HotForex – Account Types

HotForex – Account Types

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HotForex - Account Types

 

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

 

Our HotForex Account Types Revealed:

 

HotForex Overview

HotForex is a reputable and globally recognized forex, CFD, and commodities broker that offers trading services, solutions, and facilities to retail and institutional traders from around the world. HotForex has more than 2.5 million traders from around the world that have access to more than 27 supported languages.

 

HotForex has won more than 55 different industry rewards since its inception in 2010. HotForex is multi-regulated by several reputable entities to offer its unique and comprehensive services and solutions in regions around the world.

 

Traders can access a wide range of tradable financial instruments that are spread across several asset classes. In addition, HotForex offers traders the use of powerful, flexible trading platforms through which trades can be executed.

 

HotForex Account Types

HotForex offers traders access to five unique, flexible trading accounts that can be used across different global financial markets. Every account caters for a different type of trader according to their unique trading needs and objectives.

 

The trading accounts that traders can choose between include the following:

  • Micro Account
  • Premium Account
  • Zero Spread Account
  • Auto Account
  • HFCopy Account

 

HotForex Account Features

Micro Account

The Micro Account is designed for use by novice traders who have little trading experience or exposure to financial markets and trading. With smaller position sizes, the Micro Account is the perfect place for these new traders to start building their experience.

 

The specifications on this account are as follows:

  • Access to MetaTrader 4 or MetaTrader 5 through several devices
  • A minimum deposit requirement of 5 USD or 70 ZAR
  • Spreads from 1 pip
  • Leverage up to 1:1000
  • Access to the entire range of markets
  • Fifth decimal pricing and market execution
  • Micro-lot trading from 0.01 lots and a trade size increment of 0.01 lots
  • Maximum trade size of 7 standard lots and a limited 150 open orders
  • A margin call of 40% and stop-out level of 10%
  • Access to a personal account manager and telephone trading
  • A choice between USD or ZAR as the base account currency
  • Commission-free trading on this account

 

Premium Account

The Premium Account is tailor-made for experienced retail traders who want flexible position sizing and competitive trading conditions. The Premium Account has the following features:

 

  • Access to MetaTrader 4 or MetaTrader 5 through several devices
  • A minimum deposit requirement of 100 USD or 1,400 ZAR
  • Leverage up to 1:500
  • Spreads from 1 pip
  • Access to the entire range of markets
  • Fifth decimal pricing and market execution
  • Micro-lot trading from 0.01 lots and a trade size increment of 0.01 lots
  • Maximum trade size of 60 standard lots and a limited 300 open orders
  • A margin call of 50% and stop-out level of 20%
  • Access to a personal account manager and telephone trading
  • A choice between USD or ZAR as the base account currency
  • Commission-free trading on this account

 

Zero Spread Account

The Zero-Spread account, as the name suggests offers the tightest spreads possible in addition to other low costs, providing traders with the flexibility they need in competitive markets. The features on this account are as follows:

 

  • Access to MetaTrader 4 or MetaTrader 5 through several devices
  • A minimum deposit requirement of 200 USD or 2,800 ZAR
  • Spreads from 0.0 pips
  • Access to the entire range of markets
  • Maximum leverage up to 1:500
  • Fifth decimal pricing and market execution
  • Micro-lot trading from 0.01 lots and a trade size increment of 0.01 lots
  • Maximum trade size of 60 standard lots and a limited 500 open orders
  • A margin call of 50% and stop-out level of 20%
  • Access to a personal account manager and telephone trading
  • A choice between USD or ZAR as the base account currency
  • Commissions of $3 on Forex Major pairs and $4 on other instruments
  • Limit and stop levels from 2 pips

 

Auto Account

The Auto Account allows traders access to trading signals and the MQL5 community where traders can copy the trading signals of different Signal Providers. The specifications on this account are as follows:

 

  • Access to MetaTrader 4 across several devices
  • A minimum deposit requirement of 200 USD or 2,800 ZAR
  • Spreads from 1 pip
  • Access to the entire range of markets
  • Maximum leverage up to 1:500
  • Fifth decimal pricing and market execution
  • Micro-lot trading from 0.01 lots and a trade size increment of 0.01 lots
  • Maximum trade size of 60 standard lots and a limited 300 open orders
  • A margin call of 50% and stop-out level of 20%
  • Access to a personal account manager and telephone trading
  • A choice between USD or ZAR as the base account currency
  • Commission-free trading
  • Limit and stop levels from 2 pips

 

HFCopy Account

This Account type is suited to both Strategy Providers (SPs) as well as followers who have signed up with HotForex’s HFcopy service. With this account, SPs can register an account to build their extensive portfolio of followers to earn a performance fee of up to as high as 50%. Followers can register this account and deposit funds to start copying the trades of different SPs.

 

The specifications of this account type are as follows:

  • Access to MetaTrader 4
  • A minimum deposit requirement of $300 for a Strategy Provider and $100 for a Follower
  • Spreads from 1 pip
  • Access to Gold, Spot Indices, and Forex
  • Maximum leverage up to 1:400
  • Fifth decimal pricing and market execution
  • Micro-lot trading from 0.01 lots and a trade size increment of 0.01 lots
  • Maximum trade size of 60 standard lots and a limited 300 open orders
  • A margin call of 50% and stop-out level of 20%
  • Access to a personal account manager and telephone trading
  • USD is the base account currency on this account
  • Commission-free trading offered
  • SPs are allowed a maximum of 100 followers unless otherwise indicated by HotForex

 

HotForex Demo Account

HotForex offers access to a demo account that can be used for several purposes, including:

 

  • A practice account for beginner traders
  • A risk-free platform where traders can test their trading strategies
  • An easy way for traders to explore HotForex and its platforms before they commit to registering a live trading account and depositing funds

 

HotForex Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

 

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

HotForex offers traders the opportunity to convert their live trading account into that of an Islamic Account, exempting them from earning/paying interest that is prohibited by their religion.

 

HotForex Pros and Cons

PROS CONS
HotForex is a multi-regulated broker US clients are not accepted
HotForex has a global presence
More than 2.5 million traders are registered with the broker
Islamic and Demo account provided
MetaTrader supported
A choice between several account types

HOTFOREX AT A GLANCE

Broker's Name HotForex
Headquartered Cyprus
Year Founded 2010
Regulating Authorities CySEC, FCA, DFSA, FSCA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:1000
Minimum Deposit $5
Deposit Options
  • Bank Transfers
  • Credit Card
  • Debit Card
  • Skrill
Withdrawal Options
  • Bank Transfers
  • Credit Card
  • Debit Card
  • Skrill
Platform Types
  • MetaTrader 4
  • MetaTrader 5
OS Compatibility Web browsers, Windows, macOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets
  • Forex
  • Metals
  • Commodities
  • ETFs
  • Stocks DMA
  • Energies
  • Indices
  • Shares
  • Bonds
Languages supported on Website English, Portuguese, Spanish
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

You might also like: HotForex Demo Account

You might also like: HotForex Fees and Spreads

You might also like: HotForex Islamic Account

You might also like: HotForex Minimum Deposit

You might also like: HotForex Sign up Bonus

 

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

 

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with HotForex?

You can trade any of the following instruments:

  • Forex
  • Metals
  • Commodities
  • ETFs
  • Stocks DMA
  • Energies
  • Indices
  • Shares
  • Bonds

 

Which platforms are supported by HotForex?

HotForex only supports the use of MetaTrader 5 on the following:

  • MetaTrader 4
  • MetaTrader 5

 

Does HotForex offer leverage?

Yes, HotForex offers leverage up to a maximum of 1:1000.

 

What spreads can I expect with HotForex?

You can expect spreads from 0.0 pips on the Zero Spread Account.

 

Does HotForex charge commission?

Yes, HotForex charges commissions between $3 on Forex Majors and $4 on other instruments.

 

Are there additional charges on the Islamic account?

No, there are no additional charges indicated on the Islamic Account.

 

Is HotForex regulated and by whom?

Yes, HotForex is regulated by CySEC, FCA, DFSA, and FSCA.

 

Is HotForex a recommended forex trading broker for experts and beginners?

Yes, HotForex is an ideal broker for both beginners and experts.

 

What is the overall rating out of 10 for HotForex?

9/10.

 

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

 

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

 

Does HotForex offer a demo account?

Yes, HotForex offers a demo account.

 

How long is the demo account valid?

The demo account is available for an unlimited time.

 

Which live trading accounts does HotForex offer?

HotForex offers the following live trading accounts:

  • Micro Account
  • Premium Account
  • Zero Spread Account
  • Auto Account
  • HFCopy Account

 

Does HotForex offer an Islamic Account?

Yes, HotForex offers the option of an Islamic Account to Muslim traders.

 

What are the available deposit currencies for a live trading account?

USD and ZAR.

 

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with HotForex?

$5.

 

How do you make a deposit and withdraw money with HotForex?

  • Bank Transfers
  • Credit Card
  • Debit Card
  • Skrill

 

Does HotForex charge withdrawal fees?

No, HotForex does not charge withdrawal fees.

 

How long does it take to make a withdrawal?

The processing time on withdrawals will depend on the withdrawal method that is used. It can be instantly, or it could take a few business days.