HotForex Forex Trade Platform and Broker Review

HotForex Forex Trade Platform and Broker Review

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HotForex Broker Review

HotForex is an established Forex broker which offers award-winning trading services, with varied account types, advanced trading software, and ultra-fast execution. 

HotForex was established in Cyprus in 2010 and has main offices in South Africa, Cyprus, St Vincent, and the Grenadines, Seychelles, and Mauritius, with over 200 employees. 

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, CFTC

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Is HotForex Regulated?

Yes. HotForex is divided into two entities, each with its own regulation. HF Markets UK LTD is authorized and regulated by the Financial Conduct Authority (FCA). HF Markets Europe LTD is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).

HotForex is also regulated in several other global jurisdictions under the following organizations: 

  • Financial Sector Conduct Authority (South Africa)
  • Dubai Financial Services Authority
  • Financial Services Authority (Seychelles)
  • Financial Services Commission (Mauritius)

According to the broker’s website, HotForex is under regulation to offer financial and investment services throughout the EU, as well as to non-EU countries across the world. 

HotForex’s regulations guarantee comprehensive client protection measures, including segregated client funds, regular auditing, transparent financial updates, and participation in a compensation scheme.  

Is HotForex Regulated in the United States?

No, HotForex is not regulated in Virginia or any other US state. 

Is HotForex Regulated in Europe?

Yes. HotForex has been regulated in Europe since 2010 by the Cypress Securities and Exchange Commission (CySEC). In Europe, HotForex offers investment services across the EEA as a regulated Forex broker in Europe. 

Is HotForex regulated in a Tier-1 Jurisdiction?

According to the HotForex website, HotForex is regulated under Tier-1 jurisdiction. 

This Tier-1 jurisdiction will allow HotForex to provide its services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is HotForex regulated in Tier-2 Jurisdiction?

According to the official HotForex sources, HotForex is regulated under Tier-2 jurisdiction. Tier-2 jurisdiction will allow HotForex to provide its financial and trading services in British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in HotForex?

HotForex provides traders with access to the full MetaTrader suite, which consists of MetaTrader 4 and its updated version, MetaTrader 5. Both options are highly popular for their user-friendly interfaces that are feature-rich and highly capable.

  1. MetaTrader 4 is available from HotForex on a number of different interfaces, including Desktop, Android, WebTerminal, iOS, and MultiTerminal. This trading software provides traders with interbank liquidity and fast execution.
  2. MetaTrader 5 is available from HotForex on all the above interfaces and provides users with advanced trading tools, superior support, and total control of their trades for an enhanced trading experience.

Does HotForex Have a News Blog for Forex News?

Yes. HotForex channels news updates from FXStreet directly on its website. This market news includes regular reports from important economic events in world economies, allowing traders to predict market movements and adjust their strategies accordingly. 

Does HotForex Have a Traders Dashboard?

Yes, the Traders Dashboard from HotForex Financial Services Limited gives traders a central overview of several different currency movements, including currency movers charts, live charts, volume per symbol, forecast, and trading positions. 

 

Does HotForex Have an Educational Section?

Yes, HotForex has an education system for Forex Traders. To join the education system, users simply need to visit the broker’s website, where all the educational resources are offered free of charge to beginner traders. 

What is the content of HotForex Forex Education?

There are a total of 9 lectures in the HotForex video educational series, as well as a free online eBook. The video lectures consist of the following topics:

  1. Introduction to Forex
  2. Understanding Forex Prices
  3. Understanding Currency Pairs
  4. Introduction to Margin
  5. Contract Sizes
  6. Majors and Currency Pairs Revisited
  7. Understanding Risk 
  8. Approaches to the Trading Market
  9. Basic Concepts and Additional Strategies 

This educational offering from HotForex is an excellent resource and should be used by all beginner traders who need to develop a comprehensive understanding of the functions of the Forex market. The lectures are tailored and well-presented, making them user-friendly and highly accessible. 

Is HotForex Legit?

Yes, HotForex is a legit Forex Broker and Trade Platform. HotForex has CySEC, FCA, FSCA, DFSA, FSA, and FSC legal certificates to perform Forex Broker and trading services.

Is HotForex Safe?

HotForex is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in several global jurisdictions, as described below:

  • The FCA regulates HotForex in the United Kingdom
  • CySEC regulates HotForex in the cross-border European Economic Area
  • The FSCA regulates the broker in South Africa
  • The SCB regulates HotForex in The Bahamas

HotForex provides important client protection measures that ensure the safety of their investments. These include participation in a compensation scheme that will cover clients in the event of broker insolvency, as well as the storing of client deposits in segregated accounts.  

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, CFTC

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Is HotForex a Good Broker?

Yes. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, HotForex is a good broker. 

  1. In terms of trading speed, HotForex has a market order execution speed of 145, and a limit order execution speed of 140. 
  2. In terms of security, HotForex provides several safety measures for client funds. These include market-leading insurance, segregated accounts with top-tier banks, negative balance protection, and continual risk management assessments.  
  3. In terms of online support, HotForex offers live support which can be accessed directly from the broker’s website, allowing users to have their queries addressed in real-time for quick and efficient resolution.  
  4. In terms of cryptocurrencies, HotForex offers clients the opportunity to trade derivatives on popular cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin.

What is the Offering of Investment in HotForex?

Offerings of HotForex can be found below.

Feature HotForex
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does HotForex have Nasdaq?

Yes, HotForex offers traders the option of trading CFDs on the Nasdaq 100 Stock Index. The Nasdaq is a large American stock exchange, and the second largest in the world, which lists the top 100 companies by market capitalization. 

What are the Awards of HotForex?

Forex Trading Platform HotForex’s awards are listed below.

  1. A decade of excellence forex brokerage Asia 2020
    Global banking & finance review
  2. Most transparent broker
    The European – global banking & finance review awards
  3. Best client services – global 2020
    Capital finance international magazine (CFI.co)
  4. Best broker in Africa
    AtoZ forex
  5. Best trading experience Southeast Asia 2020
    International finance awards
  6. Best partners program global 2020
    International investor awards 2020
  7. Forex trading platform of the year
    Banks & other financial institutions (BAFI) awards
  8. Excellence in customer service global 2020
    International investor awards 2020
  9. Best forex educational resources – global
    Global forex awards

How to Use HotForex for Forex trading?

To use HotForex, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should be able to afford the minimum deposit of $5

If a Forex Trader has the conditions above, they can open a forex trading account to use HotForex

How to open a Forex trading account with HotForex?

To open a Forex Trading Account with HotForex, a trader should follow the steps below.

  1. Navigate to the Account Registration portal on the HotForex official website
  2. Select between the Individual, Corporate and Joint options for your specific account type
  3. Complete the registration form. This should take less than 5 minutes. Provide your country of residence, contact number, and email address
  4. Select your preferred base currency
  5. Read and accept the terms and conditions
  6. Click “Register” to finalize the submission process

What is the Forex Trader Account Types with HotForex?

Forex Trading Platform and Financial Asset Management Institution HotForex has 5 different account types. Every Forex trading account type has different features and conditions with HotForex. 

HotForex Account Types are listed below. 

  1. Demo Account

  2. Micro Account

  3. Premium Account

  4. Zero Spread Account

  5. Auto Account

  6. HF Copy Account

  7. Islamic Account

  • Demo Account

The free Demo account from HotForex will allow traders to test out the various features of the MetaTrader 4 platform against the specific features of their chosen account type. The demo account is funded with virtual currency and offers risk-free practice trading live conditions. 

  • Micro Account

The HotForex Micro Account is designed for traders new to the Forex market and those trading smaller volumes, and allows users to trade smaller trade sizes and open an account with a lower initial deposit than a Classic account all from the powerful MetaTrader 4, MetaTrader 5 platforms.

  • Trading Platform: MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: All Available 
  • Fifth Decimal: Yes
  • Maximum Leverage: 1:1000
  • Execution: Market Execution
  • Minimum opening deposit: $5
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 7 Standard lots
  • Premium Account

The Premium Account is designed for experienced retail traders. An important feature is a flexibility in position sizing. The limit for a single trade size is 60 lots. 

There is a minimum trade size of 0.01 lot and the trade size increment remains flexible at 0.01. The Premium Account uses the MetaTrader4, MetaTrader 5 platforms as well as the WebTrader and any of the available mobile trading platforms.

  • Trading Platform: MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: All Available 
  • Fifth Decimal: Yes
  • Maximum Leverage: 1:500
  • Execution: Market Execution
  • Minimum opening deposit: $100
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Zero Spread Account

The HotForex ZERO Spread Account is an accessible, affordable trading solution that is suitable for all traders but is most popular with scalpers, high-volume traders, and those who trade with Expert Advisors (EAs).

Users receive RAW, Super-Tight Spreads from leading liquidity providers without any hidden mark-ups. The account offers a highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot.

  • Trading Platform: MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading
  • Spreads: From 0 on Forex
  • Trading Instruments: All Available (Click here to view full list)
  • Fifth Decimal: Yes
  • Maximum Leverage: 1:500
  • Execution: Market Execution
  • Minimum opening deposit: $200
  • Minimum trade size: 0.01 LOTS (1,000 units of the base currency)
  • Trade size increment: 0.01
  • Auto Account

The Auto Account from HotForex provides beginner and advanced users with Trading Signals from the MQL5 Community, which is built-in to the HotForex MT4 trading terminal. 

Using this software, traders can automatically copy the signals of any Signal Provider with paid Signals being subject to a one-month performance verification period.

  • Trading Platform: MetaTrader 4, WebTrader, and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: All Available (Click here to view full list)
  • Fifth Decimal: Yes
  • Maximum Leverage: 1:500
  • Execution: Market Execution
  • Minimum opening deposit: $200
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • HF Copy Account

The HFcopy Account from HotForex is designed for both Strategy Providers (SPs) and Followers who have joined HFcopy.

SPs can open an HFcopy Account aiming to build their inventory of Followers and trade in exchange for a Performance Fee, as high as 50%. Followers using the account will be able to deposit funds and start copying the trades of their selected SPs.

  • Trading Platform: MetaTrader 4, WebTrader, and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: Forex, Indices Spot, Bitcoin, Gold
  • Fifth Decimal: Yes
  • Maximum Leverage: 1:400
  • Execution: Market Execution
  • Minimum opening deposit: $300 for Strategy Provider, $100 for Follower
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Maximum Simultaneous Open Orders: 300
  • Islamic Account

Islamic Accounts from HotForex can be opened as a version of any of the above accounts and will replicate the same trading conditions except for the fact that users will not pay interest on positions held open overnight, which is prohibited by Sharia law. 

How to Withdraw Money from HotForex?

To withdraw money from HotForex, the following should be done:

  1. To request a withdrawal, simply log in to my area (your Client Area) and select ‘Withdraw'. Withdrawals submitted before 10:00 am server time are processed on the same business day between 7:00 am and 5:00 pm server time.
  2. Withdrawals submitted after 10:00 am server time will be processed on the following business day between 7:00 am and 5:00 pm server time.

How many days do deposits take with HotForex?

Deposits times will vary depending on the chosen deposit method. Bank wire transfers take 2 to 7 business days, credit/debit cards and Skrill take up to 10 minutes. 

What are the costs and fees with HotForex?

There are three types of costs with HotForex. Commission costs will apply to Zero Spread Account holders only, spread costs will apply to all account holders except for Zero Spread Account holders, and swap costs are for users that do not hold a swap-free account. 

A Forex Trading Cost is applied to forex traders in order to compensate the broker for their services and is essentially how the broker makes a profit. Fees on trades are typically applied as Commissions or Spreads. 

Spreads are the difference between the bid and ask price.  Commissions are charged on round trades and will not apply to all accounts. Swap fees are interest charged on positions held overnight. 

The Forex Trading Fees with HotForex are below. 

Spreads: 

  • Micro Account: from 1 pip
  • Premium Account: from 1 pip
  • Zero Spread Account: from 0 on Forex
  • Auto Account: from 1 pip
  • HF Copy Account: from 1 pip
  • Islamic Account: Same as swap-rated accounts

Commissions:

  • Micro Account: none
  • Premium Account: none
  • Zero Spread Account: Yes 
  • Auto Account: Yes
  • HF Copy Account: None
  • Islamic Account: Same as swap-rated accounts

What are the Trading Fees with HotForex?

HotForex covers all deposit and withdrawal fees and does not charge inactivity fees on accounts, making this a very competitive broker. The broker does charge swap fees on positions held overnight. These can be credited or debited depending on the conditions.  

Traders of the Muslim faith can apply for a swap-free account which will allow them to avoid these fees, as interest is strictly prohibited by Sharia law. 

What is the minimum deposit in HotForex?

The required minimum initial amount from HotForex is $5. 

What are the contract specifications in HotForex?

Feature HotForex
Forex Trading Yes
CFDs 1000+
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 7
Social Trading  Yes

Does HotForex have promotional offers?

Yes, HotForex does have promotional offers. However, these will only be available to traders outside of the European Economic Area, where the broker’s regulation with CySEC and the FCA restricts it from offering bonuses to clients. 

Does HotForex have a welcome bonus?

No, HotForex does not offer a welcome bonus. The broker did promote a $30 welcome bonus in the past, which is currently expired. However, HotForex may choose to offer a welcome bonus again in the future. 

Does HotForex have a deposit bonus?

Yes, HotForex offers a 100% Supercharged Bonus for every deposit of $250 or more. The maximum cumulative bonus is $50 000 and increases account leverage.  

Is there a commission-free trade bonus in HotForex?

No, HotForex does not offer a commission-free trade bonus. The broker does however offer low trading fees and competitive commissions and spreads.  

Is there a VIP bonus in HotForex?

No, HotForex does not offer a VIP bonus. However, VIP Clients on the Premium Account will have access to additional features for an improved and more exclusive trading experience.  

Can you start trading with no money at HotForex?

No, you cannot start trading with no money at HotForex. This is because HotForex does not offer a any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with HotForex?

Leverage is a function provided by most Forex brokers today whereby traders can choose to borrow funds from the broker in order to increase their position. These funds are expressed as a ratio and offered at varying levels. 

Traders can use leverage with HotForex at a maximum ratio of 1:400. However, this will only apply to those clients outside of the EEA. Traders within the EU have a maximum leverage of 1:30, due to regulatory restrictions in that region.  

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, CFTC

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Where are the headquarters of HotForex?

HotForex is headquartered in Larnaca in Cyprus. HotForex also has main offices in South Africa, St Vincent and the Grenadines, Seychelles, and Mauritius. 

Who is HotForex’s CEO?

The CEO of HotForex is George Koumandaris. He is a graduate of the City University of New York and has professional experience in IT Audit, IT Management, and UNIX/Linux systems.

What are the social media accounts of HotForex?

Traders can follow HotForex on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for HotForex?

According to the official website, HotForex has over 200 employees. 

What are the opinions about HotForex?

HotForex is an excellent choice of Forex broker for both beginner and advanced traders. The broker presents a low barrier of entry with its minimum deposit, access to an enormous selection of tradable assets, and use of the full MetaTrader suite. 

HotForex is award-winning and offers excellent customer support, and is highly regulated to provide a secure trading environment. 

What are HotForex Contests?

HotForex offers several different contests for Forex Traders. Forex Contests are offered by brokers to allow traders to earn additional profits in winnings and involve direct trading competitions. The HotForex contests are listed below. 

  1. Road to Paris Trading Contest

  2. Traders Awards 2021

  3. Demo Contest

  4. Festive Phrase Contest

  5. The Checkered Flag Contest

  6. HotForex Currency Wars Contest 

Does HotForex have online support?

Yes, HotForex has an online support team for Forex trade account users. The online support team can be contacted by clicking on the chat button on HotForex's official website. 

Does HotForex offer demo accounts for Forex trading?

Yes, HotForex offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Navigate to the demo account registration portal on the broker’s website
  2. You will be presented with a registration form. Complete this online by supplying your full name, email address, and contact details
  3. A confirmation email will be sent to your inbox. Click the link in the email to open your demo account. 

Does HotForex have a mobile app for Forex trading?

Yes, HotForex offers a mobile app for both MT4 and MT5. This mobile app can be downloaded for Android and iOS users. 

Using the mobile app from HotForex, traders will be able to manage their accounts and funds remotely, choose between various graphs and designs for advanced chart functionality, have access to the proprietary HFcopy software, and make use of market watchlists. 

 

Does HotForex publish an economic calendar?

An economic calendar is a popular resource for many traders who rely on it to keep updated on upcoming market events. This will allow them to anticipate market movements that may affect currency prices and their trading strategy.  

HotForex does offer an economic calendar. HotForex’s economic calendar provides information on financial events, forecasts, and historical data.

 

What is the communication information of HotForex?

HotForex has two telephone numbers and five local addresses. 

HotForex’s main telephone number is:  +27-10-443-9924

HotForex’s main local address is: Spyrou Kyprianou 50, Irida 3 Tower 10th Floor, Larnaca 6057, Cyprus

Alternate phone numbers are:

Toll-free: +27-10-443-9924