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HotForex World Leader in Financial Trading

HotForex Review and Tutorial

HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients. The broker has been in operation since 2010.

The company has over 2,500,000 live trading account and more than 200 employees globally. It provides service to its traders in 27 languages. Over the past nine years, Hot Forex successfully took advantage of the explosive growth in online Forex trading and increased its market share on a global scale.

The primary requisite for any broker to achieve recognition in the Forex trading industry is to listen to their customers, which is exactly the strategy that HotForex followed to achieve immense success among global retail traders.
HotForex is also extremely popular among Introducing Brokers and affiliates, and it is indeed seen as a positive approach by the company to promote its brand among lesser-known markets.

Regulation and Security

HotForex is one of the few brokers that have multiple regulatory statuses throughout the world. It is regulated in six different countries. HotForex is regulated by St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets moniker. Hot Forex is divided into two entities, HF Markets UK LTD and HF Markets Europe LTD.

HF Markets UK LTD is authorized and regulated by the Financial Conduct Authority (FCA). The company’s reference number is 801701. It also participates in the Financial Services Compensation Scheme (FSCS).

HF Markets Europe LTD is a Cypriot Investment Firm (CIF) and the registration number is HE 277582. The brokerage is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 183/12. This makes Hot Forex compliant with the Markets in Financial Instruments Directive (2004/39/EC) or MiFID which has been in effect since November of 2007 and was updated in January of 2018 with MiFID II/MiFIR.

HF Markets SA (PTY) LTD is authorized and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa. The license number is 46632.

Client funds are segregated and held at major banks.

Spreads and Commissions

Spreads in HotForex can be as low as 0.1 on select premium accounts with an average starting pip of 1.0. Commissions are charged on their 0 Spread Account as well as on indices at a rate of $1 per lot and on CFD’s on stocks at 0.10% of the trade value. 

Hot Forex goes one step further and even reimburses traders for any deposit fees charged by their payment provider, including on bank transfers. Scalping and hedging are allowed.

The broker has a transparent rollover policy which means that positive swap rates will be credited to your trading account by following these steps:

1. Right-click on the symbol of the desire in the “Market Watch” window and select “Symbols”.

2. Select the desired currency and then click on “Properties” located on the right side.

3. Scroll down until you see “Swap Long” and “Swap Short”

Additionally, HotForex provides a detailed list of rollover rates on its website and credits its clients with positive swap rates wherever applicable. While this should be standard practice, many brokers conceal those rates and book them as profits.

HotForex Trading Account Specifications

HotForex has covered a significant part of the financial markets by offering Forex, Metals, Energies, Indices, Shares, CFDs, ETFs, and Binary Options through its different trading accounts. HotForex certainly understands their clients’ tastes and preferences, which is why they have incorporated a multitude of trading instruments to offer a diverse product portfolio.

The broker provides nine different types of accounts, which is a lot for the average trader. The minimum deposit required to open an account is $5, while the maximum leverage is 1:1000.

The different types of trading accounts are as follows:

EU clients:

  • Micro Account: $50 deposit, 1:500 leverage, spreads from 1 pip
  • Premium Account: $500 deposit, 1:400 leverage, spreads from 1 pip
  • Zero Account: $100 deposit, 1:200 leverage, spread from 0 pip
  • Fixed Account: $500 deposit, 1:400 leverage, fixed spread
  • VIP Account: $20,000 deposit, 1:300 leverage, spreads from 0.2 pips
  • Auto Account: $500 deposit, 1:400 leverage, spread from 1 pip

Non-European clients:

  • Micro Account: $5 deposit, 1:1000 leverage, spreads from 1 pip
  • Premium Account: $500 deposit, 1:400 leverage, spreads from 1 pip
  • Zero Account: $100 deposit, 1:200 leverage, spread from 0 pip
  • Fixed Account: $500 deposit, 1:400 leverage, fixed spread
  • VIP Account: $20,000 deposit, 1:300 leverage, spreads from 0.2 pips
  • Auto Account: $500 deposit, 1:400 leverage, spread from 1 pip
  • PAMM Account: $250 deposit, 1:300 leverage, spread from 1 pip

European clients cannot receive Bonuses and apply for the PAMM account.

The Zero Account, Currenex Account, and the VIP Account options are ECN platforms that provide tight spreads along with a commission per trade. The Auto and HF Social accounts are social trading accounts that allow investors to copy trades from other successful traders. HotForex has excellent trading conditions, and the only problem is that traders can be confused by the sheer number of options available, which can negatively affect the broker’s conversion ratio. On a positive note, HotForex offers an account for every type of trader, which is one of the reasons why HotForex continues to be a popular FX broker among modern traders. The HotForex spreads are also highly competitive, and the spreads starting from 1 pip for the standard accounts are acceptable.

All accounts have access to the full range of trading instruments and can be traded using the MT4 as the standard HotForex trading platform. Meta Trader is the most commonly used and highly popular trading terminal for Forex traders, which has prompted HotForex to utilize several versions of the MT4 terminal across its different account offerings. The MT4 mobile apps for iOS, Android, and Windows devices serve as the HotForex mobile trading platform, while the MT4 WebTrader can be used for both desktop and mobile trading. The MT4 MultiTerminal can be used to manage multiple accounts and is a useful tool for PAMM account holders or for traders who trade on multiple investor accounts.

Deposit & Withdrawals options

HotForex offers a wide variety of deposit and withdrawal methods which include credit and debit cards bank wire transfers and a variety of e-wallets such as Neteller, Trustly, Skrill, Mpesa, and others.

Deposits can take between 10 minutes and 2 business days depending on the method and are mostly fee-free while withdrawals are processed within 24 hours after the submission of a request Monday to Friday.

It is one of the brokers that accept Mpesa, which has become one of the most means of payment.

Web & Desktop Trading Platforms

HotForex offers users the ability to trade on the MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

HotForex MetaTrader 5 for Desktop

Users can trade on the globally-recognized MetaTrader 5 for Windows and Mac which comes with several benefits and advantages, such as the ability to:

  • View 21 different timeframes
  • View up to 100 charts simultaneously
  • Access 80+ technical indicators
  • Perform one-click trading functions

HotForex MetaTrader 5 Web Trader

Users can also trade on the globally-recognized MetaTrader 5 Web Trader which comes with several benefits and advantages, such as the ability to:

  • Trade from any browser and operating system
  • View 9 different timeframes
  • Access 38 technical indicators
  • Perform one-click trading actions

Mobile Trading Platforms

HotForex MetaTrader 5 mobile trading app

HotForex allows users to trade on the MetaTrader 5 mobile trading app for Android and iOS operating systems. The app can be downloaded from the myHF Area, from the broker’s website, or from the Apple App Store or Google PlayStore.

The HotForex MetaTrader 5 mobile trading app comes with several benefits and features, as highlighted below:

  • Real-time, interactive charts
  • View 9 different timeframes
  • Access 30 technical indicators
  • Perform one-click trading actions
  • Access multiple order types such as market, stop and limit orders

HotForex HF App for mobile trading

Traders can also access the broker’s own HF App which provides a range of unique features and benefits, such as:

  • Advanced charting functionality
  • Deposit, withdrawal and transfer functions
  • Create your own watchlists
  • View live news, quotes and more

Users can download the HF App directly from the myHF Area, the broker’s website or from the relevant app store, as shown below:

Trading Features

HotForex provides a range of additional trading features such as free access to AutoChartists’ MetaTrader market scanner and risk calculator and other features as shown below:

The broker also provides access to Premium Trader tools for Metatrader. This includes tools such as a trading terminal, a mini terminal, sentiment trader indicator, a session map, a correlation matrix, and an advanced indicator package including Renko bars, pivot points, and more, as shown below:

HotForex also provides a free VPS package depending on your minimum deposit.

Bonus & Promotions

At the time of writing, there are three bonus and promotional schemes offered by the HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd. These include:

  • 100% super-charged bonus: For every deposit over $250 there is the chance to earn daily cash rebates of $2 per lot.
  • 30% rescue bonus: For every deposit over $50 there is a maximum cumulative bonus of up to $7,000.
  • 100% credit bonus: Increases account leverage

Users can find more information on the broker’s Promotions page:

Customer Support

The HotForex client desk is available 24/5 during Market opening hours and offers multilingual support. Clients can contact support agents via Live Chat, Telephone, Email, and an Online Contact Form.

The Live Chat can be accessed by inputting your name, email address, in what capacity you are contacting the broker (registered client, affiliate, or other), and account number, if applicable.

On the first try, the Live Chat function was not available at 10.30 pm in the evening, as shown below:

For those wishing to speak to an agent, several direct phone numbers are listed for the Customer Support and Sales department, the Trading Desk, and Affiliate support. The listed teams can also be contacted via email or by using the Online Contact Form.

Alternatively, users can connect and interact with HotForex through their Social Media channels. The broker has a presence on the main Social Media outlets such as Facebook, LinkedIn, and Twitter.

Furthermore, the website features an elaborate FAQ section with answers to the most common queries.

For instant feedback and answers to the most common queries, users can consult the FAQ section, in the ‘Support’ section of the website. In this extensive and comprehensive overview, the most Frequently Asked Questions are listed and categorized per the theme. A search bar allows users to browse any queries relating to their topic of interest.

Contact Information:

Research

HotForex offers an extensive array of research tools. The site features an economic calendar, trading calculator, and a Forex news feed. The in-house team of analysts provides regular analysis and market outlook reporting.

HotForex offers several useful Trading Tools such as a Trading calculator, Economic Calendar, and the Traders’ Board that illustrate the change in correlation between different currencies visually.

HotForex has a dedicated team of in-house analysts who provide regular Market News, Analysis, and Market Outlook reports. Via the designated HotForex Analysis traders can access analysis and research in an article, video, podcast, and webinar format.

By selecting ‘HF Markets Exclusive Analysis’ in the Trading Tools menu the user is redirected to a separate domain hosting a wealth of analysis, news, and reports. The Analytics domain is divided into different sub-sections, making it easy for the user to navigate and find the content they are looking for.

The Market news feed is updated in real-time, keeping traders informed as to important events in the markets and their possible impact or implications.

The ‘Market analysis’ category features Daily market reviews, Special market coverage, Insights & Outlook reports. The Technical analysis section is subdivided into categories and articles are labeled according to the asset class. Users who favor animated are catered to and provide the choice between content in the podcast or video format.

Trader Education

The HotForex website features an online education center giving traders access to tutorials on trading and the MetaTrader software, live webinars, E-books, and complete courses.

Beginner traders can consult the E-course and Glossary section for a basic understanding of the Forex market and the basics of trading.

The video tutorials cover topics ranging from the practical application and use of the MetaTrader trading platform to the guides on the use of different trading indicators, techniques, and strategies.

Traders who prefer a more interactive experience can register for the live webinars. The broker has daily live webinars scheduled on various topics ranging from market basics to indicators and trading psychology. The webinars are hosted by HotForex’s team of analysts. Previous webinars are available on-demand categorized on experience level, giving traders access to an additional library of materials to further their knowledge of the markets.

Trading Experience

HotForex provides a simple and transparent trading offering suitable for both beginner and advanced traders. Users can access commission-free trading on a wide range of markets, as well as advanced trader tools for the MetaTrader trading platform.

From my observations, HotForex provides a simple and transparent trading offering suitable for both beginner and advanced traders. HF Markets (SV) Ltd offers 6 core trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFcopy.

Every account type offers commission-free trading for Forex pairs, while the Zero Spread account is commission-based but with spreads from 0 pips on Forex. Users can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds, and Cryptocurrency CFDs, as well as access free demo trading accounts and Islamic swap-free accounts.

Traders can use the MetaTrader 4 and MetaTrader 5 trading platform for Windows, Mac, Web, Android, and iOS applications. The broker provides a range of additional trading features such as AutoChartist scanners and risk calculators, as well as a package of Premium Trading Tools for MetaTrader which includes a correlation matrix, mini terminal, advanced order window, and more advanced indicators such as pivots and Renko charts.

FAQ

Is HotForex regulated?

The HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd is not regulated.

Where is HotForex based?

HotForex is based at HF Markets (SV) Ltd, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines.

How does HotForex make money?

HotForex makes money mainly through spreads and swaps on certain tradable asset classes and commissions on certain trading accounts.

How do I withdraw money from HotForex?

Withdrawals can be made from HotForex via debit or credit card, bank wire transfer, Neteller, or Skrill from the myHF Area.

What is the max leverage in HotForex?

The maximum leverage offered by HotForex, HF Markets (SV) Ltd is 1:1000.

How do I open an account with HotForex?

An account can be opened at the click of a button on the HotForex website and can be done in just a few steps.

Does HotForex use MetaTrader?

Yes, MetaTrader 4 and MetaTrader 5.

Is Hotforex a good broker?

Yes, the HotForex online broker is a very good choice for retail traders. They offer several account types to EU and international clients, are regulated by several bodies including CySEC, CFTC, and the FSC of Mauritius, and offer attractive bonuses to traders in eligible jurisdictions.

Does HotForex have a bonus?

Yes, HotForex offers clients in eligible regions a no deposit trading bonus. To claim this offer you must complete the registration process and enter the corresponding sign-up code. Terms and conditions and country restrictions apply.

What type of broker is HotForex?

HotForex is an online STP/ECN broker that offers its clients several account types across two trading platforms. Most of the account types have STP execution policies, yet you can enjoy ECN trading opportunities by registering for a Zero Spread account.

What is the minimum deposit at HotForex?

The minimum deposit for an account at HotForex depends on the account type and region you are trading from. For international traders, Micro accounts start at $5 deposits. For EU traders, premium accounts start at $100.

How long is HotForex withdrawal?

HotForex Withdrawal times vary depending on which payment method you choose. The broker will process your request within 48 hours, yet transaction times can take between 2-10 business days on credit cards and wire transfers. E-wallets are the fastest withdrawal method, with instant results after processing.

Does HotForex offer copy trading?

Yes – social trading at HotForex allows you to easily follow and copy the trades that high-ranking traders make. There are also ways to communicate and interact with other traders, such as comments, likes, and links.

TradeHotForex is a regulated online broker offering to trade in forex & CFDs.
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