HotForex Forex Broker Review
Last Updated: October, 2019.
Being “customer responsive” is a proven path to success, especially in the forex brokerage industry, but many firms profess more than they deliver. Not so with HotForex.com, which may be one of the best in the industry at giving their clients what they want and then some. The firm’s offerings and features are bristling with new additions that are tailored to suit specific segments of the global community of traders. If you feel out of sorts with your broker or that the trading environment is not ideal for your individual trading strategies, then HotForex, also known as HF Markets Ltd., may be the broker that you have been searching for. Unfortunately, they do not accept U.S. clients at this time.
At HotForex, you can trade traditional forex pairs or you can also trade CFDs for commodities, stocks, indices, energies, metals and cryptocurrencies. With origins dating back to 2010 and a global presence, the group’s entities are regulated by authorities in Cyprus, South Africa, Mauritius and others. Notably, HF Markets (Europe) Ltd is regulated by CySEC while HF Markets SA (PTY) Ltd is authorized by the Financial Sector Conduct Authority in South Africa. Multiple-language capabilities have attracted a broad global customer base, many persuaded to join due to the 20+ prestigious industry awards that the firm has earned over the past seven years. There are also plentiful bonus and award programs*, whether you are a new, old, big-lot or small-lot trader. HotForex does not discriminate. Micro accounts begin at $5* and progress from there. There are also other specialized accounts that access zero-spread trading accounts.
HotForex is a Straight-Through-Processor (STP) that has aligned its liquidity providers to accommodate all types of traders, including scalpers and automated traders. You may download the popular Metatrader4 platform series or access one of many customized operating systems that permit web-based and mobile action to flourish on any operating system. Tight spreads are the rule, and you will find higher leverage limits than offered at most all other brokers. Support materials are excellent and in abundance, and customer service is top-of-the-line, as well. “Honesty, Openness and Transparency” is the firm’s byline, a “HOT” combination from a hot forex broker making its mark.
As of August 1st 2018 new margins take effect. You can read more about it here.
* Disclaimer: For clients of HF Markets (Europe) Ltd: 1. Bonuses are not available 2. Minimum deposit is $50 3. Leverage is set to a maximum of 1:30 always depending on the appropriateness status of the client.
Unique Features of Trading with HotForex
Why trade with HotForex.com? The firm lists these reasons:
- Formed in 2010 in the Republic of Mauritius by industry professionals;
- Regulated by the CySEC in Cyprus and licensed by the FSCA in South Africa. Also regulated by FCA, DFSA and FSA.
- All deposits are safe in segregated accounts with major international banks;
- Trade forex pairs, metals, energies or CFDs for stocks, commodities, and indices with over 140 asset choices in 20 markets;
- MT4 trading platform formats, combined with customized web-based versions for access via any all operating system;
- Multiple accounts with escalating benefits: Micro, Premium, VIP, Fix, Auto, HFCopy;
- Specialized accounts: “No-Swap Islamic” account, a Zero account to provide near zero-spreads for scalpers and automated traders requiring near-zero spreads; PAMM account (only available to clients of HF Markets (SV) Ltd).
- No U.S. clients accepted at this time;
- Multiple deposit methods supported;
- Branded MasterCard for quick withdrawal applications;
- Website in 27 languages, many of which are supported by customer service 24X5 each trading day;
Spreads & Leverage
HotForex offers primarily variable tight spreads, but they also offer a specialized fixed spread account for scalpers and automated traders that equates to Interbank spread prices. Leverage also varies by account classification. For Micro, Premium, and VIP, leverage conditions are respectively 1:500, 1:400, and 1:300(not applicable for EU clients. Max leverage is 1:30 for EU)
*For clients of HF Markets (Europe) Ltd Leverage is set to a maximum of 1:30 always depending on the appropriateness status of the client.
You will not encounter access problems with HotForex. If you prefer MT4 software, then downloads are available, but if your operating system balks or you prefer a web-based solution or mobile app, then look no further. HotForex has custom made a number of software solutions, all state-of-the-art, and each will make your trading experience an enjoyable one from the get go. Mobile access is a snap, any time of day and via any Internet-capable device, whether a phone, a tablet, or a laptop. The latest in 256-bit SSL technology also encrypts all personal and trading session data for security purposes.
Deposits and Withdrawals
HotForex accepts all major credit and debit cards, bank wire transfers, and additional services like Skrill, Neteller, FasaPay, Sofort, mybitwallet, iDeal and Webmoney As with all global brokers, you will need to submit legally mandated identity information before any withdrawal request can be approved and processed.
Experienced customer service representatives speak a dozen or more languages and can be reached “24X5” via phone, email, live chat, or even Skype. The website can actually be read in 27 languages. The firm’s educational pages center is filled with training materials, videos, charting tools, free signal alerts, daily commentary, and more, for both beginners and veterans.
HotForex has gone over the top to give its customers what they truly want. The firm exemplifies the true meaning of the words “full-service” and “one-stop-shop”. If you want it, you will find it here: competitive spreads and leverage; special account features; customized trading platforms for all operating systems; accommodative fees for scalpers and EA enthusiasts; and all wrapped together with excellent customer service and support materials. You will be hard pressed to find another broker that tries this hard to win you over, and, judging by its awards and favorable testimonials, the trading public agrees that HotForex is definitely top tier. Trade forex pairs, metals, energies or CFDs for stocks, commodities, and indices with over 140 asset choices in 20 markets;