HotForex Review 2020

HotForex Summary

HotForex is a CFD and Forex broker that is based in the United Kingdom and Cyprus, which has been operating since 2008. This Forex broker offers five different trading accounts across one trading platform, with instant execution and low trading fees.

This HotForex review will provide an analysis of all features that you should know about with HotForex.

HotForex is a Forex broker that has been operating since 2008, where it is located in Saint Vincent and the Grenadines. This Forex trading broker is regulated by five of the top-tier regulators in the world, ensuring the protection of client funds and personal information. HotForex offers more than three different trading accounts that are all suitable for every type of trader. You can use two similar trading platforms with HotForex: MetaTrader4 and MetaTrader5. HotForex offers 27 different languages to cater to traders all over the world.

HotForex Main Features
🛍️Established in:
2008
🛍️Headquarters:
Cyprus
⚖️Regulations:
FCA,FSA, FSCA, CySEC
⚖️Country of regulation:
UK, Seychelles, South Africa, Cyprus
💰Minimum Deposit:
$5
🎮Platforms:
MT4, MT5
🎮Demo Account Available:
Yes
💱Leverage:
1:500
💰Withdrawal fee amount:
$0
💰Inactivity Fee:
Yes

Pros

  • Regulated by the Financial Conduct Authority (FCA)
  • Stores funds in segregated accounts
  • Provides negative balance protection
  • A low minimum deposit of 5USD
  • Different types of trading accounts
  • Nine different financial markets
  • Accurate trading tools
  • Provides Demo Account
  • Offers social trading option

Cons

  • High trading fees
  • Deposit and withdrawal fee required
  • Only one trading platform
  • No 24\7 customer service available

Background

HotForex is a Forex broker that was founded in 2008, where it started functioning as a Forex trading broker in Saint Vincent and the Grenadines. HotForex is operating under the brand name “HF Markets Groups”, with over ten years of experience in the trading industry. The mission of HotForex is to provide a reliable trading environment that is consistent and stable for its traders, no matter the market condition.

Safety & Regulation

HotForex is a CFD and Forex trading broker that allows its members to stay completely protected from any misconduct that occurs. This Forex trading broker is regulated by more than four major financial regulators in the world. HotForex aims to protect client funds by storing client funds in segregated accounts and providing negative balance protection.

This HotForex review will demonstrate how safe your funds and personal information will be with this Forex trading broker.

Is HotForex Safe?

HotForex is a safe and trustworthy Forex trading broker that provides preventive measures for traders facing financial exposure. HotForex is regulated by four major financial regulators from all over the world, all of which are for separate jurisdictions. This Forex trading broker stores client funds in segregated accounts away from corporate funds and provides negative balance protection to its traders.

Pros

  • Regulated by the Financial Conduct Authority (FCA)
  • Regulated by the Financial Services Authority (FSA)
  • Regulated by the Financial Sector Conduct Authority (FSCA)
  • Regulated by the Dubai Financial Services Authority (DFSA)
  • Stores funds in segregated accounts
  • Provides negative balance protection
  • Continuous assessment on the compliance of regulations

Cons

  • Not publicly traded

Regulation

HotForex is regulated and obtained licenses from several top-tier financial regulators around the world. This Forex broker is regulated by the Financial Conduct Authority (FCA) in the UK and by the Financial Services Authority (FSA) in Seychelles. In addition, HotForex is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and the Dubai Financial Services Authority (DFSA) in the United Arab Emirates.

Protection

HotForex ensures the protection of its clients, in funds and personal information, at whatever cost. This Forex trading broker provides traders with negative balance protection, which prevents you from facing major financial risk when your trading balance is in the negatives. In addition, HotForex stores your funds in segregated accounts away from corporate funds, to avoid the possibility of miscalculated funds.

Awards

Over the years, HotForex has been rewarded various awards of different aspects. The most recent is the Decade of Excellence in Forex Brokerage Asia 2020, which was awarded by the Global Banking and Finance Review. Another award that was won by HotForex this year would be the Best Client Services – Global 2020, presented by the Capital Financial International Magazine (CFI.CO).

HotForex Fees

HotForex offers very low non-trading fees, but the inactivity fee is considered high. As for the trading fees, it is considered high, compared to other Forex brokers, in terms of the Premium trading accounts. However, the Standard accounts have a very low ratio of trading and non-trading fees.

This HotForex review will inform you of the different fees of trading and non-trading transactions that you should consider.

Trading Fees

HotForex does not charge a commission to the Micro Account and Auto Account, so you will not have to worry about paying additional fees while trading. As for the Zero Spread Account, you will be charged with 6USD per lot round turn, in the case that you are trading major currency pairs. If you are trading with other pairs, then you will be charged with 8USD per lot round turn. In the case of the PAMM Account, regardless of the currency pair that you are trading, you will be charged with a 10USD commission round turn per lot.

Pros

  • Low trading fees
  • Low non-trading fees
  • No deposit or withdrawal fees
  • No commission on the Micro Account and the Auto Account

Cons

  • Inactivity fee required
  • Commissions charged for the Zero Spread Account and PAMM Account
  • Variable spreads provided

Non-Trading Fees

With HotForex, you do not have to consider being charged with fees on non-trading transactions, since there are mostly none. HotForex does not charge traders with deposit and withdrawal fees; this Forex broker does not charge for an account fee either. However, you will have to consider that HotForex does charge an inactivity fee. An inactivity fee is a fee being charged to your trading account once you are not active on your account for a period of time. The HotForex inactivity charged is 5USD, if you have not used your trading account for six months or more.

Deposit Fees and Withdrawal Fees
Deposit Fees 0USD
Withdrawal Fees 0USD

HotForex Fees Compared To Competitors
HotForex  Pocket Option  XM
Account Fee No No No
Inactivity Fee No Yes No
Deposit Fee 0USD 0USD 0USD
Withdrawal Fee 0USD 0USD 0USD

Leverage

The maximum leverage level of a Forex broker depends on two factors: the jurisdiction that applies on the trader and the trading account the trader has selected. With HotForex, it provides different leverage levels, depending on your trading account. The Micro Account allows a maximum leverage level up to 1:1000. On the other hand, the Premium Account, the Zero Spread Account, and the Auto Account allow a maximum leverage level up to 1:500.  Finally, the PAMM Account allows a maximum leverage level up to 1:300.

Account Opening

HotForex provides traders with a variety of trading accounts, up to more than three different trading accounts and each trading account emphasizes a different aspect. The most common trading account that is widely popular with novice traders is the Micro Account. However, HotForex does not offer fixed spreads, only variable spreads.

This HotForex review will demonstrate how to open a live account with a step-by-step guide.

Pros

  • Different types of trading accounts
  • Flexible leverage levels for trading accounts
  • Islamic account available
  • Low minimum deposit amount for all accounts

Cons

  • Variable spreads for all trading accounts

Minimum Deposit

With HotForex, the minimum deposit required varies by the trading account. The Micro Account requires a minimum deposit amount of 5USD, while the Premium Account requires a 100USD minimum deposit. As for the Zero Spread Account and the Auto Account, you are required to make a minimum deposit of 200USD. The PAMM (Premium) Account requires a 250USD minimum deposit.

Micro Account

The Micro Account is the most common trading account that traders register for. You will be required to make a minimum deposit of 5USD or its currency equivalent. The maximum leverage level is up to 1:1000, the highest leverage level of all trading accounts. You will be offered variable spreads, which will start from 1 pip, and you can make a maximum of 250 simultaneous open orders. The Micro Account does not charge any commissions on trading transactions.

Premium Account

The second trading account available is the Premium Account, where you will need a required minimum deposit of 100USD or its currency equivalent. The maximum leverage level is up to 1:500, and you can make a maximum of 300 simultaneous open orders. You will be given variable spreads that will start from 1 pip, similar to the Micro Account. Another similarity to the Micro Account, the Premium Account does not charge commissions.

Zero Spread Account

With the Zero Spread Account, you will need to have a minimum deposit of 200USD or its currency equivalent, as a requirement. The maximum leverage level is up to 1:500, the same as the Premium Account. You can make a maximum of 500 / (*)60 Standard lots per position on simultaneous open orders. You will be provided with variable spreads, but the spreads start from 0 pips with Forex. However, you will be charged with a commission of 6USD per lot round turn, in the case that you are trading major currency pairs. If you are trading with other pairs, then you will be charged with 8USD per lot round turn.

Auto Account

The Auto Account requires a minimum deposit of 200USD, with a maximum leverage level up to 1:500. You can make a maximum of 300 simultaneous open orders, with variable spreads that start from 1 pip. You will not be charged with a commission for trading, and you will find that all trading instruments are available for you to trade with.

PAMM Premium Account

The PAMM Premium Account is the final trading account that you can select from the list of trading accounts offered by HotForex. You will be required to have a minimum deposit of 250USD or its currency equivalence, with variable spreads that start from 1 pip. There is a maximum of 500 simultaneous open orders with the PAMM Premium Account. However, you will be charged with a $5.00 per 100,000 USD traded ($10 round turn) for the PAMM Premium Plus Account.

How To Open a HotForex Trading Account

Step One: Fill in the online application with your personal information.

HotForex Step -1

Step One: Fill in the online application with your personal information.

Step Two: Activate your trading account with your email.

HotForex Step -2

Step Two: Activate your trading account with your email.

Deposit & Withdrawal

HotForex offers quality deposit and withdrawal services. You can select from several different types of payment methods, and you do not have to consider a withdrawal or deposit fee. However, HotForex does not offer a wide selection of account base currencies and the withdrawal process can be slow.

This HotForex review allows you to discover the different types of payment methods you can use to withdraw funds from or deposit funds into your trading account.

Account Base Currencies

With HotForex, there are three different account base currencies to select from for your trading account. The three base currencies provided by this Forex broker are: USD, EUR, NGN. You will need to choose carefully since the currency you select will be the currency you are using for your trading account.

USD EUR NGN

Deposits

Deposits with HotForex are a fast process and you can choose how to deposit funds into your trading account via bank transfer, credit\debit card, or by electronic payment. However, you will find that there are only three account base currencies, which is limited compared to most Forex brokers in the trading industry. HotForex does not charge a deposit fee, which improves its deposit services. You have to make sure that your initial deposit is equal to or more than the minimum deposit required; the minimum deposit ranges from 100-200USD.

Pros

  • Fast deposit process
  • Different methods of deposits available
  • Minimum deposit amount is 100-200USD
  • No deposit fee

Cons

  • Limited range of base currencies

HotForex Deposit Options

  • Bank Transfers
  • Credit\Debit Card
  • Online Wallet

Withdrawal

Withdrawals of HotForex are similar to the deposits, in almost every way. HotForex does not charge an additional fee for every time you withdraw funds from your trading account, or charges a withdrawal fee. You can make a withdrawal through electronic payments, bank transfers, or a credit\debit card. These are all possible payment options, but you will have to wait for a while since the withdrawal process of HotForex can take approximately 2-5 business days.

Pros

  • Different types of withdrawal methods available
  • Minimum deposit required is 100-200USD
  • No withdrawal fee

Cons

  • Slow withdrawal process

HotForex Withdrawal Options

  • Bank Transfers
  • Credit\Debit Card
  • Online Wallet

Trading Platforms

With HotForex, you will be able to use two different trading platforms, which are: MetaTrader4 and MetaTrader5. MT4 and MT5 are two of the most popular trading platforms in the world. The MetaTrader4 trading platform is better suited for novice traders, while the MT5 trading platform is preferred for expert traders or algorithmic traders.

This HotForex review will provide an in-depth analysis on the different features available in the MT5 platform.

  • MetaTrader4
  • MetaTrader5

Web Trading Platform

The MetaTrader5 web trading platform is available on all operating systems, which allows you to view 21 different time frames and the ability to view 100 charts simultaneously. The web trading platform has six different pending orders for you, including setting Stop Loss and Take Profit levels. You will be able to look through an economic calendar on all the trading events available, and access a detailed trading history. The MT5 web trading platform provides 38 customizable indicators, and the option of viewing your past performances on your portfolio. However, you will not be able to use the two-step login process and you will not have the option of activating any price alerts.

Pros

  • Available on all operating system
  • Six pending orders provided
  • 38 customizable indicators
  • Economic calendar built-in
  • Allows you to access your trading history
  • View 100 charts simultaneously

Cons

  • No two-step login process
  • No price alerts or notifications

Desktop Trading Platform

As for the desktop trading platform for HotForex, you will be able to download this platform on both Mac and Windows. The desktop trading platform for MT5 provides 6 different pending orders and offers you the option of viewing 100 simultaneous charts. You will be able to look through your trading history and fee reports, along with the economic calendar that gives you live updates. Similar to the web trading platform, you will not be able to verify your login credentials with a two-step login process. Unlike the web trading platform, the desktop trading platform offers traders the option of activating price alerts via push notifications on your desktop.

Pros

  • Downloadable on Mac and Windows
  • Built in economic calendar
  • Able to view your detailed trading history
  • Simultaneous viewing of different charts
  • 6 different pending orders available
  • Price alerts and notifications available

Cons

  • No two-step login process

Mobile Trading Platform

The MT5 mobile trading platform is similar to the desktop trading platform in many ways. You can download the MT5 mobile application on your Android and iOS device, which is suitable for traders who prefer trading on the go. With the MT5 mobile trading platform, you have the ability of using automated trades and this will allow you to trade offline. There is the option of viewing your trading history and past transactions, in detail. Price alerts are available via push buttons that will appear on your mobile device. You will be allowed to use 6 pending order types, including Stop Loss and Take Profit. However, you will not have the option of use your fingerprint of facial recognition as a form of logging into your trading platform account.

Pros

  • Downloadable on Android and iOS
  •  Price alerts available
  • Trading offline is available
  • 6 pending orders offered
  • You can view your trading history and portfolio

Cons

  • No facial recognition as login option
  • No fingerprint recognition as login option  

Markets & Financial Instruments

HotForex offers traders the option to gain access to nine different financial markets and trade hundreds of different financial instruments. You will be able to trade with all kinds of financial instruments, from minor currency pairs to precious metals.

This HotForex review will inform you of the different financial markets and instruments that you will be able to access with HotForex.

Pros

  • Provides access to nine different financial markets
  • Offers cryptocurrency
  • Gold and silver offered in Metals
  • Wide range of financial instruments

Cons

  • None
What HotForex Offers
Forex    Metals and Energies
Cryptocurrency Indices
ETF Shares
Commodities Bonds
 Stock DMA     

HotForex offers you the option of gaining access to nine different financial markets and over 100 financial instruments. The financial instruments you can trade on HotForex are: over 50+ currency pairs, 10 commodities, 6 precious metals (including gold and silver), 23 indices, 56 stocks and shares, and 6 cryptocurrencies. HotForex provides you with the option to trade major and minor currency pairs, cryptocurrencies as CFDs, and gold\silver.

Markets Research & Trading Tools

HotForex offers an array of different market research materials and trading tools. You will be able to find an intraday percentage of currency changes, copy trade with your very own HFCopy Account, and make fully automated trades offline with HotForex.

This HotForex review will inform you of the different market research materials and trading tools that are available to you as a HotForex trader.

Trading Tools

With HotForex trading tools, you will be able to trade offline, have access to AutoChartist, and perform fully automated trades without having to move from your HFArea.

The VPS Hosting trading tool and the HFArea allows you to make trades while you are fully offline and the trades can be fully automated. You can also use AutoChartist, which is a free trading tool, that identifies patterns of trading instruments that could help you make an accurate trading decision. With HotForex, you will be able to navigate easily through all the different trading tools while trading via the HotForex application, which facilitates in-trading decisions.

HotForex Tools
HF Application VPS Hosting
Premium Trader Tools AutoChartist
Trading Calculators myHFArea

Pros

  • HF App facilitates trading and accessing your HotForex Area
  • VPS Hosting allows you trade offline
  • Premium Trader Tools have how-to guides
  • AutoChartist is free for HotForex users
  • Able to perform fully automated, instant deposits and withdrawals on your HFArea

Cons

  • Some trading tools are not available to all members

Market Research

HotForex has plenty to offer when it comes to market research materials. The purpose of market research materials is for you to be able to further understand the trading world and its current status. HotForex offers you with different types of market research materials, including: Economic Calendar, Advanced Insight, Traders’ Board, Forex newsfeed, and copy trading with an HFCopy Account.

Pros

  • Offers advanced insights
  • Economic calendar provides exact dates and currencies
  • Traders’ Board offers intraday percentage of different currency changes
  • No hidden fees with the MQL5 signals
  • Live news updates with Forex news
  • Automated trading available
  • Offers copy trading with HFCopy Account

Cons

  • Must be a member to access the research materials

Advanced Insights provides you with in-depth data and analysis on market conditions and forecasts of what the future market conditions could look like. The Economic Calendar is an up-to-date calendar that offers traders the option with staying aware of the events that take place in the trading world, while the Forex news feed provides traders with live information on events in the Forex world that could influence the Forex market. As for the HFCopy Account, it is a novel method of learning trading strategies from expert traders and duplicating it as your own.

Customer Service

HotForex offers a 24\5 top-quality customer service support that allows you to reach them through several means. You will find that there are some means of communication with a fast process, such as the phone support and live chat. However, the email support can take more than 2 business days before receiving a response.

This HotForex review provides you with a list of how to communicate with the HotForex customer service support.

You can reach the HotForex customer service support through several ways, such as: live chat, phone support, email support, or you fill out a contact form. The customer service is available in 27 different languages, allowing clients from all over the world to use the customer service of HotForex. The HotForex customer service is accommodating and provides you with relevant answers to your questions, but we recommend using the phone support or live chat. In terms of speed, the email support can take a while before you receive a response.

Pros

  • Available in different languages
  • Different means of communication provided
  • Relevant answers to your questions
  • Fast response time with phone support and live chat

Cons

  • Not available 24\7
  • Slow response time with email support

Means Of Communication

  • Live chat
  • Contact Form
  • Phone support
  • Email support

According to customer experience, customer service improved the overall trading experience with HotForex. The best feature of the HotForex customer service is the variety in different languages. On the HotForex website, there are phone numbers that are designated for the preferred language of the trader, which makes it easier for traders who speak only one language. The selections of both means of communication and languages have improved customer feedback on HotForex.

Client Education

With HotForex, you will appreciate the high definition and high quality educational videos that will help you learn more about the trading world. You will find most of the educational videos are in high-definition and provide a step-by-step guide to teaching you.

Pros

  • Wide selection of educational resources
  • Thorough how-to guides available
  • Free online courses
  • Videos are in high quality

Cons

  • Videos are offered more than any other type of educational resources
  • Not available unless you are a HotForex user

HotForex provides different educational topics that are explained in several ways. You will be able to watch educational videos, read how-to guides, and even participate in webinars. HotForex offers different forms of educational resources, but you will find that videos are the majority of the resources. There are online courses that you can take, or read exclusive analyses created by a team of experts from HotForex. However, most of the resources for trading education are in video form.

On the other hand, you can always use the simulation approach by trying the HotForex Demo Account. The Account is free of charge, of unlimited time, and you will have the ability to trade over 100,000USD of virtual funds in real market time and conditions.

Client Education Resources

  • Educational Videos
  • Training Courses Videos
  • Electronic Courses
  • Webinars
  • Events
  • How-To Guides
  • Exclusive Analysis
  • Demo Account

This HotForex review will demonstrate on a step-by-step guide on how to open your own free HotForex Demo Account.

How To Open a Demo Account

Step One: Fill out the online application with your personal information

HotForex Demo -1

Step One: Fill out the online application with your personal information

Step Two: Activate your Demo Account via email

HotForex Demo -2

Step Two: Activate your Demo Account via email

Step Three: Choose your maximum leverage and maximum virtual balance

HotForex Demo -3

Step Three: Choose your maximum leverage and maximum virtual balance

Conclusion

HotForex is a Forex broker that has been operating since 2008, where it is located in Saint Vincent and the Grenadines. This Forex trading broker is regulated by five of the top-tier regulators in the world, ensuring the protection of client funds and personal information. HotForex offers more than three different trading accounts that are all suitable for every type of trader. You can use two similar trading platforms with HotForex: MetaTrader4 and MetaTrader5. HotForex offers 27 different languages to cater to traders all over the world.

Overall, HotForex is a safe and trustworthy Forex broker that is regulated by more than three different financial regulators all over the world.

HotForex
$5
Min. Deposit
30%
Bonus
Regulated byFCA,FSA, FSCA, CySEC
Leverage1:500
Customer Support24/5
Open Account

HotForex Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research & Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market & Financial Instruments 97% 97%
  • Client Education 99% 99%

Frequently Asked Questions

Is HotForex A Good Broker?

HotForex is a Forex broker that has been operating since 2008, where it is located in Saint Vincent and the Grenadines. This Forex trading broker is regulated by five of the top-tier regulators in the world, ensuring the protection of client funds and personal information. HotForex offers more than three different trading accounts that are all suitable for every type of trader. You can use two similar trading platforms with HotForex: MetaTrader4 and MetaTrader5. HotForex offers 27 different languages to cater to traders all over the world.

Is HotForex Legit?

HotForex is a legitimate broker because it  ensures the protection of its clients, at whatever cost. This Forex trading broker provides traders with negative balance protection, which prevents you from facing major financial risk when your trading balance is in the negatives. In addition, HotForex stores your funds in segregated accounts away from corporate funds, to avoid the possibility of misallocated funds.

How Long Do HotForex Withdrawals Take?

The withdrawal process for HotForex takes approximately 2-5 business days.

What Is The Minimum Deposit For HotForex?

With HotForex, the minimum deposit required varies by the trading account. The Micro Account requires a minimum deposit amount of 5USD, while the Premium Account requires a 100USD minimum deposit. As for the Zero Spread Account and the Auto Account, you are required to make a minimum deposit of 200USD. The PAMM (Premium) Account requires a 250USD minimum deposit.

Is HotForex Regulated?

HotForex is regulated and obtained licenses from several top-tier financial regulators around the world. This Forex broker is regulated by the Financial Conduct Authority (FCA) in the UK and by the Financial Services Authority (FSA) in Seychelles. In addition, HotForex is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and the Dubai Financial Services Authority (DFSA) in the United Arab Emirates.

Is HotForex An ECN Broker?

Yes, HotForex provides an ECN Account.

Is HotForex Safe?

HotForex is a safe and trustworthy Forex trading broker that provides preventive measures from traders facing financial exposure. HotForex is regulated by four major financial regulators from all over the world, all of which are for separate jurisdictions. This Forex trading broker stores client funds in segregated accounts away from corporate funds and provides negative balance protection to its traders.