In this article, every area regarding the HotForex demo account will be covered in detail.
The InvestinGoal team has taken a close look at the HotForex demo account features and opening process.
Main features of the HF Markets demo account:
- It’s unlimited
- It’s totally free
- Easy to open
- All live account markets and assets available
- Wide array of trading platforms
- You can install EAs
Table of Content
|HotForex demo account||Characteristics|
|Demo platforms||MT4, MT5, Mobile Proprietary Platform|
|Virtual money amount||Up to $100.000|
(70.77% of retail CFD accounts lose money)
HotForex demo account opening tutorial: step by step procedure
Here is our step-by-step guide on using your HotForex demo account.
Step 1: Visit the HotForex’s website
To open a HF Markets demo account you have to visit the broker’s website and click ‘Demo’.
HotForex is regulated by multiple different regulatory bodies, so, depending on your residency, the broker will redirect you to the correct HF Markets branch.
For instance, if you are based in the European Union, the broker will redirect you to the CySEC regulated branch. The homepage layout may be slightly different depending on the branch. However, you will always be able to find the option to open a demo account.
(70.77% of retail CFD accounts lose money)
Step 2: Fill the registration form
You will be given 2 options: open the demo as a new client and open the demo as an existing client. We’ll follow the new client opening process.
The HF Markets demo account registration form is slightly longer than the standard as it requires to enter more information than other brokers. HotForex here requires you to enter your basic personal information such as Name, Surname, Email Address, Phone Number together with your country of residence, and date of birth.
Step 3: Verify your profile
After the registration form you will be required to click on the activation link which will generate the information needed to log into the HF Markets dashboard.
Go to your email account inbox and click on the link provided by HotForex, you will be redirected to your trading account dashboard.
Step 4: Customize the demo account
Once you have reached your account dashboard, choose the option to open a demo account from the taskbar “My Accounts”. From here, you can set the features of your demo account including currency and leverage.
Step 5: Login into the demo account
Once the account is ready, HF Markets will provide a download link to the MetaTrader platform which is necessary to start trading with the specific login details.
HotForex’s demo account features
Opening a demo account with HotForex is a very simple process. You need to provide a valid phone number and email account. The demo account has an unlimited trial and you can open multiple demo accounts through your personal area.
There are more than 140 tradable markets and up to $100.000 of virtual money is available. You can choose between the MT4 and the MT5 platform, as well as a mobile proprietary mobile platform.
There are also tools to speed up learning such as training courses videos. HotForex also offers a copy trading service which can let you copy the trades of more expert traders.
Differences between live and demo HotForex accounts
With HF Markets you can usually select between all of the available account types when choosing your demo account.
This selection will only differ depending upon your regulatory area, with the options available through CySEC and FCA being slightly different from what you can access through world markets.
As with other demo accounts offered by other brokers, the major difference is slippage. This can sometimes occur during busy or volatile market periods of live trading, meaning it cannot be simulated through a demo account.
The demo account offered by HotForex is unlimited, meaning it won’t be closed by the broker’s system after a few days of trial. However, the broker may close it in case of inactivity: in fact, after 29 days of no login or trading activity on your demo account, HF Market reserves the right to cancel your free demo account without notification.
Regarding live accounts, the broker charges a $5 fee per month starting after 6 months of inactivity.
How to switch to a live account
When switching to a live account, you will still be able to trade through your demo account.
To open a live account you will need to upload proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) in order for the broker to verify your account.
Depending on the country, HotForex may ask you to fill a questionnaire about your trading knowledge and more. As soon as HotForex allows the verification of the account, you can fund it. Generally HotForex’s minimum deposit is $100.
How to best use your HotForex demo account
Here are a few tips on how to get the best out of your HotForex demo account.
- Set up the HF demo account as you would set up a real account with platform, leverage, balance and account type
- Do not open large positions if you are not planning to trade with large amounts of money
- Treat money as if it were real, just like you’re in an live trading environment
- Practice daily
- Use the range of educational tools offered by HotForex
Pros and cons of the HotForex demo account
- Wide range of trading platforms
- Offering is location dependent
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