Read our full HotForex review below.

 

WHAT IS HOTFOREX?

Found in 2010, HotForex is a respectable forex and CFD brokerage firm with its headquarters located in Cyprus. This online broker is regulated by the FCA, CySEC, DFSA, FSCA (SA), and FSA.

At HotForex, clients can trade a range of trading instruments, such as Forex, Metals, Indices, Shares, and Commodities.

The broker also offers a variety of trading platforms to its traders, including MT4 and MT5.

 

INTRODUCTION

Hot Forex is an award-winning Forex commodity broker that works with both retail and institutional clients. There are different account options to meet the needs of every trader.

This site offers both Forex and the Commodities through CFD and there are different trading platforms and account types to choose from. They will allow individuals and those working as part of an institution to trade online.

There are many clients that will benefit from these services. Retail, white label, and affiliates will enjoy this automated trading platform and they will be able to customer their experience.

The headquarters for this firm is in Cyprus. There are global offices all over the world including in Dubai, South Africa, St. Vincent, and in the Grenadines.

HotForex is working with the African, Asia, and the MENA markets. They are licensed to trade and have the proper license to work in the Forex industry.

This company has many years of trading experience. They have worked in several industries and with any platform. Hot Forex is progressive, and they are working on improving their website. They understand that traditional sites can lead to delays and poor performance. This decreases customer satisfaction.

They are using the latest technology and innovative systems to make sure customers have a seamless trade. They also charge low commission rates and provide great customer service.

PROS & CONS

Pros

  • Competitive spreads
  • There are no extra fees
  • There is protection for negative balances
  • There are multiple trading accounts
  • There are tight spreads
  • There is insurance for client’s fraud
  • There is a flexible leverage, and it can reach 1:1000
  • EA, Hedging, and Scalping are allowed
  • Easy and professional trading conditions
  • Great trading tools
  • Easy to use platform options
  • Safe trading

Cons

  • Only trade Forex and CFD products
  • There are three offshore zones

Libertex Forex Broker Review

TRADING INSTRUMENTS

This broker will allow you to use some of the most popular trading instruments in the industry. They include:


Cryptocurrencies

Hotforex will allow you to trade using bitcoins, Ethereum, Ripple, and Litecoin. Crypto currencies are being very popular. There is no physical money, and they are decentralized. This site uses top Bitcoin technology that allows it to be great for trading. This is a new form of currency and is becoming popular in the trading world.


Forex

This is one of the most traded assets in the world. You can trade them in pairs, majors, and minors. The market is open 24 hours a day for five business days a week. Hotforex will allow you to have some of the tightest spreads in the industry. They start as low as 9 pips.


Metals

This is a great platform for trading metals. You will not have to worry about the foreign exchange rate on metals including gold and silver. You can use United States Dollars as well as the Euro. There is a 1 percent margin on all trades featuring gold and silver.


Indices

You will be able to trade on the leading indices. You can trade the USA500 and the UK100. These are some of the most looked after companies in both the United States and the United Kingdom.


Energies

You can trade with gas and oil. This includes Brent and Crude oil. Hotforex will allow you to enjoy trading with low spreads, small margins, and you can trade in 100-barrel lots. There is United States natural gas, and the spreads are reasonable.


Commodities

Commodities include items including coffee, sugar, and copper, among others. They are influenced by the economy, the environment, and the political aspects of a country. Hotforex will not charge a commission on commodities trades. If you think the market is rising you can buy them. If you think they are reaching a high price, then you can sell them.


Bonds

Bonds are the largest economy accepted in the world. It is important to understand the worldwide interest rates. You are going to need to pay attention to the global economy.


Direct Market Access Stocks

These stocks are used on the Mt5 platform and they are on the global stock exchange. You can get some of the best prices here. You can even watch your order being filled in real time.


TRADING PLATFORMS

A forex trading platform is needed, and it is offered to the HotForex so that clients can trade.

There are multi asset trading platforms including CFS, stocks, metals, and even cryptocurrencies. The platform that you will use will depend on your trading preferences.

Hotforex will give you award winning platforms including the Meta Trader 4 and the Meta Trader 5. You will have anything you need to make a trade. If you like to trade on the desktop there are many options. If you like to trade on the go you can also use this feature.


MT5 Trading Platform

This platform is designed for all traders and can work on all devices. You will be able to find the right trading platform for any trader and any type of trader.

The MT5 has some great features such as:

  • Being available on the desktop
  • A web terminal
  • A version for the android
  • A version for the iPhone
  • A version for the iPad


ACCOUNT TYPES

A forex account at HotForex will require a valid bank account. This will be used for trading and going from different currencies. Hotforex has different types of accounts. There is competitive pricing, good trading conditions, and conditions that will meet the needs of all traders.


Micro Accounts

  • There is a minimum depot of $5/ R 70
  • There is maximum leverage of 1: 1,000
  • There are variable spread types
  • There is 1 pip
  • The max simultaneous for all open orders is 150


Premium Account

  • The minimum deposits are $100
  • The maximum leverage is 1: 500
  • There are variable spread types
  • The pip is 1
  • The max simultaneous for an open order is 300

 

Zero Spread Account

  • The minimum deposit is 200
  • There is a maximum leverage of 1: 500
  • There is a variable spread type
  • The pipes are from 0 on forex
  • There is a max simultaneous for open orders 500 and 600 for standard lot position


Auto account

  • Maximum deposit of $200
  • There is a maximum leverage of 1: 500
  • There are variable spread types
  • The pip is from 1
  • There is a maximum of 300 for open orders


Hfcopy Account

  • The minimum deposit is $300 for strategy and $100 for followers
  • The maximum leverage is 1: 400
  • There is a pip from 1
  • The maximum for open orders is 300


HOW TO OPEN AN ACCOUNT

If you want to open a forex account on Hotforex you will need to go through a basic process and provide them with some information. This will help you make a more informed trade and increase your chance of having a successful trade.

You will need to verify your personal information to make sure you are the person who you say you are. This is done to keep your identity safe and make sure you are the person in control of the account.

Once you have verified your identity you will be able to add funds to your account.

You will be emailed your information to log in. An account can be opened by an individual, joint entity, or a corporate account.

Account approval is almost instant. You can begin by starting with a demo account. You will then be able to move to a live account so you can trade with real money.


DEMO ACCOUNT

To begin with a demo account you will need to follow the same process. The demo account is risk free. You can try out the MT4 and the MT5 platforms with unlimited funds. The funds in the demo account have no real monetary value.

If you are ready to start a live training account, you are going to need to verify your identity and may need to provide additional documentation to Hotforex. You will need to verify your residency too. You will then have access to my HF which is the client area. You can manage your account and your finances.

Here is the process for opening the demo account:

  1. Go to the Hotforex demo account sign in area
  2. If this is your first time on the site you will need to enter your name, residency information, email, phone number, and relaxed information. If you already have an account, you can sign in.
  3. You should fill in any information on the myHF page.
  4. Your account will be approved right away. You will then have access to the demo account, and you will then have access to the live account where you can use real money.

 

COPY TRADING

HF Copy

This is designed to allow traders to connect from anywhere in the world. This is a trading tool that will allow traders to work together. This account will provide trading tips for a performance fee and allow followers to use copy trades.


COMMISSIONS & FEES

There are different accounts that follow global regulations according to the entity it follows and the areas where a person lives. The cost will depend on spreads and margins.

Hotforex has light spreads and wants to make their trades attractive to people all over the industry. The fees are transparent, and the only change is the variable spread. This is the difference between the bid price and the asking price.

Hotforex will not charge fees or commissions. They will calculate the prices based on the level of trading that you do. Be sure to think about any overnight or rollover fees if you have a position for more than one day. The fee is charged if you have no account activity within the next six months.


LEVERAGE

Leverage will allow you to get additional market exposure on this trading platform and have different positions that are open to trade. These products can help you make a bigger profit, but you are at a higher risk for a loss.

Traders can have a fixed or floating leverage which is helpful especially for smaller traders. Based on ESMA regulations the maximum leverage ratio is 1:30 on Forex and 1:25 on Spot Metals. South African residents can have a leverage of 1:200.

The higher ratios such as 1:400 or 1:500 is for the offshore entities. There is no specific registration that will limit the offerings.


WITHDRAWALS AND DEPOSITS

Hotforex allows you to fund your account in 15 different ways

Deposit methods include:

  • Major credit and debit cards
  • Wire transfers are available in some regions
  • There is an e-wallet that will allow you to use cryptocurrencies and transfers

    This site has its own Hotforex Mastercard which can be used to make safe transfers online. The payment method may have a minimum deposit.

    Withdraws are easy and they are free. There may be some fees from your bank that are associated with wire transfers. To withdraw funds, you will need to go to your myHF page and request a withdraw. The payment method that you select will affect the transfer time. On average withdraws take two to ten working days. Ewallets will be funded instantly.


CUSTOMER SERVICE

Potential traders will need to make sure they get the support they need. Customer service at Hotforex can help answer questions and give supportive customer service.

Support is available in 27 different languages. Customer support can be reached over the phone, email, or chat.


SAFETY AND SECURITY

Hotforex wants to make sure that traders can use the site with confidence. They pay attention to the trading and take additional measures to make sure all the funds are safe.


Market Insurance

To make sure that clients are safe Hotforex offers Civil Liability insurance programs. This includes coverage for the clients against errors, omissions, negligence, and fraud. It may also cover other things that can lead to a financial loss.


Industry and Leader in Safety

The Hotforex company is a global leader. They offer online training, forex training, help with the United States and the UK stocks, commodities, indices, and spot metals. Client security is very important along with top-of-the-line customer support. This company is recognized in the world for excellence and a solid reputation. There are award winning services, and the clients can know that their money and accounts are safe.


Working with Major Banks

Hotforex uses only major global banks. This allows them to make sure all their tradings are safe.


Fund Segregation

The funds of the clients are put into bank accounts and they are separate from the rest of the company. The funds that are on the balance sheet cannot be used to pay back money owed to creditors. It is also to safeguard events in case the company would default.


Negative Balance Protection

The market is not stable. Hotforex has negative balance protection to help protect the volatile market conditions if things do not work out properly. No client will need to pay back if this results in a negative balance.


Risk Management

The company will look for risk and asses it. They will also monitor this risk. This means that they may need to update their policies and other arrangements. This will allow the company to look out for its clients.


RESEARCH

To trade with the confidence you need as much information about the trading platform before you begin. This will help reduce the risk and allow you to make an informed decision. This will help you from wasting money and make an informed trade.

Hotforex has many tools for analyzing the market. This includes analysis from objective parties, an economic calendar, charts, and other information such as premium trading tools. This is VPS hosting that comes with the VPS package for those that deposit at least $500.


EDUCATION

Before you begin to trade you should look up all the information, so you know you are making an informed trade. This will also help increase your chance of success. You need to explore all these tools and gain as much information as possible.

There are live webinars, tutorials, and market outlooks. There is also daily news that will allow you to become an informed trader.


GLOBAL AWARDS

This company is well respected. They have won several awards. They include:

  • Best Client Funds Society Global from Global Brands magazine
  • Top 100 companies from World Finance Magazine
  • Best Forex trading platform in 2019
  • Best Forex customer service in Latin America
  • Beyond Success Award
  • Best Partners program in the Middle East
  • Fastest growing Forex Broker Mena in 2019
  • Best Forex Broker Asia in 2019
  • Best Forex and Commodities Broker in Latin America in 2019
  • Best Forex Affiliate Program in 2019
  • Best Forex mobile application
  • Most reliable online trading platform in 2019
  • Best Forex broker in Latin America in 2018
  • Best Global Forex education provider in 2018

 

SAFE OR SCAM?

There are many authorities that watch over Hot forex.

  • HF Markets is a registered member of St. Vincent and Grenadine as an International Business company. The registration number in 22747 IBC 2015
  • The company is authorized by the CySEC and the registration number is 183 /12
  • The company is registered in the UK by the FCA, and the registration number is 801701
  • The market is registered in Dubai and the registration number is F004885
  • They are authorized by the FSA SVG and the registration number is 22747 IBC 2015
  • They are authorized by the FSC and the number is C110008214
  • They are authorized in South Africa and the registration number is 46632
  • They are registered in Seychelles and the number is SD015
  • The company is regulated by the Financial Conduct Authority under the firm reference and the number is 801701.
  • The company is licensed by the Dubai Financial Services Authority with license number F004885
  • Hotforex is authorized and regulated in South Africa under the Financial Sector Conduct Authority with license number 46632.
  • This company works in the Republic of Seychelles and is a dealer in this country.

    Hotforex is made to keep clients safe, and they have additional Civil Liability insurance. This will help protect the clients from errors, negligence, fraud, and other risks. Hotforex uses global banks and will keep the client’s account separate. They offer negative balance protection. If the account goes negative under volatile conditions, then the client does not have to pay back the negative balance.

 

CONCLUSION

Hotforex can be said to be a good option for traders. They have a global presence, and they are safe and secure. Some services and products are designed to meet specific requirements and offer an educational trading environment. There are many tools and instruments used for trading.

The prices are some of the lowest in the industry and there is protection for all traders. This company is a global leader, and they offer many great services to their clients.

Hotforex is good for traders that like the Mega Trader tool. They are one of the few companies that offer upgraded tools and services. They offer additional features from the standards.

This company uses multi asset broker. They are always making improvements and they want to mix up what they are offering to the clients. This will help them meet the various needs and demands that clients have. Hotforex has been the best in class in different areas since 2020. They are some of the bests for using the Meta Trader tool and they are also ranked high in social copy trading.