A financial service provider or broker is one of the most essential ingredients of the financial and trading world. The choice of a broker plays a vital role in deciding whether the trade will flourish or not. With fake and manipulative firms, your entire capital can go downhill. We are sorrowful to tell you that HotForex is not at all what it claims in its tagline; Honest, open, or transparent. The main focus of the broker is profit maximisation through various functions and services it offers. We will discuss each point in detail in this review.
HotForex Scam or Safe?
If we talk about the regulation and safety of HotForex, there are no clear regulations opted by the broker. The broker is regulated by multiple local authorities. One cannot decipher whether these authorities are sound or not. We do not understand why the broker needs regulation from various jurisdictions instead of just holding a firm regulation from one top tier regulator.
Moreover, the broker does not offer any security softwares or features to protect the data and personal information of any trader.
The broker offers variant accounts types that are far away from the main account types like gold, silver, platinum offered by many brokers. These accounts offer some unrealistic features and it all seems like a major red flag. The fees and charges of each account are beyond the reach of an average trader or investor. Moreover, a demo account is offered only for limited days.
Moreover, the features enlisted on it deflate your aspirations for investment and you feel like giving up upon the financial trading field. You cannot practice
HotForex: Trading platforms
The broker boasts that it provides both MT4 and MT5 trading platform but when looked closely the broker only provides MT5 platform in one or two accounts. Most of the account bank on the outdated MT4 trading platform. Moreover, the user interface of web and mobile application seems quite problematic and convoluted. There are multiple tabs with numerous functions that are stacked up against each other without any purpose. Many new traders and investors might find it really difficult to pan out their way through the trading platform.
Spreads, commissions, and fees
The commission is charged per lot and can eat up a major chunk of any trader’s profit. On most of the payment methods, a high withdrawal fee is implemented and an overnight rollover fee is also charged by the broker. Your trade will also be inclusive of high inactivity fee if you do not trade for a while.
The broker boastfully claims that it offers a minimum deposit of 5 dollars to open an account. In reality, the minimum deposit starts from 5 dollars and can go up to 500 dollars. Such a high deposit is a major drawback when many other brokers like HFTrading or T1Markets offer better services at far lesser minimum deposits.
The broker claims to provide unrealistic leverage if 1:1000. Most of the well-reputed brokers provide a maximum leverage of 1:500. Such unrealistic leverage creates suspicion. Also, the EU has banned leverage more than 1:30. So, how is it producing such massive numbers from? Beware, HotForex may land you in cold space and no one would help you there. Hence, the reigns of fortunes are in your hands. Don’t let them slip by investing here.
Trading instruments and platforms
There is a very restricted and sparse range of trading instruments available with HotForex. In each category of instrument, the assets are limited too. This can be a major hindrance in developing a diversified portfolio and to mitigate risks of the entire trading plan. Limited assets also limit the trading and profit-making opportunities for traders and investors.
Very limited range of educational products is available with the broker. Most of the material is outdated and needs serious upgrading. Education is a core step of becoming a smart and intelligent trader. We do think that HotForex cares about the education and growth of its clients.
Research and analysis
For research and analysis, conventional tools like calendars and news are available with the broker. The broker fails to provide advanced calculators and charting tools. Research and analysis tools are an important part of depicting the precise exit and entry points in each trade.
Customer support and service
The broker claims that customer support is available for 24/5. However, it does not work properly for even an hour. You keep on waiting for an executive to respond to your queries, but no one answers from the other end. It happened when we examined it practically. The response time for calls is quite elongated, emails are seldom replied back and live chat feature malfunctions a lot. In such circumstances, if you have an urgency, then you have none to fall back upon and your funds get forfeited. If such is the service, then you are playing with fire by registering with any of the accounts offered by the faulty broker.
HotForex has been in the market for more than 10 years and still lacks many essential features. The trading charges involved are also beyond the reach of traders with average capital. The unrealistic leverage and mixed regulations raise questions on the integrity and authenticity of the broker. We do not think trading with HotForex is the right choice. There are other highly reputed brokers like HFTrading, T1Markets, TradeATF that offer better trading services at lesser minimum deposits.