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HotForex Review 2017

  • REVIEW
  • OVERVIEW
  • BONUS & PROMOTIONS
  • USER REVIEWS

HotForex Review

HotForex Review

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 Regulations

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.

HotForex Reliability

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 ˆ5,000,000, 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 Desktop
  • MT4 Multi Terminal
  • MT4 WebTrader
  • 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*
  • Variable Spread
  • Max Simultaneous position: 150

Premium Trading Account

  • Min Deposit $500
  • Leverage Available: 1:400
  • Variable Spread
  • Max Simultaneous position: 300

Zero Trading Account

  • Min Deposit $100
  • Leverage Available: 1:200
  • Variable Spread
  • Max Simultaneous position: 500

Fixed Trading Account

  • Min Deposit $500
  • Leverage Available: 1:400
  • Fixed Spread
  • Max Simultaneous position:300

VIP Trading Account

  • Min Deposit $20,000/ˆ18,500
  • Leverage Available: 1:300
  • Variable Spread
  • Max Simultaneous position: 400

AUTO Trading Account

  • Min Deposit $500
  • Leverage Available: 1:400
  • Variable Spread
  • Max Simultaneous position: 300

PAMM Trading Account**

  • Min Deposit $250
  • Leverage Available: 1:300
  • Variable Spread
  • Max Simultaneous position: 350

*For clients of HF Markets (Europe) Ltd, the minimum deposit is set at $50.

Leverage is set to a maximum of 1:500 and always depends on the

appropriateness status of the client.

**Only available for Clients of HF Markets (SV) Ltd.

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.

Instrument

Spreads (in pips)

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.

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.

Apart from bonuses, HotForex has a loyalty program which is designed to reward their loyal traders (not available to HF Markets (Europe) Ltd clients). The loyalty program is divided into 4 classes, Red, Silver, Gold, and Platinum. The more days that the trader is able to trade, the more reward he will earn through the loyalty program.

Finally, HotForex has also organized numerous trading competitions which traders can participate in to win attractive prizes. These competitions run at different times and with different prizes. For more details, traders are encouraged to check HotForex’s website.

HotForex Customer Support

The customer support services at HotForex are available on a 24-hour basis. For assistance, traders can reach out to the support team through filling out the web contact form on their website, email, live chat or call them on the phone. For traders in the following countries listed below, they will be able to reach out to the support team through the localized telephone numbers provided.

  • Brazil +55-2139581441
  • China 4001-200742
  • India 000-800-100-7060
  • Indonesia 001-803-017-9110
  • Nigeria +234 7063705519 new!
  • Russia +8-800-100-6322
  • South Africa 0-800-999-265
  • Spain +34-931845604
  • Taiwan 00801-14-8970 new!
  • Turkey +90-850-3902146new!

  • Competitive spreads
  • Security of funds
  • Low Minimum deposit requirement
  • Multiple choices of trading accounts
  • Wide selection of trading platforms
  • Unregulated in Europe

HotForex Q&A

Is HotForex regulated?

Yes, HotForex is a regulated forex broker. HF Markets (Europe) Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC), HF Markets SA (PTY) Ltd is an Authorised Financial Service Provider from the Financial Services Board in South Africa, and HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Broker Company.

Where is HotForex based?

The HF Markets Group is based in Mauritius.

How does HotForex make money?

HotForex makes its money by charging its traders a small spread and commission on the trades that they made on HotForex’s trading platforms.

How to deposit in HotForex account?

Funds can be deposited into a HotForex account through major credit/debit cards, eWallets and bank wire transfer.

How to withdraw money from HotForex?

Withdrawals at HotForex can be initiated through a credit/debit card, supported eWallets and bank wire transfer.

How to open an account with HotForex?

To open an account at HotForex, simply fill up the registration form and submit it with all the relevant documents proving your identity.

Is HotForex reliable?

Yes, HotForex is a reliable broker. The brokerage firm has been operational since 2010.

Does HotForex use MetaTrader?

Yes. HotForex has provided its traders with several versions of the MetaTrader 4 platform.

What is HotForex’s leverage?

The maximum leverage at HotForex is 1:1000. For clients of HF Markets

(Europe) Ltd, leverage is set to a maximum of 1:500 and always depends on

the appropriateness status of the client.

Is HotForex a scam?

No, HotForex is not a scam. The broker is a legitimate company under the jurisdiction of three regulatory bodies.

How safe is HotForex?

HotForex is a safe broker as they operate in accordance with international best practices. All their transactions are secured with the latest encryption technology.

Conclusion

Over the past years, the HotForex brand has become one of the leading brands among traders in the online trading community. By offering their traders with such a wide range of products, they have managed to earn a strong reputation as a dependable broker. Regardless of whether you are a beginner trader or an experienced trader, HotForex is certain to be able to meet all your trading requirements.

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