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HF Markets (Hot Forex)

HF Markets (Hot Forex) Review
Trader's rating 4
Editor's rating 4.2

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 $5, 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

 

Company Country Regulation
HF Markets (Europe) Ltd Cyprus CySEC
HF Markets (UK) Ltd UK FCA
HF Markets SA (DIFC) Ltd UAE DFSA

 

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 a brand name of a group of companies, operating in different jurisdictions. The most reliable is HF Markets (Europe) Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).

 

The broker also holds licenses from UK's Financial Conduct Authority (FCA), the South African regulator, as well as from the Dubai Financial Services Authority (DFSA). The HF Markets group also includes operates two offshore units (HF Markets Ltd., registered in Mauritius, and HF Markets (SV) Ltd., incorporated in St. Vincent & the Grenadines). 


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. This also means that they have to meet all requirements for financial servoces provider set on a EU level, such as to provide negative balance protection to their clients, not to offer trading incentives which expose their clients to additional risk, and more.


Trading Conditions


Minimum Initial Deposit

In order to open an account with HotForex, traders have to invest a minimum of $5. Such minimum initial amount is 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 both MetaQuotes' plaforms: the standard  MetaTrader4 (MT4) and the latest MetaTrader 5.

 

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.

 

The MT5, on the other hand, was intended as a multi-asset trading platform. In addition to forex, it facilitates trading in exchange-traded stocks. The platform is generally an enhanced version of the MT4, keeping most of the functionalities of its predecessor - the great charting, Expert Advisors, and more.


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.

 

In addition, HotForex has developed a copy trading service of its own. It is called HFCopy and enables the broker's clients to follow other traders and copy their deals.


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
Solid regulation (FCA, CySEC, DFSA)  No choice of trading platforms
Low competitive spreads  
MT4 available, HFCopy  
Attractive Bonuses & Promotions  

 

Headquarters:
HF Markets Europe Ltd

Spirou Kyprianou 50, Irida 3 Tower, 10th Floor, Larnaca 6057
 
 
Country: Cyprus
 
Regulated by: CySec
 
Promotions:
100% SuperCharged Bonus  
100% Credit Bonus
30%   Rescue Bonus  
 

Dealing:
Straight Through Processing (STP

Spread:
Variable, from 1 pip  (no commision)
Variable, from 0.02 pips  ($6 or $10 commision)

Deposit/Withdraw
Bank Wire, Credit card,  Skrill (MoneyBookers), WebMoney, Neteller, Perfect Money, CashU

Platform:
Metatrader, Currenex, Web Trader, iPhone Trader, druidTrader, PAMM, FIX/API

Extra Services:
Technical anaysis from TradingCentral.com
MYFX platform for deposits over $2000

BDSwiss

BDSwiss Review
Trader's rating 0
Editor's rating 3

Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Max. leverage

Average spread

Basic  $200 0.01 1:30  1.5 pips
Raw  N/A 0.1 1:30  0.4 pips + $8 /lot
Black  N/A 0.01 1:30  1.1 pips

 

BDSwiss offers trading in wide range of financial instruments – many forex pairs, as well as CFDs on indices, commodities, equities and cryptocurrencies. Its clients are offered access to the popular MetaTrader 4 platform and a choice of three account types – Basic, Raw Spread, and Black. Swap-free services are available for all of them

 

Overall, the trading conditions of BDSwiss seem good – the initial deposit for the Basic account is not high and the spread is on the upper end of average. However, we could not find information on the initial investment amounts for the other two accounts, which offer better spreads. For more information on trading costs in forex trading, check out the below link.

 



>> Compare some of the tightest spreads here <<

 

 

As regards leverage, the maximum level provided by the brokerage is 1:30, in line with the regulations applicable for this Cypriot brokerage. As you probably know, the maximum leverage available to retail investors was capped at 1:30 throughout the EU.

 

 

The Company. Security of Funds

 

Company

Country

Regulation

Bdswiss Holding PLC

Cyprus

CySEC

 

Formally known as Bank De Swiss,  BDSwiss was initially a Cypriot binary options broker, but changed the nature of its offering after this type of trading was banned across the EU in July 2018 (and ESMA keeps renewing the prohibition ever since). The broker is owned by Bdswiss Holding PLC, a Cyprus Investment company operates another forex brokerage brand, Swiss Markets. Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Now that the UK is about to leave the EU, Cyprus is becoming the most popular destination for European forex broker.  Here are some of the rules which CIFs have to comply with.



First of all, CySEC requires Cyprus-based brokers to hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.


In addition, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States. Therefore, they are also required to comply with all the rules and restrictions, introduced on a EU level: the leverage cap which we already discussed, provision of negative balance protection, and ban on trading incentives such as bonuses with trading volume requirements, among other things.

 

 

>> More brokers regulated in Cyprus <<

 

 

BDSwiss also has an offshore entity, BDS Markets Ltd. (Domain bdswiss.com), which is said to service clients outside the European Union Area.

 

 

Trading Platform

 

As we already mentioned, BDSwiss offers the renown MetaTrader 4, delivering a wealth of information in a simple layout, and also allowing clients to automate their trades by Expert Advisors (EA). This is one of the reasons why this platform is so popular among trader. What is more, it offers a great charting package with a number of technical indicators, and extensive back-testing environment. Here you may check out more brokers that support it.

 

 

>> Find the best MT4 brokers <<

 

 

Methods of Payment. Transfer fees

 

Clients of BDSwiss may use credit/debit cards, bank transfers, Sofortüberweisung, Skrill, Neteller, iDEAL, DotPAy, GiroPay, and PostePAy for deposits, and Credit/debit cards, bank transfers, Skrill, and Neteller for withdrawals.

 

With the exception of bank wire transfers, BDSwiss does not require a minimum withdrawal amount. That being said, please note that a 10 EUR fee will apply to any bank wire withdrawals under 100 EUR and any other withdrawals amounting to 20 EUR or less. Bank wire international payments are charged with a 10 EUR basic fee, and the minimum withdrawal amount is 50 EUR. The same fee applies to SEPA transfers, and the minimum withdrawal amount is 5 EUR.

 

 

Conclusion

 

BDSwiss is a Cypriot forex and CFD broker that has more than 7 years of experience in the financial markets. The broker supports the MT4 platform and is duly licensed by CySEC, which is its greatest advantage.

 

To sum up our review on BDSwiss:

Pros

Cons

CySEC license

Leverage capped at 1:30

MT4 available

No info on minimum investment amounts on Raw & Black accounts

Competitive spreads

 

Wide range of financial instruments

 

 

 

 

Headquarters: Makariou III Street 160 3026, Limassol

Country: Cyprus

Regulation: CySec

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