FOREX BROKERS HOTFOREX REVIEW REVIEWS

HotForex Review 2019

Investor Protection & Regulations

“Best security practices and regulatory laws help HotForex to provide secure trading services with the latest investor protection systems. The broker is regulated by the FCA and CySEC and offers an investor compensation scheme”.

One form of investor protection comes via brokerage regulation. The FX brand of the HF Markets Group is known as HotForex and is regulated as follows:

  • The Financial Sector Conduct Authority (FSCA) regulates HF Markets SA (PTY) in South Africa. The authorization number is 46632.
  • The Cyprus Securities and Exchange Commission (CySEC) regulates the HF Markets (Europe) Ltd. The license number is 183/12 and the regulatory info can be viewed here.
  • The Financial Conduct Authority (FCA) regulates the UK branch of the business known as HF Markets (UK) Ltd. The reference number is 801701 and the details can be found here.
  • HF Markets (DIFC) Ltd is regulated by the Dubai Financial Services Authority (DFSA) licence number F004885. Search here for details.
  • The Financial Services Commission (FSC) regulates the HF Markets Ltd in the Republic of Mauritius. The license number is 094286/GBL.
  • The Financial Services Authority (FSA) regulates the HF Markets (Seychelles) Ltd. The license number is SD015
  • HF Markets (SV) Ltd is incorporated in the St. Vincent and the Grenadines with the registration number 22747 IBC 2015.

In order to provide adequate security, HotForex has implemented the following procedures:

  • KYC

Every client is required to provide a ‘Proof of Legal existence’ and a ‘Proof of Address’. This is to curb money laundering and check other financial crimes.

  • Client Funds Segregation

HotForex maintains client funds in segregated Major Bank accounts. This ensures safety of client funds even if HotForex becomes insolvent in the future.

  • Insurance

HotForex took an insurance policy to the tune of €5,000,000. This is to protect themselves in case of errors, fraud, negligence, etc.

  • Website Protection

HotForex Website and trading platforms are protected with a secured socket layer (SSL). This ensures that all data are encrypted during transmission over the internet.

Details of Hotforex’s privacy policy can be viewed here.

  • Investor compensation scheme

Investor compensation scheme through both the CySEC and FCA regulations to the tune of 20,000EUR and 50,000 GBP respectively.

Tradable Products

“HotForex provides over 100 trading instruments for trading on their platforms. This includes 49 currency pairs, 5 cryptos, 56 stocks, 22 indices, 7 commodities, 9 futures  and 3 bonds”.

The following instruments are available for trading:

CURRENCIESCOMMODITIESSHARES
CADCHFCocoaAdidas.K
CADJPYCoffeeAIRFKLM.K
CHFJPYCopperALCOA
EURCADCottonALIBABA
EURCHFPalladiumAMAZON
EURGBPPlatinumAMEX
EURJPYSugarANGLO
EURUSDBONDSAPPLE
GBPCADEUBUND.FBankia.K
GBPCHFUKGILT.FBARC
GBPJPYUS10YR.FBAY
GBPUSDCRYPTOCURRENCIESBayer.K
USDCADBTCEURBBVA.K
USDCHFBTCUSDBOA
USDJPYDSHUSDBOEING
AUDCADETHEURBPLON
AUDCHFETHUSDCanopy
AUDJPYLTCEURCHEVRON
AUDNZDLTCUSDCISCO
AUDUSDXRPUSDCOKE
EURAUDMETALS AND ENERGIESDaimler.K
EURCZKUKOIL.SDanone.K
EURDKKUSOIL.SEBAY
EURHUFXAGEURFB
EURNOKXAGUSDGE
EURNZDXAUEURGOOGLE
EURPLNXAUUSDGS
EURZARINDICESGW_Pharma
GBPAUDAUS200HLT
GBPNZDFRA40HSBCL
GBPZARGER30Iberdrola.K
NZDCADJPN225IBM
NZDCHFNETH25ILMN
NZDJPYSPA35INTEL
NZDUSDSUI20LLOY
USDCNHUK100Lufthansa.K
USDCZKUSA100LVMH.K
USDDKKUSA30Mapfre.K
USDHKDUSA500.SMCARD
USDHUFMCDON
USDMXNMSFT
USDNOKNetflix
USDPLNPFIZER
USDRUBQCOM
USDSEKRBS
USDSGDRIO
USDTRYRollsRoyce
USDZARSantander.K
ZARJPYTelefon.K
TESCO
Tesla
TEVA
Tilray
TWTR
VOD
Volksw.K

Account Opening

“The Micro, Premium, Zero, Auto and HF Accounts are the major account types provided by HotForex. The minimum deposit starts at just $5 for the micro account and the leverage is 1:1000, this goes to $200 for Auto account and the Zero account has a minimum deposit of $200 with a leverage max of 1:500. Spreads are all variable”.

There are different types of account based on platform, trader experience and trading capital. They are as follows:

  • Micro Account

The MT4, MT5, WebTrader and mobile trading platforms are available for micro account holders. The minimum deposit required is $5 and a maximum leverage of 1:1000 is obtainable.

  • Premium Account

This account is designed for professional traders and the platform is MT4, MT5, WebTrader and Mobile. The spreads start from 1 pip and a maximum leverage of 1:500 is available. The minimum account opening deposit is $100.

  • Zero Account

This account features raw spreads from 0 pips. The minimum account opening deposit is $200 and the maximum leverage is 1:500. The MT4, WebTrader and Mobile trading platforms are available for Zero Account holders.

  • Auto Account

The Auto Account is targeted at newbies and non analytical traders. Only the MT4 platform is available. Traders have the opportunity to subscribe to trading signals built into the HotForex MT4. A minimum of $200 is needed to open this account.

  • HF Copy Account

This is a social trading account available for ‘Strategy Providers’ (SPs) and ‘Followers’. The followers copy the trades from the SPs they select. The SPs create their account and attract a group of followers (up to 30) which helps him earn a performance fee. The platforms available are MT4, WebTrader and Mobile trading. The trading instruments are only forex and Bitcoin. The minimum opening account balance is $500 for a Strategic Provider and $100 for a follower. The maximum leverage is 1:400.

  • Islamic Account

Swap fees or rollover fees are not charged for holding positions overnight on this account type. It is available as Micro, Premium, Zero and Auto Account types.

A Demo account with an opening capital of $100,000 is provided for all clients who wish to test their strategies or experiment with real market conditions. To open a demo account, just click on the ‘demo’ button on the top right area of the HotForex website.

Fill the form and click on ‘Register’. Email confirmation is done when you click a link that will be sent to the email address that you provided. Once email verification is done, the account is automatically created. A second email containing ‘myHF ID’ and ‘password’ is received.

At this point, the MT4 trading platform can be downloaded and installed.

After the installation, choose the demo server and then click ‘next’. The next step is to login with the provided ‘user id’ and ‘password’.

HotForex services are not available to residents of the USA, Canada, Sudan, Syria and North Korea.

*Applicable only to HF Markets (SV) Ltd

Deposit & Withdrawals options

“Bank Transfers, Credit/Debit cards as well as eWallet Payments are accepted for deposits and Withdrawals. HotForex does not charge for deposits and most transactions are processed within 10 minutes. Withdrawal takes 24 hours to process and charges come from the payment provider rather than from HotForex themselves who do not charge”.

Generally, HotForex do not charge deposit or Withdrawal fees. The same method used for deposits must be used for withdrawal. Third party transactions are prohibited. Withdrawals submitted before 10am (server time) will be processed on the same working day. The following payment methods are accepted:

  • Bank Wire Transfer: Minimum transaction amount is $100 and the maximum is unlimited. It takes 2-10 working days to complete deping on the banks involved.
  • Visa/Maestro and Master Cards: The minimum transaction amount is $5 while the maximum is $10,000 for Visa/Maestro and $7,500 for Mastercard. Deposits are usually instant but can take up to 10 minutes. Withdrawals take 2-10 business days.
  • China UnionPay: The minimum transaction amount is $50 while the maximum is $8,000. Deposits can take up to 24 hours while withdrawals take up to 2-5 business days.
  • BitPay: This involves payment with bitcoins. The least amount of payment accepted is $5 while the highest is $10,000. Deposits take up to 10 minutes to process while withdrawals take 1-3 working days to complete.
  • Neteller/WebMoney: $5 is the least amount accepted while $50,000 is the maximum. The transactions are processed instantly.
  • FasaPay: The transactions are processed instantly. The minimum amount is $5 while the maximum is $5,000.
  • WebMoney: This payment gateway processes transactions instantly. The least amount accepted is $5 while $50,000 is the highest amount accepted per transaction.

HotForex asserts that funds are safe with them as the transaction channels are tested and trusted. Also, there have been no reports of stolen or lost funds with HotForex brokers.

Web & Desktop Trading Platforms

“HotForex offers the MT4 and MT5 trading platforms across multiple operating systems. This includes download, web and mobile”.

HotForex provides the MT4/MT5 Web Terminal. The advantage of this platform is that no downloads are required. It runs on all operating systems and on all devices.

HotForex also provides the MT4 and the MT5 as downloadable desktop versions. The MT5 is downloadable on the windows PC and the Apple MAC while the MT4 is downloadable on the Linux, MAC and Windows operating systems.

*Applicable only to HF Markets (SV) Ltd

Mobile Trading Platforms

“The MT4 and MT5 are available as android and iOS apps. They are stripped down versions of the desktop and webtrader but contain all the features necessary to trade, follow news and contact HotForex”.

Both the MT4 and the MT5 can be used on mobile phones via the mobile apps for android and for iPhone. Both apps are downloadable from the respective app stores or from the HotForex website.

Here are some of the basic features of the MT4/MT5 mobile apps:

  1. Performs trading operations anywhere including ‘one click’ trading.
  2. Real time quotes and market price overview.
  3. Full account management including ‘order history’.
  4. Real time charts for analysis including chart trading.
  5. Over 20 indicators and multiple time frames.

*Applicable only to HF Markets (SV) Ltd

Trading Features

“The MT4 and the MT5 are sophisticated platforms suitable for all kinds of traders. Traders can utilize the various trader-frily features on these platforms”.

The following are a few features of the MT5 platform:

  • 21 Timeframes: From one minute to one month. It includes multiple minutes and hours timeframes.
  • 38 indicators: These include; Momentum indicators, Tr indicators, Bill Williams indicators, Volume indicators and several custom indicators.
  • Analytical Objects: The MT5 features 44 analytical objects
  • With the MT5, a trader can create his own Forex robot. This is because of the ‘MetaQuotes Language Editor’ environment.
  • MT5 also features a Multi threaded strategy tester.

The MT4 is the older version of the MT5. It is still the most popular trading platform widely used by many forex and CFD traders. Here are some of its features:

  • 9 Timeframes; from one minute to one month.
  • 30 Technical Indicators and 31 Analytical objects.
  • Four ping order types.
  • Access to the MQL5 Markets where Forex robots, signals, indicators and other trading tools can be bought to enhance trading.

Some other tools provided by HotForex are:

  • VPS: This is essential for traders who need stability and flexibility. HotForex provides it free of charge for traders who have a minimum deposit of $5,000. Paid subscription starts from $30 per month deping on the chosen plan.
  • 8 Trading Calculators are provided. They are:
  1. Risk Percentage
  2. Multitarget Calculator
  3. Pivot Points Calculator
  4. Pip Value Calculator
  5. Position Size Calculator
  6. Swaps Calculator
  7. Risk and Reward Calculator
  8. Fibonacci Calculator
  • Autochartist Tool: This tool can be installed on the platform to scan the charts and alerts the trader when a trading opportunity is available. HotForex offers it free of charge.
  • Premium Trader Tools: These are a set of technological trading tools available for a wide range of trading strategies. They are:
  1. Trade Terminal
  2. Mini Terminal
  3. Connect
  4. Sentiment Trader
  5. Session Map
  6. Alarm Manager
  7. Excel Rtd
  8. Market Manager
  9. Correlation Matrix
  10. Correlation Trader
  11. Tick Chart Trader
  12. MT4 & MT5 Indicator Package.

Commissions & Spreads

“HotForex charges spreads, which vary deping on the type of account. The spread on the EUR/USD averages 1.2 pips, which is higher than on many platforms”.

The table below shows the typical spreads for the given instrument (symbol) when trading on the HotForex platform. The values were taken from the HotForex official website.

* All figures were taken from the broker website at time of writing.

SYMBOLTYPICAL SPREADSYMBOLTYPICAL SPREADSYMBOLTYPICAL SPREAD
FOREXCRYPTOCURRENCIESSHARES
CADCHF2.4BTCEUR30Adidas.K0.2
CADJPY2.3BTCUSD30AIRFKLM.K0.017
CHFJPY2.9DSHUSD2.5ALCOA0.05
EURCAD2.6ETHEUR26ALIBABA0.14
EURCHF1.9ETHUSD3.7AMAZON1.3
EURGBP1.8LTCEUR10AMEX0.04
EURJPY1.7LTCUSD4.7ANGLO1.03
EURUSD1.2XRPUSD0.08APPLE0.48
GBPCAD4.1METALS AND
ENERGIES
Bankia.K0.012
GBPCHF2.4UKOIL.S0.05BARC0.5
GBPJPY3USOIL.S0.05BAY0.12
GBPUSD1.8XAGEUR0.09Bayer.K0.12
USDCAD1.9XAGUSD0.03BBVA.K0.013
USDCHF1.9XAUEUR0.49BOA0.04
USDJPY1.7XAUUSD0.19BOEING0.17
AUDCAD3.4INDICESBPLON0.12
AUDCHF4.2AUS2000.9Canopy0.06
AUDJPY2.3FRA400.8CHEVRON0.04
AUDNZD4GER301.9CISCO0.04
AUDUSD1.5JPN2259COKE0.04
EURAUD3.9NETH250.2Daimler.K0.12
EURCZK31SPA358.5Danone.K0.12
EURDKK48.2SUI204EBAY0.04
EURHUF39.9UK1000.6FB0.04
EURNOK33.6USA1001GE0.04
EURNZD6.9USA303.4GOOGLE1.6
EURPLN31.8USA500.S0.2GS0.08
EURZAR100COMMODITIESGW_Pharma0.85
GBPAUD4.5Cocoa9.6HLT0.04
GBPNZD5.7Coffee0.48HSBCL0.49
GBPZAR200Copper0.005Iberdrola.K0.013
NZDCAD5.6Cotton0.62IBM0.04
NZDCHF4.4Palladium3.7ILMN0.4
NZDJPY2Platinum3INTEL0.04
NZDUSD1.9Sugar0.06LLOY0.49
USDCNH9.5BONDSLufthansa.K0.12
USDCZK23.1EUBUND.F0.05LVMH.K0.2
USDDKK14.1UKGILT.F0.05Mapfre.K0.012
USDHKD6US10YR.F0.08MCARD0.14
USDHUF34MCDON0.04
USDMXN70MSFT0.04
USDNOK24.7Netflix0.28
USDPLN32.6PFIZER0.04
USDRUB850.9QCOM0.04
USDSEK27.6RBS0.5
USDSGD5.1RIO1.03
USDTRY95RollsRoyce0.5
USDZAR90Santander.K0.012
ZARJPY3.7Telefon.K0.012
TESCO0.49
Tesla0.39
TEVA0.04
Tilray0.7
TWTR0.04
VOD0.7
Volksw.K0.12

Bonus & Promotions

“HotForex has bonuses, rewards and contests to encourage their clients. These are only available on the HotForex platforms outside the EU and UK”.

  1. Loyalty Program: HotForex reward active traders by giving out HotForex Bars. The more you trade, the more bars accumulated. The bars can be exchanged for cash or for trading services.
  • Bonuses:

HotForex offers 3 types of bonuses namely;

  1. The 100% Super Charged Bonus.
  2. 30% Rescue Bonus
  3. 100% Credit Bonus.
  • Trading Contests:

HotForex constantly organize contests where traders win cash or other items.

Some of the ongoing contests are:

  • HotForex Gadget Giveaway: Free monthly draw gives one trader a tablet, Bluetooth speaker, or any other gadget.
  • Traders Awards 2019: Every month the most successful trader is rewarded with an obelisk, $1,000 and entry into the “HotForex Hall of Fame”.
  • Demo Contest: 3 best gainers on demo accounts are rewarded with $2,000, $1,000 and $500 every month.
  • HotForex Merchandise: These include HotForex branded T-shirts, bags, pens, caps, umbrella, coffee mugs etc. These are given to traders free of charge.

*Applicable only to HF Markets (SV) Ltd

Customer Support

“Multilingual customer support is available 24/5 across several channels such as live chat, phone and email. Support staff are helpful and easy to contact”.

The customer support is available in many languages.

  1. Live chat is available in several languages.
  2. Phone: The customer support phone number is +44 2033185978. There are other 8 phone numbers for support to clients’ resident in Russia, China, Brazil, Taiwan, India, Indonesia, Nigeria and Turkey.
  3. Email: support@hotforex.com. There are other 8 email addresses for other departments and the different languages.
  4. Social media: Facebook.com/HotForex; Instagram.com/HotForex; YouTube.com/HotForex; LinkedIn.com/HotForex; and Twitter.com/@HotForex_Broker;
  5. Contact Form: Support can be reached through the form available on the “Contact Us” page on the website.

The support desk staff are very helpful and easy to reach. The phone support assistants are knowledgeable and swift to pick up calls. The social media channels are active, frequently updated and has lots of followers. For example the facebook page has 1.2million likes. The live chat support assistant took less than 20 seconds to respond when a chat was initiated. Email support responds within a few hours.

Research

“There are multiple research tools, news and analysis provided by Forex to their clients including market reviews each day, market news and technical reports”.

HotForex has a dedicated website just for Research and Analysis (https://analysis.hotforex.com). It is manned by 3 in-house experts.  In addition to several traders’ tools, the website also features the following:

  • Daily Market Review
  • Market News
  • Technical Analysis
  • Video Analysis
  • Special Report
  • Market Outlooks
  • Economic Calendar

The HF App: This is a mobile app from HotForex which provides trading tools, news and analysis. It also gives access to live quotes and the HF account management. The app is downloadable for android and iPhone. Some features of the app include:

  • Live Webinars
  • Trading Calculators
  • Trading Positions
  • Daily Market Analysis
  • Traders’ board
  • Advanced Charting
  • Watchlists
  • Deposit, Withdraw from HF accounts.

Trader Education

“HotForex provides trader education in the form of eBooks and educational video for all levels of trader”.

HotForex provides a set of tutorials aimed at training a beginner trader to an intermediate or expert level. The training course consists of a set of videos and eBooks. The videos are clear with good quality audio and professionally presented. The eBooks are full of illustrations and good explanations.

Generally, the training provided is commable.

Trading Experience

“The brand is suitable for both beginners and pros. The selection of assets Is wide, the platform choice is sufficient and the research and reports are suitable for all levels of trades”.

The MT4 and MT5 platforms provided are perfect for traders at all levels.

The promotions and contests are very competitive as thousands of traders aim to win every month.

The analysis and research provided is top-notch and lots of clients use their proprietary app to stay updated.

There is enough educational resources for beginner traders too.

FAQ

Some of the Frequently Asked Questions about HotForex are enumerated below:

Where is HotForex based?

The HotForex brand is based in ‘Cyprus’ and ‘St. Vincent and Grenadines’.

How does HotForex make money?

HotForex makes money from spread charges and commissions.

How do I deposit in HotForex account?

Payment options accepted include Bank Transfer, Visa, Maestro, Mastercard, China UnionPay, BitPay, Skrill, WebMoney, FasaPay and Neteller.

What is the min. deposit for HotForex?

The minimum deposit is $5 for the micro account.

What is the maximum leverage in HotForex?

Maximum leverage is 1:1000.

How do I open an account with HotForex?

Fill the online form by clicking the “Open Live Account” button on the top right    side of the HotForex website.

Does HotForex use MetaTrader?

Yes, HotForex offers both the MT4 and the MT5 trading platforms.

Conclusion

“HotForex is truly a global broker. With multiple regulations and best security practices, traders’ funds are safe with this broker. They offer state-of-the-art trading platforms across multiple devices.”

This highly regulated broker goes a long way to assure clients of its reliability and safety. It offers a selection of state-of-the-art trading platforms across multiple devices. The provided MT4 and MT5 are sophisticated, well accepted and highly customizable.

HotForex provides advanced tools and technical analysis to their clients. Trader Education in form of webinars, eBooks and videos are available. Furthermore, there are lots of bonuses, promotions and contests to encourage and reward the faithful clients.

HotForex has enough in its arsenal to challenge the leading brands in the EU and UK, and it is also pushing hard to make inroads into other markets.

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