HotForex is a brand name of a group of companies, operating in different jurisdictions. The most reliable is HF Markets (Europe) Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).
The broker also holds licenses from UK’s Financial Conduct Authority (FCA), the South African regulator, as well as from the Dubai Financial Services Authority (DFSA). The HF Markets group also includes operates two offshore units (HF Markets Ltd., registered in Mauritius, and HF Markets (SV) Ltd., incorporated in St. Vincent & the Grenadines).
With six different account type options, pricing at HotForex varies greatly by account type. At best, HotForex’s pricing is slightly better than the industry standard; however, pricing still trails low-cost leaders.
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Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.
As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read HotForex reviews.
HotForex’s overall rating on the largest portal for broker reviews is quite good. What do HotForex’ disgruntled traders complain about?
Alleged spread manipulation is always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. Some of the clients are not happy with the execution, complaining about the freezing platform or “off-quote” response. Others are complaining about the large spreads on some instruments. Overall the reviews are not showing a major issue with this broker, more like different small aspects.
Here are just 2 examples:
Is HotForex Markets Trusted?
HotForex is considered average-risk, with an overall Trust Score of 83 out of 99 by forexbrokers.com experts opinion on HotForex. HotForex is not publicly traded and does not operate a bank. HotForex is authorized by one tier-1 regulator (high trust), three tier-2 regulators (average trust), and one tier-3 regulators (low trust). HotForex is authorized by the following tier-1 regulator: Financial Conduct Authority (FCA).
HotForex seems successful in South Africa, where it has a proper license to operate. Asian clients are registered under a non-regulated entity, without any type of protection.
HotForex Trading Conditions
HotForex offers six account types, ranging from Micro to Premium, as well as accounts with fixed spreads, and one account dedicated to copy trading. Based on the data displayed by HotForex, our best guess is that Zero and Fixed accounts are the most popular.
Apart from the above-mentioned account types, HotForex offers 2 more copy trading ones: an Auto Account, enabling traders to subscribe to free and paid Trading Signals from the MQL5 Community, (built-in to the MT4 trading terminal); and HF Social, which provides some type of copy trading powered by FxStat.
What is more, swap-free (Islamic) accounts are available with a minimum initial deposit of $150, designated for clients who are not willing to earn interest for religious reasons.
Spreads and Commissions
Fixed ones are comparatively low, amounting to 1.8 pips on EUR/USD. On the Zero account, typical spreads are 0.3 pips on the EUR/USD and incur a commission of roughly 0.6 pips per trade, totaling an all-in cost of 0.9 pips. On the Zero account, trading costs are lower, but margin requirements are twice as high as the Premium account, where typical forex spreads are 1.2 pips.
For purposes of comparison, average variable spreads on Admiral Markets’ commission-free accounts amount to 0.5 pips on EUR/USD, while ECN account holders are offered average spreads of 0.0 pips on EUR/USD with a $7 commission per standard forex lot.
The maximum leverage with HotForex is high, reaching 1:1000. Some jurisdictions cap leverage ratios at considerably lower levels (1:50 in the USA, 1:30 in EU).
The reason for such leverage limitations is that the higher leverage, the higher the risk of losses, which may even exceed initial investments. However, many Cyprus-based brokers offer leverage levels, similar to the ones provided by HotForex (XM – up to 1:888), or even higher – Exness offers leverage up to 1:2000.
Methods of Payment
HotForex supports a wide range of payment methods: credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, American Express), bank wire transfer and e-wallet payment systems Skrill, Neteller, WebMoney, TrustPay, iDeal, Sofort, Western Union, Przelewy24.
HotForex Platforms & Tools
HotForex is a MetaTrader broker that offers the entire MetaTrader suite, including both MT4 and MT5 desktop and web. The desktop version supports automated trading systems known as Experts through the MQL5 signals community.
While MetaTrader 4 and MetaTrader 5 come standard, HotForex does provide customers an optional suite of trader tools, called Premium Trader Tools, developed by FX Blue Labs (something similar to MetaTrader Supreme Edition). Highlights from the 12 tools provided in the package include Trade Terminal for advanced order execution, Connect for news, Alarm Manager for alerts, and additional technical indicators like Renko charts, pivot points, and order history.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs), and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved.
The MT5, on the other hand, was intended as a multi-asset trading platform. In addition to forex, it facilitates trading in exchange-traded stocks. The platform is generally an enhanced version of the MT4, keeping most of the functionalities of its predecessor – the great charting, forex trading robots, and more. See out MT4 vs MT5 guide.
MT4 and MT5 come standard on Android and iOS. Scoring for this category matches that of other MetaTrader-only brokers. Lastly, it’s worth noting that HotForex also offers HF App, which is its proprietary mobile platform with various research and trading tools and calculators, although it does not permit direct trading.
Besides, free forex VPS hosting is offered to both new and existing customers who deposit a minimum of $5,000 and maintain this amount for the subsequent months. VPS hosting allows the execution of orders 24 hours, 5 days a week.
In addition, HotForex has developed a copy trading service of its own. It is called HFCopy and enables the broker’s clients to follow other traders and copy their deals.
HotForex is suitable for traders looking for a MetaTrader-only broker that has a handful of additional upgrades from the standard, default setup. HotForex offers a small range of markets compared to top multi-asset brokers.
GET A FOREX PRO ON YOUR SIDETo trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.
Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.
HotForex is considered average-risk. HotForex is not publicly traded and does not operate a bank. HotForex is authorised by one tier-1 regulator (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust).
The minimum deposit to start trading with HotForex is 10$ (Micro account).
2-5 business days. HotForex does not charge for bank wire transactions. However, the sending, correspondent and receiving bank may charge according to their own fee structure.
HotForex offers the 100% Credit Bonus with the offshore company.