HotForex Review 2020 and Technical Opinions
Did you search HotForex review to figure out HotForex’s real value?
Would you like to fully understand if HotForex is reliable or if it’s a scam?
Do you want to find out everything you can do with HotForex, expert opinions, and user reviews?
In this HotForex review, you’ll find everything you need to dispel any doubt, including our feedback on HotForex, both practical and technical, after years of experience on the platform.
The best thing you could is to open a free demo account to try out first-hand the HotForex platforms, to be able to fully follow this review.
PART 1 – HotForex Legal Review – Company and Legal Information
Understandably, the first area which many traders will examine and question in relation to any forex broker, is security and trust.
Therefore, this is also the area which we will focus on to begin with.
Before getting started, however, we should point out a really important thing about this broker. In fact, for European traders, this broker is branded as HF Markets.
Generally, every feature available with HF Markets is also available with HotForex and vice-versa.
Nevertheless, this is not always the truth. But that’s something that we are going to explain further within this HotForex and HF Markets review.
Is HotForex a scam? Is HotForex reliable? HotForex review and legal opinions
When addressing the commonly posed question of “is HotForex safe?” the overriding answer which comes back from our HotForex review is, yes.
We can safely come to this conclusion based on two major factors.
The first of these factors is that HotForex has been operating in the sector and offering their forex broker services since 2010. This longevity, coupled with how the company has grown and developed through the intervening years, is the first core indicator of a trustworthy operation.
Secondly, regulation plays a key role. Every broker may look secure and trustworthy from the outside, however, this can all be relatively offset if they are not well regulated.
In the case of HotForex, trading and their entire operation is regulated both in the EU, and other regions which are growing in-terms of financial regulatory reputation.
When I make a deposit to HotForex, where does my money go?
When making a HotForex deposit, you can rest assured that your funds are directed into a top-tier financial institutions accounts.
This is often a requirement as per the regulatory body which oversees the company operations.
Is HotForex regulated? HotForex Regulations – HotForex license opinions
HotForex is regulated by bodies in several jurisdictions.
These include within the EU, Dubai, Saint Vincent and Grenadines, South Africa, Seychelles, and Mauritius. These encompass an extremely wide area and include both stringent and more flexible regulation.
Overall, HotForex has done an excellent job in terms of ensuring regulation which can suit all of its traders.
Those within the EU, where Hotforex offer its services under the name of HF Markets, can be comforted by the highly-respected and thorough oversight provided by CySEC regulation, whilst those traders who prefer a more flexible approach or who perhaps wish to avail of more extensive leverage opportunities, can be pleased with global regulation in a number of emerging financial nations.
How to check the HotForex licenses
The licenses of HotForex can be reviewed through the websites of the regulatory bodies which are associated with the broker. These are available in the following locations:
- CySEC (EU)
- FSCA (South Africa)
- DFSA (Dubai) (REF: F004885)
- FSC (Mauritius) (094286/GBL)
- FSA (Seychelles) (SD015)
- SVGSFA (Saint Vincent) (22747 IBC 2015)
What type of broker is HotForex? HotForex technical opinions
HotForex can be considered a non-dealing desk broker who operational model is based on STP/ECN.
HotForex offering this Straight-Through Processing and ECN model allows its traders to gain access to some of the most competitive market rates and spreads. This also means that the goals of both broker and trader are more closely aligned.
More and more brokers in the current market are operating in this fashion. In fact, HotForex has collected many industry accolades and is considered by many in the sector to be one of the best ECN/STP brokers.
How does HotForex profit?
HotForex profits in two primary ways.
The first of these ways which is common among most of its accounts is through a marginal increase in the spread.
This is a common method of profiting on accounts which are commission-free. Thanks to the fact the broker has in excess of 1 million accounts, this difference is very small and still puts HotForex in position to offer some of the most competitive spreads in the industry.
Another method, on accounts such as the Zero Account where spreads start from 0 pips, is through commission. This commission is typically between $6-$8 per round turn on 100,000 unit currency lots.
Where is the legal office of HotForex?
Hot Forex have offices based in the following locations:
Saint Vincent & the Grenadines (HQ)
HF Markets (SV) Ltd.
Griffith Corporate Centre,
P.O. Box 1510, Beachmont,
St. Vincent and the Grenadines.
50 Spyrou Kyprianou,
Irida 3 Tower,
10th Floor, 6057,
- Regulations: HF Markets (Europe) Ltd regulated by CySEC (183/12); HF Markets (UK) Ltd authorised ®ulated by the FCA (801701); HF Markets (DIFC) Ltd authorised & regulated by the DFSA (F004885); HF Markets SA (PTY) Ltd authorized & regulated by the FSCA (46632); HF Markets (Seychelles) Ltd regulated by the FSA (SD015).
- Type: Market Maker
- Leverage: 1:1000
- Minimum Deposit: $ 5
- Platforms: HF Markets MT4 Terminal, HF Markets Multiterminal, MetaTrader 4 Webterminal, HF Markets iPhone Trader, HF Markets iPad Trader, HF Markets Android
- Headquarters: HF Markets Ltd is headquartered in Cyber City, Mauritius
- US Customers: No
- Other instruments: CFDs on spot metals, energies, commodities, indices, bonds, shares, cryptocurrency
PART 2 – HotForex Account Opening
What can you do with HotForex? HotForex features opinions
HotForex offers trading across a wide range of products and markets. This includes a selection of 49 forex currency pairs at the time of writing. These include major, minor, and exotic pairs for all trading tastes.
The broker also offers CFDs trading across a variety of more than 100 other products. This includes, indices, metals, commodities, shares, bonds, and 8 cryptocurrency pairs against both the U.S. Dollar and Euro.
Ultimately, this offering is equally as extensive, if not more so, than many other major brokers considered to be of a similar standing within the industry.
HotForex demo: how to open a free virtual account
Opening a HotForex demo account could not be easier. Simply complete the basic personal information requested on the page, confirm the email address you have registered, and you are ready to go.
The HotForex demo account facilitates opening of a joint, individual, or corporate account. All HotForex MT4 demo accounts have a virtual $100,000 for you to trade under replicated trading conditions, and the account also has an unlimited usage period.
HotForex Live: how to open a Live HotForex account
Opening a HotForex live account follows many similar steps as the opening of a demo account. Added to this is the submission of your identity documents and proof of residence.
These documents can all be submitted and quickly approved online so that your account is fully activated for trading.
HotForex Deposits and Withdrawals – All the options
HotForex deposit options are varied and several. These are all offered without any deposit fees. The methods facilitated are as follows:
- Wire Transfer ($100 minimum deposit)
- Union Pay ($50 minimum)
- BitPay (Bitcoin & Bitcoin Cash)
- Bitcoin by Skrill
When it comes to HotForex withdrawal methods, all of the same options are offered with the exception of Bitcoin Cash and Bitcoin by Skrill.
Aside from that, there are also no associated fees for HotForex withdrawals. The typically imposed Hotforex minimum withdrawal is $5. This applies to all methods except Union Pay ($50), and Wire Transfer ($100).
HotForex minimum deposit
The HotForex minimum deposit varies from $5 to $500 depending upon your account type choice and on the entity you have to register with.
As an European trader you will have to register under the CySEC branch named HF Markets. Here the minimum deposit available for you will be $100 with the HF Markets Premium account type.
When it comes to the HotForex entity, the Micro Account features a $5 minimum deposit, a $100 deposit minimum is imposed for Premium Account holders, and HFCopy account followers.
Beyond these, a $250 minimum deposit is required to open a HotForex PAMM Account, and $200 for a Zero Spread and Auto Account, and a $500 minimum deposit for a HFCopy strategy provider account.
The HotForex minimum deposit via wire transfer on any account is $100.
HotForex Bonus and Offers
HotForex Bonus offers are varied to suit and excite every trader. However, not every trader can apply for them: in fact, these are not offered by HF Markets (the European branch) due to strict CySEC rules on promotions. For anyone who lives outside the EU, the broker (under the HotForex entity) does offer a range of incentives and numerous contest opportunities to engage and challenge traders.
These contests range from demo account contests, to giveaways, and referral bonuses. There is an extensive range in this category with more than a dozen offers currently running.
What type of trader are you?
72.21% of retail CFD accounts lose money
PART 3 – HotForex Review – Accounts, Conditions, and Fees
HotForex Account Types
There are a total of 6 HotForex account types currently offered by the broker. These ensure wide ranging options and opportunities for all brokers.
Beginning with a Micro Account option, available under HotForex entity only, where traders can learn the system and better hone their skills, the broker progresses to offering their Zero Account which is likely the most standard form of account offered on the platform. This features the best possible spreads, starting from 0 pips, and it’s available under both HF Markets and Hotforex entities.
A HotForex Premium Account is again available under both HF branches, and it’s aimed to slightly more experienced or high volume traders. There is also an Auto Account type. This provides access to a vast range of free and paid signals from the MT4 platforms and MLQ5 signal services.
Then, a PAMM account is also available for those engaged in trading for multiple clients. Unfortunately, these last 2 account types are offered by HotForex entity only.
Finally, both HF Markets and Hotforex entities offer the HFCopy Account which provides for both followers and strategy providers who wish to engage in copy trading through the broker.
Commissions, Fees, Spread and Market Trading Hours on HotForex
The majority of HotForex account types try to operate on a commission free basis.
The exceptions to this are the HotForex PAMM Account, and the Zero Account.
In the case of the PAMM account, there is a premium plus variety which does charge a commission of $10 per round turn on every $100,000 traded. For the HotForex Zero Account, that commission fee falls between $6-$8 per round turn on 100,000 currency units traded.
HotForex Islamic Account
Yes, HotForex does offer an Islamic swap-free account. In order to avail the use of this account, traders should contact customer support with the specifics of their request.
HotForex Leverage – What it the highest leverage HotForex offers?
The maximum leverage offered through any entity of HotForex is 1:1000. However, again, this depends on the country you are based in. For forex traders based within the EU, due to ESMA regulations, the maximum leverage offered by the HF Markets entity is 30:1.
Within the EU this leverage is restricted to a maximum of 1:30 on major currency pairs due to the continual tightening of regulations by the regulator there.
Yes, the broker does offer a range of trading in crypto pairs.
HotForex cryptocurrency offering stretches to a total of 8 markets. These feature Bitcoin, Ripple, Litecoin, Ethereum, and Dash, paired with either US Dollar or Euro.
The broker offers CFDs in a range of popular markets.
The total number of markets offered exceeds 100, and includes offerings in energies, commodities, metals, shares, bonds, and cryptocurrency.
This is an area where HotForex performs with an impressive range of diversity when compared to some brokers of a similar stature.
PART 4 – HotForex Trading Platforms Review
HotForex works exclusively with Metatrader from MetaQuotes Software. This means they offer the complete range of MT4 and MT5 platforms in all of their variants including on mobile.
As these are some of the most well-known and respected trading platforms in the industry, it is welcoming to many traders both new and experienced.
HotForex Trading Platform Review
HotForex MetaTrader lines up in a very similar fashion to that of other brokers who utilize the acclaimed third-party trading platform. Functionality again differs little with the HotForex MT4 or MT5 offerings. They manage to deliver the same robust but easily navigable design with fast and convenient order execution which they always have.
The majority of control within both desktop platforms is still conducted from the left-side and lower taskbars which present everything from a Market Watch window for traders to see their current favorite prices, to the latest news which in this case is provided by FXStreet, or view their economic calendar.
The central console window of the platforms is as always highly customizable with charts to which any number of professional tools and indicators can be applied.
An addition to the HotForex MetaTrader experience which many traders welcomed is that of the Premium Trader Tools add on from FX Blue Labs. This is a comprehensive addition to the platform which greatly enhances the analytical capabilities of the trader, making a positive decision all the more likely. The tool is ideal for more advanced traders and those who value heightened precision and increased visuals.
In terms of the MetaTrader web-based platforms, they offer much of the same robustness with an improved visual experience and an excellent level of user-friendliness. Though the level of analysis and research availability is not quite on the level of their desktop counterparts, the web traders still manage to encompass an enormous number of charting tools and professional indicators.
HotForex Mobile Platforms
HotForex MT4 mobile and MT5 mobile come complete with a large degree of the same positive attributes which characterize the desktop platforms and why MetaTrader has lost none of its industry appeal in more than a decade.
These platforms are easy to download and transition from broker to broker directly in the same app. They provide standard listing of prices and positions as well as convenient access to an economic calendar. They are very user friendly and speedy to complete a transaction through.
Where these mobile platforms again differ from others is their capability to allow all forms of indicator and charting tools to be applied in ways which other mobile platforms simply do not facilitate. Ultimately, the benefits of this capability lies with the user of HotForex MT4 mobile trading platform.
HotForex tutorial: Where to find the best HotForex Guides
HotForex does work hard to provide an impressive range of educational resources including trading guides and in-depth video tutorials and e-courses as well as an impressive range of live HotForex webinars delivered by industry experts.
PART 5 – Support, Research and Educational Material
HotForex Customer Support
The customer support provided by HotForex is through a number of channels. These include an extensive telephone support network with local contact networks located in 9 different countries. This means there should always be someone available in a chosen language to help with trader issues.
The broker website also provides a live chat service which is available on a 24/5 basis during trading hours. Messages left at times of unavailability are automatically forwarded to the brokers email support service.
The broker provides a number of trading tools and analytical research features to assist traders in creating the most lucrative and positive trading environment which they possibly can through HotForex. Trading Central rival Autochartist is one of the primary analytical tools which traders can use to extensively chart trading patterns. This can be easily incorporated into either MT4 or MT5 trading platforms.
The newly upgraded HotForex app also provides up to date information, analysis, and reviews from the markets on a daily basis, making sure you always have a key and convenient source of information when on the move.
HotForex also has a complete site of its own in-house analytics, news, and market information available to access. This is compiled and contributed to by industry experts and the HotForex team. Overall, the broker delivers strongly on the research front to ensure its traders remain at the very forefront of the industry.
HotForex webinars are some of the most unique and inspiring learning features available from this or any other broker. They are delivered live through a variety of both internal and external experts from around the world, in various languages. This not only enhances the learning potential of students but also provides them with live inspiration and incentive to embrace the forex industry.
The broker also features a range of e-courses, guides and video tutorials to ensure one of the most rounded learning experiences in the sector.
HotForex Trading Academy
Whilst there is no specifically designated training academy, it is very clear that HotForex cares about advancing the education of all its traders, and has worked hard on developing an infrastructure for this to take place.
HotForex users, customers and bad reviews
Before moving on to our final opinion on HotForex, for completeness we want to give you the opportunity to read some comments and experiences written directly by other users. However, important prerequisites must be made:
WARNING: in the world of online trading, very often users who do not know how to operate professionally, and therefore lose money, vent their frustrations by giving bad reviews on the broker, reviews that have nothing to do with the quality of the broker in question.
WARNING 2: There have been many cases where non-professional rival brokers paid fake users to write false negative reviews on other brokers.
That said, it can still be useful to take a look at the direct reviews of other users, if for no other reason to understand what to pay more attention to when you start working with that broker.
PART 6 – Final Thoughts and Opinions on HotForex
Having compiled a complete review of HotForex and the features they offer as well as their history and reputation in the industry, we will now conclude with some opinions on how HotForex fits your individual trading style and how you can utilize this HotForex 2020 review to make the most productive next moves in your forex trading career.
HotForex review, HotForex opinions and final comments
Established in 2010, HotForex now possesses almost a full decade of experience in the industry. Throughout this time they have focused on developing the best possible offering for traders.
This has culminated in a platform which we believe to be extremely trustworthy with regulation in many jurisdictions, and which attempts to set its traders up for forex success with the harnessing of MetaTrader, and all of the other analytical and educational resources they provide.
Ultimately, HotForex appears as a secure and very well-equipped broker which would be very well suited to new traders given the available resources, and also to experienced traders. It is also clear that having garnered support from over one million traders to date, and claimed numerous industry awards, traders and other experts in the industry share this sentiment.
Why You Should Choose HotForex
There are many positive reasons why a trader could choose HotForex. As outlined, their educational infrastructure is excellent, and above all, they hold a stellar reputation within the industry which has attracted attention from both experts and traders alike.
HotForex appears to be a broker which possesses some positive attributes for every type of trader, and should rank highly for consideration regardless if this is you very first or simply next forex broker choice.
HotForex Reviews – PRO
- Being regulated in many jurisdictions is of excellent advantage to the broker in building a trusting relationship whilst also retaining flexibility to offer a wide range of options to traders.
- The Premium Trader Tool add-on from FX Blue Labs allows HotForex to elevate its trading platform experience to an even higher level. These additional tools are something which experienced traders will particularly welcome.
- The broker features a wide variety of account types. This ensures there is something available to cater for each individual trader, regardless of volume or experience.
HotForex Reviews – CONS
- Commission on the Zero Account appears to be above average among major brokers and therefore could be more competitive.
- Offering MetaTrader only may be something which serves to alienate some traders who may be more accustomed to other platforms or expected the capability of using ctrader with HotForex.