HotForex detailed review: pros, cons, bonuses and more

Hotforex broker

HotForex broker is a smart Forex and CFD broker for exchange trading. Several competent authorities round the world regulate this broker, that the transparency and safety of its services is absolutely guaranteed. 

 

Description of HotForex broker

HotForex is a multi-asset broker that provides Forex and commodities through CFD commerce services, providing an alternative of seven account varieties and trading platforms with tight spreads averaging $0.1. The broker provides access to unlimited liquidity, permitting traders of any size or profile to settle on between completely different spreads and liquidity suppliers through machine-controlled trading platforms conjointly the execution of any strategy. The brokerage itself was based in 2010 and is headquartered in Cyprus, however it also serves many world offices, together with Dubai, South Africa, and offshore firms in Saint Vincent and the Grenadines. HotForex broker will have plenty of interest and influence, mainly within the Africa, Asia and MENA regions, that provides some nice opportunities for individuals round the world

. Certificate of registration of HF Markets

Meanwhile, HotForex offers its commerce services beside the applicable licenses that regulate the Forex trade and so provides services reliably.

Basic advantages of HotForex broker:

1. HotForex broker is a world CFD trading supplier regulated in Cyprus, Britain and Republic of South Africa moreover as offshore firms in Mauritius and SVG. 2. HotForex company is taken into account safe because of its rules set by ESMA CySEC, FCA, FSCA 3. HotForex is an evidenced MT4 and MT5 trading platform 4. Smart vary of forex and commodities together with cryptocurrency 5. Demo account offered for strategy testing on unlimited basis 6. Open a live account for only $5. 7. Unfold of half dozen account varieties to settle on from, including CopyTrade and PAMM 8. Commerce prices are low and really competitive with no commission supported spread only 9. HotForex Minimum deposit varies from $5 to $500 counting on the account sort you choose. 10. Credit cards, bank transfer, e-wallets and bitcoins are accepted for cash transfers with $0 commission

HotForex broker markets and assets

Our HotForex review team was happy to search out that HotForex offers instruments in eight different quality categories. While the whole variety of instruments is a smaller amount than at similar brokers, the various asset classes provide you with an opportunity to shield your portfolio by selecting non-correlated options. Moreover, there’s no indication that HotForex stopping

with what they’ve got, as they recently additional a new instrument type – cryptocurrencies.

HotForex broker markets and assets

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Forex pairs

With fifty forex currency pairs available, HotForex broker offers you access to the foremost assets within the world. The list includes each majors and minors, also as exotic pairs. Additionally, sure account sorts provide tight spreads ranging from zero pips.

Commodities

At HotForex, you’ll be able to trade commodities as each spot and futures contracts. This includes energy derivatives like Brant and Crude oil, as well as natural gas, that has low spreads and no commissions. There are agricultural commodities to settle on from, as well as coffee, copper, and sugar. With 10 choices out there from as very little as $10, our review found that HotForex may be a nice alternative for goods trading.

Precious Metals

You’ll be able to prefer to trade both silver and gold, with Euro and UD Dollar options. One key advantage of using HotForex to exchange this market is that the absence of foreign exchange exposure. The broker conjointly offers palladium and platinum spot contracts. Metals at HotForex have low spreads and nil mercantilism commissions, creating the trading expertise significantly lucrative.

Indices

HotForex broker offers a complete of twenty three totally different indices. These embrace a number of the foremost widespread indices just like the EU STOXX 50, US dollar Index, and US Wall Street. These indices are accessible as each spot and futures contracts.

Main page of HotForex broker’s website

Stocks and Shares

Trade shares from a number of the foremost well-known valuable corporations on the market. From Google to Coca Cola, you’ll be ready to get pleasure from robust liquidity, reliable execution, tight spreads, and stuck commissions of simply 0.1%.

Cryptocurrencies

Though cryptocurrencies are a new addition to HotForex, our reviewers were happy to search out that the broker still manages to deliver twelve of the most common crypto pairs. you’ll be able to trade the likes of Bitcoin/USD, Ethereum/Euro, and Litecoin/USD with just $1 commission.

Bonds

By giving three government bonds – Euro Bund, UK Gilt, and US 10-year Treasury Note – HotForex broker manages to line itself excluding alternative brokers. These bonds permit traders to speculate in a very stable quality and safeguard their funds, because the economies that back those bonds are among the foremost financially stable nations within the world.

Social trading

HotForex offers a social trading platform to HFCOPY account holders. This account permits you to repeat the trades and methods of productive traders, concentration on forex, gold, and bitcoin. This feature is particularly helpful if you’re a beginner trader who desires improve their skills by learning from professionals.

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HotForex broker account types

HotForex offers six basic kinds of trading accounts. These are:

  • Micro,
  • Premium,
  • Zero Spread,
  • Automatic,
  • PAMM
  • HFcopy

The HotForex minimum deposit varies largely counting on the kind of account. Completely different accounts are accessible below different regulators. A number of the accounts are solely gettable under sure rules and not others. We are going to review the HotForex account varieties below: Account types overview on HotForex website

Micro

The HotForex micro account was created for traders who are unacquainted with the Forex market and trade smaller volumes. It permits investors to trade smaller trade volumes and open an account with a smaller initial deposit than the classical account, all on the powerful MetaTrader4, MetaTrader5 platforms.

Premium

Premium account is meant for skilled retail traders. The key feature is flexibility in position size selection. The limit for one trade is sixty lots. The minimum deal size is 0.01 lots, and also the trade size increment remains versatile at 0.01 lot. As a Premium account you’ll be able to use MetaTrader4, MetaTrader5 moreover as WebTrader and any of the opposite offered mobile commerce platforms.

Zero spread

With a minimum initial deposit of solely $200, the HotForex Zero spread account is a reasonable and accessible commerce resolution that’s appropriate for all traders, however particularly helpful for scalpers, traders with massive volumes and people who trade with knowledgeable Advisors (EAs). As a HotForex Zero spread account holder, you may receive immoderate tight spreads from leading liquidity suppliers with no hidden margins! The account offers a really clear commission-based structure and commissions begin at low $0.03 per 1k lots.

Auto

The HotForex Auto Account opens the world’ monetary markets to even first-time investors, giving them the chance to take free and paid commerce signals from the MQL5 community embedded within the HotForex MT4 trading platform. Investors can mechanically copy signals from any signal supplier with paid signals that need a one-month performance review period. HotForex automatic account purchasers can subscribe to signals via the MetaTrader 4 platform.

PAMM account

As a HotForex PAMM manager, you’ll be able to open a Premium or Premium Plus account. HotForex PAMM account, is obtainable solely to people who trade accordance with the SV rules, and only to those who have a Premium account. The variable spread on this account starts at one point, however if you have a Premium professional account, it goes right down to 0.3 points. This can be balanced by a turnover fee of $10 per trade by Premium professional account holders, and no fee is charged on Premium accounts. The most possible leverage is 1: 300, and all commerce platforms are available for use.

HFcopy account

Associate degree HF Copy account is obtainable to merchandisers who are regulated by CySEC or SV and this account permits you to be a replica trader or supplier to others. The social side of the account, available at each HotForex and HF Markets broker affiliates, means you will be able to have up to four hundred subscribers or more, if allowed upon request. Through this HF Copy account, you can solely trade currencies and gold with a leverage limit of 1:30 according to CySEC rules and 1:400 consistent with SV regulations. Like the opposite account types, the platforms are different: MT4 is obtainable for both, whereas the HF API is just available to those below the SV rule.

HotForex broker demo account

In this HotForex review we are going to additionally cowl the demonstrational account creation. Like several other Forex brokers, HotForex offers its purchasers a demo account before gap the HotForex live account. To open a demo account on HotForex broker platform, you only have to be compelled to follow the riskless account gap method to access the HotForex MT4 or MT5 platforms with unlimited demo funds. And once you are prepared or plan to begin live trading, you’ll be able to apply for a live account, wherever HotForex broker might raise you to substantiate your documents, together with ID, residency and alternative documents, before you start. In each cases, you may have access to the myHF consumer space where you can manage all of your accounts and finances. So, the in small stages process of opening a Demo account on HotForex broker:

  1. Visit the login page of your HotForex broker demo account.
  2. If you are a new client, enter your initial and last name, country of residence, email address, phone number. On the other hand, if you are an existing client, you’ll be able to login to your account.
  3. Fill altogether the required data for your first registration with myHF
  4. The account are approved virtually immediately, wherever through your personal area you can access your new demo account so use your live account and manage your funds.

Commerce is a touch horrifying for beginners while not having primary knowledge, skills or expertise in trading. By providing a demo account, brokers offer a whole and harmless atmosphere for beginners. Demo accounts are supposed not just for starting traders, however additionally provide advanced traders with a chance to explore HotForex’ offerings.

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HotForex broker Fund Deposit and Withdrawal

Let’s review HotForex broker’s offerings for funds depositing and withdrawal. Broker’s purchasers and partners are offered with the foremost profitable and versatile conditions for each depositing and retreating funds.

Illustration is taken from HotForex.com website

On weekdays, transactions are created as quickly as possible, and in addition, no deposit commissions are charged by the broker. You’ll be able to replenish your account via the subsequent methods:

  • Bank transfer
  • Visa/MasterCard/Maestro credit cards
  • Electronic payment systems: Webmoney, Skrill, good Money, Neteller
  • Cryptocurrencies

Withdrawal of funds is feasible by using:

  • Cryptocurrencies
  • Neteller
  • Perfect Money
  • Skrill
  • Webmoney

Processing amount and commissions vary, however will continually be found on the HotForex broker’s website. Deposits can take from ten minutes to two business days counting on the payment methodology used and are largely free. Withdrawals are created once twenty four hours you have got submitted your withdrawal request on weekdays, and are mostly free.

HotForex broker platform review

Speaking of commerce software, HotForex provides the unsurpassed HotForex MT4 platform and its restructure of MetaTrader 5 as its trading software. This can be not a shocking choice, because the platforms leave one-click trading beside varied tools and access to institutional quality technology through advanced configuration. So, whether or not you’re a beginner or a complicated veteran of commerce software, it’s appropriate for both.

HotForex broker review of platforms

Illustration is taken from pexels.com photo stock What’ additionally smart regarding MetaTrader is its compatibility with numerous devices. The HotForex MT4 and MT5 terminals are offered in numerous versions to fit your personal desires and permit you to trade with efficiency through the Desktop Platform, WebTerminal, that is compatible with any browser. Or with the HotForex MT4 MultiTerminal with access to manage multiple accounts at an equivalent time. Thus, the total vary of over twelve platforms, thanks to a good vary of versions, equipped with quick execution, absolutely applicable with the instruments provided and offered to trade all the instruments offered.

HotForex Bonuses

HotForex purchasers aren’t offered with registration bonus, moreover as a welcome bonus for brand new traders. However, the new traders can claim for the subsequent bonuses: – Deposit bonus within the kind of a 100 percent loaded bonus is valid for premium accounts with a HotForex minimum deposit of $200 USD. The maximum quantity of bonus, which will be attributable to a commerce account, is $50,000. – A 30% credit bonus that is applied to each deposit of $50 or more is extra to a trading account as a stop loss or margin. – The 100 percent credit bonus is just valid for brand new deposits or internal transfers of a minimum of $100. This only applies to small and Premium accounts.

Analytics and education

Traders education is another of Hotforex’ robust points, because the broker focuses its efforts on the Asian and African regions in order to enhance their results and progress in Forex. Analytics and education of Hotforex

Education tools presented on HotForex.com website You’ll be able to notice courses, webinars, video tutorials, daily marketing research and reviews, and news feeds on the platform, that is why with HotForex you have got each probability of succeeding in commerce, whether or not you’re a beginner or a professional. Moreover, realizing that quality research is most precious in trading, HotForex offers variety of research and analytical tools. These embody analytics items, an economic calendar, Autochartist and Trader’ Council for in-depth analysis, moreover as extra premium trading tools.

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Conclusion

As this review shows, HotForex broker is one among the simplest preferences for skilled and starting traders. It offers a good vary of best-in-class services with adaptation to completely different environments. The broker offers the power to figure with each HotForex MT4 and MT5. Services and merchandise of HotForex broker are tailored to specific requirements, providing a wide range of accounts, platforms, tools and consumer tools with the ability to settle on the correct strategy. Thus, either you would like to hitch the copy traders, otherwise you want to use advisors, perform scalping or become an affiliate, etc. Overall, the HotForex review presents a world brokerage company with a longtime customer-centric operation that gives a secure, well-regulated commerce atmosphere appropriate for nearly any need.

Strengths and weaknesses of HotForex broker

Advantages of HotForex broker Disadvantages of HotForex broker
no fees for deposits and bank transfers doable delays in withdrawal of funds
management by many regulators registration is sort of easy, however whereas it’s in progress, you can’t acquaint yourself with the terms and conditions of alternative types of accounts
favorable commerce conditions and low spreads – from 0 pips support isn’t offered on weekends
a spread of premium MetaTrader tools and indicators the selection of electronic payment systems for deposit/withdrawal is very modest
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Denis Tannen
Denis Tannen / article author
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