Point Summary

Headquarters Spirou Kyprianou 50 Irida 3 Tower 10th Floor Larnaca 6057 Cyprus
Regulation
CySEC, DFSA, FCA, FSCA, fsa-sc
Platforms MT4 and MT5
Instruments 17 trading tools and 150+ trading products with access to global markets, Indices, Metals, Energies, Shares, Commodities, Bonds and Cryptocurrencies
Costs Based on a variable spread with no commission
Demo Account Available
Minimum deposit 5$
Leverage 1:30 to 1:1000
Commission on Trades No
Fixed Spread No
Deposit, Withdrawal options Credit Card, Cryptocurrencies, FasaPay, iDeal, Maestro, etc
Education Professional Education
Customer Support 24/5


Introduction

HotForex Review

HotForex has been around since 2010 when it was started in Mauritius. They are a leader when it comes to providing forex services online, as well as being a worldwide CFD broker. They place an emphasis on their customer.

HotForex and HF Markets are unified brand names of the HF Markets Group. While the group holds licences for different entities from different regulators includingfrom the FCA UK, CySEC Europe, FSCA South Africa, DIFC Dubai, and the SFSA Seychelles, the broker also offers some users the ability to open trading accounts with HF Markets (SV), depending on their location, which is a registered International Business Company in St. Vincent and the Grenadines and as such is not regulated.

This Broker is a multi-asset broker that offers Forex and Commodities through CFDs trading services through the choice of 7 account types and trading platforms with tight spreads averaged EUR USD 0.1. The broker brings access to unrestricted liquidity allowing any size or profile trader to make a choice between various spreads and liquidity providers via automated trading platforms and performance of any strategy.
HotForex Review

Pros Cons
  • Founded in Cyprus known for its great technology
  • Regulated by the financial Investment Commission ASIC, CySEC, Financial Conduct Authority FCA
  • Commission-free trading accounts available.
  • Broker with some of the best range of Forex and Commodities markets
  • Competitive spreads from the live comparison table.
  • Lots of premium MetaTrader tools and indicators such as AutoChartist.
  • Only 56 shares are available.
  • St. Vincent and the Grenadines entity unregulated.



Awards

They have won numerous awards since they started their business operations, including being part of the Top 100 Companies list that was compiled by the World Finance Magazine in 2017, Best Clients Funds Security Global, Best Client Services - Global 2020, Best Client Funds Security Global, Best Forex Broker Asia 2019, Best Forex Mobile Application, ect

HotForex Review



Is HotForex safe or scam?

HotForex is a brand name of the HF Markets (Europe) Ltd. that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, along with cross border licenses due to its European position, authorizing the company to provide investment services within EEA zone.

In simple terms it means the broker is regulated and authorized to offers its trading service along with necessary safety measures and controls applied.
HotForex Review

Is HotForex legit?

In addition to its main license from CySEC, the broker holds other licenses to be able to serve clients from some specific jurisdictions including South Africa, Dubai, England and more. Which all in all maker HotForex legit broker.

Also, there are HotForex entities that are registered in offshore zones alike Mauritius, SVG and Seychelles. While our general recommendation is not to trade with offshore brokers as they simply do not regulate Forex trading, due to HotForex multiple parallel regulations it is considered to be safe to trade with them.

Legal entity Regulation Comparison
HF Markets (Europe) Ltd Regulated by CySEC (Cyprus) registration no. 183/12
HF Markets (UK) Limited Licensed by FCA (UK) registration no. 801701
HF Markets (DIFC) Ltd

Authorized DFSA (Dubai) registration no. F004885
HF Markets SA (PTY) Ltd Licensed by FSCA (South Africa) registration no. 46632
HF Markets (Seychelles) Ltd Authorized by FSA (Seychelles) registration no. SD015
HF Markets (SV) Ltd Authorized by FSA SVG registration no. 22747 IBC 2015
Authorized by FSC (Mauritius) registration no. C110008214

HotForex Review

How are you protected?

For the funds protection, which is an important part of the regulated broker, HF Markets (Europe) Ltd. is a member of the Cyprus Investor Compensation Fund. It constitutes a claim of the covered clients against investment firms. Clients’ deposits are protected under the requirements of the regulators.

  • Being part of the Financial Services Compensation Scheme for FCA UK accounts.
  • Being part of the Investor Compensation Fund for CySEC Europe accounts.
  • Offering negative balance protection.
  • Holding client funds in segregated accounts.
  • Having additional Civil Liability insurance.

While in addition to that HotForex made further efforts to safeguard traders 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. However, according to applicable laws and regulations, the conditions vary from one entity to another.
HotForex Review



Leverage

While trading with HotForex you can operate with fixed or floating leverage, which is indeed a very useful tool, especially for traders of smaller size. Leverage brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly.

HotForex offers various leverage levels from the “modest” one as determined by European regulations and various other measures, and up to very high ratios. Yet, again always make sure to learn about high risks of leverage, as retail trading accounts lose money rapidly due to high leverage.

HotForex Review

Therefore, your leverage levels are firstly settled according to the regulatory requirement in the region or another also your prof level in finance, so make sure to verify with the customer support team which one you entitled to.

  • European entities that oblige to ESMA regulation, the maximum leverage ratio is set to a 1:30 on Forex instruments, 1:25 Spot Metals, etc.
  • South Africa residents may access leverage of up to 1:200
  • Higher leverage ratios like 1:400, 1:500 or even 1:1000 are offered through HotForex offshore entities since a particular registration does not limit offering and allows high leverage levels.


Accounts

If you want to open an account with HotForex, it provides you with an unparalleled variety of account options allowing you to select and enjoy a tailored trading experience with an offer of 6 different accounts with specific requirements.

From the very beginning, you may sign in for Demo Account and then transfer it to a Live one just by depositing money.

Pros Cons
  • Fast Account Opening, fully Digital None
  • 6 Account types
  • Great options for a particular trading style
  • Very Low Min deposit free of charge
  • Micro Account and Islamic Account offered

None

6 different trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy 3 core trading accounts called Premium, Zero Spread and Premium Pro, as shown below. Different accounts are available under different regulated entities. As such, some accounts are only available under specific regulation and not under the other. They also offer free demo trading accounts and Islamic swap-free accounts.
HotForex Review
Every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions per trade which are detailed later on in this review.

A live trading account can be opened by clicking the ‘Open Live Account’ button on the broker’s website. This will then redirect you to a registration page, as shown below:
HotForex Review
Once this has been filled in, users are then able to start in just 3 steps after confirming your email address and then entering the myHF Area to open a trading account, as shown below:

HotForex Review

Once logged in to the myHF Area, users can open new trading accounts, access free VPS services, view the different trading tools and deposit and withdrawal methods. To complete the account opening users will need to verify their identity and proof of address, of which details are sent in the confirmation email:
HotForex Review

How to open a Demo Account?


To open a Demo account you should simply follow the process of risk-free account opening so you will get access to either MT4 or MT5 platforms with unlimited demo funds.

And once you ready or decided to start Live Trading you can submit for a Live account where HotForex may ask you for confirmation of your documents including identity, residency and other prove before you start. In both cases, you will get access to myHF client area where you can manage all your accounts and finances.

So here is the step by step process of Demo Account opening.


Opening a Demo account step by step


1. Go into HotForex Demo Account Sign In page

2. If you are a new client enter your personal data First and Last Name, Country of residence, email, phone, etc. Or in case you’re existing client follow sign in

3. Fill in all required information for the first register of myHF

4. An account will be approved almost immediately, where through your client area you can get access to New Demo Account, follow with Live Account and manage your funds




Products

One of the HotForex Pros also its offered market range that includes 17 trading tools and 150+ trading products covering 49 Forex pairs, 8 Commodities, 11 Indices, 56 Shares, 3 Bonds and 4 Cryptocurrency CFDs with access to global markets. These include Indices, Metals, Energies, Shares, Commodities, Bonds and due to increasing demand now offering Cryptocurrencies with Bitcoin, Ethereum, Litecoin, Ripple and more.
HotForex Review


Below is a list of just some of the available markets for trading:
 

FOREX INDICES COMMODITIES
EUR/GBP AUS200 Cocoa
AUD/NZD FRA40 UKOIL
USD/JPY GER30 XAGUSD
Bonds Shares Cryptocurrencies
Euro Bund Adidas BTC/USD
UK Gilt Chevron ETH/EUR
US 10-year Treasury Note Rolls-Royce LTC/USD

* Details regarding the available assets are taken from the HotForex website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and the account type opened.


Platforms

HotForex Review

Like a lot of forex brokers, HotForex utilises MetaTrader as their trading platform. This is ideal for those traders who are well used to using this trading platform and it is quite easy to pick up for those who don’t have any experience using it.

There are many different features and tools available to you as part of this platform which helps to enhance the ability of the trader.

There are many different version of MetaTrader 4 available with HotForex, including their desktop, multi-terminal, web browser, iPhone, iPad, Android and general smartphone versions of the trading software.

Web Trading Platform


MT4 and MT5 terminals available in various versions that suit your personal needs and allows efficient trading through the Desktop Platform, WebTerminal. Or by the use of MT4 MultiTerminal with access to manage multiple accounts simultaneously.

User-friendly platform that allows efficient trading directly from any web browser, without the need to download any additional software. Traders can place pending or market orders and view all their trading activity on both Live and Demo accounts.

HotForex Review

Advantages and benefits:

  • Configurable charts and real-time quotes
  • View all trading activity
  • Trade directly from the charts
  • No download needed


Desktop Trading Platform


HotForex MT4 is a user-friendly interface with interbank liquidity and fast execution which offers a number of benefits to the end user and satisfies many of the most popular trader needs with its variety of tools and resources.

A perfectly equipped workplace, this powerful platform allows traders to efficiently analyze price dynamics, make trade transactions and work with automated programs (Expert Advisors). All these features and more are combined into one platform that provides all you need to start trading in the financial markets.
HotForex Review
Advantages and Benefits:

 
  • Ease of use through its user friendly interface.
  • News feeds directly into the trading platform
  • Encourages the use and development of expert advisors
  • Multilingual platform
  • Daily account statement
  • Real time client account summary, including account equity, floating profit and loss
  • Trailing stop loss facility.


Mobile Trading Platform


As a result of being a MetaTrader only platform, you will able to utilise the platforms on iOS and Android devices, through the MetaTrader 4 (MT4) app which can be downloaded straight away from either the App Store or the Android Play store.

MT4 and MT5 mobile trading are known for its advanced capabilities and interactive charts with almost the same productivity as its full versions. Besides, there are over 30 technical indicators and 24 analytical objects, so mobile capabilities are truly great.

HotForex Review
HotForex Review
Advantages and benefits:

 
  • Secure and confidential
  • Set Stop-Loss and Take-Profit
  • All types of orders
  • Real-time market price overview


HotForex HF App for mobile trading

Traders can also access the broker’s own HF App which provides a range of unique features and benefits, such as:
HotForex Review

HotForex Review
Users can download the HF App directly from the myHF Area, the broker’s website or from the relevant app store, as shown below:
HotForex Review
Below are some of the differences between the MetaTrader 4 and MetaTrader 5 trading platforms provided by HotForex
and decide which one is best for you, take a look at the table below:

HotForex Review
Below are the feature is supported by Hotforex.
Feature HotForex
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting - Indicators / Studies (Total) 51
Charting - Drawing Tools (Total) 31
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
Order Type - Trailing Stop Yes

__________________________________________________________________________


 


Trading Feature

HotForex provides a range of additional trading features such as a free VPS, free access to AutoChartist scanners and risk calculators and premium MetaTrader trading tools.

HotForex provides a range of additional trading features such as free access to AutoChartists’ MetaTrader market scanner and risk calculator and other features as shown below:
HotForex Review
The broker also provides access to Premium Trader tools for Metatrader. This includes tools such as a trade terminal, a mini terminal, sentiment trader indicator, a session map, a correlation matrix and an advanced indicator package including renko bars, pivot points and more, as shown below:
HotForex Review
HotForex also provides a free VPS package depending on your minimum deposit, as shown below:
HotForex Review


Commissions and Fees

Trading costs with HotForex vary depending on the market being traded, the account type opened and the regulator used. Generally, every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions payable per trade, as shown below:

HotForex Review

HotForex does not offer fixed spread. HotForex does not charge additional fees or commission, thus your calculation of the position is quite seamless and easy despite the level of trader you are.

Spreads fees defined by the account type you use, thus Micro Account spread starting from 1 pip and Zero Account obviously offers 0 fee which averages spread from 0.2 pips most often. However, the difference between trading costs also defined by the margin requirements, which increase almost double in case you wish to trade with 0 spread. So make sure to verify account conditions in detail before you sign in.

Below you may see a comparison of the most popular instruments, the typical spread based on Standard conditions, as well for your information compare fees to another broker FP Markets.
 

Comparison between HotForex fees and similar brokers
 
Asset/ Pair HotForex FXTM XM
EUR USD 1.2 pips 1.5 pips 1.6 pips
Crude Oil WTI 5 pips 9 pips 5 pips
Gold 19 9 35
BTC USD 30 20 60
Inactivity fee Yes Yes Yes
Deposit fee No No No
Fee ranking Low Average High


Spreads and swap information as shown below for HotForex accounts opened from the St. Vincent and the Grenadines entity, HF Markets (SV) Ltd:

HotForex Forex Trading
HotForex Review
HotForex Indices Trading
HotForex Review
HotForex Metals Trading
HotForex Review
HotForex Crypto Trading
HotForex Review
HotForex Share Trading

HotForex Review

Overnight Fee
 

As well always consider overnight or rollover fees as trading costs in case you holding an open position longer than a day. This fee is defined by each instrument separately and you will see it directly from the platform or upon the opening of the trade, see below example with Cryptocurrencies.

However and unless you trading through swap-free accounts designed to traders following Sharia rules, as these accounts restricted from any interest rates or swaps.


An overview of the Non Trading Fees


Lastly, there is a fee charged in case you didn’t use your account and show no activity for 6 months or more. After this your account entitled to 5$ HotForex inactivity fee per month.

Despite this, there are no deposit fees or some of the withdrawals are free as well, which we will see in our HotForex review further.

Deposits and Withdrawals

There are many different deposit and withdrawal options available for users of the HotForex platform. MasterCard and Visa cards are of course catered for in addition to the likes of Skrill, American Express, Neteller, mybitwallet, WebMoney and bank transfers.

Deposits

Typically you can top-up account from 5$, yet, if you just make a first deposit check out preferences on a minimum requirement according to the account type as well.

Deposits can take between 10 minutes and 2 business days depending on the method and does not apply deposit fees:
HotForex Review
HotForex Review

Withdrawals

Withdrawals are processed after the submission of a request Monday to Friday and are mostly fee-free as shown below:


HotForex Review
HotForex Review


How do I withdraw money from HotForex?
 

In order to proceed with the Withdrawal, you should access your myHF area and submit a Fund Withdrawal request.

1. Access your myHF page and account area

2. Select ‘Fund Withdrawal’

3. Chose the appropriate withdraw method and amount

4. Confirm necessary data and processing time/ fees

5. Submit

6. Follow up and check on the process or confirmations through your page


How long does it take to withdraw money from HotForex?
 

Various payment methods will process withdraw money I slightly different time. HotForex accounting team confirms transactions quite quickly, within business days of course, yet the matter might take longer due to payment providers.

Alike Wire transfer will take 2-10 working days, also depending on your bank and international policy processing, while ewallets will load the request Instant.



Bonus and Promotion

At the time of writing, there are 4 bonuses and promotional schemes offered by the HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd. These include:
 

  • they are celebrating their 10th Anniversary by offering all of thier loyal Clients and Partners generous withdrawable rewards $2,000,000
  • 100% super-charged bonus: For every deposit over $250 there is the chance to earn daily cash rebates of $2 per lot.
  • 30% rescue bonus: For every deposit over $50 there is a maximum cumulative bonus of up to $7,000.
  • 100% credit bonus: Increases account leverage


Users can find more information on the broker’s Promotions page:
HotForex Review

Customer Support

You can get in touch with a member of the HotForex customer support team 24 hours a day. You have the option of sending an email, talking to a representative via live chat or ringing them over the phone. There are different numbers you need to ring depending on the specific region you are located in.

The broker provides support in 27 languages that is an impressive number which covers world trading need and allowing traders from almost any country to join trading and get quality support.

There are more than a dozen languages catered for through the customer support team and the support is available five days per week. They also have a comprehensive FAQ section in which you will very likely find answers to your questions.

Pros Cons
  • Customer oriented policy
  • Live Chat
  • Supporting 27 languages
  • Fast answers
  • No 24/7 customer service

Furthermore, the website features an elaborate FAQ section with answers to the most common queries.

HotForex Review
For instant feedback and answers to the most common queries, users can consult the FAQ section, in the ‘Support’ section of the website. In this extensive and comprehensive overview the most Frequently Asked Questions are listed and categorized per theme. A search bar allows users to browse any queries relating to their topic of interest.

Contact Information:

  • Address: HF Markets (SV) Ltd, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
  • Email: [email protected]
  • Phone: +44-2033185978

Research Education

HotForex have an extensive education section as part of their platform to help their traders as much as possible. They have everything from regular Market News, Analysis and Market Outlook reports. Via the designated HotForex Analysis traders can access analysis and research in an article, video, podcast, webinar format and step by step courses.

All of these resources are available to anyone and they are ideal for those trading out their trading journey and more experienced traders alike.

HotForex Review
The Market news feed is updated in real time, keeping traders informed as to important events in the markets and their possible impact or implications.


Beside that Beginner traders can consult the E-course and Glossary section for a basic understanding of the Forex market and the basics of trading.
HotForex Review

These articles are feature rich and can be of value to beginner traders as well as more advanced traders. HotForex offers elaborate and varied market analysis content. Traders can benefit from weekly, monthly and annual market reports.


Noteworthy Points

HotForex has a VPS hosting service if you need it and they have a whole host of trading tools, calculators and market analysis all in one place that will fit all of your needs.

It really is a one stop shop for all of your trading needs, as they look after the needs of their users from start to finish.

They are well respected in the industry and this is reflected by the numerous awards they win each and every year. They are involved with numerous charities, including the likes of Unicef and Red Cross, as well as sponsoring numerous events over the years, such as the 2017 Carrera Cup.
HotForex Review

Conclusion

HotForex is a one stop shop for all of your trading needs, whether you are new to trading or have many years of experience

They have a great education centre which will allow you to educate yourself on all manners of training, as well as keeping up to date with the latest market analysis.

Their customer support team is always available to help and they have tried and trusted banking options which keep your funds safe and sound. They’re regulated by numerous respected bodies across the world and have competitive pricing across the board through their various account types.

The services and products are tailored to specific requirements while bringing a comprehensive range of clients’ accounts, platforms, tools, and instruments with an ability to choose a suitable strategy. So either you wish to join copy traders or to use EAs, perform scalping or become a partner etc. there is an option for all.

Overall, HotForex is one of the best brokers on the scene today and are definitely a great option if you are looking for a new broker.

Nevertheless, it is always good to know your personal opinion about HotForex so you may share your thoughts in the comment area below.

Thank you for rating.
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