HotForex Review

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Company Information Hotforex is an online Forex and commodities broker which started its operation in 2010 (there is some confusing data about this with some reviewers stating that it was… more

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Website URL
HeadquartersLarnaca, Cyprus
Support Number+357-24-400561
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Chinese, Taiwanese, Thai, Bengali, Portuguese, Greek, Russian, Arabic, Malay, Tagalog, Hungarian, Czech, Romanian, Italian, Polish, Slovak, French, Bulgarian, Spanish, German, Vietnamese, Korean
Minimum 1st Deposit$50
Minimum Trade Amount0.01 lots
Maximum Trade Amount5 lots
BonusUp to 100%
PayoutUp to 1,000:1
Free Demo AccountYes
Regulated Yes
RegulationCyprus Securities and Exchange Commission (CySEC); Markets of Financial Instruments Directive (MiFID)
Account TypesMicro, Premium, Zero, Currenex, Fixed, VIP, Auto, HF Social
Deposit MethodsVisa, Visa Electron, Maestro, MasterCard, Skrill, China UnionPay, iDeal, American Express, Neteller, Western Union, Bank Wire, Sofort
Withdrawal MethodsVisa, Visa Electron, Maestro, MasterCard, Skrill, China UnionPay, iDeal, American Express, Neteller, Western Union, Bank Wire, Sofort
Types of AssetsForex. Metals and Oil, Indices, Shares, Commodity CFDs
Account CurrencyUSD, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Hotforex is an online Forex and commodities broker which started its operation in 2010 (there is some confusing data about this with some reviewers stating that it was created in 2008). The company owning the platform is HF Markets Ltd. and is originating from Cyprus. The broker is regulated by CySEC and FSC. Headquarters of the company are located in Port Luis, Republic of Mauritius. As far as trading goes Hotforex has earned the reputation of a legitimate online broker with some unique features and loyal customers. Traders from all over the world have joined the platform in their conquest for successful deals. Clients from the US are not accepted but otherwise no matter where in the world you’re situated you can join freely. With a relatively small deposit requirement, the online broker offers its trading experience to everyone with basic knowledge about the markets. It’s easy to see that the employees have done their best with this platform, and the reviews around the internet always grade superior the trading experience. It’s all about the features and tools here but let’s see what exactly this broker offers.


Trading Information

The company can be described as an STP type of broker. In Hotforex, you can trade with currencies, commodities, oil, gold, indices, CFD’s and stocks. This is almost a full list of the most common trading markets with only metals missing from it. If you prefer binary options, their OptionTrade platform can help you get them with just one click. Account options support scalping and hedging. There is no margin interest, but leverage is set to 1:1000 for their basic Micro account, so you have to be careful when you’re making trades. The other two account options are Premium (1:400) and VIP (1:300) with the last one setting you back with a $40 000 deposit requirement. There is also a specialized Islamic Account for people from the Arabic countries which is “No-swaP one. Major Forex spreads are EUR/USD 0.8 pips, GBP/USD 1.8 pips and USD/JPY 1 pip. Minimum trading lot size is 1000. Trading and investment tools are great here with all the modern features implemented. Trailing stop order, OCO orders, and one click trading is supported. A helpful feature like email and mobile alerts are also present, and their streaming news feature is top notch. Having the opportunity to trade 24hrs a day is also something to be noted.  For beginners, they have the option of a Demo account and a lot of educational information on the site. Hotforex has also implemented the social side of trading with making it possible for traders to discuss markets, make strategies and copy the most successful portfolios.


Trading Platforms

The people from Hotforex have done their best with offering several different platforms for traders who like to have all the needed features and tools. The always stable and safe Metatrader 4 platform is available for download and is still the primary trading tool for modern brokers. However, if you don’t have the time to download or install it there is the Hotforex Webtrader which requires only a login and is accessible through all the main web browsers (Chrome, Firefox, Opera, etc.). With mobile devices being all the hype these years, Hotforex has made the effort to provide mobile users with non-stop access. The developers have done Hotforex Ipad, Hotforex iPhone, Hotforex Droid and the Hotforex FIX/API platforms that suit the needs of every trader who doesn’t have access to a desktop computer. This way you can keep yourself involved in all markets while traveling.


Security and Customer Services

Customer service is sometimes the difference between a “great” and an “awful” online trading broker. In this case, we have a company that’s very dedicated to customer satisfaction.  They offer all security features that a modern online platform should have and even have some unique ones. The segregated accounts feature means that your deposits will be safe in Tier 1 international banks like Barclays Bank.  An SSL protocol is implemented on the site to keep your personal details safe. Customer support is also maintained to a very high standard. The site is translated into more than 20 languages which make it easy for customers all around the world. You can contact customer representatives 24/5 with any questions you might have. You can contact them via phone, email, Skype or live chat. Response time is one of the quickest in the industry with people reporting “instant” response to emails. Also, the customer representatives speak over 12 languages which makes communication with them much easier. Beginner traders can have all the needed support in a few clicks and if they don’t find something they can always contact the support team.


Deposits and Withdraws

Depositing money into your Hotforex account is made easy by the wide range of offered banking methods. The usual credit and debit card options are available with some digital wallets also supported. Minimum deposit amount goes from $50 for most banking methods to $250 for Bank Wire. Maximum deposit amount is $15 000 to Unlimited for Bank Wire. There are no deposit fees except for American Express cards and Bank Wire. As far as withdrawals go you can transfer our money using the method you deposited them. There are no withdrawal fees and processing times are relatively quick. Usually, it takes about 2-10 business days to see the money into your bank account.


Deposit Bonus and Loyalty Programs

Hotforex is offering some “hot” promotions right now, and you might want to take advantage of them right away. They have the “Traders Awards 2016” contest, “Hotforex Currency War Contest”, “Refer a Friend Promotion”, “Free-for-all Tournament” and many more. The full list of promotions is about 10, and you can check them out on their dedicated “Promotions” page. Don’t miss the chance to win between $600 and $5000 log in and get your bonus!

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