hotforex_review


WARNING:

We have collected dozens of bad reviews available on our comment area.

We advise against using HotForex, and recommend trying brokers like XM.


Important Facts

  • 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.

Platform(s) 

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.

Trading Conditions 

  • 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.

Instruments 

  • 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.

Customer Support

  • 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.

Regulation

  • 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.

Overall 

Hot Forex is a relative newcomer to the world of retail foreign exchange and has only been online since 2010. People 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.

31 thoughts on “HotForex Review

  1. Hotforex is a market maker, no STP broker like they claim to be.
    Look at hotforex website, there’s no liquidity providers names, I was hotforex client, when I asked account manager about who are hotforex LP’s he said can’t reveal the names, it’s a secret!!!
    How can’t a client know who are the LP’s of his broker when hotforex claim to be STP!!!
    Hotforex scammed me $15000 after leaving my account to negative balance, how can an accoun run on negative margin!!
    hotforex didn’t apply its margin policy and hotforex gave me in one account $136000 of bonuses when hotforex bonus policy states $30000 is the max. per account.
    Stay away of the SCAM hotforex.
    Account number 269022
    Hotforex is a market maker, no STP broker like they claim to be.
    Look at hotforex website, there’s no liquidity providers names, I was hotforex client, when I asked account manager about who are hotforex LP’s he said can’t reveal the names, it’s a secret!!!
    Great!, I invest my hard gained money into a broker account because hotforex claim to be STP broker, to later discover that scammer hotforex is giving me a market maker service, this is a disgrace, hotforex is a scam cheater broker.
    How can’t a client know who are the LP’s of his broker when hotforex claim to be STP!!!?
    Hotforex scammed me $15000 after leaving my account to negative balance, how can an accoun run on negative margin!!
    hotforex didn’t apply its margin policy and hotforex gave me in one account $136000 of bonuses when hotforex bonus policy states $30000 is the max. per account.
    hotforex encouraged a retail client who’s highly protected by regulators by giving an extreme amount of bonus and hotforex breaching the contract by that, instead of warning retail clients of risk of trading.

    Hotforex cheat investors by claiming to be STP but hotforex is giving market maker service.

    Hotforex must be punished by regulators CySec and FSA Mauritius.

    Stay away of the SCAM hotforex.

    1. Hi,
      Your experience sounds unfortunate and I hope that you are able to resolve your issues with HotForex. The Cyprus branch of HotForex is in fact an STP brokerage, but the brokerage lists it’s Mauritius based firm as the only liquidity provider in the execution policy document available on it’s website. This is something which means it’s hard to determine how clients positions are actually executed as they are simply passed on the arm of the company based in Mauritius. As far as I am aware HotForex has always complied with regulatory advertising standards and has carried the appropriate risk warnings on their website and promotional materials. Thank you for your comment.

  2. I am trading with hotforex for 9 months now, and this is the second time i am facing big issue on price, first time they accepted their fault and returned my losses. Last night one of my position was liquidated when price wasn’t reached at that level, i sent an email with proof from xe.com, forexpros.com, investing.com the levels to their managers, execution, backoffice, support, spoke to them on the live chat, but only got an inconclusive response and when i replied back to the email, no one ahs contacted me yet, i think they stopped calling their customer anymore, so becasue of this experince i would say pathetic customer service, dont care about their customer well being, stay away from them.

  3. First of all, They will call your mobile, I think they will call you to know you well to determine when they are going to rob you.
    I started trading with $310 deposit and got $155 bonus. Aftaer that when I lost my $310 then my bonus was cancelled by showing a withdraw.

  4. I have asked for withdrawal, more than 2 weeks nothing process, i sent an email asking why late, i got this…

    Thank you for contacting hotforex.

    Your documents are being checked and verified. Once done, you will be notified.
    Please feel free to contact us if you have any additional questions.

    Sincerely,
    Hotforex Support

    2 weeks to verify my doc… what cheap excuse ??????

  5. Hello everyone my real account is banned in Hotforex, it is not confirmed till now..anyone can help me..?? Hotforex never reply my email…lost $500

  6. Deposit, made 4 trades, last trade some profit and they make slippage 5 pips !!!! bastards! immediately closed account and withdrawal (had to wait 2 or 3 days).
    And finally i didn’t get my withdraw too.

  7. As expected hotforex doesn’t reply me after my withdraw request. I guess they are growing bigger and now they are neglecting their customer. I suggest no to trade with hotforex.

  8. Had a Real account with hotforex for 8 months,hotforex hates profitable traders,when week run and hotforex finds the trader to be in profits,hotforex shows its bad side,off-quotes,re quotes,fake spikes to fill SL. If you are loosing trader, hotforex will like you, for all others stay away of hotforex cheats.Big scam !!

  9. Execution of Hotforex is to slow. It has now been one wee since my wire request and they have not even started processing it.

  10. One of the biggest problem with Hotforex is their trading platform doesn’t works properly they only focus on bonus which is fake. Slow execution and poor customer support.
    Please stay from this fake broker.

  11. I’m the IB of hotforex, but now I’m NOT recommend hotforex again, because they don’t want to pay my commissions (around $1000), because they said that my users are danger for their company… It is very strange… and never happen in other forex brokers

  12. Don’t ever trust Hotforex.They refuse to pay me a withdrawal.
    2500 euros +900 euros profit.
    Cheater broker ever

  13. I was attempting to open an account with hotforex and they charged my card $500.00 US when i only attempted a $250.00 deposit. Thank GOD my bank caught it and flagged it as fraud, otherwise these crooks would have gotten $500 out of my account. PLEASE STAY AWAY !

  14. I have a 1300 dollar in this Hotforex broker but they block my account and don’t answer me.
    please tell me what should I do for back my money
    S.C.A.M.

    1. I apologise but I’m not a financial advisor and not a lawyer. You should speak to either of those. I would recommend using a broker like XM which always proves to be trustworthy.

  15. Trading with HOTFOREX is not good enough I have been trading with HOTFOREX for a little over two months, using a VPS in the same data center. High spreads, slow execution, high slippage, very much unhappy with the service. Big scammers!

  16. I have requested for a withdrawal request of 300 USD on 19 september 2015, But i didn’t received yet I have emailed them for several time, chat online even called them on phone but every time they say they will pass your request to finance department.
    Hotforex is real scam

  17. Absolutely useless. I submitted a withdrawl when I had a decent balance hotforex completely ignored it and called me 2 weeks later once my trades devalued. Steer CLEAR!

  18. It is not easy to make a withdrawal with hotforex They give you the option to transfer funds to a credit card or bank account. I selected bank account. I then got an email that said I need to fill out forms and funds will be transferred to credit card. I replied and asked why is the option given to transfer funds to a bank account and you’re telling me I need to transfer to back to a credit card. Can you hear the silence? No response. After ripping off newbies on a 7-pip spread they give you hell to get your money out.

  19. I am only trading with these guys for the last two months and i have successfully made my profit withdrawal from them. The documentation was bit hassle job however they explained that they need time for verification and other internal processes. Afterwards i have nothing to complaint about them yet i have found them good, reliable and trustworthy. At last i would recommend to test them at your own to conclude their performance while i am going to give them 5 stars as of now, will see if this needed to be changed in future or not.

  20. Started trading with this broker but i am looking at these terrible comments now that makes me bit upset. I will trade with them for sometime and will share my experience again here.

  21. I see lot of opinions here however i think as per my opinion the trading conditions are quite good so far let see how this broker comes up in future.

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