HotForex Review 2022: Scam or safe? Detailed Overview

hotforex
Min Deposit

$5

Min Spread

0.0

Regulation

FCA

Multi-awarded broker, HotForex has been serving investors and traders since 2010. The broker is operating with the name HF Markets Group and is working to serve the investors outside of the EU. EU is the company which is supporting the working of HotForex and is a multi-national company of forex trading. The company has attracted many inventors over the years and is doing amazingly well. 

In the article, traders and readers get familiar with the brokerage services of HotForex and how well they have maintained their work to be the best service provider of the market. 

Trading is scary for several investors, and to have a broker that looks after the needs is all that is required. Thus, reading the article will surely be beneficial to have an insight into the HotForex broker. The tools, instruments, platforms, etc., make it a next-level broker of the financial market. So, let’s drive-in and know the broker for investing accurately. 

HotForex Broker Review: Pros and Cons

The broker has been serving for some years now with a good market reputation. To go into the full details takes time, so with the pros and cons of the broker, readers will get a quick overview of HotForex. Below listed are the benefits and drawbacks of HotForex: 

Pros: 

  • Regulated broker 
  • Segregated funds 
  • Many trading instruments 
  • User-friendly tools 
  • Transaction fees are low 
  • Education hub 
  • Good for beginners of trade

Cons: 

  • Limited portfolio for EU clients

HotForex Broker Review: Scam and Regulation

HotForex, as we know, is working under HF Markets Ltd., the company is registered with number 22747 IBC 2015. Moreover, the official website of the broker, www.hotforex.com, is operated with all the contents provided by the HF Markets. All its branches are duly registered and maintained by the company authorities. 

The broker, however, does not provide its services to residents of the USA, Sudan, Syria, Vanuatu, Afghanistan, Yemen, Mauritius, Canada, North Korea, Iran, Iraq, Myanmar, and EEA countries. It has more than 25 lakh live accounts trading online with professional customer support. In addition, the broker has insurance for financial safety. Thus it has the following: 

  • Accounts with major banks 
  • Segregation of funds 
  • Negative balance protection
  • Risk management 
  • Regulated by CySEC, FCA, DFSA, FSCA

With so many regulating bodies and insurance to secure the trading and make traders safe with the broker’s services, HotForex has worked hard and prepared well. Which makes it a trustworthy broker, a legitimate, and not a scam. 

HotForex Broker Review: Trading Account Types

HotForex always believes that their clients are their priority, and therefore, they have a range of trading accounts to make it useful for every investor of the financial markets. There are around three main account types and 4 option accounts that could be used by traders if they want. The brokerage accounts offered by the broker are: 

  • Micro account 
  • Premium account 
  • HFcopy account 
  • Auto account 
  • PAMM account 
  • Zero Spread account 
  • Islamic account 

We’ll understand the service of these accounts one by one to help readers invest with the broker easily. So, let’s get started: 

Micro Account

The account is designed keeping in mind the new traders who want to invest and learn at the same time. Micro accounts will surely help traders or novice traders have a supportive trading experience. The traders of the forex market or investing in small volume trades can use micro accounts to invest in smaller trades with low sizes. They can open the account with a small initial deposit and can have the following services: 

  • MetaTrader4 and MetaTrader5 
  • Webtrader
  • Mobile trading 
  • Spreads from 1 pip
  • Numerous trading instruments 
  • Fifth decimal trading 
  • Maximum leverage of 1:1000
  • Market execution 
  • Minimum deposit of $5 
  • Trade size of minimum 0.01 lot 
  • The maximum total trade size is 7 standard lots 
  • Maximum simultaneous open orders 150 
  • Margin call of 40% 
  • Stop out level of 10% 
  • Telephone trading allowed 
  • Currency trading with USD, EUR, NGN, JPY 
  • Personal account manager 
  • Zero trade commission 
  • Flexible bonus offerings 

Premium Account

The account is specifically created for experienced retail traders of the financial market. The account has advanced services and tools to help traders predict market movements, have flexibility in trade and position sizing. Traders can enjoy ample market opportunities with the following trading platforms and services of HotForex broker: 

  • MetaTrader4 and MetaTrader5 trading platforms 
  • Webtrader 
  • Mobile trading 
  • Spreads from1 pip 
  • Maximum leverage of 1:500 
  • Fifth decimal trading 
  • Several trading instruments of different markets 
  • Market execution 
  • Minimum deposit $100 
  • Maximum trade size 0.01 lot 
  • Trade size increment 0.01 
  • Maximum total trade size of 60 standard lots per position 
  • Maximum simultaneous open orders 300 
  • Margin call 50%
  • Stop out level 20% 
  • Telephone trading allowed 
  • USD,EUR,NGN,JPY account currency 
  • Personal account manager 
  • Zero commission on trades 
  • Flexible bonus offerings 

HFcopy Account 

The account is a special trading account available for the strategy providers (SP) and the followers who join the HFcopy account. The SPs open the HFcopy account in order to build their inventory of followers and trade in exchange for a performance fee. The fee is as high as 50%, and the followers, in return, will be able to deposit funds and can copy the trades of the selected strategy provider. 

The account is different from other accounts and has unique facilities for trading. Below mentioned are the service that is enjoyed by the HFcopy traders: 

  • Trading platforms MetaTrader4 and MetaTrader5 
  • Webtrader 
  • Mobile trading 
  • Spreads from 1 pip 
  • Trading instruments like Forex, Gold, Indices spot 
  • Fifth decimal 
  • Maximum leverage of 1:400
  • Market execution 
  • Minimum deposit of $500 for strategy providers and $100 for the followers 
  • Minimum trade size 0.01 lot 
  • Trade size increment 0.01 
  • Maximum total trade size 60 standard lots per position 
  • Maximum simultaneous open orders 300 
  • Telephone trading 
  • Margin call 50% 
  • Stop out level 20% 
  • Account currency USD 
  • Personal account manager
  • Zero trade commission 
  • Maximum followers 200 to 1000
  • No raw bonus 

Auto Account

HotForex auto account is the gateway to the world’s financial markets for experienced and novice traders. The auto account gives traders the opportunity to subscribe to free and paid Trading Signals from the MQL5 community. The community is established in the HotForex MT4 trading terminal. The investors are allowed to automatically copy the signals of the Signal provider with signals that are paid that are subject to one month of performance verification. 

The signals of the auto account can be accessed by the traders using the MetaTrader4 trading platform. The account, in addition, has the following features: 

  • MetaTrader4, Webtrader, and Mobile trading platforms 
  • Spreads from 1 pip 
  • Various trading instruments 
  • Fifth decimal 
  • Maximum leverage 1:500 
  • Market execution 
  • Minimum opening deposit $200
  • Minimum trade size 0.01 lot 
  • Trade size increment 0.01 
  • Maximum total trade size of 60 standard lots per position 
  • Maximum simultaneous open orders 300
  • Marginal call 50% 
  • Stop out level 20% 
  • Telephone trading 
  • Account currency USD, EUR 
  • Personal account manager 
  • No commission 
  • No raw bonus 

PAMM Account

The PAMM account is the Hotforex premium and premium plus account. Traders get the choice of opening such an account if they want. Traders can note the details given below and decide which one is suitable for their trading. 

Premium account has the given services: 

  • Trading platform MetaTrader4 
  • Spreads from 1.1 pip 
  • Trading instruments forex, oil, metals, indices 
  • Fifth decimal 
  • Maximum leverage of 1:300
  • Market execution 
  • Minimum opening deposit $250 
  • Minimum trade size 0.01 lot 
  • Trade size increment 0.01 
  • Simultaneous open orders of 500 
  • Margin call/stop out level of 50%/20%, respectively 
  • Telephone trading 
  • Account currency USD 
  • Zero commission 

Premium Plus account has the following: 

  • Trading platform MetaTrader4 
  • Spreads from 0.3 pips 
  • Trading instruments forex, oil, metals, indices 
  • Trading commission of $5 per 100,000 USD traded 
  • Fifth decimal 
  • Maximum leverage of 1:300
  • Market execution 
  • Minimum opening deposit $250 
  • Minimum trade size 0.01 lot 
  • Trade size increment 0.01 
  • Simultaneous open orders of 500 
  • Margin call/stop out level of 50%/20% respectively 
  • Telephone trading 
  • Account currency USD 

Thus, the two have some slight differences, but both are useful trading accounts. 

Zero Spread Account

As the name says it all, the account is for the zero spread traders; the account has low costs and commission with super tight spreads. Thus, making it a good affair of trade. The traders have below-given advantages with the account: 

  • Minimum deposit of $200
  • Lower cost of trading 
  • All trading platforms 
  • Spreads from zero for forex 
  • All trading instruments 
  • Fifth decimal 
  • Maximum leverage 1:500
  • Market execution 
  • Minimum trade size 0.01 lots (1000 units of the base currency) 
  • Limit and stop out levels from 2 pips 
  • Personal account manager 
  • Account currency USD, EUR, NGN, JPY 
  • Telephone trading 
  • Low trade commission structure 
  • Maximum simultaneous open orders 500
  • Maximum total trade size 60 standard lots per position 
  • Trade size increment 0.01 

Islamic Account

The account is available in all kinds of micro, premium, auto, and zero spread. It is for the Muslim traders who follow the Sharia law; the account gives them trading conditions that suit their rules. There are no incurring swap or rollover charges for holding the market positions overnight. 

The Islamic account has given services: 

  • Account currency USD, EUR 
  • Telephone trading 
  • Market execution 
  • Fifth decimal 
  • Trading instruments
  • Spreads from 1 pip 
  • Trading platforms 

HotForex Broker Review: Account Opening 

The process of account opening with HotForex is direct; on the home screen, traders can find the option of a live account and the demo account. Traders can choose the one that they find suitable. The demo account is for practice, whereas the live account is to direct trading. Below mentioned are the steps for account opening: 

Firstly, traders have to register themselves with the broker to get a trading account. For that, traders have to give names, contact details, email addresses, dates of birth, and country of residence. After that, traders set their passwords and get registered. Moreover, traders can choose from individual, corporate and joint accounts. 

The next step is to provide details required by the broker in the information section, then answer some questionnaires and upload documents at last for completing the verification. 

The following step is to allocate an account immediately by the broker and deposit funds to begin the trade. 

HotForex Broker Review: Trading Platform

MetaTrader4, MetaTrader5, Webtrader, and Mobile App are the four trading platforms accessible with the HotForex broker. The MetaTrader 4 and 5 are user-friendly trading platforms used frequently by forex traders to trade. Let’s know the four individually: 

MetaTrader4 

MetaTrader4 is the software of MetaQuotes company that was introduced in 2005 for the forex market. But with its user-friendly interface and usability in the world, it has been used in all financial markets for tools, indicators, etc. The trading platform has mentioned services: 

  • Easily downloadable 
  • Charts and patterns 
  • Indicators 
  • Analysis tools 
  • Expert advisors 
  • Automated trading 
  • Time frames 
  • Real time trading 
  • Works with all devices

MetaTrader5

MetaTrader5 was launched in 2010 by the MetaQuotes company to have a more advanced service provider. The trading platform is not a version of MetaTrader4 but has different facilities to offer. Below are the features of the platform: 

  • State-of-art trading platform
  • Downloadable
  • Serves all devices  
  • Analysis tools
  • Charts and patterns 
  • Real-time trading 
  • Time frames 
  • Indicators 
  • Expert advisors 
  • Automated trading 

Webtrader

The webtrader is the browser that directly connects investors with the financial market. A one click trade technology has made the investment easier and the next generation. Traders can use it on mobiles, devices, whatever makes the trade comfortable for the trader. Thus, a reliable and flexible trading platform. 

Mobile App

The mobile application is a handy trading platform for the investor. Traders can download it on their mobile phones from play stores or app stores, whatever they have. After that, they can use it to monitor, trade, execute orders, manage trades, access the market 24 hours, and many more things. Traders can customise these as per requirement, use the charts and patterns with a click. Thus, a handy source of market trading. 

HotForex Broker Review: Trading Instruments

The traders have ample markets to invest their funds with the HotForex broker. Here, we have listed these for readers: 

  • Forex 
  • Metals 
  • Energies 
  • Indices 
  • Shares 
  • Commodities 
  • Bonds 
  • Stocks DMA 
  • ETF 

HotForex Broker Review: Commission and Spreads

The HotForex broker has no trading commission and low costs for favorable trade. So, traders need not worry about their trade with the HotForex broker. However, the traders may have to pay some commission in the premium plus account and the zero spread account. In the PAMM account, traders pay the trade commission of $5 per 100,000 USD, and zero spread has a low commission structure which is given on the website of the broker. 

The spreads of the broker are low, primarily from 1 pip for most of the trading accounts. However, the PAMM account has spread from 1.1 pip for the premium account and 0.3 pips for the premium plus account. In addition, there is a zero spread account with tight spreads for the trade. 

HotForex Broker Review: Leverage

The leverage is the loan offered by the broker to trade, which gives traders a high market opening position. Traders can have different leverage ratios with the HotForex accounts: 

Micro Account: 1:1000

Auto Account: 1:500

Premium Account: 1:500

HFcopy Account: 1:400

PAMM Account: 1:300

Zero Spread Account: 1:500

HotForex Broker Review: Deposit and Withdrawal

The deposit and withdrawal of funds with HotForex are simple, with some formalities required for the withdrawal process. Here, we’ll know the deposit and withdrawal options in the two: 

The minimum deposit with the broker begins with $5 and could be done with banks, wire bank transfer, credit and debit cards, and e-wallets. The same is for the withdrawal to withdraw the funds from the account. However, for withdrawal, traders will have to submit a form, and after verification of the broker will be allowed to get the funds. 

Traders can use the following options to deposit and withdraw the funds: 

  • Wire transfer 
  • Credit cards
  • Skrill 
  • Neteller 
  • Fastpay 
  • Debit cards 

HotForex Broker Review: Education and Research

Education and research are necessary for the trade as they help traders know the market, it’s working, and have a deep study of the market for informed decisions. Market prediction is possible if traders know how the market operates; otherwise, the trading tools, platforms, etc., are useless for a trader. For education and research, traders can use the following: 

  • HotForex educational videos 
  • Training courses videos 
  • Forex education/e-course 
  • Webinars 
  • Events 
  • How-to videos 
  • HotForex exclusive analysis 
  • Podcasts 

HotForex Broker Review: Customer Support 

The professional team of HotForex is always available to guide their clients. The traders can reach the team via the given options: 

  • Contact Form 
  • Toll-free numbers and emails 

Traders can, on the website through the contact us tab, get all the contact numbers and email addresses of various offices and countries for trade help. 

Final Verdict

HotForex broker is the best forex broker in the financial market. Traders can have a variety of services and accounts that will help them in successful trading. Traders can easily access the trading platforms, tools, pay zero trade commission, etc. Thus, making the trade more comfortable and predictable. 

However, traders should visit the website and check all the details before using the trading accounts of the broker. 

The trading platforms that are provided by the online forex brokers are an essential part of the trade. There are many forex brokers like InvestBy who want to assist their clients with the best tools available. A trading platform is software having analysis tools, indicators, expert advisors, automated trading, charts and patterns, and many more features to predict the market movements.

 

FAQ’s

Trading instruments of the HotForex broker?

The broker has several trading instruments of different markets like forex, metals, commodities, energies, stock, etc. 

Is the opening of a trading account with the broker digital?

Yes, traders can quickly and easily open their trading accounts with the HotForex broker using digital services. 

FAQ

The minimum deposit For HotForex is $5.

HotForex UK is regulated by the Financial Conduct Authority (FCA), firm reference number 801701.

HotForex does not allow hedging and scalping.

HotForex is not a market maker. A market maker speeds up trading as a market maker will purchase your stocks and commodities even if a buyer is not lined up

HotForex withdrawals submitted before 10:00 am server time are nearly always processed the same business day. Withdrawals later in the day is processed the next business day.

The broker offers only MetaTrader4 trading platforms.

HotForex does not offer guaranteed stop loss. With guaranteed stop-loss protection risk is managed. Traders are guaranteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

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