This HotForex review explores a highly regulated and trustworthy ECN/STP broker. As a hybrid broker, HotForex does not take the other side of their client’s trades resulting in no conflict of interest. This allows them full transparency, the ability to charge lower spreads, and to focus on excellent customer service.
HotForex offers a wide range of tradable assets, making them an excellent option if you’re looking to diversify your trading portfolio. They also provide a wide range of tools and materials, to help both novice and veteran traders, and some very competitive bonuses and loyalty rewards.
Whether you’re just starting, or you’ve been trading for a while, HotForex is an accomplished broker that offers just about everything you could think of.
- Wide range of tradable assets
- Highly attractive spreads
- Extensively regulated in multiple countries
- Great bonuses and contests for non-EU clients
- Best broker for traders looking to diversify their portfolio
- Doesn’t accept clients from the United States
Our review of HotForex broker revealed that the company was founded in 2010, in St. Vincent and the Grenadines. HotForex is an international broker, with over 1,500,000 accounts globally. Their popularity and success have not gone unnoticed either, as the broker has won more than 25 international awards.
HotForex is available in over 27 different languages, though they do not accept clients from the United States, Canada, Sudan, Syria, or North Korea.
HotForex regulation and licensing
HotForex is extensively regulated in many countries, including Cyprus, the United Kingdom, and South Africa. For international clients, the broker boasts a license from the FSASVG.
In terms of regulatory compliance, you can’t go wrong with HotForex, seeing as our broker review found that they are subject to some of the strictest regulations in the industry.
When it comes to protecting traders, all client funds are segregated, and they offer market-leading insurance to all clients. The HotForex online broker has a civil liability insurance program, worth up to a limit of approximately $6 million or €5 million.
This insurance protects against mistakes, negligence, omissions, fraud, and any other issues that could result in financial losses. You will be able to enjoy this coverage at no additional charge.
These wide-ranging security measures mean that you can be confident that you’re trading with a trust-worthy and responsible broker.
Opening an account with HotForex
Registering for an account with the HotForex online broker is a quick and seamless process. After following a few simple steps, you will have access to an account that is appropriate for your trading needs.
The minimum deposit is also extremely accessible, allowing you to test out HotForex’s services without having to commit substantial funds.
What is the minimum deposit at HotForex?
Our HotForex review team was impressed to see that this online broker offers fair minimum deposits across each of their account types. This shows that they are dedicated to client flexibility and gives you a comfortable point of entry regardless of your trading requirements.
Micro accounts can be opened for as little as $5 deposit, whilst premium accounts require a slightly higher minimum deposit of $100.
Alternatively, you can open a zero spread account with a minimum deposit of $200, or a Premium Pro account with $500.
How to open an account at HotForex
Account registration at HotForex is a straightforward process. The fully digital questionnaire makes the whole process quicker too, as you don’t need to worry about posting your documents to the broker for approval.
To become a trader with HotForex, simply follow the steps outlined by our review team:
- Step 1: Choose your account type. You can select between Individual, Corporate, or Joint.
- Step 2: Provide personal information, including your full name, email address, country of residence, date of birth, and telephone number.
- Step 3: Select your base currency.
- Step 4: Choose whether you wish to subscribe to HF Market email updates.
- Step 5: Review and agree to the broker’s terms and conditions.
- Step 6: Verify your email address by following the link sent to you.
- Step 7: Provide some additional personal information such as your country of birth, full current address, and tax details.
- Step 8: Answer questions about your employment status, your personal wealth, and your funding sources for trading.
- Step 9: Answer a series of questions designed to assess your trading experience and knowledge.
- Step 10: Confirm that you are eligible to trade. You will need to accept three different declarations (criminal background check, P.E.P check, US tax residency check).
- Step 11: Provide your verification documents. These can be uploaded directly on the ‘myHF’ platform, or sent by email. The document verification process should be completed within 48 hours.
Once you have completed all the above steps you will have access to a live trading account. You can find a helpful list of all the information required to register an account at the HotForex online broker below:
- Personal information – Full name, telephone number, email address, home address, social security number (NI number for UK traders).
- Regulatory information – Tax residency details, employment details, trading experience, trading goals, estimated total assets, estimated income, source of wealth, source of income, P.E.P disclosure, criminal background disclosure.
- Documents – Proof of identification (scan of national ID, front and back, or passport), proof of address (bank statement or utility bill no older than 6 months).
Our review of the HotForex broker showed that there are several types of accounts on offer. No matter what your needs are, you will find something that’s in line with your requirements.
If you’re new to forex trading, our broker review team would recommend opting for the HotForex Micro account. The maximum leverage (depending on the trading instruments) is 1:30. Spreads are variable and start at 1 pip.
If you have a little more experience under your belt, then the Premium account is a better option for you. With the Premium account, you can open larger positions and benefit from tighter spreads.
If you don’t like staying in the market too long and your preferred trading style is scalping, HotForex has the perfect account for you. The Zero Spread account offers incredibly tight spreads with no mark-ups. Instead, you will pay a commission that starts as low as $0.03 per 1K lot.
HotForex offers versions of their Micro, Premium, and Zero Spread accounts that are suitable for Muslim traders. These accounts are identical, except that no swap or rollover charges are incurred for overnight positions.
Our HotForex review experts also discovered that this broker is perfect for beginners, as they offer an excellent demo account. You can use the demo account for however long you like to practice trading in real market conditions. The demo account comes with a virtual balance of up to $100,000.
HotForex trading costs
HotForex offers very competitive trading costs, as well as low non-trading costs. Below you can see an overview of the most common trading fees you will incur, based on the broker’s standard account type.
Trading Fees* Type of Fee Cost Minimum Order Size (lots per trade) 0.01 Average Spread USDEUR (pips) 1 Commission (%) 0 Commission on Islamic Accounts (%) 0 Non Trading Fees Type of Fee Yes or No Inactivity Fee Y Deposit Fee N Withdrawal Fee N
*Based on standard account type.
During our HotForex review, we found that this broker charges rollover fees, and these differ based on the instrument. For all assets other than forex, gold, and cryptocurrencies, the rollover includes an internal interest fee. This is in addition to the rollover fee charged by the parties the broker works with for that particular security. For forex, gold, and cryptocurrencies, an additional fee is included that considers an internal risk assessment.
HotForex charges an inactivity fee on all accounts that have remained dormant for more than six months. Should your account remain unused for between six months and one year, a $5 fee is charged. This increases to $10, $20, and the previous year’s fee + $10 per month for inactivity periods of 1-2 years, 2-3 years, and over 3 years respectively.
Aside from rollover and inactivity fees, HotForexs does not charge any additional fees. This means there are no withdrawal or deposit fees. In fact, for deposits via bank wire over $100, they will cover any fees your bank charges you.
HotForex payment methods
HotForex offers a wide range of payment options, including all major credit and debit cards, wire transfers, Skrill, Neteller, and Bitcoin (some country restriction may apply). These methods can all be used for both deposits and withdrawals.
All deposits are processed instantly, except for wire transfers which can take up to 2-7 working days to be credited to your HotForex account. There’s a minimum deposit amount of $5 for most methods too, aside from Bitcoin which has a minimum deposit amount of $10.
Withdrawals also start at as little as $5 per transaction. E-wallet withdrawals are instant, whilst wire transfers and credit/debit cards can take up to a maximum of 10 working days.
Our HotForex broker review team found banking to be a straight-forward and transparent. There’s very little waiting around, and all transactions are protected by Level 1 PCI-DSS requirements.
HotForex trading bonuses
HotForex offers a slew of very attractive incentives. You can enjoy a bonus on every deposit if it meets certain requirements. You can also take advantage of cashback offers on qualifying losing trades.
The HotForex online forex broker also holds contests with a variety of generous prizes. Even if you’re trading on a demo account, you’ll still be able to win as there are specific contests for demo traders.
Lastly, HotForex also has a loyalty program. The more you trade, the further you progress in the program and the more points you earn. Points can then be traded for cash or top-quality trading services.
HotForex trading platforms
Our HotForex review experts were pleased to find that this forex site offers both MetaTrader 4 and MetaTrader 5 trading platforms. These two platforms very popular with all types of traders and come with helpful tools and services to enhance your trading experience.
When selecting between the two platforms it is important to note that you may not have access to all instruments offered by HotForex, depending on which platform you choose. MT4 was built for forex trading, while MT5 will is more focused on futures, stocks, and CFDs.
You can download the MT4 program from the HotForex site, or choose to use it through a web terminal.
What is the execution policy at HotForex?
Our review of the HotForex broker execution policy showed that the broker is dedicated to offering a quality trading experience. This policy covers every aspect of trading, from speed of execution to maximum and minimum lot sizes.
HotForex allows you to place several limitation orders on trades, including stop loss, take profit, buy stop, sell limit, and sell stop orders. HotForex will execute all trades at the declared client price as soon as these limitations are reached. Only in the event of certain circumstances will these requirements not be fulfilled. These include insufficient liquidity, rapid price movements which lead to trade restrictions or suspension, volatile markets where prices move significantly up or down away from the declared price, trading session start moments/opening gaps, during news times.
HotForex also promises to execute trades in a timely fashion, although it reserves the right to decline trades should certain market conditions be present. Generally, however, your trades will only be interrupted if there are technical issues such as platform failure or poor connections.
As of our HotForex review 2020, the maximum amount of open orders you can have varies depending on which account type you have opened. For instance, the Micro account allows for a maximum of 150 simultaneous trades, while the Premium and Premium Pro accounts allow for 300. Zero Spread accounts are slightly more complicated, allowing for 500/ (*) 60 standard lots per position.
HotForex markets and products
Our HotForex broker review team was pleased to see that there is a healthy variety of instruments to choose from. From currency pairs and shares to commodities and cryptocurrencies, you’ll find a good list of options.
HotForex Markets and Products Instrument Number Forex 49 Metals and energies 5 Indices 11 Shares 56 Commodities 7 Cryptocurrencies 7 Bonds 3
With over 49 currency pairs available, HotForex online broker provides its clients with access to the most liquid assets in the world. They have a healthy list of major, minor, and exotic pairs available to trade, and their markets are available 24/5.
Metals and energies
From Crude and Brent oil to precious metals such as Gold and Silver, HotForex offers low margin trades across their commodities. One of the key advantages of utilizing HotForex’s services to trade in this market is the absence of foreign exchange exposure.
With over 10 indices in total, HotForex grants you the ability to trade in some of the most exciting markets across the world. From the US SPX500 to the FTSE 100, you’ll find access to both spot and futures contracts at your fingertips.
Trade stocks of some of the most well-known blue-chip companies on the market. From Coca Cola to Microsoft, you’ll have the ability to enjoy strong liquidity and reliable execution in one location.
If you’re looking for zero-commission trading on commodities such as coffee, sugar, or copper look no further than HotForex. With seven options available from as little as $10, this broker provides a fine opportunity to trade within these markets.
Enjoy access to the volatile yet potentially profitable world of cryptocurrency trading with the security of a reputable and regulated broker. HotForex lists 7 currencies in total, including Bitcoin, Ethereum, Litecoin, and Ripple.
The HotForex online broker bond portfolio consists of three entries, the US 10-year Treasury Notes, Euro Bunds, and the UK Gilt. This asset class is perfect if you are looking to trade based on news and ecopolitical events.
Our HotForex reviewers were impressed by the broker’s social trading offering. With the HFcopy account, you can connect with over 250,000 other traders. You can choose to follow and copy successful traders, or you can set yourself up as a Service Provider (SP). As an SP, you can earn a performance fee of up to 35%.
The broker’s social trading accounts have two different deposit entry points depending on if you’re the strategy provider or follower. For the provider, the initial deposit amount is €1000, while as a follower you must deposit at least €300.
This review of the HotForex broker website found it to be fully responsive and great looking on all devices. Whether you want to sign up or just learn more about this broker, you can easily navigate your way around on your mobile.
In terms of trading, MT4 and MT5 both offer mobile platforms. Moreover, HotForex has also created a complete app, designed to make your mobile trading experience as smooth and streamlined as possible.
Via the HF App, you can manage your account and funds. You can also access advanced charting functionality, daily market analysis, and much more. Essentially, it offers everything you need to trade successfully on the go.
Our HotForex broker review team was pleased to find that the broker provides a wide range of research tools. This includes daily market analysis, an economic calendar, and VPS hosting. VPS hosting is free if you make a minimum deposit of $5,000, or else subscription plans start at $30 per month.
The Autochartist tool is also available for free at HotForex. This tool scans a wide range of assets in real-time, identifies different patterns, and sends you an alert, so you never miss trading opportunities. You can also take advantage of a variety of trading calculators, robots, and other Premium trader tools.
Education and training
Our HotForex review team found that this online forex broker is serious about helping new and veteran traders alike, as they offer an extensive range of educational materials.
The HotForex online course takes you from the basics to advanced trading strategies. They also offer eBooks and courses on commodities, CFDs, stocks, economics, cryptocurrencies, and much more.
You’ll also be able to enjoy a video-on-demand library with forex training videos, live webinars, and even in-person events held all over the world.
HotForex customer support
One of the first things we checked when conducting our HotForex review was their customer support services. The least you should expect from a trusted forex broker is great support staff, and we have to admit that HotForex exceeded our expectations.
Not only do they offer a wide range of support channels, but their staff respond quickly and are very helpful and knowledgeable. They go out of their way to ensure you have a great experience with them.
You can get in touch with them immediately via live chat, which is available around the clock and in multiple languages. They also offer phone and email support in English, as well as eight other languages.
HotForex – Our verdict
Whether you’re just starting or a veteran trader, our HotForex review team finds that this broker is an excellent partner. They go the extra mile to offer a great experience.
You’ll have access to a wide range of account types with low minimum deposits, a demo account to get comfortable, and an incredible number of tools to make you the best trader you can be.
If you want an outstanding trading experience, sign up with this highly recommended and trusted forex broker today.