HotForex is a regulated forex broker that provides trading opportunities in a wide range of financial instruments. The company offers excellent trading conditions with superior trading tools to help traders optimize their profits. Easy-to-use trading platforms, secure trading environment, and competitive spreads make the broker a one-stop solution for all your trading needs. In this review, I take a look at various aspects and features of the broker in detail.
Founded in 2010, HotForex is a part of the HF Markets Group. Operating through global and regional entities around the world, the company has witnessed massive growth over the last few years. Facilitating clients in both retail and institutional sectors, the company operates in multiple jurisdictions around the world.
In the United Kingdom, the company is registered as HF Markets (UK) Ltd with the UK’s regulatory body Financial Conduct Authority under license number 801701. The broker also holds multiple licenses from different regulatory bodies across the globe, including CySEC, DFSA, FSA, CIF, and FSCA.
With more than 25,00,000 live accounts and a team of 200 employees serving worldwide, the broker facilitates its clients in 27 languages.
|Holds multiple regulations|
Offers funds insurance under CLIP
Availability of DMA accounts
Fast trade execution
Swap free Islamic account
|No proprietary trading platform|
Focuses on FX pairs
No bonus for EU Clients
Limited customer support
Who HotForex is for?
HotForex is the best option for traders looking for a medium-range broker with a competitive pricing structure and low-risk trading exposure. However, multiple account types, advanced trading tools, and rich educational resources can also work great for seasoned traders. HotfForex’s newly inducted Direct Market Access (DMA) accounts offer great potential for high volume traders to make lucrative earnings. Not to mention, the DMA accounts come with attractive bonus deals.
Sign up bonus: Hotforex offers 100% supercharged bonus which can be claimed for any deposit of $250 or more.
Is HotForex Safe?
HotForex holds multiple regulations across different regions in the world. Under the regulatory framework, the broker ensures the availability of enough funds all the time. In addition to keeping clients’ investment in segregated bank accounts, the broker also offers funds protection through the Civil Liability Insurance (CLI) program. In case the company goes into liquidation for any reason, clients can claim a compensation of up to €5,000,000 that is covered under this program.
To mitigate the losses occurring as a result of high-volatile markets, the company provides negative balance protection. Further, the company’s advanced risk management tools help traders to deal with market volatility proactively. Secure web encryption protocols, two-step authentication, and multiple regulations make the broker a safe investment entity.
|Licenses:||CySEC, DFSA, FSA, and FSCA|
Offering of Investments
Hotforex offers a wide range of financial assets including but not limited to currencies, commodities, metals and indices. Keeping the jurisdictional restrictions in view, clients can trade nearly 49 forex pairs and more than 100 CFD assets at Hotforex. Not to mention, the broker is expanding the list of its offerings to provide clients with an even more diverse trading portfolio.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||49|
|Social Trading / Copy-Trading||Yes|
|CFDs instruments||Forex, Shares, Stocks, Indices, Options, Commodities, Metals & Energies.|
Commissions & Fees
HotForex follows a variable spread charging mechanism. However, the cost of trading varies depending upon the selected account type. HotForex offers six account types under three categories, including zero spread, premium, and premium pro. With spread starting from 0.0 pips in a zero spread account to 1.0 pip in premium and premium pro account types. The overall spread does not exceed 1.8 pips in any market conditions.
Despite low spreads, margin requirements in zero spread accounts are comparatively higher than the rest of the account types available at HotForex.
The minimum amount required to get started with HotForex varies depending on account types. Clients need to deposit $200 to open a zero spread account with the broker. However, the premium and premium pro accounts come with deposit requirements of $100 and $500, respectively. On the other hand, professional clients will need a minimum deposit of $5000 to get started. The minimum amount of withdrawal is $100 for wire transfers and $50 for debit/credit card withdrawals.
|Minimum Initial Deposit||$100|
|Average Spread EUR/USD – Standard||1.20 Pips|
|All-in Cost EUR/USD – Active||0.90 pips|
|Minimum withdrawal||$100 via wire transfers, $50 via debit/credit cards|
Platforms & Tools
Unlike other brokers, HotForex does not offer any proprietary trading platform. However, clients can access the full suite of MT4 and MT5 which are industry-standard trading platforms. The MT5 web terminal comes with all advanced features that are deemed necessary for profitable trading. The charting option allows traders to view as many as 100 charts simultaneously in nearly 21 timeframes.
With the availability of 80+ technical indicators, traders can analyze the financial markets in a more convenient manner. The broker also allows hedging techniques so clients could diversify trading risk proactively. The MT5 web terminal also has a built-in feature of the economic calendar to keep clients updated about the upcoming economic events.
Talking about the downloadable version, features are just the same as provisioned in the web-based trading platform. However, the desktop platform provides you the privilege of accessing the complete history of your trading activities.
Mt4 platform offered by Hotforex comes with authentic charts and price feed. Charts do not have Sunday candles and all candles are closed as per New York closing time. Unlike dishonest brokers, Hotforex allows its clients to take advantage of positive slippage as well. Another promising feature of Hotforex’s Mt4 platform is its low latency that consequently ensures lightning fast execution of trades.
Other trading tools offered by HotForex include autochartist tool, trading calculators, and VPS hosting services.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting – Indicators / Studies (Total)||50+|
|Charting – Drawing Tools (Total)||30+|
|Charting – Trade From Chart||Yes|
|Order Type – Trailing Stop||Yes|
HotForex seems to be lagging behind the industry standards when it comes to the availability of resources under the research section. Only a handful of content is available for clients, including daily analysis, economic calendar, traders’ board, and forex news. With daily market analysis, clients can stay updated on the latest industry trends. Traders’ board provides insights on the currency charts along with traded volume and forecast on major currency pairs.
On the other hand, the economic calendar helps clients to stay informed about any upcoming economic events. The news section covers the hot topics relevant to the forex market as well as reveals the significant price moves.
HotForex offers average educational resources to its clients. With a limited variety of video tutorials, clients can access a maximum of 30-40 pre-recorded lectures. However, the company offers a comprehensive e-course sign up program for its clients. Through the e-course registration, the company intends to deliver in-depth knowledge on how the forex trading works.
The forex course offered by Hotforex begins with topics from the grass-root level and gradually uplifts clients’ exposure to more advanced stages of forex trading. The option of attending live webinars is also available at HotForex. However, the broker could have incorporated more resources under its educational areas, such as articles on industry developments and a glossary section.
HotForex mobile trading app comes with a mixture of basic and advanced trading features. The mobile-based trading platform allows you to enter or exit positions via one-touch plugin. Traders can access charts across nine timeframes on their mobile screens. Employing 30+ technical indicators, traders can perform trading analysis professionally without compromising their mobility needs.
In addition to the native mobile trading app of HotForex, traders can also use the mobile version of the MT5 trading platform. MT5 mobile app is compatible with both Android and iOS-based mobile phones and tablets. The smartphone supported app provides nearly all of the features that can be used on a web terminal or desktop platform. Using the market watch window, traders can view real-time pricing of multiple financial instruments. Charting tabs enable traders to analyze the market movements of tradable instruments in different time frames. Entering or leaving a position becomes as simple as clicking on the underlying asset.
|Mobile devices||Android & Apple|
|Features||Watchlist, charting tools, price alerts, negative balance protection|
Considering various above-mentioned aspects of the broker, I can safely name HotForex to be one of my favorite forex brokers. With competitive pricing structure , advanced risk management tools, and multiple account types, HotForex is the best option for both newbie and advanced-level traders. Further, the broker holds multiple licenses from major regulatory authorities that make it one of the safest and reputed brokers operating in the forex industry.
Overall rating: 4.5/5