HYCM vs HotForex Broker Comparison
Are you trying to figure out which is a better broker, HYCM or HotForex? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that HotForex is the better of the two. HotForex offers 160 instruments, licenses from FSCA, FSA(SVG), and fair trading fees.
In the tables below, you can compare the features of HYCM and HotForex side by side, to work out which suits your trading needs best. You can also carry on reading to find out why our experts ranked HotForex higher than HYCM.
Does HYCM or HotForex have lower trading costs and fees?
To compare the costs of trading at different brokers, our experts analyze both trading-specific fees, such as spreads, and non-trading fees, such as inactivity charges and payment costs.
To give an overall view of how cheap or expensive HYCM and HotForex are, we first considered the common fees on Standard Accounts. At HYCM the average spread for the EUR/USD currency pair is 1.8 pips, whilst at HotForex the spread is 1.
This shows that HotForex is the better option for low-cost forex trading.
When it comes to non-trading fees, HYCM charges for inactivity. HotForex charges for inactivity. With this in mind, both brokers offer similar non-trading fees.
When our experts analyzed the specific costs of both brokers, we found that is the better option.
*Based on Standard account type.
Which broker is safer, HYCM or HotForex?
In order to decide how safe our top-rated brokers are, our experts look at a number of factors. This includes what licenses the broker holds and how reputable those licenses are. We also consider the history of the broker, as a long-standing broker is often more reliable and trustworthy than a newer one.
HYCM is regulated by FCA, CySec, CIMA and offers client protection. HotForex is regulated by FSCA, FSA(SVG) and offers client protection.
Considering these two factors, and the general reputation and history of both brokers, we believe that HYCM is the safer broker.
How many trading instruments are available at HYCM and HotForex?
HYCM provides traders with 300+ instruments. This includes 69 currency pairs, 14 cryptocurrencies, and 70 stocks and shares. With HYCM, you can also trade CFDs.
In comparison, HotForex boasts 160 tradable instruments. HotForex offers 50 currency pairs, 12 cryptocurrencies, and 944 stocks and shares. HotForex also allows CFD trading.
As HotForex has 160 and HYCM has 300+, a difference of 140, this shows that HotForex offers more opportunities to diversify your trading portfolio.
Which broker offers the best trading platform, HYCM or HotForex?
When our experts review a broker, they open their own accounts and place trades via the broker’s trading platform. This allows them to fully evaluate the quality of the platform, how easy it is to use and what features it offers.
HYCM provides you with the ability to trade via 3 trading platforms, and HotForex has 3 trading platforms, too. Both brokers also offer research and trading tools, however HotForex has more.
Overall, our experts agree that HotForex boasts the better trading platform offering.
Which is better for beginners, HYCM or HotForex?
To decide how well-suited a broker is for beginner traders, our experts look at what educational materials are available, how accessible the minimum deposit limits are, the range of account types and whether or not you can practice trading with a demo account first.
Considering this, our reviews show that HotForex is the better broker for beginner traders as it offers a larger range of educational tools and materials. HotForex also has a minimum deposit of $.