We have collected dozens of bad reviews available on our comment area.
We advise against using HotForex, and recommend trying brokers like XM.
- Company: HotForex is the trading name of HF Markets Europe Ltd.
- Founded: 2007 and online since 2010.
- Payment Options: Wire Transfer, Debit & Credit Cards, WebMoney, Skrill, iDeal, China Union Pay, Neteller, Sofort, Netbanx and TrustPay.
- Platforms: MetaTrader 4, Web Trader and numerous mobile trading platforms.
- Accounts Available in: EUR and USD.
- Minimum Deposit: $50.
- Regulation: Regulated by CySEC of Cyprus.
- Social Trading: Supports ZuluTrade.
- Support Options: Email, Live Chat, Phone and Contact form.
At the center of the HotForex offering is the ever popular MetaTrader 4, which works as just as you would expect. HotForex allows those using the MetaTrader platform to use Expert Advisors and even offers free VPS hosting for those who want to run their Expert Advisors 24/5. If MetaTrader isn’t really your thing traders can opt to use HotForex’s Web Trader. While the Web Trader isn’t anywhere near as advanced as MT4, it allows traders to access and trade their accounts from any internet enabled computer. The company is well prepared to deal with the rise in mobile trading, offering mobile platforms for pretty much every available smart phone brand. While the mobile platforms are obviously not as powerful or sophisticated as the PC based platforms, they are pretty impressive as mobile platforms go. When it comes to social trading HotForex supports the very popular social trading platform ZuluTrade, with many traders being very happy with the latency between the brokerage and the platform.
- Leverage: Of up to 1:1000 on Micro accounts.
- Scalping: Allowed.
- Expert Advisors: Allowed.
- Hedging: Allowed.
- Trailing Stops: Yes.
- Spreads: Variable; from 1 pip on Micro accounts, down to 0.4 pips with VIP accounts.
- Commission: $3 per 100,000 USD traded (VIP accounts only).
The trading conditions on offer with HotForex are among the best offered by a retail foreign exchange brokerage, the spreads are incredibly competitive even for those with Micro accounts. Those interested in serious trading will be well served by HotForex’s VIP account offering spreads from 0.4 pips, making HotForex a very attractive proposition for those serious about Forex trading. Their are rarely any problems with the execution of orders and many have favorable things to say regarding their experience with HotForex. The leverage on offer is pretty impressive with those using Micro accounts being able to take advantage of some significant leverage, those with Premium and VIP accounts can take advantage of up to 1:400 and 1:300 leverage respectively. The brokerage allows for scalping, Expert Advisors, Hedging and trailing stops, so all in all the trading conditions at HotForex are overwhelmingly favorable.
- Number of Currency Pairings: 42 (of which 20 are exotic).
- Other Instruments: Precious Metals, Commodities, Stocks and Indices.
While the name HotForex might suggest that the brokerage is solely focused on Forex trading this is not the case. The brokerage offers a decent range of currency pairings to its customers, with all the important pairings being available to trade. The range of currency pairings isn’t quite as comprehensive as it is with other brokerages. I doubt that this will be a problem for the majority of traders. HotForex also offers a decent range of other financial instruments including precious metals, commodities, stocks and Indices. While the range of these other financial instruments isn’t as comprehensive as it could be, traders can still trade a range of major financial instruments. Potential clients should be aware that they will pay 0.1% commission on share trades with HotForex. Overall, the brokerage offers a good range of instruments which should satisfy most clients.
- Contact Methods: Phone, Live Chat, Email and Contact Form.
- Telephone Numbers: A selection of toll free and international numbers.
- Support Languages: Arabic, Chinese, German, English, Greek, Hindi, Japanese, Korean, Russian and Spanish.
Customer service at HotForex has a pretty good reputation, with the brokerage doing the utmost to try and keep it’s clients happy. Staff do their best to help clients out with any problems they might have. The brokerage provides customers with a range of different contact methods, making it easier for customers to get into contact with the brokerage. The good range of supported languages and international telephone numbers, make the brokerage a attractive proposition for international clients.
- Regulated: By CySEC of Cyprus.
- MiFID regulated: Yes, can take on clients from throughout the European Union.
- US Traders: No, the brokerage cannot accept US traders.
- Regulatory Record: No history of disciplinary action.
In early 2013, HotForex gained a CySEC CIF licence meaning that the brokerage became MiFID regulated. This allows the brokerage to accept clients from throughout the European Union via an outward passport. Currently the brokerage has no history of disciplinary action, though it is important to stress that at the time of writing the brokerage had only been regulated for a few months. Prior to gaining CySEC regulation the brokerage had been incorporated in Mauritius and operated under the FSC. The brokerage is audited by major accounting and consultancy firm KPMG and their is no reason to believe that HotForex engage in any untoward behavior.
Hot Forex is a relative newcomer to the world of retail foreign exchange and has only been online since 2010. P
eople are generally extremely positive in their reviews, with hundreds of positive experiences over at the Forex Peace Army website, and very positive approach from their representatives. With very high leverage available (up to 1:1000 for mini-accounts), to a very low spread of 0.4 on VIP accounts, this is definitely a great broker.
With plenty of terrible reviews collected on our website, we have deemed HotForex is not a great choice, and instead we recommend trying XM.com.
What did you think of our HotForex review? If you have any experience of the brokerage, please feel free to share below.