HotForex Review
  • Commissions & Fees
  • Investment Offerings
  • Trading Platforms
  • Customer Service
  • Education and Research
  • Trustworthiness
4.1

Summary

Any trader will tell you how important having a good broker is in trading. HotForex is a reputable forex broker that includes many options and a variety of tools for its user. Read our review to learn more about HotForex and if this forex broker is right for you.

About HotForex

HotForex has been operational in the industry since 2010. The broker is headquartered in St. Vincent and the Grenadines, and has an operational base in Cyprus. They have grown substantially in the 9 years since first becoming active. This is exemplified through the number of traders they now accommodate, coupled with their regulation by a varied number of global bodies. This regulation includes within the EU through CySEC, and five other global regulatory bodies.

HotForex Landing Screen

HotForex Account Opening

HotForex offer a total of 6 account types. Three of these, Micro, Premium, and Zero, are suitable for regular traders. This offering is quite similar to the account types offered by FXTM. Auto, PAMM, and HFCopy accounts are also available for those with a more specific nuance in their form of trading.

Ultimately, there are a wide variety of options available for traders wishing to open an account, and there is bound to be something suitable for everyone.

Minimum Deposit

The minimum deposit to trade with HotForex is variable. This depends on your account type selection and ranges from $5 for a Micro Account to $200 minimum deposit for a Zero Account with spreads from 0 pips. Premium accounts are available for a minimum deposit of $100 through the broker.

Availability and Ease of Opening

HotForex Account Comparison

HotForex accounts are widely available for opening to traders around the globe. The only exceptions to this rule apply in the following locations: USA, Canada, Sudan, Syria, and North Korea.

Opening a HotForex demo account is a hassle-free process. Simply input your basic personal information and email address to access a range of demo accounts. These include individual, joint, and corporate options. $100,000 is available to virtually trade for an unlimited time when you open a hot forex demo account.

Opening a HotForex live account includes a few more steps, but is equally accessible. Simply upload your ID and residence document verification to get started with real trading.

HotForex Product Offerings

HotForex Major Pair Spreads

HotForex product offering bridges an extensive range of markets. They manage to feature a total of 49 forex currency pairings. This covers major forex pairs, along with both minor and a range of exotic pairs. This is a large number of markets even when compared with product review of other top brokers.

Offerings also extend into other markets, with more than 100 other CFDs offered in indices, metals, commodities, shares, bonds, and 8 cryptocurrency pairs against both the U.S. Dollar and Euro.

This should provide a more than adequate range for any trader, regardless of experience level or standing in the industry.

Commissions and Fees

HotForex generally offer commission-free trading to the majority of their users. The exceptions to this are on the PAMM account, where commission is $10 per round turn on every 100,000 units of currency traded, and the Zero Account where this commission ranges between $8-$12 per 100,000 units. The commission charged on this account is off-set by the more competitive spreads offered.

Non-trading Fees

HotForex is very generous in terms of non-trading fees. This means there are no fees for any deposits or withdrawals to your HotForex trading account. There is also no fee for inactive accounts. This is a coup for the broker, since inactivity fees are typically prevalent through other major brokers.

The broker does charge a swap fee. These are variable depending upon the markets and interest. More information on swap fees and how to obtain an Islamic account here.

HotForex Platforms and Tools

HotForex is a Metatrader only broker. This means is offers only Metatrader platforms. These are widely respected in the industry and still account for several platform variants. This includes MT4 & MT5 for desktop, web, and mobile.

Desktop Platform

HotForex MT4 Webtrader Order

HotForex MT4 and MT5 trading platforms line up in much the same manner as with other platforms. As always, they are the leader in terms of charting capability and the volume of technical indicators provided. They also offer the opportunity to employ automated trading strategies through the ever-popular Expert Advisors function.

In terms of usability, they cut a rudimentary style on the image front. This however makes them very fast and durable thanks to the lack of unnecessary visuals. All functionality is controlled through the side toolbars where up to date news provided by FXStreet can be accessed.

The central console window is also highly customizable, and the added bonus for HotForex users is that they can avail of the premium trader add-on from Blue Labs. This does significantly enhance the analytics and visual environment of the platform and can be utilized to the benefit of many traders to gain a much greater insight into their trades and potential trades.

Mobile Trading Platform

HotForex Application Menu  

HotForex Application Chart

The MT4 trading platform is available for both iOS and Android devices, providing the same excellent range of features and charting prowess in app form. The mobile trading platform is both easy to access and navigate, with only a few simple and clearly labeled screens.

The MT4 trading platform in mobile format focusses on many of the same goals as its desktop counterpart. This is to make trading both accessible, fast, and well-informed. Traders can utilize a wide range of indicators as well as having access to an economic calendar, and the latest news and alerts on the go.

Education and Research

HotForex Webinars

HotForex webinars are second to none when it comes to educational quality and professional delivery. These are regularly delivered by a host of industry experts and when combined with the range of e-courses, guides, and video tutorials offered by the broker, it is clear that HotForex has dedicated both time and effort to creating a lasting educational infrastructure for the benefit of traders.

The broker is also rising strongly in terms of research capabilities which it provides to traders. These include access to Autochartist tools, as well as a newly updated HF App which allows traders to track the performance and analytics of their portfolio at all times. The broker also feature their own dedicated research site. This offers in-house analytics, news, and market information compiled by the HotForex team of experts.

Ultimately, these represent strong offerings in both areas which area a major attraction for both new and experienced traders.

HotForex Differentiators

HotForex Promotions

One of the key points which separates HotForex from other brokers in the industry is that of its extensive regulation. They are one broker who do not shy away from being regulated. This sends a very positive message to both current and potential traders.

The wide variety of account types offers convenience to every level of trader which is also not often seen within the industry. The fact that both PAMM and copy trading are also facilitated from the outset is something which is certain to be a welcome also to more experienced traders or those wishing to engage in copy trading.

HotForex Customer Service

The broker provides an extensive network of customer support. This is available on a 24/5 basis and includes telephone support contact in 9 countries. Support team members are also available by email in a number of languages, and web-enabled live chat.

Every method of customer support is well reviewed by current traders, and they are also available to those who are yet to open an account who may have questions. The broker website also features a basic FAQ section which highlights some fundamental questions traders may have.

Trustworthiness

Trust is understandable at the core of any trader’s mindset. This is something HotForex caters well for thanks to a variety of provisions.

They have been operating in the sector, to high levels of industry recognition for almost a decade. Added to that, they are regulated via some of the most stringent financial bodies in the financial world. The fact they are regulated by more bodied than most other major brokers, only serves to heighten the feeling of trust among traders.

Looking to the future, they have recently gained approval to operate under the oversight of the Dubai Financial Services Authority (DFSA). This clearly demonstrates their intention to continue fostering global trust in their operations.

Conclusion

Overall, HotForex performs well in all major areas which would be under consideration from new or experienced traders when selecting a broker. This is further highlighted by the fact they have claimed many industry awards. With a growing user base, expanding compliance, and a continually trader-focused outlook on the future, HotForex represents an excellent choice for anyone considering entry to forex trading, or a change of broker.

Pros

  • Regulation within such a wide array of jurisdictions does a lot to positively increase the sense of trust around HotForex from a trader’s perspective.
  • There are a variety of account types available. This suits all form of traders, including copy traders and those who wish to open a PAMM account.
  • The broker provides an excellent range of research tools including the premium trader add on from Blue Labs for MT4. This has the power to significantly enhance the trading experience.

Cons

  • Commission on the Zero account is relatively high when compared with other competitive low spread account offerings from the likes of Saxo Bank.
  • Offering Metatrader only, and no proprietary platform, may not be to the satisfaction of all traders.