HotForex Mobile Trading- Is it a Good Platform?
Mobile trading has entered the Forex industry by storm and grows gradually and shows no signs of slowing down. People have the possibility to trade from any part of the world with a mobile device, access MT4, and MT5 trading platforms, and receive the latest financial news and signals. HotForex mobile trading is well-developed, optimized and trading platforms are designed nicely.
HotForex is a licensed and regulated Forex broker that offers its services to people from different countries. Mobile trading on HotForex is beneficial as you will get access to various features that are also available on desktop platforms. You receive complete control over your account and constantly stay up to date with the latest events. You can download the HotForex MT4 Android version on your mobile phone through the Google Play Store and get a secure and confidential platform. Let’s find out more about other features and characteristics of HotForex mobile trading.
What Does HotForex Mobile Trading Look Like?
HotForex mobile trading is simple and easy to use. It brings traders advanced charting and trading tools that can be used for conducting trading. The design of the platform is minimalistic and with the MT4 mobile version, you will get the best user experience. We can already make some assumptions about HotForex mobile trading at first glance. The dashboard of the MT4 trading platform is designed nicely. Sections have specific places allocated and the colors are chosen perfectly.
The MetaTrader 4 mobile platform mobile devices, which was created to manage the deposit and analyze the current market situation, will allow you to stay constantly abreast of events on Forex. The software provides many convenient mobile trading features that are essential for successful trading on the MT4 platform.
The simple and practical interface of the MetaTrader mobile application for Forex trading allows you to conveniently control the market situation. While away from home or office, you can perform any financial transactions online.
HF Mobile Trading Features
Mobile Trading on HotForex comes with a broad range of features. First of all, you manage to access all of the features that are available on desktop platforms. MT4 trading platforms has almost every feature you will come across in trading on your computer. At the same time, mobile trading on the MT4 platform has made deposits and withdrawals easier. Advanced charting functionality will not leave anyone disappointed with the different graph types available. You can also have a look at your orders, get real-time market news, and receive indicators on how traders react to currency movements.
Before we start talking about the available leverage on HotForex, first we should mention that there are 6 different types of accounts with various conditions. The maximum amount of leverage you can get on HotForex is 1:1000 for a Micro account. Premium, Zero Spread, and Auto accounts have 1:500 respectively. HFCopy comes with 1:400 and PAMM – 1:300. Depending on whether you are a new or experienced trader you may need to use different leverage. Larger ones are created for veteran traders who know how to deal with it carefully, while rookie traders will prefer low leverage in order not to lose funds.
On HotForex, major foreign exchange currency pairs are quoted to five decimal places. Spreads generally vary and depending on the currency pair it could be different. For example, AUD/CAD currency pair spreads start from 2.7 pips, EUR/AUD – 2.9. For example, if you were to buy EUR for $40,00 and sell it for $39,25 the difference would be 75 pips. Spread is the difference between the Bid and Ask price and is one of the forms of commissions used by Forex brokers.
Pros & Cons of HF Mobile Trading
Mobile trading on HotForex comes with a lot of advantages. First of all, both MT4 and MT5 trading platforms are available on both Android and iOS devices. They allow opening, closing, and modifying trades, and with a stable Internet connection, you will get the full functionality from any location.
We should obviously start with cons because this is the reason a lot of people start mobile trading on HotForex. The broker offers one-click trading, simplified charting, access to PAMM accounts, live quotes, the possibility to view trading history, indicators, currency charts. Basically, every interesting feature is provided.
In PAMM accounts, fund managers trade on the behalf of investors. When you have a new account a fund manager will start trading and after some profits, you should pay a certain percentage of winnings. On HotForex you can access this feature easily and choose your Fund Managers.
Beginner traders frequently find it hard to execute winning trades and it comes as no surprise because success in Forex depends on many different factors – from knowledge to experience. Copy-trading makes your job easier. You can choose any trader from the list and start copying their trades. Only after successful trading, you will be required to pay a commission fee.
With MetaTrader 4 and 5 trading platforms, you get simplified charting on your mobile devices. You can select between various graph types & time frames, apply technical indicators, use the scrollbar or read news live. An economic calendar is also provided where you can learn about upcoming financial events and announcements.
Mobile trading on HotForex allows you to get access to live rates on commodities, stocks, indices, Forex no matter where you are. The quotes are present in real-time and you can check them any time you want.
When we talk about the cons of HotForex mobile trading there are not too many drawbacks we can potentially mention. The main thing is that mobile trading is not supported on some devices. Also, multitasking is more difficult and the platform is slightly slower compared to desktop platforms.
On your PC or laptop, you can open several tasks and deal with them effectively. The nature of mobile devices makes it harder to multitask. It is difficult to open several things at once, while on your computer you can easily do so.
It goes without a question that MT4 and MT5 mobile trading platforms operate normally on mobile devices but they are primarily designed to function on computers. Compared to iOS and Android phones you will get slightly better performance on your laptop or PC. No matter how strong your mobile device is, computers still have an advantage.
FAQ on HF Mobile
Does HotForex have an app?
Yes, HotForex broker has an app but it is pretty buggy and lags frequently. It is better to trade with MT4 and MT5 mobile platforms that are available on both Android and iOS devices. You can download them either from Play Store or App Store.
Does HF Mobile consume a lot of data?
No, HotForex mobile trading does not consume a lot of data because MT4 and MT5 are very well optimized. In general, it is recommended to have a 4G connection turned on your device, to get the maximum performance. Keep in mind that trading on mobile with cellular data will drain your battery and make sure that the phone is charged.