Founded in 2010, HotForex is an online forex and CFD global broker. Over the years, HotForex has grown into one of the leading online forex brokers in the world. The key to their success is their focus of being “Customer Centric”. While it is easy for a broker to promise to deliver quality services to their clients, not many brokers are actually able to do as they have professed. However, this is not the case with HotForex. The broker has to date been able to offer exactly what their clients need. The services and products are all tailored to the specific needs of its clients hence enabling HotForex to earn a name for itself as a trustworthy and reliable broker.
HotForex Video Review
HotForex is a unified brand name of the HF Markets Group regulated as follows:
HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Broker Company with the registration number 22747 IBC 2015.
HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
HF Markets Ltd regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, category 1 Global Business No. C110008214 License Company Reg. No. 094286/GBL.
HF Markets SA (PTY) Ltd is an authorized Financial Service Provider from the Financial Service Board in South Africa, with authorization number 46632.
In terms of HotForex’s reliability, HotForex clients’ deposits are protected
under the requirements of its regulators under a Market Leading Insurance
program. The Company has made efforts to safeguard its liabilities against
Clients and other third parties 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. There is no additional cost to our clients for this cover.
HotForex’s policy of negative balance protection means that even
under highly volatile conditions when margin calls and stopouts do not
function correctly, no client is responsible for paying back a negative balance.
They offer industry-leading security of funds, accomplished through only
using major global banks and keeping funds segregated to ensure that client
funds are not affected should HotForex itself have any problems.
HotForex Trading Platforms
For its trading platform, HotForex uses the MetaTrader 4 (MT4) trading platform supplied by MetaQuotes Software. In fact, many have considered the MT4 platform to be the industry standard trading platform due to its high adoption rate by brokers from all over the world. Forex and CFDs traders are also partial to the MT4 platform as it offers a wide selection of tools and features which are designed to enhance the traders’ trading ability. For example, the MT4 supports multiple market order types and automated trading through the use of Expert Advisors. It also comes integrated with a comprehensive charting package and a large library of technical indicators. Currently, the MT4 platform is available in several versions such as:
MT4 Multi Terminal
MT4 iPhone Trader
MT4 iPad Trader
MT4 Android Trader
MT4 Smartphone Trader
Apart from the MT4 platform, HotForex has also provided its traders with the HotForex RapidTrader API. The platform is powered by Integral and offers traders direct market access as well as automated trading capability outside the MT4 trading environment.
HotForex Mobile Trading
In addition to desktop trading, HotForex also supports mobile trading over a wide range of mobile devices with the MT4 platform. iOS, Android, and Windows-powered devices can also download and install onto their mobile devices. The mobile trading apps for Android and iOS powered devices can be downloaded from Google Play Store and Apple’s App Store respectively. As for Windows-powered devices, the installer can be downloaded directly from HotForex’s website.
HotForex Trade Types/Instruments
As for the trade types that are available at HotForex, traders can trade the spot markets, futures market and Contract for Difference (CFDs). The types of assets covered by HotForex include currency pairs, precious metals, crude oil, Indices, equities, cryptocurrencies and commodity CFD’s.
HotForex Account Types
To cater to all its clients trading needs, HotForex has provided different types of trading accounts for them to choose from. These include:
Micro Trading Account
Min Deposit $5*
Leverage Available: 1:1000*
Max Simultaneous position: 150
Premium Trading Account
Min Deposit $500
Leverage Available: 1:400
Max Simultaneous position: 300
Zero Trading Account
Min Deposit $100
Leverage Available: 1:200
Max Simultaneous position: 500
Fixed Trading Account
Min Deposit $500
Leverage Available: 1:400
Max Simultaneous position:300
A demo account is also provided to potential traders who want try out HotForex services before they commit to opening a live trading account. As for traders who wish to trade according to Islamic principles, a swap free or Islamic account is available upon request.
HotForex Commissions & Spreads
With its well-established relationship with the major liquidity providers in the markets, HotForex is able to offer its traders extremely competitive spreads on the trades made on its trading platforms. The table below shows some of the typical spreads that they can expect on the frequently traded assets such as currency pairs, market indices, crude oil and precious metals.
Spreads (in pips)
BRENT CRUDE 5
SILVER (USD) 4.5
GOLD (USD) 29
For stocks CFDs, there is a 10% commission charge.
HotForex Deposits & Withdrawals Options
HotForex understands that all transactions across the internet must be conducted in a secured and effective manner. As such, the broker has provided its traders with a variety of payment solutions. Supported methods include credit/debit cards such as VISA, MasterCard and Maestro, Bank Wire Transfer and eWallets such as Neteller, Skrill, fasapay, WebMoney, UnionPay and BitPay.
For greater conveniences, HotForex also offers its own branded prepaid MasterCard. With the HotForex MasterCard, traders now have a more efficient method of getting access to their trading funds.
Minimum Initial Deposit
Traders are required to deposit just $100 in order to open an account with HotForex, which is an average minimum initial amount. However, other EU brokerages require less – Brokers Station, for example, which also holds licenses from both CySEC & FCA, demands $250.
HotForex Bonus & Promotions
One of the main benefits that traders at HotForex get to enjoy is the numerous bonuses and promotional programs which the broker has (not available to HF
Markets (Europe) Ltd clients). For bonuses, there are 3 types, the 100% SuperCharged Bonus, the 30% Rescue Bonus and the 100% Credit Bonus. For the Super Charged bonus, the maximum cumulative bonus is $50,000. For the Rescue bonus, the maximum cumulative bonus is $7,000.