive spreads and low margin requirements, and Automated trading with MT4 & MT5 platforms are all available.

    You can also trade the shares of the most well-known and best-performing companies all over the world including Apple, Alibaba, Amazon, and more.

    Copper, Cotton, Sugar, Cocoa, and Coffee are examples of the commodities that can be traded with HotForex where Negative balance protection and Low margin requirements.

    World’s most popular bonds are present as trade derivatives where there is no commission on trades and fast order execution with competitive spreads. These Bonds including UK and US government bonds like Euro Bund, UK Gilt and US 10-year Treasury Note.

    Direct Market Access (DMA) stocks where you can place your order to trade with the world’s stock exchange for counties around the globe.

    Bonus and Promotions

    HotForex Bonus and Promotions

    Known for it various account types and the many trading instruments, HotForex is also famous for its great bonuses and promotions offered periodically and other fixed bonuses that are available all the time.

    There are 4 types of bonus offered by HotForex and they include

    50% Welcome Bonus: added automatically to your account when you deposit $50 which increases your balance by 50%. Available on MT4 and Micro Accounts.

    100% super Charged Bonus: This bonus applies to every deposit of $250 and more that you make. Where you can earn daily cash rebates of $2 per lot directly to your account. You might think you will need to calculate the bonus for it to be added, yet it’s nothing like that at all. The bonus is calculated and added automatically and the cash can be traded or withdrawn.

    30% Rescue Bonus: This kind of bonus is applied automatically over deposits of more than $50. The bonus increases the leverage of the account where the maximum cumulative bonus here is $7000. This bonus is having additional Stop Out Bonus as it also protects from the period of drawdown. You can’t withdraw this bonus.

    100% Credit Bonus: Where this bonus can be withdrawn if volume requirements are met. The bonus effectively makes the stop-out level on the cash balance zero. And it also increases the account leverage.

    Education

    HotForex Educational Materials

    HotForex offers many educational materials to its current and new clients in all different formats like Forex Education Videos where  leading industry experts design and deliver the material. They provide a breakdown of the fundamental concepts of the forex industry to teach you everything required to be a forex trader.

    In addition to training courses to explain basic terms, beginners courses , trading tools definitions, Metatrader tutorials, trading strategies and CFDs and stocks and way more to include even e-books.

    How-to videos and free webinars are available which are designed to improve your FX knowledge and help you hone your trading skills to give you the confidence you need to trade the markets. Whether you are a beginner or an experienced trader, HotForex seasoned market analysts will guide you through key forex strategies and concepts.

    Conclusion

    Conclusion

    HotForex is a licensed broker from multiple regulators around the world where it holds FCA, SV, DEFSA, FSCA and FSA regulations. The broker is making sure to provide segregated account and to carry the minimum funds required to cover for the clients losses in case of financial crisis like bankruptcy which all are requirements needed to obtain and maintain the licenses from all these different and trusted regulators.

    The broker is also having a great variety of account types, with 6 account types offered to the traders with all different conditions to match all traders’ strategies and needs. Maximum leverage is 1:1000 and the spreads are low and convenient.

    The options for an Islamic accounts and demo accounts are also presented to the clients where the application for them is a mouse click away.

    The best trading platforms are available where MT4 and MT5 are presented with multiple trading tools and trading instruments to choose the ones each trader is interested in. 4 different types of bonuses are also present to allow traders to increase their funds and hence increase their profits.

    Forex Brokers Lab
    1 Comment
    1. Anyone trading with this broker? I just started trading with hotforex and looking for answers for some trading relevant questions.

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    Who Am I?

    Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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