Best HotForex Alternatives

logomark Luca Puddu calendar Last Updated: November 2021 timer 5 min read
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HotForex is a known forex trading broker that offers traders several financial instruments such as shares, indices, currencies, and cryptocurrency. For commodity traders, HotForex offers agricultural, metal, and energies products. Traders have seven different account types to choose from with trading platforms that offer tight spreads. Furthermore, HotForex is among the brokers that provide access to unrestricted liquidity by allowing traders to decide between spreads and liquidity providers.

HotForex was established in 2010, with it’s headquarter located in Cyprus. It also has offshore entities in St Vincent and the Grenadines and several offices across the globe, including South Africa and Dubai. Furthermore, with interest in Asian, Africa, and MENA regions, it has exceeded its services to these residents, providing trading opportunities.

Overall, HotForex is a top-notch forex trading broker that offers a minimum deposit of $5. If you feel that is not good enough, you can look at other HotForex alternatives to see their features. Nevertheless, here is a detailed HotForex review, including its features, customer support, and security system.

Find below an overview of the top HotForex alternatives. With this table below, you will see precisely why we have chosen such brokers as an alternative to HotForex:

HotForex Alternatives Alternative for: Minimum Deposit
eToro Copy Trading, Real stocks trading $200
Pepperstone Scalping, Spread Betting, PAMM Account $0
Admiral Markets Real stocks trading, CFD trading $100 ($1 Invest)
IC Markets Scalping, PAMM Account, Unlimited demo $0
IG Markets Spread Betting, massive number of assets $250
Plus500 Number of CFD assets, Unlimited demo account $100
XTB Number of assets $0
BDSwiss Low spreads $100
FxPro Low spreads, Spread Betting $100
Forex.com USA availability, Fixed spreads $50

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Table of contents

HotForex Low Spread Alternatives

Like most forex brokers, HotForex charges a fee from the spread. The lowest spread for the currency pair is EUR/USD, which is 0.1 pips. GPB/USD and USD/JPY have the same spread, averaging 1.1 pips.

However, the Zero Spread account comes with as low as 0.0 pips but with commissions. HotForex makes money through spread. Here is an alternative to the Top 10 Lowest Spread Forex Brokers with minimum deposit allowed.

Broker Minimum Deposit Avg. Spread EUR/USD
Pepperstone $0 0.09 pips
Admiral Markets $100 0.1 pips
IC Markets $0 0.1 pips
XTB $0 0.9 pips
FxPro $100 0.31 pips
BDSwiss $100 0.4 pips

HotForex Copy Trading Alternatives

HotForex offers copy trading features through its advanced PAMM technology. The copy trading feature allows new or busy traders to copy trades from professional traders. The PAMM program makes it possible to invest and earn following simple rules from your Fund Manager. If you want an alternative to copy trading in forex trading, here is a list of the top 10 copy trading best platforms in the industry.

Broker Minimum Deposit Copy Trading Platform
eToro $200 WebTrader
Pepperstone $0 DupliTrade, myfxbook
IC Markets $0 ZuluTrade (depending on the location)

HotForex Spread Betting Alternatives

HotForex does offer spread betting. However, here is a link to check the top 10 UK Spread betting forex brokers.

Broker Minimum Deposit Minimum Bet
Pepperstone $0 0.2£
IG Markets $250 N/A
FxPro $100 N/A

HotForex CFD Assets Alternatives

HotForex offers trader CFD assets, including commodities, indices, and stocks. You can trade commodities such as agriculture, energy, and metal products.

Broker Minimum Deposit Number of CFD
IG Markets $250 17.000+
Plus500 $100 2.000+
Forex.com $50 300+ including 200+ shares

HotForex PAMM Account Alternatives

HotForex allows traders to open a PAMM account for their trading. The account comes with a minimum deposit of $250, spread starting from 1 pips, and leverage of 1:300. With a PAMM account, you can pool money to generate profits from your trading.

However, European clients cannot receive bonuses or apply for the PAMM account. Here is a list of the top 10 PAMM forex brokers with their unique features.

Broker Minimum Deposit Methods of allocation
Pepperstone $0 3
IC Markets $0 10
FxPro $100 N/A

Choosing HotForex alternatives: main perks and characteristics

HotForex is an ECN/STP broker that offers an unlimited demo account for traders to test their strategies. The demo account is also suitable for new traders trying to hone their skills and understand the forex market. Unlike most traders that accept a minimum deposit of $200, HotForex has a minimum deposit of $5, meaning you can test your trading skill without risking so much.

Another interesting feature that makes HotForex outstanding is the different account choices, including a VIP account, Auto Account, Zero Spread Account, and Islamic account. In addition, it allows traders to access the MAM/PAMM account. While it doesn’t offer social trading, it offers copy trading that enables traders to copy trades from professional traders.

Overall, HotForex is a broker with a well-established platform that provides a highly regulated and secured trading platform for everyone. The services and products are designed to meet every trading need while bringing different account types, instruments, tools, and copy trading. Please take a look at our HotForex review for complete detail of this broker.

What is HotForex missing?

In our review, we discovered HotForex lacks certain features that most traders find as a limitation. Despite being a reputable forex broker, HotForex seems to lag in certain areas. You can check the top 10 best forex brokers to know the best brokers in the world. Here are a few things we found missing in HotForex that other brokers have.

  • HotForex is not available for traders in the USA.
  • You cannot use HotForex for your trading in Canada.
  • Traders don’t have access to Social Trading except copy trading
  • The platform doesn’t have ASIC Regulation, despite being regulated by the CySEC and FCA.
  • You can trade using MetaTrader as it doesn’t allow the cTrader trading platform.

HotForex Alternatives Comparison

Feature Minimum Deposit Low spreads from 0 pips Copy Trading PAMM/MAM Account Unlimited demo Execution
HotForex $5 Yes Yes Yes Yes ECN/STP
eToro $200 No Yes No Yes STP
Pepperstone $0* Yes Yes Yes No ECN/STP
Admiral Markets $100 ($1 Invest) Yes No No No ECN/STP
IC Markets $0 Yes Yes Yes Yes ECN
IG Markets $250 No No No Yes Market Maker
Plus500 $100 No No No Yes Market Maker
XTB $0 Yes No No No Market Maker
BDSwiss $100 Yes No No No ECN/STP
FxPro $100 Yes No Yes Yes NDD
Forex.com $50 No No No No STP-Market Maker

*200 suggested by Pepperstone

HotForex Alternatives FAQ

What is HotForex’s best alternative?

HotForex’s best alternative is eToro. However, for scalping, Pepperstone is the best, whereas eToro is best for copy trading. Furthermore, for Spread Betting, we consider Pepperstone the best, and for CFD assets availability, IG Markets is the best. Finally, for PAMM Account functionalities, IC Markets leads the way.


About the Author

Luca Puddu

Broker Expert

Always full of different interests, Luca started to get interested in the field of personal finance in 2014.

His self-taught studies led him year by year to become increasingly interested in the investment field.

To date, Luca actively invests in the stock market and cryptocurrencies, focusing on rising markets and the industries of the future.

His main role at InvestinGoal.com is to analyze and study in the smallest detail the brokers and their platforms, while checking carefully that the information shown by them is genuine.

In this way, he provides readers with a complete and truthful overview of the broker they might be interested in.


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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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