Hotforex Review
Who owns Hotforex ?
The Hotforex brand is founded in 2010 by the HF Markets group. St Vincent.
Where is Hotforex based ? The head office is located in Cyprus, while the other offices can also be found in Grenadines, St Vincent, and Kingston.
It works on the ENC/STP model, which implies that the trades are passed through third-party liquidity providers to ensure there is no conflict of interest with the clients and lower spreads. Hotforex is a company that has won many awards for providing excellent brokerage services to the people investing in CFD and forex trading. This brokerage firm claims to serve more than one million people from various countries trading in bonds, cryptos, indices, currency pairs, and commodities.
Review of Clients Safety Regulations of Hotforex
Is Hotforex, a regulated broker? Though regulatory laws and best safety practices protect the investors in forex trade through the forex brokers still some of the brokers provide their clients’ additional protection through their regulations.
In South Africa, HF Markets SA PTY is regulated under authorization number 46632 by FSCA or the Authority of Financial Sector Conduct.
In Cyprus, European HF Markets Ltd. with license no, 183/12 is regulated by CySEC or the Cyprus Securities and Exchange Commission.
In the UK, HK Markets Ltd is regulated under reference no. 801701 by FCA or the Financial Conduct Authority. To get details about their compliance with regulation, you can use this reference number.
In Dubai, HK Markets Ltd is controlled under license no F004885 by DFSA or Dubai Financial Services Authority.
You can get information in this regard to this office. In the Mauritius Republic, HF Markets Ltd is regulated under the license number 094286/GBL by FSC or the Financial Service Commission.
In Seychelles, HK Markets Ltd, with license number, SD015 is regulated by FSA or the Financial Services Authority.
In the Grenadines and the St. Vincent, HF Markets Ltd has been incorporated 2015 under registration number 22747 IBC.
Segregation of Client’s Funds: Hotforex uses segregated accounts of Major Bank to maintain and ensure the safety of the funds of its clients, in the case in the upcoming years it becomes bankrupt.KYC: To check financial crimes like money, laundering, etc. it has been made mandatory for every client to submit a proof of address and his/her legal existence. Protection of website: They have used SSL or Secured Socket Layer to protect their trading platforms and website of Hotforex from securing the encryption of data during online transactionsInsurance: To protect Hotforex in case of fraud, negligence, and errors they have an insurance policy for 5,000,000 Euro. Compensation scheme for investors: Hotforex has offered a compensation scheme via FCA for 50,000 GBP and CySEC for EUR 20,000 to its clients.
Thus, through Hotforex regulation HK Markets Ltd, the parent company of Hotforex, has provided additional protection to its clients. Through various regulatory laws in different countries regulate HK Markets Ltd, it still offered extra security to its clients by using the latest protection systems.
Hotforex regulations implemented by HF Markets Ltd to provide enough protection to its customers include:
- Flexible trading conditions in the platform
- Tight spot with as low as zero pips
- It provides multilingual customer support
- There are multiple regulations in various parts of the world
Hotforex Dashboard – rich and excellent user experience!
Hotforex Trading platforms
Hotforex platforms are MT4 desktop, Multiterminal, MT5, MT4 web terminal, iPad trader, iPhone trader, and Android.
Hotforex provides the most reliable trading software, which includes the MT4 platform and Meta Trader 5, who offers the latest technology and tools to make trading more efficient. It also provides excellent trader tools, traders board for analysis, VPS hosting, and Autochartist. MT4 and MT5 are compatible with web terminals and desktop versions, which makes it easy to manage multiple accounts. It allows traders to copy trade the PAMM technology, which can be very useful for beginners. Therefore, this is an all-inclusive trading platform that allows all the traders to be the beneficiaries of the tools that will help them to advance in their trading.
See video about Hotforex PAMM account :
The next benefit of the MT4 & MT5 mobile app is full account management. Total account management is one of the main advantages of cellular service. Many traders enjoy this benefit as it allows them to stay focused and on track to their trading goals. Order history is another component offered through the application. Order history, in combination with account management, is the best way to stay organized and prepared for the next trade. It is vital for traders to always stay current on trends, patterns, and market values. The mobile app also offers chart analyses. Chart analyses help traders make decisions quicker regarding the status of the market at any given time.
The last main benefit of the mobile platform is the ability to utilize 20 different indicators and multiple time frames. With more than 20 symbols, traders have constant access to the information they need to make the best decision. All of these benefits are included in HotForex’s services. The MT4 & MT5 version is the most reviewed and celebrated from the service. Many traders have experienced success through the mobile application and recommend it those beginning to work with the forex market. Traders need to review their experience with new applications that help make the process of traditional trading simpler while on the go. With many different countries, timezones, and business deals, traders can still stay on top of all the latest trends with one click.
HotForex provides clients with the MT4 & MT5 trading mobile platform. This ensures no downloads are required for the client. HotForex is guaranteed to run on all operating systems with all types of devices. The MT4 & MT5 are certified downloadable options. This means that clients can access them on their desktop version. HotForex MT5 is available on Windows PC as well as Apple Mac. The MT4 version is available on Linux, Windows, and MAC. HotForex offers trading platforms for their clients with a range of unique benefits to enhance their experience. The platform also provides free options. Offering a mobile opportunity is one of the most efficient methods for catering to younger traders in the industry.
In terms of mobile devices, the HotForex platform can be be used on iPhones with the official app from the app store. This is one of the best ways for traders to work on the go. Some of the basic features on the MT4 app include one-click trading. One-click trading enables traders to complete a deal from anywhere in the world, at any time, with one click. This is one of the most efficient methods for keeping traders engaged and interested in the market, even when their schedules are busy. In addition to one-click trading, HotForex MT4 mobile app also offers real-time quotes and market overview price. These two features are paired hand in hand. Real-time quotes ensure that traders have access to the most relevant and current information. The market overview price can be used to help traders make their final decision.
Hotforex Trading Accounts specifications
Hotforex has covered most of the financial markets by providing different trading accounts. This is part of offering a diverse product portfolio because everyone has his preference, and the company is trying to accommodate various user needs by providing various trading platforms. To open an account, you will be required to deposit a minimum of $5, whereas the maximum leverage is 1:1000. Trading accounts types are :
Demo account
Any account which you open with a hotforex market allows for a demo account. The good thing with such a statement is that it is not limited to trial period; hence you can have up to 3 accounts. You will have access to real trading conditions under the MT4 trading platform.
Micro account
This account is available to traders in FSCA, SV, CYSEC areas. The leverage depends on your area. For instance, a limit of 1:1000 is for those who are under FSCA and SV, while those in the EU will have a limit of 1:30. Trading platforms may also differ depending on the area.MT5 is accessible to FSCA and SV.
Zero account
Every trader that has a zero account on the hotforex market will benefit from the variable spread, which begins with 0 pips. It has no markups, and it is available under FCA, DFSA, CYSEC, and FSCA.EU holds leverage of 1:30, and those under DFSA are 1:50. For FSCA and SV, the zero accounts have the advantage of 1:500.
VIP account
This is similar to zero accounts, but is gas more benefits. It is available for those trading under DFSA. The good thing with this account is that you can contact your hotforex manager directly. However, you will be required to deposit up to $20,000 though it has no markups, and the variable spread starts at 0 pips. The maximum leverage is 1:50.
Auto account
This account is available for both FSCA and SV regulations. With this account, you can access leverage of up to 1:500. The availability of the trading platforms also depends on your location.
Fixed Account
This account was available to SV traders with fixed traders, whereby it required a minimum of $500 deposit. Its leverage is up to 1:400 (none EU clients). However, this type of account is no longer available.
Islamic account
For this account, if any position is held overnight, swap or rollover fees are not charged. This option is available in Auto, Micro, Premium and Zero accounts
HF Copy Account
To some extent, the HF Copy account is something between a pamm account and an auto account. Here, there can be both providers and receivers. For example, providers will be selling their trading signals, and receivers will be interested in copying/buying others’ trades. As a provider, the minimum initial deposit amount is $500, and it’s $100 for a receiver. Here, the max leverage is 1:400. This account is allowed to trade on the following instruments: Bitcoin, Forex, and Gold.
What is The Program HFCopy?
The tool and account HotForex HFCopy can be accessed easily through browsers letting traders work and unite together like allies and help you in eventually mastering the market. So if you’re a highly professional and experienced trader, then you can quickly become a strategy provider while showcasing your knowledge and expertise in trading while charging a performance fee of more than 35%.
However, when your main focus is on the outcome, and you won’t depend on trading strategies, in such a case, it’s essential to be a follower. In such away, you can easily copy strategy from a strategy provider while paying a fee of more than 35% for the included services. Beginner traders who just know the ins and outs of the scenario can become followers.
Investment with HFCopy is just as simple as the creation of an account that can easily get controlled all by yourself. You can simply withdraw funds, make a deposit and close trades according to your requirements.
How it Works?
People who are new to the working of Forex trading can sign up as HotForex HFCopy Follower and use seasoned traders’ experience. You can simply follow a strategy provider the way you like copy strategy and pay the total fee.
You would also get entre account access for monitoring close positions, withdraw profits, trades, set Rescue Volume and Level Percentage Allocation, and so on.
On the other hand, smart and experienced traders can select becoming the Strategy Provider. In such a case, you have to register as a Strategy Provider while creating a HotForex account.
Advantages of Becoming a Follower (Investor)
Being a follower, you surpass the complexities of trading strategies in the Forex market, and others would do the work for you. Various benefits are associated, such as:
Control of trades at any time. Deciding on how much you’re riskingUnfollow whenever you want, you can set your level for rescue and anytime withdraw your finances.
Advantages of Joining as Strategy Provider (Becoming Professional Trader)
People with rich Forex trading expertise can open strategy provider account while getting a lot of benefits such as:
A performance fee of more than 35% Payments every month showing off trading knowledge and expertise Make the best of automated calculations Have three strategy Forex accounts
Upon joining as a Forex Strategy Provider in HFCopy, your work would be to formulate the best Forex trading strategies for self as well as followers. For details and numbers, you’re simply able to rely on the automated calculation of HotForex HFCopy. This automatically calculates followers’ Rescue Level, Volume Allocation, and a lot of other vital data.
How To Receive Hotforex Bonus ?
Hotforex Bonus is available only for non EU clients.
Hotforex has a bunch of promotions, and bonus offers, such as loyalty program, 100% supper charged bonus (minimum deposit to avail this bonus must be $250), 30% rescue bonus (minimum deposit to avail this bonus must be $50), and 100% credit bonus (minimum deposit to avail this bonus must be $100). Additionally, the platform arranges various trading contests from time to time.
When you make a deposit, you will receive the best bonus of 100% of either credit bonus or cash bonus, which doubles what you had in your trading account. Hotforex is among the few forex brokers that offer exceptional trading conditions and gifts, which is quite useful for the trader.
Contests for traders
Contests are consistently organized by Hotforex for the traders to win certain items, including cash prizes.
Some of the contests to be organized soon include:
Gadget Giveaway contest by Hotforex: A trader is given a free Bluetooth speaker, tablet, or some other gadget every month.
2020 Traders Awards: The successful trader will be awarded every month with a reward of $1,000, entry to the Hall of Fame’ of Hotforex, and an obelisk.
Demo Contest: Three monthly rewards of $2,000, $1,000, and $500 are given to 3 top gainers of demo accounts.
Merchandise of Hotforex: Certain merchandise branded with Hotforex including bags, T-shirts, coffee mugs, caps and umbrellas, etc. are given for free to the traders.
Deposit & Withdrawals options
For withdrawals and deposits, multiple options like e-wallet payment, credit, or debit card, bank transfers are acceptable. No fee is charged for deposits and withdrawals, and most transactions will be processed within ten minutes. Time taken for processing withdrawals is 24 hours, and the payment processor may charge a fee. The withdrawal method should be the same as the deposit method. Transactions by third parties are prohibited. All withdrawals should be submitted before 10 am server time if they are to be processed the same working day. The payment, deposit methods are listed below
Bank wire transfer: with take between two to ten days depending on the banks which are involved, the minimum amount is $100 and there no maximum
Master, Maestro, and Visa cards: The minimum amount for deposit is $5, while the maximum deposit is $7500 for MasterCard, $10,000 for Visa/Maestro card. Typically deposits are processed immediately, yet may sometimes take up to ten minutes. Withdrawal processing with taking two to ten business days
China UnionPay: The minimum deposit is $50, while the maximum allowed is $8000. Processing of deposits will take up to 24 hours, while withdrawals may take two to five business days.
BitPay: The smallest bitcoin deposit accepted is $5, while the maximum deposit is $10,000. It may take up to ten minutes to process, while the withdrawal time is one to 3 working days.
Neteller/WebMoney: The minimum and maximum deposits are $5 and $50,000 respectively, all transactions are processed immediately
Fasapay: It processes transactions immediately, with the smallest deposit of $5, a maximum deposit of $5000
Hotforex has confirmed that all the funds and payment gateways are safe. No funds with forex are reported lost or stolen.
Deposits can be made through e-wallets, online payments processors, Bank transfers, and credit cards. Traders also have access to instant withdrawal and deposits. The platform accepts different types of withdrawal and deposit methods like Mastercard, Visa, Bitcoin, Wire transfer, Union Pay, Fastpay, Neteller, Webmoney, and Skrill, etc.
HotForex Instruments
The platform currently accepts more than 150 types of instruments. What’s more, there are more than fifty types of currency pairs that can be traded too. For example, you can start selling with Hotforex on the following instruments, such as Cryptocurrencies, Indices, Metals, Energies, Shares, Bonds, and Commodities. If you are someone who prefers to try with a lot of different options, then this platform will be quite apt for you.
HotForex is a top award-winning platform for forex trading. They are known as one of the most reputable forex brokers online. HotForex serves as a commodities broker as well. They provide extensive trading services as well as facilities for institutional customers and retail customers. They have received many positive reviews from past clients as well as positive feedback from the forex market. Their main goal is to provide clients with a range of options for trading. They offer their trading instruments (also known as products) for clients. HotForex offers its clients more currency pair options, which allows them to grow and expand their portfolio rapidly.
One of their main goals is to verify their status as a certified multi-asset broker continuously. HotForex is currently recognized as a successful multi-asset broker for its broad range of clientele. It is also important to note that their list of trading instruments are continually expanding and growing as the company advances. This means there are more and more opportunities for clients to benefit from and experience.
Some of the main assets used on HotForex are cryptocurrencies, metals, forex, commodities, and bonds. These are some of the main elements that help to make up their services for clients. Clients can utilize HotForex for a range of reasons, from trading Bitcoin to trading gold. Some of the most popular cryptocurrencies that are traded on the market include Ethereum, Litecoin, and more. It is also important to note that HotForex provides top trading conditions for all of its spot metals without extra fees. Typically there are forex fees associated with trading gold and silver. HotForex offers spot metals in both USD and EUR. The margins are as low as 1% for gold and silver. This is a primary benefit when trading with HotForex. As stated previously, they are an award-winning platform with the skills ad experience to help clients receive the most out of their trades.
Some of the other most common trading instruments include oil. HotForex offers spot and futures contracts for the oil and gas sector. This is very important as many clients are seeking to invest in these industries. Some of the most common types are Brent and Crude oil. They offer clients small margins which provide benefit for the client in terms of overall trade and investment value.
Bonds are also an essential aspect of HotForex’s service. Bonds are used for trading during different types of foreign transactions and exchanges. Bonds can be in the form of USD, EUR, GBP, and more. The global economy utilizes bonds and trades them regularly. HotForex helps clients to understand how this process is accomplished. Trading bonds is a fundamental and widely-used financial instrument. Overall, the platform has pleased many clients and encouraged them to utilize the service time and time again. It is important to select a service that features the best the industry has to offer on one simple and convenient site.
Hotforex spread
If you are now eager to start trading with HF, then you must need a clear idea about their spread. According to this platform, their spread roughly starts with one pip for all types of accounts (except zero). For none-ECN accounts like EUR/USD, the spread is 1.2 pip. For your quick reference, a spread table is given below.
AUD/USD – 1.5
EUR/JPY – 1.7
USD/JPY – 1.7
GBP/USD – 1.8
USD/CAD – 1.9
USD/CHF – 1.9
GBP/JPY – 3
Hotforex tools
Well, there are specific tools that can be used in conjunction with this platform for successful and profitable trading. For the clients, Hotforex offers some of these following tools to be used — Trade Terminal, Connect, Session Map, Sentiment Trader, Mini Terminal, Excel RTD, Correlation Matrix, Market Manager, Correlation Trader, MT4 & MT5 Indicator Package, Tick Chart Trader, and much more too.
Other available tool/feature options for HF or Hotforex include an economic calendar, traders board, auto trading, one-click trading, multi-target calculator, pivot points calculator, and Fibonacci calculator.
Trader Education
Hotforex provides Forex educational content for traders of all levels of experience and investment. This educational material is available in the form of instructional videos and eBooks. Realizing that traders with less knowledge will require more assistance, Hotforex is providing a comprehensive tutorial for those who have just started Forex trading. Some tutorials are also available for intermediate traders and experts in forex trading. For the training course, a set containing ebooks and videos will be provided. The videos are produced professionally and have quality audio. The ebooks have a detailed explanation of the various Forex terms, and a large number of illustrations are provided for better understanding. Most users are delighted with the training provided by Hotforex.
Trading experience
Many Forex traders who are interested in using Hotforex would like to find out the Hotforex Trading Experience of the existing users of the platform so that they can make a decision accordingly. Hotforex claims that it is suitable for all levels of traders, ranging from those who just started trading to professional traders with many years of experience. Hotforex has selected a large number of assets for trading. Traders can choose from multiple trading platforms. The research information and reports provided are suitable for Forex traders at all levels.
For a better and more profitable Trading Experience for their clients, Hotforex is offering a large number of research tools, including news, analysis, reviews of the markets, and technical reports. To help traders who have a Hotforex account, Hotforex Research has a separate website https://analysis.hotforex.com with only research, analysis related information of the Forex market. This research section is managed by three forex experts who are employees of Hotforex. The website has a more significant number of trading tools and also offers Market News, daily market reviews, market outlook, and the economic calendar. Additionally, technical analysis, video analysis, special reports, and the economic calendar is provided for reference.
The Hotforex App is a mobile app that provides tools for trading, market news, and news analysis. In addition to Hotforex account management, it is also possible to access live quotes using the app. The app can be used for all types of smartphones, like the iPhone and Android. Some of the features of the app are the trading positions, calculators, traders boards, advanced charting, and watch lists. Live webinars and daily market analysis can also be accessed. Traders can conveniently deposit and withdraw funds from their HotForex account using the app.
Hotforex Customer Support
Customer support facility is indeed an extremely crucial part of any business, Isn’t it? For example, when you encounter specific problems and issues, or you have any queries, you must have the option of contacting the support. The best part is that Hotforex has an outstanding customer support facility.
The customer support team is knowledgeable, prompt, and helpful. You can easily reach out to them via the live chat option. In this way, you should be able to contact the customer assistance team if you have any queries or you need to resolve any problem.
Live chat can be done in different languages.
Customer support through phone can be obtained at the residence of the client by dialing +44 2033185978 or at eight other numbers in China, Russia, Taiwan, Brazil, Indonesia, India, Turkey, and Nigeria. Through Email, you can send your message at support@hotforex.com or eight other email addresses for different languages and departments. Through social media, you can meet the Hotforex support team at Instagram.com/HotForex, Facebook.com/HotForex, LinkedIn.com/HotForex, Twitter.com/@HotForex_Broker, and YouTube.com/HotForex.You can also get customer support by filling the Contact Form available on the page Contact Us’ on the website of Hotforex.
The staff on the support desk is easy to contact and very helpful. The knowledgeable support assistants respond to your phone calls quickly. The channels of social media are updated frequently to keep it active for lots of their followers. The support assistants on Live Chat respond in less than 20seconds to initiate a chat.
Is Hotforex allowed in all countries ?
Hotforex accepts clients mostly from all over the globe. But, there are a few territories where the platform is not allowed, such as Sudan, North Korea, Syria, and the US.
In case if you do not belong to any of these above countries, then you can surely use Hotforex.
In Conclusion:
HotForex is a much secured and well-equipped broker, suitable for both new traders and experienced ones. They have the support of over 1 million users and received numerous awards from different intuitions.
