Hot Forex HotForex Review

Hot Forex Review | HotForex.com
3.5 5 RATING
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46 REVIEWS

Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage  Average Spreads 
Micro  $50  0.01 1:1000  1.2 pip on EUR/USD
Premium $500 0.01 1:400 1.2 on EUR/USD
Fixed $500 0.01 1:400 1.8 pip on EUR/USD
Zero $100  0.01 1:200  0.1 pips on EUR/USD + commission $4 per lot traded (per side)
Currenex $500 0.01 1:400 0.2 pips on EUR/USD + commission $5.00 per lot traded (per side)
VIP $20,000  0.01 1:300 0.2 pips on EUR/USD + commission $6.00 per lot traded round turn

 

In order to suit the needs of traders of all preferences and levels of experience, HotForex offers its clients a variety of account types to choose from. You may choose from fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginners can sign up for Micro accounts with as little as $50, and micro lots are available for trade on all accounts.


Apart from the above mentioned account types, HotForex offers 2 more copy trading ones: an Auto Account, enabling traders to subscribe to free and paid Trading Signals from the MQL5 Community, (built-in to the MT4 trading terminal); and HF Social, which provides trading powered by FxStat.


What is more, swap-free (Islamic) accounts are available with minimum initial deposit $150, designated for clients who are not willing to earn interest for religious reasons.


The Company. Security of Funds


HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.


HOTFOREX is the trading name of HF Markets (Europe) Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).


Cyprus is currently one of the most attractive forex broker destinations and probably the main reason for this is its well-balanced regulation. Tough regulation with high entry capital requirements and low maximum leverage has reduced competition in the United States and Japan, while light touch regulation affects credibility and safety.


CySEC applies certain rules and requirements to Cyprus Investment Firms, which are not as stringent as those in the US, for instance, however they provide a certain level of credibility. Cypriot Investment Firms must hold at least €1,000,000 in order to prove their good financial standing. Besides, they are required to keep customer funds in segregated accounts, separated from the company’s operating funds.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.


Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime. What is more, the broker is also registered with a number of EU regulators, including UK’ FCA, Germany’s BaFin and others.


Trading Conditions


Minimum Initial Deposit

In order to open an account with HotForex, traders have to invest a minimum of $50. Such minimum initial amount comparatively low, however, many Cyprus-based brokers require even less. For instance, FXTM and XM demand just $5 from their clients as a start.


Spreads & Commissions
This broker offers both floating and fixed spreads. Fixed ones are comparatively low, amounting to 1.8 pips on EUR/USD. In comparison, Easy-forex offers fixed spreads amounting to 1.8 pips on VIP accounts only.


As regards floating spreads with HotForex, typical ones on commission-free accounts amount to 1.2 pips on EUR/USD, which is average. According to us, the conditions on the Zero account are the most attractive ones: spreads averaged 0.1 pips on EUR/USD and commission $4 per 1.00 lot traded (per side), so basically trading costs amount to around 0.9 pips, commission included. And you can open a Zero account with just $100.


For purposes of comparison, average variable spreads on Exness’ commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD with $5 commission per standard lot.


Leverage
The maximum leverage with HotForex is high, reaching 1:1000. Some jurisdictions cap leverage ratios at considerably lower levels (1:50 in the USA, 1:100 in Poland).


The reason for such leverage limitations is that the higher leverage, the higher the risk of losses, which may even exceed initial investments. However, many Cyprus-based brokers offer leverage levels, similar to the ones provided by HotForex (XM – up to 1:888), or even higher – Exness offers leverage up to 1:2000. More FX brokers offering leverage equal to or exceeding 1:500 may be vewed here.


Trading Platforms


This broker supports the standard forex market trading platform MetaTrader4 (MT4). MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved.


MetaTrader 4 is available to clients of HotForex as desktop, web and mobile versions. More brokers using the MT4 can be viewed here


What is more, HotForex provides MT4 MultiTerminal, which offers a practical and convenient way to manage multiple accounts simultaneously from a single interface.


Besides, free VPS hosting is offered to both new and existing customers who deposit a minimum of $5,000 and maintain this amount for the subsequent months. VPS hosting allows the execution of orders 24 hours, 5 days a week.


Promotions
By the time of writing this review, HotForex runs the following promotions:


- 100% SuperCharged Bonus – applies to each deposit of $250 by FIX, Premium, Currenex and Islamic account holders up to $50,000;
- 30% Rescue Bonus - to a maximum of $7,000 which cannot be withdrawn under any circumstances;
- 100% Credit Bonus - applies on new deposits or internal transfers to trading accounts of at least $100 (available on Micro, Premium, Islamic, FIX and Currenex account types), which can be withdrawn as soon as trading volume requirements are met.
- Performance based competitions: demo contest with $3500 pool prize;
- Other ongoing promotions: HTA award and a $1000 cash prize as a showcase to the superb skills that lead to an excellent performance.


Methods of Payment


HotForex supports a wide range of payment methods: credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, American Express), bank wire transfer and e-wallet payment systems Skrill, Neteller, WebMoney, TrustPay, iDeal, Sofort, Western Union, Przelewy24.


Conclusion


HotForex is a EU award-winning broker that offers wide range of trading products and account types under competitive conditions. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros  Cons
Well-regulated  No choice of trading platforms
Low competitive spreads  
MT4 available  
Attractive Bonuses & Promotions  

 

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Spread

Pros

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Slippage

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Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for Hot Forex Add review

Good

I try to keep things simple, avoid complications in forex trading in general, i learnt the hard way with Ironfx where everything went down hill. but on a positive note, I have traded hotforex for close to 8 months now, started small and made my way up trading mostly the eurusd, im glad to say i have withdrawn profits and continue to do so on a monthly basis, the live environment was good and very pleasing mostly swings and rare scalps, the broker is actually really good

khanu Dizon 11/20/2016

Honest broker

I am trading successfully with hotforex for the last two years and easily making good returns on my investments. Glad that my working capital is pure profit. Recommend them 100% safe for everyone.

james 11/08/2016

Reliable Broker

Trading with this broker for more than one year and so far there are no complaints from hotforex services. They have good trading platform with usually tight spreads and withdrawals are processed on time without any hassles. I recommend them as a reliable broker.

Kim 10/27/2016

Honest Forex Broker

I deposited money with them few months earlier and started trading through their regular account and i am glad to have good ROI and all of my invested capital is back now. I usually trade on London sessions with majors EURUSD and GBPUSD and all of my trading going on the pure profits earned through them. I usually withdraw my profits at the end of week and they are processed in my account on next working day. They are good at services and worth giving a try too.

Ghalib 09/09/2016

Smooth trades and fast withdrawals

I have small trading account with them and with their improved services I can trade easily with their trading platform. They are good at responding to my queries and my orders never stuck though i try to avoid trading during news release. I have been withdrawing my profits regularly without waiting for long time. I had noticed that the services have improved over the time so i must recommend them.

Adil 08/02/2016

excellent broker

its noticable the broker is going through lots of expansion, to cater to most traders globally, on a positive note i didnt find any decline in service performance and thats a good thing. over all the broker is providing good services and with a very active support, and so far im very pleased with the results.,

Cindy Dejose 07/07/2016

Good Broker!

I am new trader with hotforex broker and its two months I am trading with these guys. So far they are good with easy platform and easy executions. The funds are usually transferred instantly with my skrill account and took one day to get my withdrawal processed. Its a good broker!

Ibrahim Shahid 04/27/2016

Good service

I am very disappointed with FX Pro. They anounce on their website that their spreads are between 0.5 and 2 pips on the EURGBP pair, but the reality is much different, with spreads as high as 4 1/2 pips on this pair. They will always win their discussions, because they have the terms and conditions as an excuse to do whatever they feel like it and not treat their clients with integrity. Very bad operating policies for traders.

I am very pleased with hotforex. The spread was as they stated on website between 1.2-1.5 for ECN account on majors pairs. They always process my payment on time and very quickly in responding my inquires regarding hotforex products. Highly recommend

Afreeca 03/24/2016

Regulated and fast payment broker.

Hotforex is an ECN/STP broker regulated by both the FSC and the CySec and they are FCA registered/regulated as well. But setting that aside, my trading experience with this broker is good, execution is fast even in high volatility market. Withdrawals are on time as stated on website (I used Neteller).

Svetlana 02/24/2016

I trust this broker

Before I spent much time about broker selection, after one month of demo account practise, I selected hotforex and started live trading, now I think it's a wise decision, they are always ready for help.

Hanyang 02/11/2016

Great broker

In my opinion, this broker has provided a good trading environment for traders, such as fast withdrawal, acceptable spread, stable system and quickly responsive customer service etc.

jackli 01/14/2016

Changed my Broker

I have done trading with Hot Forex for 1 year but then i did not get good results with them.

So i changed to another Broker

Dylan Walker

England United Kingdom

Dylan Walker 12/01/2015

Best broker for news

They don't issue requotes on my tight SL news trades, slippage and spread widening is quite acceptable if you're smart enough to trade with small lots you won't be affected by market volatility. Make around 25% on my deposit with Hotforex every month, withdraw regularly about 200$ no problems so far.

Lukas Wasezki 11/25/2015

Bad experience

I had a bad trading experience with HotForex as they do not have ECN execution of trades and after getting losses in my trading i have closed my accounts with them and now i have switched to the True ECN Forex broker.

William Jones

Sydney, New South Wales - Australia

William Jones 11/08/2015

Hotforex is huge scammer

BEWARE OF HOTFOREX SCAM.
HOTFOREX IS A FRAUD. THEY DEFRAUD YOUR MONEY BY MAKING WRONG MARGIN CALLS BY NOT FILLING IN YOUR STOP ORDERS TO HEDGE UR OPEN POSITIONS. FRAUDS.

asanemma 11/03/2015

Nice spreads on zero spread account

I use their zero spread account and really satisfied. Spreads are low as stated on their website. Slippage is very low too (haven't checked how big it is on news).

Steve 10/12/2015

good service and very pleasing.

Recently i had an issue about an expired drivers license that i submitted a while back, so i had a withdrawal held till i update my documents (i think its fair and i really dont mind) I sent a copy of my passport, it was processed aprox 2 days which i think its really fast for such a big broker, I even had a chat with support (live chat) and they were quick and apologized nicely and asked for my patience which i found really polit, now i got my withdrawal my documents was updated in no time. thats quality service right there.

daryl farso 09/23/2015

good broker

I might have not been trading for so long but I have a mid sized 5 digit USD account with hotforex, been trading for close to 15 months and hit my ROI in mere 8 months, this is not my first time trading with an offshore broker and hotforex would be my 2nd CySec broker thus far, in terms of execution I dont think its the best out there, but it gets the job done, if i was to rate this broker over all i'd say 8/10 cor consistency.

David Mahindri 07/24/2015

Scam, market maker

Hi Fellow traders
I am trading with hotforex from 3 years. I thought to give my reviews again, during my trading with hotforex, i used to have issues with them,every broker has issues but good thing with hotforex was that they used to care for their clients and always step up to sort out this issues but this is not the case anymore. It looks like they have made much money and don't care for their customers anymore.
My review, observation and personal experience is as follows:
1: Let me start with their claims of being ECN/Stp broker which they are clearly not. They are market makers, another bucket shop to rip your money. What i recently found out that you can't place orders one minute before news, An ECN/STP broker will never put restriction on it. They give you real market conditions.
Secondly you cant place orders between bid and ask price, which is example of market makers not STP/ECN, A market maker will never want you to success, your success is their loss. So decision is yours. :)
2: I always have issues of spillage with them, whenever you close your trade, one or 2 pips goes against you. Sometimes there were big spillages in price, which they fixed it. But even one or 2 pips are enough to less your profit or increase your loss.
3: On one side hotforex claim for so many awards from this industry but on the other hand, they are total failure to provide real market conditions to their clients. Their equity market close 5 mintues before bells rings in USA. So they are nigthmare for day traders like me. When I asked about it, they said, they do it for clients to protect from bad reputation. This is not professional approach as there are all different type of clients, day trader, long term, etc. In this market, even a single second is matter, when they close feed 5 minutes before market close in actual.
4: in past, they also suspended my account when i tried to withdrew money because amount was big, and they used dirty tricks. That matte was solved, but i know how i spent a week in full tension. So they are good, as long as you lost money but when you make money, so there will be many issues. Be aware of it.
5: They dont care for their loyal customers anymore, its very difficult to get hold of their managers or directors who are the decision makers. Companies downfall start when they start to loose their clients, today they are loosing me, i did trading of thousands of lots with them and just in commission, they make 350K plus. But they dont care anymore.
6: They require a lot of paper work when you deposit money with new card, I did deposit very large sum of money with them, but recently they hold my funds for hours at critical time when i need to do trading,due to paper work. They did not care that how much money i deposited and still doubt on my credibility. Thats ridiculous.

I would advise you guys not to open account with them or trade with them, only do if you want to lose your money.

I am going to close my account and not to keep any relation with them because they are proving to be another bucket shop now, who only wants to take your money.

Usman Arshad 07/23/2015

Great Broker

Hotforex is one of the brokers I trade with and I can honestly say I am impressed with the level of reliability they have. Never had an issue on my platform and always have been given great service. Would definitely recommend them.

Andy 05/27/2015

Best Broker so far

As per my experience Hotforex is best broker in market, They offer good spreads as well as professional customer support. Withdrawal process is faster than compare to others. I haven't got any problem yet and hope it will be same in future.

Mahhi 05/19/2015

Nice broker to trade

I had an account with them for 7 months, good customer service, withdraw money from them to my Skrill account (linked to my Master) with no problem and quite prompt. I have not used any other brokers yet, so have no detail comparison yet. Will update in soon.

CTN trader 05/05/2015

hotforex bad bad bad broker

Opened a premium account with hotforex 9 months ago, everything was working alright when my losses were more than my winnings, when i started to profit and winnings increased making my ROI 350% in a month, hotforex showed me its real face, off quotes when exiting my trades, re quotes when executing trades, wide spreads that filled my stop losses. I lost half my account after that running winnings due to hotforex dealing desk service.

please be aware of hotforex bad bad bad broker.

Sergio 04/06/2015

Decent broker

I have been trading with this broker over one year and here are some good points:
- Multiple assets and accounts (zero spread and zero commission)
- NO withdraw/deposit fee and instant deposit. Withdrawal normally get processed in 24 hours.
- Tight spread, most major has nice spread as EUR/USD and GBP/USD pairs
- There are PAMM and daily analysis services.
Overall, I recommend this broker.

Svetlana 03/19/2015

Hotforex is decent broker.

Hotforex is really good broker, I have been with them from couple of years and so far I`m very satisfied with their services. Spread is good and fast withdrawal.

Will 03/07/2015

Hotforex Biggest Scandal Broker of all time


Account number 269022
Hotforex is a market maker, no STP broker like they claim to be.
Look at hotforex website, there's no liquidity providers names, I was hotforex client, when I asked account manager about who are hotforex LP's he said can't reveal the names, it's a secret!!!
How can't a client know who are the LP's of his broker when hotforex claim to be STP!!!
Hotforex scammed me $15000 after leaving my account to negative balance, how can an accoun run on negative margin!!
hotforex didn't apply its margin policy and hotforex gave me in one account $136000 of bonuses when hotforex bonus policy states $30000 is the max. per account.
Hotforex cheat investors by claiming to be STP but hotforex is giving market maker service.
Hotforex must be punished by regulators CySec and FSA Mauritius.
Stay away of the SCAM hotforex.

ED_Forex 03/03/2015

Hotfores has Best withdrawal.

withdrawal is one of the reason why I like hotforex. Same day money arrives in my neteller account.

Antonio 02/05/2015

Good deal if you are professional trader with a sound view on markets and estblished trading teechniques. Platform offer everything that you need for profitable trading, good spreads, almost no slippages and what is important fair order execution. I don't need to look up in my trading logs to make calculations on how slippage will affect my trading or why there is no creditings for positive spreads... because everything works impeccably in that way.. Got very good and pleasant experience from a touch with them so continue to stay more there..

VikyB 10/30/2014

Good

I was introduced to hotforex by a local IB, very professional. the services the broker offers are good. I don't mind the bonuses offered. a recommended broker.

Lila Sy 10/16/2014

i like...

Really, hotforex is best broker... It offers all type of trading strategies and also pay the payment of profit... I have its experience...

Akshay 09/06/2014

Outstanding broker

I managed to earn about 2K only from 300$ deposit scalping with that broker. It accepts all strategies, including grid orders with tight stop SL.I was banned from my previous broker for practising that techniques, but Hotforex opened doors for my trading style. Hope it will keep up with their clients policy, fast withdrawals and excellent trading platform

azeer 08/14/2014

Best Broker till date.

8 months trading experience with Hotforex is satisfying. I started trading with hotforex before 8 months and I must say that it has fastest execution I ever had, support is also excellent. Key feature of HF is Withdrawals, Its very fast almost Same day credited to my Neteller account. Good acceptable spreads. Overall perfect broker for the Traders. Hotforex is highly recommended to everyone.

Deepak 07/24/2014

worth praising

I have just started in hot forex after trading in several forex terminals I am very happy now because hotforex takes very little spread and takes no commission and swap. It is easy to take profit I tried withdrawal it was fine. I don't know what will happen later. so far so good. anyone can contact me to see my trade history to know the reality coresponding to mail ad : ashakrishnashrestha@hotmail.com

asha krishna shrestha 03/09/2014

One of genuine brokers I tried

Just winning some with this broker after sticking with it in 6 months. It has a stable platform and a good trading environment. The support is quick to respond, payments are fast.

Svetlana 02/18/2014

A true STP/ECN NDD broker

This broker has a good trading environment and conditions than others, its spread range from 1.4-1.7 in EU pair and fast execution, rarely requotes. Sometimes I get slippage in news period but not too much.

TPLM 09/17/2013

Hotforex helped me to to save my LR money

Last week, I withdrawn successfully $700 that I deposited via LR. Hotforex was so good to allow trader to withdraw my LR money via another payment service after liberty reserve went down. hotforex is the best.

Tuan Le 05/30/2013

first withdrawal successful

after reading some good reviews about hotforex last january '13 i decided to open a live account with $200 dollars deposit (no bonuses)I only trade the cable with micro lots (0.01 - 0.02) after three months of trading I decided to withdraw $75 from the profit i made as a test, it took 2 and a half days to see it in my bank account which is really fast and im glad, over all this broker is good in terms of execution, very minimal slippage and threads are are around 1.5 - 1.8 mostly on eur/usd. there are times it widens during high volatility which is normal. i dont talk much to support nor do they bug me so thats good. over all im satisfied with the resulys so far.

Lamia 04/30/2013

Good Broker

I’ve been trading with hotforex live for about 6 months, and now focus on this broker after serious comparison.

It's always not easy to find a good broker, and I'd spent a long time in the research and test.

as many others, hotforex is not perfect, I am not sure whether i am too critical in the choices as I am keeping a balance of about several thousands of dollars.
However, hotforex is quick in the money withdrawal and the system is relatively stable compared with my previous brokers. I'd say this is the best broker I'd been used so far.

gangzi 03/19/2013

A Reliable Broker

I had been trading for more than a year. This broker surely a great one. Fast, and reliable customer service. They are even willing to answer each and every of my queries. Plus, I like their bonuses very simple and acceptable.

Tony Bennjamin 02/27/2013

Good broker with great Customer Support and fast payment

hotforex is one of my first broker through one friend referral, I have traded demo for almost 4 months before starting to open a premium account there. Right after I register a live account, I got a phone call from hotforex account manager to consult me anything. That's good.

I have never got delayed in payment with this broker even I used both Visa and Moneybooker. A little bit inconvenient in the past has been solved with the new system management myhotforex. In general, this is a decent broker.

Tuan Le 02/26/2013

Response to CR

CR is your robot an arbitrage robot? If so, you'll probbaly find many brokers that will give you the same response.

I suggest that you search at a solid true stp broker that is focused on scalping to trade. something like this might suit you better: http://www.yadix.com/about-us/ea-hedging-scalping/

FxBear09 02/05/2013

Good to see GBOT

I believe there are only some good brokers who had the chance to be part of the GBOT, I guess this is like the hall of fame for the brokers, and as hotforex is now listed among the best and also chosen as the best broker in 2012 by a famous magazine, I really think that I am a lucky trader who made a fast decision about a year ago when I have chosen hotforex after trying their demo account, I did not try many brokers and I dont remember well why I decided to open a live account with hotforex, but I think it was a good decision even I got nervous last December when they had some disconnection issues.

William 08/23/2012

The Perfect Broker!

I've been through a couple of brokers before and to be honest I can safely say that hotforex is the most convinient broker among them. decent spreads and very good for scalpers, minimal slippage and improving execution, withdrawals and deposits are never an issue wih this broker I really wish they would stick around for a long time because I know i can't find another broker like them. more power.

Mike Samante 05/09/2012

Decent Broker !

I am glad to start writing few words about hotforex, they are my first broker and I think they would be the last, I have had a great experience with them as a newbie few months ago I could learn fast and trade with them without any trouble, I used to read reviews about other brokers and I thought that trading forex ain’t easy but with hotforex I never experienced any problem, and if I lost some money when I started it was because of my bad choices, just one and only one thing disturbed me from hotforex it’s a disconnection that occurred last year at the end of the year, it was short and they fixed it but it scared me for a moment any way, I found that they have got a very tight spreads and also they offer a big choice if to talk about trading platforms for mobiles and ipads, I enjoyed using the ipad app and its pretty good !

Slimane 04/26/2012

Hot Forex is one of the best Forex brokers ever!!!

Fantastic company with smooth and easy to use website/platform. have been trading with them for about 2 years, after trying many other brokers. would recommend them to all new or experienced brokers

Brand 04/24/2012

Hot Forex canceled my scalping EA profit

I deposited $178 and made around $1157 profit in 2 weeks.
While paying out time hotforex simply denied to give me any profit.
They have corrected the balance (excluded the whole account profit) by showing a fake withdrawal.

Here is the myfxbook statement
http://www.myfxbook.com/members/oliv...rexscam/255865

Please check the following snapshot
http://dl.dropbox.com/u/3526907/review/hotforx_scam.png

Hotforex has threaten me that they will block my initial deposit as well.
I was using a 100% scalping robot.
While withdrawal time they denied..

CR 03/07/2012