HotForex com review: How does HotForex work?

Avarage rating: 3.6 / 4

3.6

Reviews counted: 5

18/08/2018

HotForex was founded in 2010 and operates as a unified brand of the HF Markets Group, operating primarily in Europe via its CySEC regulator, in St. Vincent & the Grenadine via IBC, and in South Africa via FSP.

It has gained significant popularity in various emerging regulatory hubs such as Seychelles, South Africa, Mauritius, and St. Vincent and The Grenadines.

HotForex relies on the popular MetaTrader platform to carry out all operations, offering over 150 different instruments to work with, including shares, bonds, CFD’s, commodities, forex, cryptocurrencies, and indices.

Visit: https://www.hotforex.com

Type: Broker

Regulation: HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.

Advantages

Huge Account Variety

HotForex has one of the biggest choices of account types in the industry. With an astounding seven account types, anyone will find one that is best suited to them. This kind of variability is a rare site, showing how HotForex is willing to please the whole spectrum of existing and potential clientele. The most popular accounts are the ZERO and FIXED types.

Premium Trading Tools and Instruments

With HotForex, traders can trade on the spot market, futures market, and Contracts for Difference. Assets covered by the broker include precious metals, currency pairs, indices, equities, crude oil, commodity CFD’s, and cryptocurrencies.

Competitive Commissions and Spreads

Across the board, all account types have minimum deposit entry points and spreads that reflect the type of trader they are intended for. For instance, the ZERO account has low spreads but margin requirements that are twice as high as the Premium account, where the spreads are equal to 1 pip. For stocks CFD’s, there is a 10% commission.

Numerous Bonuses and Promotions

Most brokers that can be considered successful and have a big enough client base stop treating their clients to bonuses and promotions. Fortunately for everyone, HotForex continues to do so. There are 3 primary bonus types. The 100% Supercharged Bonus, the 30% Rescue Bonus, and the 100% Credit Bonus. Moreover, HotForex has a loyalty program that is divided into 4 classes. The more days you spend trading, the more rewards you will earn via the program. Finally, there are periodic trading competitions, presenting the opportunity to win big prizes.

Disadvantages

Outdated Platform

HotForex has been using MetaTrader4 as its flagship trading platform for a while now. Developed by MetaQuotes Software, MetaTrader has become the industry standard and has seen an incredibly high adoption rate from brokers around the globe. However, while competitors have been embracing the new and improved MT5 platform for a while now, HotForex has only recently joined in on the action, with a noticeable lack in tools and instrumentation to support it, it is not on par with some of the MT5 platforms offered by competitors.

The Verdict

Dependable

HotForex has become one of the leading brokers in the past few years. With the incredibly wide array of options you are presented with as a trader when choosing an account type, it is hard to find something you will not like. HotForex does well in providing a solution for practically all types of traders. The loyalty program, in addition to the very welcome bonuses and promotions, keeps the steady inflow of new traders a thing, while existing clients can count on their loyalty to the broker to be rewarded. Whether you are a rookie or a veteran, you will find that HotForex is able to meet all of your trading requirements.

Account Types

MICRO

Minimum Deposit: $5

Maximum Leverage: 1:1000

Spreads from (pips): 1

Max Simultaneous Open Orders: 150

PREMIUM

Minimum Deposit: $500

Maximum Leverage: 1:400

Spreads from (pips): 1

Max Simultaneous Open Orders: 300

ZERO

Minimum Deposit: $100

Maximum Leverage: 1:200

Spreads from (pips): 0

Max Simultaneous Open Orders: 500

FIXED

Minimum Deposit: $500

Maximum Leverage: 1:400

Spreads from (pips): Fixed

Max Simultaneous Open Orders: 300

VIP

Minimum Deposit: $20,000

Maximum Leverage: 1:300

Spreads from (pips): 0

Max Simultaneous Open Orders: 400

AUTO

Minimum Deposit: $500

Maximum Leverage: 1:400

Spreads from (pips): 1

Max Simultaneous Open Orders: 300

PAMM

Minimum Deposit: $250

Maximum Leverage: 1:300

Spreads from (pips): 1

Max Simultaneous Open Orders: 350

HFCOPY

Minimum Deposit: $500 for Strategy Provider, $100 for Follower

Maximum Leverage: 1:400

Spreads from (pips): 1

Max Simultaneous Open Orders: 300

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User Reviews

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Avarage rating: (90%)

Reviews counted: 5

Legatus

12/21/2018, 20:05

4 5

HotForex is a decent broker. After three withdrawals and 7 weeks of live trading, I can say that execution speeds and the platform are stable and fast. Scalping is doable, the addition of crypto is a major plus, and from the looks of it, it’s what the market will probably be leaning towards in the future. My last withdrawal amounted to $245. I received it within 48 hours after I asked for the money. Overall I am satisfied.

Amanda Blokowicz

12/04/2018, 19:16

3 5

On one hand, the spreads are low, but a lot of times the trade deals close a few seconds after I already ordered them to, leading to losses in some cases. This has been happening more and more lately, especially once I started making a steady profit each week. No problems with withdrawals, but they call me each time to confirm, I don't understand why. They don't want me to take my money?

Olivia

12/02/2018, 10:47

4 5

So far the whole experience has been pleasing to me. The trading is everything I expected it to be. Solid platform, good execution speeds, spreads are manageable, there is room for scalping. Withdrawals are good as well, always within the allotted time. A solid, decent broker, everything you may need you will find here. Last withdrawal I made was for a total of $1200 in profits. A great way to meet the holidays.

MyersD

11/07/2018, 18:58

4 5

I have been trading on the demo account for more than 3 months. I opened a live account and funded it with a very small amount, rather not disclose the amount at the moment. Decided to play around with precious metals, and put some short positions in place. Luckily, I was able to make good returns and ordered my withdrawal too. Had no problems with that, 2 days waiting and the money is in my pocket. Overall, I found trading with this broker to be easy and convenient.

qwertYan

10/11/2018, 20:45

3 5

I have tried several account types so far, my favorites seem to be zero, fixed, and pamm. Withdrawals arrive in my Skrill account within 2 days, as expected, no problem here. Spreads are competitive on the simpler accounts, so I recommend using them. Rarely I have issues with execution speeds, where I click to close a deal, but it happens only after a few seconds, after which the deal isn't what I originally planned. If I close my eyes on that, then everything else is ok.

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