HotForex Review opening accountHotForex Review, Pros and cons, Opening an account

Hotforex broker is founded in 2010 but despite it’s short life time among other Forex brokers, it has proven that age is not a matter when it comes to trustworthiness and reliability. Over the years HotForex has grown into one of the leading online Forex Brokers in the world. The most important factor in their success is their focus on being “costumer friendly”. Many Forex brokers promise good services with high quality, but only a few can really deliver. HotForex has been able to offer exactly what their clients wish ever since their launch in 2010. In this HotForex review you will get detailed information about their pros and cons, hence you could decide better.

Is HotForex regulated?

HotForex is a unified brand name of the HF Markets Group regulated as follows:

  • HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Broker Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
  • HF Markets Ltd regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, category 1 Global Business No. C110008214 License Company Reg. No. 094286/GBL.
  • HF Markets SA (PTY) Ltd is an authorized Financial Service Provider from the Financial Service Board in South Africa, with authorization number 46632.

Read more: Fxtm review shoul I open account

Is HotForex Reliable and trustworhty?

Reliability of a broker and it’s trustworthiness, are the main factors that we should consider before opening an account. In terms of HotForex’s reliability, Hot Forex clients’ money deposits are protected under the requirements of its regulators under a Market Leading Insurance company program.

The Company has made efforts to safeguard its wealth and assets against Clients and other third parties with a Civil Liability insurance program for a limit of €5,000,000, which includes market-leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss. There is no additional cost to our clients for this cover.

is hotforex regulated

Hot Forex’s policy of negative balance protection means that even under highly volatile conditions when margin calls and stop-outs do not function properly, no client is responsible for paying back a negative balance to the broker. hey offer industry-leading security of funds, accomplished through only using major global banks and liquidity providers and keeping funds segregated to ensure that client funds are not affected if Hot Forex itself has any problems.

HotForex Trading Platforms

HotForex has gathered a wide variety of trading platforms for it’s clients to take advantage of. For example MetaTrader4 (MT4) which is supplied by MetaQuotes software is the most popular HotForex tradin platform available. Beside that you can choose any of the platforms below:

  • MT4 Desktop
  • MT4 Multi Terminal
  • MT4 WebTrader
  • MT4 iPhone Trader
  • MT4 iPad Trader
  • MT4 Android Trader
  • MT4 Smartphone Trader

Apart From MT4 there is a VIP platform called the RapidTrader. We really recommend all of our costumers to check it out!

If you are a scalper you might want to consider reading FBS review and test that broker out.

HotForex Trading instruments

Hot Forex provide one of the most thorough trading instruments ever. Trader can trade the futures market, spot markets, currency pairs, cryptocurrencies, crude oil, equities, precious metals, indices and commodity CFD’s.

HotForex Account Types

To cater to every traders needs and specifications, a vast list of account types are provided to them to choose from. they include:

Micro Trading Account
  • Min Deposit $5*
  • Leverage Available: 1:1000*
  • Variable Spread
  • Max Simultaneous position: 150
Premium Trading Account
  • Min Deposit $500
  • Leverage Available: 1:400
  • Variable Spread
  • Max Simultaneous position: 300
Zero Trading Account
  • Min Deposit $100
  • Leverage Available: 1:200
  • Variable Spread
  • Max Simultaneous position: 500
Fixed Trading Account
  • Min Deposit $500
  • Leverage Available: 1:400
  • Fixed Spread
  • Max Simultaneous position:300
VIP Trading Account
  • Min Deposit $20,000/€18,500
  • Leverage Available: 1:300
  • Variable Spread
  • Max Simultaneous position: 400
AUTO Trading Account
  • Min Deposit $500
  • Leverage Available: 1:400
  • Variable Spread
  • Max Simultaneous position: 300
HF Copy
  • Performance Fee of up to 35% from Followers who copy your trades
  • Followers: an opportunity to practice and improve your skills by copying trades

PAMM Trading Account

  • Min Deposit $250
  • Leverage Available: 1:300
  • Variable Spread
  • Max Simultaneous position: 350
HotForex Commissions & Spreads

If you are one of those traders that check out spreads and commissions in the first step, you might find hotforex spreads very appealing. They are as follows:

Instrument

Spreads (in pips)

EUR/USD 1.2
EUR/CHF 1.9
EUR/GBP 1.8
EUR/JPY 1.7
USD/JPY 1.7
BRENT CRUDE 5
SILVER (USD) 4.5
GOLD (USD) 29
UK100 1
USA500 0.5

HotForex Deposits & Withdrawals Options

HotForex respects all of it’s traders financial exchange Preferences, Hence supported deposit and withdrawal options include credit/debit cards such as VISA, MasterCard and maestro, Bank Wire transfers and eWallets such as Neteller, Skrill, Fasapay, Webmoney, UnionPay and Bitpay.

HotForex Bonus & Promotions

One of the main benefits that traders at HotForex get to enjoy is the numerous bonuses and promotional programs which the broker has (not available to HF
Markets (Europe) Ltd clients). For bonuses, there are 3 types, the 100% SuperCharged Bonus, the 30% Rescue Bonus and the 100% Credit Bonus. For the Super Charged bonus, the maximum cumulative bonus is $50,000. For the Rescue bonus, the maximum cumulative bonus is $7,000.

Read more: earn high profits with Forex signals.

Apart from bonuses, HotForex has a loyalty program which is designed to reward their loyal traders (not available to HF Markets (Europe) Ltd clients). The loyalty program is divided into 4 classes, Red, Silver, Gold, and Platinum. The more days that the trader is able to trade, the more reward he will earn through the loyalty program.

Finally, Hot Forex has also organized numerous trading competitions which traders can participate in to win attractive prizes.  These competitions run at different times and with different prizes. For more details, traders are encouraged to check HotForex’s website.

HotForex Customer Support

The customer support services at Hot Forex are available on a 24-hour basis. For assistance, traders can reach out to the support team through filling out the web contact form on their website, email, live chat or call them on the phone. For traders in the following countries listed below, they will be able to reach out to the support team through the localized telephone numbers provided.

  • Brazil +55-2139581441
  • China 4001-200742
  • India 000-800-100-7060
  • Indonesia 001-803-017-9110
  • Nigeria +234 7063705519 new!
  • Russia +8-800-100-6322
  • South Africa 0-800-999-265
  • Spain +34-931845604
  • Taiwan 00801-14-8970 new!
  • Turkey +90-850-3902146new!

So we tried to give away a complete hotforex review in this post. If you ever had any questions please let us know by email or contact form in contact us section.

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