Stock Market, Trading and Forex

Hotforex Review 2021: A Complete Detailed Analysis!

HotForex was established in 2010, and it has expanded its presence in more than 100 countries. HotForex is regulated by the Financial Conduct Authority(FCA) in the United Kingdom. HF markets group is divided into two divisions, HF Markets UK Limited and HF Markets Europe Ltd. HotForex offers several account types, trader tools, and software to facilitate institutional and individual customers to trade derivatives and Forex online. This platform offers different account types where customers can choose and enjoy a tailor-made trading experience that suits their needs. Combined with superior trading tools, features, and lightning-fast execution of orders, This HotForex review, offers tools and features that are needed for all types of traders to work on their trading strategies.

HotForex Overview

Headquarters St. Vincent & the Grenadine
Found in 2010
Regulators Yes
Products offered Trading Platform, Forex
Minimum Initial Deposit $5
Maximum Leverage 1:1000 Varies with account types
Islamic Accounts Yes
Demo Account Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
Trading fees Low
Inactivity fee No
Withdrawal fee No
Supported currencies GBP, EUR, USD, CAD, AUD, NZD, & more
Customer Support Email, Phone, Live Chat, & FAQs

What Is HotForex?

Since its inception, HotForex has operated as a unified brand of HF Markets Group. It has achieved regulatory status in Europe through Cyprus via its HF Markets Europe ltd and in the UK via Financial Conduct Authority (FCA) regulated HF Markets UK Limited. HotForex is licensed in the United Arab Emirates, South Africa, Cyprus, Saint Vincent, and the Grenadines to offer its financial services to its customers. HotForex has received numerous awards; as a market maker, it provides a wide choice of account types of multi-asset that includes forex pairs, currency pairs, Cryptocurrencies, Bonds, ETFs, and Equities. HotForex is headquartered in London and provides its clients with unique investment opportunities by providing forex and CFDs (contracts for differences) for metals, indices, energies, shares, bonds, commodities, and ETFs. There are several reasons why customers choose HotForex as their online trading partner; it offers a wide variety of account types, competitive spreads, commission, technical charting, financial analysis, features, tools, educational offerings, and value-added functionality.

HotForex Platform InterfaceHotForex Platform Interface

Features of HotForex

Here are a few important features of HotForex:-

  • The traders are offered the choice of choosing from 6 account types, and the minimum deposit amount starts from $5 to $250 depending upon the account types, maximum leverage limits, spreads, and maximum order sizes that vary as per their requirement.
  • HotForex prides itself on being the best company that offers in-depth market analysis, news, and trader education. This comes in the form of articles, videos, and short trading courses, and a wide update on the latest financial markets.
  • The advanced trading tools offered by HotForex include MT4 and MT5 that provide a great trading experience. The technical analysis offered by the trading platform provides an array of charting tools, trading signals, market features, and trade execution. It provides an Autochartist tool that has been powered by AI pattern recognition to help traders strategically time their trades.
  • The traders can enjoy several tradable assets, and this platform offers access to more than 1,000 securities that include Metals, Forex pairs, energies, cryptocurrencies, ETFs, and stock indices. When compared with other platforms, the wide selection of tradable assets is above average for the type of pricing structure it provides.
  • HotForex provides a proprietary HF app that permits the users to track their preferred tradable assets, stay updated with current market news, and also perform technical analysis on the assets. Moreover, the software offered by HotForex helps the traders to switch to MT4 and MT5 with just a click, where the users find it very useful. However, this platform does not offer an in-app feature currently.

HotForex FeaturesHotForex Features

Services Offered by HotForex

HotForex is regulated by several entities, and it makes it safe and legit for the traders to carry out trading. Also, it provides a wide range of financial instruments and offers excellent trading opportunities through the use of technical trading tools that help the traders to leverage their profits. It has a secure crypto trading environment, easy-to-use platform, competitive spreads, where it comes as a one-stop solution for all the user’s trading requirements. HotForex provides Forex trading software to the traders, which helps them to execute Forex trades. This platform can be termed as a multi-asset platform; it implies that it allows traders to trade stocks, stock indices, precious metals, cryptocurrencies, Forex, and CFDs.

As per our HotForex review, this platform offers Metatrader 4 (MT4) and also the latest version of MT5. MT4 and MT5 are compatible with several devices; HotForex mobile trading platform is known as HotForex mobile app.

CFDs are complex instruments and come with the high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

HotForex ServicesHotForex Services

HotForex Products

HotForex provides more than 150 tradable assets to their traders. Their clients have several markets to participate in using several trading options provided by HotForex, such as CFDs, spot contracts, futures contracts, and Forex.

Here is a list of products it offers:-

  • HotForex offers Forex trading, also known as FX trading or currency trading, which involves the exchange of base currencies in the market where companies, financial institutions, and individuals exchange currency for other currency pairs at floating rates.
  • The commodity markets offered by HotForex are different investment opportunities available for traders. The traders can invest in tradable goods that are contract-based, and it is one of the reliable ways for mitigating risk during economic uncertainty or inflation. Stock indices or indices equity is stock market indices that measure the value of a certain section of the stock market. It represents certain companies in the stock market.
  • HotForex offers precious metals to trade like gold, silver, which involves hard commodities, tradable goods that are contract-based.
  • Investors can trade on the energy market offered by HotForex, which comes with high volatility and the prices are based on environmental and political factors like supply and demand, global economic growth, extreme weather conditions, and several more.
  • HotForex has over 150 tradable assets, and it can be accessed through global markets. Some of them include metals, energies, indices, commodities, bonds, shares, and cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, and more.

Is HotForex Regulated?

As per the reviews, here are the reasons why HotForex is worth and safe to trade with:-

HF Markets (SV) Ltd Is Incorporated in St. Vincent and the Grenadines

HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.

FCA – Financial Conduct Authority (United Kingdom)

HF Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

DFSA – Dubai Financial Services Authority

HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.

FSCA – Financial Sector Conduct Authority (South Africa)

HF Markets SA (PTY) Ltd is authorized and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.

FSA -Financial Services Authority (Seychelles)

HF Markets (Seychelles) Ltd is incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.

HotForex has industry-standard security measures in place. It has taken steps to safeguard its user’s money. It also offers a civil liability insurance program with a limit of 5,000,000 Euros that covers omissions, errors, fraud, negligence, and other risks for HotForex. It uses only major banks for keeping their client’s money separate from the company’s funds.

CFDs are complex instruments and come with the high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

HotForex Review: Pros and Cons

Pros Cons

HotForex Account Opening Process

Here is the step-by-step process to open a trading account with HotForex:-

  • HotForex login is a simple and easy process. The first step is to go to the website of HotForex and click the Register button. The user needs to provide details of their email address, name, phone number for registering an account.
  • The user will receive an email from HotForex, which contains a verification link. The trader needs to click the verification link to complete the registration.
  • The next step is to enter the relevant details like address and country of residence, and it should match the documents that are submitted for verification.

The user should submit the below-given documents for verification:-

  • Verification of address documents like bank account statements or utility bills with their address visible.
  • Identity proof like a passport or scanned copy of an ID card.

HotForex Account Opening ProcessHotForex Account Opening Process

Types of HotForex Accounts

As per several HotForex reviews, this platform is committed to offering its clients the best trading conditions for easy trading. HotForex offers six types of accounts for their traders’ specific requirements. Whatever their level of funding, trading strategy, risk appetite, starting from micro account to unlimited volume trading, there is an account to match every trader’s needs.

HotForex provides a wide choice of accounts with distinct trading conditions and highly competitive prices that are designed specifically to meet the demands and needs of different types of forex traders. Here is the list of types of accounts offered by HotForex:-

  • Micro account
  • Premium account
  • Zero spread account
  • Auto account
  • PAMM(premium account)
  • HFcopy account

HotForex trading platform is designed in such a way that it is simple to understand and competitive. When compared with other trading platforms, it offers six different types of accounts along with Islamic account that is preferred by the traders in the MENA region. Each of the account types is designed for every possible trader with a trading strategy that allows them to strategically trade with any type of market. HotForex’s micro account types are preferred by beginners because the minimum deposit is $50; when compared with other accounts, the minimum deposit for this account is very low.

The premium account minimum deposit is $100. It is used by both beginner and advanced traders with an account balance of below $5000. It provides a great trading environment and makes it an attractive option for retail traders.

Premium Pro account caters to professional traders who trade large volumes with this account. This account comes with a maximum leverage of up to 1:400 and a reduced stop level of 20%. The minimum deposit for this account is $5000, which is very low, and it attracts professional clients who have smaller balances.

A zero spread account starts with a minimum deposit of $200 and offers spreads as low as 0.0 pips; forex traders need to pay commissions per traded lot. Based on the type of trading strategy, trading volume, and frequency of the trades, this account is beneficial to specific traders, and it is a bit expensive to other traders.

HotForex PAMM program is an investment program that permits any trader a chance to invest their money without the need to trade the market themself. The PAMM program allows their fund managers to earn extra revenue for managing their client funds successfully.

HFcopy account is developed for strategy providers for generating extra income through trading fees charged to followers to pay for s strategy than developing their strategy. The maximum fee is charged at 35%, and the minimum deposit for each strategy provider is 1,000 Euros, and followers are 300 Euros. 71% of retail investor accounts lose money when trading CFDs with this provider.

Types of HotForex AccountsTypes of HotForex Accounts

HotForex Trading Platforms & Tools

As per our HotForex review, HotForex offers an award-winning MT4 and MT5, the latest version as its trading software. This trading platform enables one-click trading, several tools, and provides institutional-grade technology via advanced configuration. Whether the trader is a beginner or an advanced trader the software offered by HotForex suits all types of traders.

MT4 Platform

The Metatrader 4 platform of HotForex offers a user-friendly interface and offers fast execution and interbank liquidity. Also, it provides several benefits to the users and satisfies the advanced traders with several tools and resources. It is a powerful platform that permits traders to analyze price movements efficiently, make transactions, and help them to work with expert advisors. The above-mentioned features help the traders to start trading different types of markets.

MT4 for Desktop

HotForex MT4 trading platform was primarily developed for trading Forex, and the trader can use it to trade different types of financial instruments like spread betting and CFD trading. The trader will not be able to trade stocks, commodities, ETFs, and futures, or Metatrader 4 platforms except if they have spread bets or CFDs contracts.

MT4 Web Terminal

The MT4 web terminal of Metatrader 4 (MT4) is a user-friendly, cutting-edge trading platform that efficiently allows trading from the web browser directly without the trader needing to download additional software. Further, traders can place market orders or limit orders, and they can view their trading activity in the demo accounts and live accounts.

MT4 Android

The MP4 Android platform provides advanced charting and different types of premium trader tools, and it is an ideal choice for the trader who is on the go. The traders can view financial markets, technical analysis, market price movements, and execute orders without any problems. MT4 Android application requires the latest Android OS version 4.0.

MT4 iPhone Trader

The MT4 iPhone trader offered by HotForex is highly compatible with iPhone, and it is designed specifically to provide the full advantage of the functionality for the trader to trade on the go either with a 3G connection or Wi-Fi. This helps the trader to execute trading wherever they are.

MT4 iPad Trader

The user of HotForex can access the state-of-the-art user-friendly and easy-to-download HotForex iPad Trader. This software is developed specifically with advanced features with the iPad Trader. The trader can access their account wherever they go. Further, this application needs iOS 4.2 or the latest.

MT4 Multiterminal

The MT4 multiterminal platform of HotForex offers a more convenient and practical way to manage several accounts from a single interface. MP4 terminal users will find the trading environment familiar; MP4 provides greater functionality.

MT5 Platform

The MT5 platform of HotForex is designed to suit the traders of different levels and on any device, for the traders to execute the right trading strategy at any time.

MT5 for Desktop

The MT5 platform of HotForex provides all the best features of MT5 and adapts to the needs of the traders who would like to master the trading markets irrespective of their preferred trading style or assets. This user-friendly and powerful platform provides several features, superior support, advanced premium trader tools, and full control of the trades by enhancing their trading experience. The traders can get efficient trading of different types of markets with trading platforms globally.

MT5 WebTerminal

Using the MT5 WebTerminal implies that the traders need not download any additional software from their computer. They need to launch the WebTerminal on any browser, and they can start trading within seconds with all the functions just like a desktop platform.

MT5 Android

The MT5 platform offered by HotForex includes Android options that can be used on a multi-asset variety of devices. The traders can take control of their accounts and explore markets, and trade with any of them. The trader can choose HotForex Android and trade anywhere anytime on the go.

MT5 iPhone Trader

The trader should know that any perfect trading opportunity will not always happen when they are sitting in front of the computer. Hence to never miss a trade, the user can trade with MT5 iPhone trader, which is a fully functioning trading platform that offers advanced trading functions for those who would like to access trading accounts and execute trading options anywhere.

MT5 iPad Trader

The user can trade anywhere with the availability of the internet connection with MT5 iPad trader, which is easy to download and user-friendly. They can download the platform and enjoy an array of advanced trading tools that will allow them to access their account and master the markets.

HotForex Leverage

The trader can operate at HotForex with floating or fixed leverage which is a useful tool, especially if the user trades a smaller lot. Using leverage offers an opportunity to increase the potential gains via the possibility to increase their balance in numerous ways. As per our HotForex review, this platform provides various leverage levels starting from small to very high ratios. The trader should always know various high risks involved in the leverage as several retail trading accounts lose money rapidly due to high leverage. Leverage levels of HotForex brokers are settled as per the regulatory requirements, according to the region and the finance level.

HotForex Fees

HotForex list of fees:-

Deposit Fees

As per several HotForex reviews, this online broker does not charge any deposit fees. It is always better to review the deposit fees of the platform while a few forex brokers may take advantage of charging high fees when the trader deposits money to their trading account. This is because the payment method that is used to fund their account may charge a fee. This might be a fixed fee when they deposit a specific currency to their account. For example, while depositing funds through a credit card, the fees are quite high.

Withdrawal Fees

As per our HotForex review, the withdrawal fees of HotForex are based on the chosen withdrawal payment method by the user. Every broker has its own rules of how the funds should be withdrawn from their accounts. This implies different forex brokers offer different types of withdrawal methods and transfer processing fees, currency conversion fees, and processing times. The currency conversion fee is based on the base currency and the payment provider.

Inactivity Fees

This multi-asset broker does not charge an inactivity fee for the inactive accounts of the user. Further, several forex brokers expect a certain trading activity that is already specified in the terms and conditions of the accounts, which the traders need to fulfill.

Commission Fees

HotForex does not charge commission on CFDs. Several brokers charge commission as a service charge for processing the buying and selling of the user’s financial transactions carried out to the trading account.

Deposit & Withdrawal Options

HotForex provides a wide range of withdrawal and deposit methods, including credit and debit cards, bank wire transfers, numerous e-wallets like Trustly, Neteller, Skrill, and several others. These brokers Fees and processing times will vary, while deposits might take 10 minutes to 2 working days based on the methods used by the trader. Withdrawals are free and are processed in 24 hours when the request is submitted, and they will be processed from Monday to Friday.

HotForex supports several ways to fund the trading account. HotForex has its own MasterCard to carry out transactions and to make safe online payments. As per several HotForex reviews, these brokers provide 14 types of withdrawal and deposit options on the platform. Some of them include credit and debit cards, domestic transfers, wire transfers, cryptocurrency transfers, and several more. Some of the withdrawal methods supported by HotForex brokers are credit and debit cards, bank transfers, and e-wallets. Withdrawal fees are charged zero, and the trader need not worry about any additional fees. But wire transfers will involve some fees as per the bank and other international policies.

HotForex Promotions & Bonuses

As per our HotForex review, here are the promotions and bonuses offered by the HotForex broker platform:-

50% Welcome Bonus

  • Available in Metatrader 4 trading platforms and Micro accounts.
  • Applicable to the account automatically.
  • The trader can increase the balance by 50%.
  • Get it with a $50 deposit.

100% Supercharged Bonus

  • This bonus is applied to every deposit of $250 and more, which is automatically triggered and calculated.
  • Cash available for withdrawal or trading.
  • Maximum rebates of up to $8,000.
  • Earn daily cash rebates of $2/ lot sent directly to the account.
  • Leverage of underlying account prevails.

100% Credit Bonus

  • It offers a relaxed time limit to complete volume requirements.
  • Increases account leverage.
  • It makes the stop-out level on cash balance zero.
  • The investors can withdraw bonuses if the volume requirements are taken care of.

HotForex BonusesHotForex Bonuses

HotForex Loyalty Program

As per several traders’ reviews, trading with this broker rewards its clients through the introduction of a tiered loyalty program that offers the users a chance to claim trading services and cash like advanced VPS, trading central, and one-to-one sessions with the market analysts of HotForex. Using the HotForex trading rewards loyalty program, the users can earn Bars (Points) for each qualifying round when they trade with gold, silver, and Forex. In these brokers, the number of bars awarded is raised according to the loyalty level that is achieved and the number of trading days active that is accumulated.

HotForex brokers have four types of reward levels like red, gold, silver, and platinum. Users qualify for red trading rewards when they register on the program. If the user is more active, the trader accumulates more, and they can progress. The more they get bars, the more they will earn per lot traded. After actively trading in the brokers and accumulating enough bars, the users can choose to exchange them with Forex trading services or tools or for cash.

HotForex Loyalty ProgramHotForex Loyalty Program

Resources Offered by HotForex

As per the HotForex review, it offers an Education center where it helps the traders learn about the good forex brokers market in simple terms. Using the education center, the users can understand the forex market, its basic strategies, an understanding how the forex brokers market works, and its dynamics. The education center is mainly a resource center for Forex, which is updated regularly. The main intention of HotForex education center is to develop a library of various resources for their clients that can be accessed easily. It also provides presentations on important topics that add value by offering knowledge and tools that are required to trade the forex market with confidence.

As per the forex broker, the traders can also use the education resource center to update their knowledge about the forex market. HotForex uses its resource center to update its clients on upcoming webinars and seminars. As with many brokers, It also seeks experienced traders to help in the forex market to provide their insights through interviews, answer sessions, and live sessions.

HotForex Affiliate Program

As per our HotForex review, it offers HF Affiliates – an affiliate program that caters to both online and offline affiliates by paying great commission for their clients referred to HotForex. The forex broker provides the best and tailor-made commission structure for the products that help them to achieve the user’s revenue expectations.

Like many brokers, it has HF Affiliates that target customers throughout the world; in this way, it makes sure that they stay with them for the long term. It also provides a great rewarding commission along with a multi-tier tracking system exclusively available for affiliates. When any new user or beginner decides to become an HF Affiliate, the user will also benefit from the complimentary, promotional materials. HotForex Forex broker supports its associates by helping them to unleash their trading potential and to grow their trading businesses.

HotForex Mobile App

HotForex offers a HotForex mobile trading app that comes with both basic and advanced features for trading. HotForex app permits the users to enter and exit positions through a one-touch plugin; also, the users can access technical charts over nine timeframes through their mobile screens. Like other brokers, it has an HF app that offers more than 30 technical indicators which help the users to perform technical analysis professionally, without compromising their needs. Additionally, through the mobile trading app offered by HotForex broker, the users can use this mobile version on the MT5 trading platform too.

The brokers’ mobile app of MP5 is compatible with iOS and Android-based tablets and mobile devices. This hf app offers all the features that are available on both desktop and web-based platforms. Through the market watch window, the users can view multiple financial instruments in real-time. Further, the broker charting tabs helps traders to analyze the different market analyses of various tradable instruments that are available in different time frames.

HotForex Security Measures

The Forex broker provides the following security benefits:-

  • HotForex has made several efforts to protect its user funds and their third parties through a civil liability insurance program with a limit of 5,000,000 Euros that covers coverage against omissions, errors, fraud, negligence, and other types of risks that lead to financial loss.
  • HotForex provides negative balance protection against market volatility. The negative balance protection policy of HotForex implies that under high volatile conditions when margin calls and stop-outs are not able to function properly, the client is not responsible for paying back a negative balance.
  • HotForex has become a global leader that offers online trading specializing in derivatives and forex markets in the UK and the US stocks, trading spot metals, commodities, and indices. Like many Brokers, it provides award-winning services to its clients and ensures that the client funds are highly secured.
  • HotForex assesses several risk management and identifies, monitors the risks that are associated with their operations. Continually, it assesses the effectiveness of their arrangements, policies, and procedures every time.
  • HotForex holds all its accounts with major banks, and with its strength, as a broker, it helps the company to offer liquidity through some of the global banks.
  • HotForex segregates the client funds that they have received to their bank accounts and separates them from the company funds. Further, these funds are not added to the balance sheet, and they cannot be used for paying back their creditors if there is any event of the company going bankrupt.

HotForex SecurityHotForex Security

HotForex Customer Support

One of the major points before choosing a broker is to check their customer support staff. HotForex broker offers customer care in 27 languages that cover trading needs and permits customers from any country to get quality support and to trade as per their requirements. As per the HotForex review, customer service is offered through phone, live chat, faqs, and email; email support is offered in a few languages. HotForex customer service response time is quick, and it offers solutions effectively. Some of the supported languages of HotForex broker are English, Chinese, Czech, Spanish, French, German, Italian, Portuguese, Romanian, Hindi, etc.

HotForex Customer SupportHotForex Customer Support

HotForex Review: Wrap Up

To conclude, HotForex is a well-established and experienced online broker that provides a regulated and secure trading environment that can be suitable for every trader. Their services and investment products can be tailor-made to specific requirements like offering different types of accounts, tools, platforms, and instruments. The traders can also choose a specific trading strategy. The brokers’ users can access numerous trading instruments over commodities, forex pairs, shares, bonds, indices, and cryptocurrency CFDs. They are also offered a free demo account as well as an Islamic account. The user should know that having a reliable broker is important to the success of online trading; also, they should ensure that the broker meets the needs of their requirement to have good and profitable trading.

FAQs

Is HotForex a Good Broker?

HotForex complies with strict security standards, and it is regulated by FCA (Financial Conduct Authority) and several others. Hence it is considered a safe, legit, and good broker. HotForex broker allows CFD trading, Forex trading, social trading, share dealing trading, and spread betting trading.

Is HotForex Real or Fake?

HotForex is not an ECN broker, and it is regulated by top-tier regulators like CySEC, FCA (financial conduct authority), FSCA, and the user’s funds that are deposited with HotForex are safe. It follows strict security measures to safeguard against cyber threats and loss.

What Is the Minimum Deposit for HotForex?

As per HotForex’s brokers, the minimum deposit is $5.

How Long Does It Take to Withdraw Money From HotForex?

The withdrawal time of HotForex varies based on the payment method chosen by the trader. HotForex processes the request within 48 hours, and the time taken for wire transfers and credit cards will take 2-10 working days.

How Much Can I Withdraw From HotForex?

If the trader submits the withdrawal request before 10.00 a.m server time, they are processed on the same working day between 7:00 a.m to 5:00 p.m. Further, the trader can withdraw a maximum amount to the card per month is $5000.

How Long Does a HotForex Deposit Take?

The trader can add funds to their account as low as $5 to make their first deposit. Further, the minimum requirement depends on the account type as well. Deposits can take 10 minutes to 2 working days based on the method used by the trader, and it does not apply deposit fees.