HotForex Broker Review


Minimum Deposit
$5
Regulators
CySEC, DFSA, FCA, FSC, FSCA
EURUSD Spread
0.1
US Traders
No
Platforms
MetaTrader 4, MetaTrader 5
Founded
2008
Country
Cyprus & Saint Vincent & Grenadine

When we say that HotForex is a global broker, we do not mean that through its services, it offers access to a truly global range of tradable assets – though that too is implied. What we mean is that the brokerage is present with physical offices all over the world, staffed by over 200 employees.

The numbers that describe the operation are very impressive indeed. With more than 7 years’ worth of experience under its belt, the broker currently hosts more than 500,000 active trading accounts. It has also pocketed more than 20 industry awards, among them a TOP 100 Companies Award by the World Finance Magazine and a Best Customer Service Award at the European CEO Awards.

The quality of its customer service seems to be the main focus of the brokerage and in this regard, it has indeed managed to put together an impressive team and service.

Interestingly, the actual user-side reputation of the operation is quite outstanding too. Traders (especially of the disappointed kind) are very quick to speak their minds, so enjoying good user feedback is indeed a luxury only very few online brokerages can boast these days.

While its overall user rating is 4 stars out of 5 possible, that does not mean the broker has never dealt with a dissatisfied client. In fact, there are quite a few complaints voiced out there. Most of these are aimed at the withdrawal procedures used by the broker, which are deemed too convoluted and lengthy by clients.

Others have called the broker out on “A-booking” clients who are considered to be too profitable.

Trade execution (more precisely the closing of the trades) has been found to be too slow by some HotForex traders too.

The corporate operator behind the brand is HF Markets Europe Limited. Based in Cyprus, the company is indeed a registered CIF (Cyprus Investment Firm). Its registration number is HE 277582. As a CIF, HF Markets have access to the Investor Compensation Scheme.

The operation is regulated and licensed by CySEC. Its license number is 183/12. What this means – above and beyond the protections and trader benefits stemming from regulatory compliance – is that the broker is MiFID-compliant and as such, it can peddle its services in all the MiFID member countries.

While HF Markets Europe Ltd’s regulatory coverage only extends to Europe, the broker has several other companies set up in different parts of the world, to ensure regulatory compliance there.

HF Markets Ltd is registered in the Republic of Mauritius and it is licensed by the local FSC. Its license number is C110008214. The registration number of the local company branch is 094286/GBL.

In addition to that, the operation is also registered in St. Vincent and the Grenadines, as an International Business Company. This registration number is 22747 IBC 2015.

In the Seychelles, the local representative of the brand is HF Markets Seychelles Ltd. The brokerage is regulated by the local FSA, its license number being SD015.

Finally, in South Africa, the brokerage is operated by HF Markets SA Pty Ltd. Licensed by the FSCA, the license number of the operation is 46632.

HotForex is also regulated by FSCA, DFSA and the FCA.

The above makes it clear that as far as a global regulatory umbrella is concerned, HotForex is quite unbeatable.

Why would you want to trade with this broker beyond the above-listed advantages though?

The brokerage offers superb trading conditions. Its spreads on the EUR/USD pair for instance start from as little as 0.1 pips. It has to be noted though that such outstanding trading conditions are only available on certain account types.

The broker also allows hedging and scalping, and it features a transparent rollover policy.

HotForex Account Types

Account type-wise, the broker has truly gone overboard. There are no fewer than 7 account types available, covering every possible angle one may want to take, in regards to trading.

The Micro Account requires a deposit of only $50. For that money though, the (variable) spreads will start from 1 pip. The maximum available leverage varies, depending on the trading product one uses.

The Premium Account ups the stakes quite a bit. The minimum required deposit for this one is $500, and the variable spreads start from 1 pip in this instance too.

Those looking for smaller spreads, will like the Zero Account, which  features variable spreads starting from 0 pips. The minimum required deposit for this account-type is only $100, meaning that it is very accessible too.

The VIP Account takes the equation into an entirely different dimension. The minimum required deposit for this one is $20,000. Needless to say, for that kind of money, traders get spreads starting from 0 pips and much more generous leverages.

The AUTO Account requires a $500 deposit. It offers variable spreads too, starting from 1 pip.

HFCOPY is an account type suited for signal providers and for those looking to copy the trades of their more profitable peers. The minimum deposit requirement depends on the category into which one falls: strategy providers have to deposit at least EUR 1,000, while followers only have to put EUR 300 into the middle. Spreads start from 1 pip on this account-type as well.

The Premium Pro account costs some $500 (the minimum required deposit) and it too offers spreads starting from 1 pip. The maximum available leverage on this account is 1:400, which is indeed quite substantial.

An Islamic account option is also available.

HotForex Trading Platforms

HotForex’s Platform offer is centered on MT4. The most popular trading platform of all time is available in several different versions.

The base version is the MT4 Terminal, which can be downloaded for Windows, Mac and Linux-based machines. The capabilities of this platform are nothing short of very impressive.

In regards to charting, MT4 offers scores of time-frames, chart-types and drawing tools. The user interface is friendly and easy to handle, and the entire environment can be customized.

Scores of technical indicators are included in the base version, but traders are always welcome to install more.

The platform supports Expert Advisors too and it is available in several languages.

The MT4 Web Terminal is a handy way for traders to get right into the middle of the action, without having to download anything. Pending- as well as market orders are supported by the Web Terminal, and there’s a Demo account option available on it too.

The MT4 Multi Terminal is aimed at those who manage multiple accounts through a single interface. The Multi Terminal option supports an unlimited number of trading accounts, multiple order types and live price-feeds.

MT4 mobile is available for Android as well as iOS users. The platform delivers the capabilities of MT4, right to one’s fingertips.

HotForex Market Coverage

HotForex offers its traders access to a wide range of FX pairs, indices, shares, commodities, metals and energies, as well as bonds. In addition to these traditional asset-classes, the broker covers cryptocurrencies as well.

BTC, ETH, DSH, XRP and LTC are supported via CFDs.

Conclusion

HotForex is a top-notch trading destination. The broker covers the needs of a wide range of traders, from recreational first-timers to professionals. Its platforms are great, and its account types cater to all possible needs.

Long story short: save for a negative user review here and there, HotForex is truly “killin’ it”.