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HotForex Launches New FIX Account: Fixed Spreads for Forex

HotForex which just recently relocated headquarters from Mauritius to Larnaca, Cyprus, acquiring a Cyprus Securities and Exchange Commission license to add to its  existing Financial Conduct Authority registration in the UK, announced on Friday that current and prospective clients will now have one further option to choose from when deciding on their account type. Introducing the brand new HotForex FIX Account, put together by the broker to suit the needs of those traders who prefer the greater stability and less risk involved in working with non-variable spreads.

The FIX Account becomes the 7th different account type in HotForex's offering, amidst the Micro, Premium, VIP, Currenex, Zulu and Islamic ones. In fact, this last category was subject to some rule amendments in late March which to many, probably seemed quite disappointing. While previously Islamic account holders were not charged for keeping positions open overnight, now they have to pay a fee for all trades running for any period longer than seven days. It's a necessary change brought along by the broker's increased liquidity providers expenses but still, there's some good news here. The fee does not extend to the entire bundle of currency pairs available but only to 15, with the most liquid and most widely traded one, the EURUSD, not being among them.
Signing up for HotForex's latest FIX account, on the other hand, will allow you to utilize a variety of instruments – forex, commodities, indices and CFDs – over MT4, Webtrader or through mobile trading. As suggested above, spreads for forex are fixed and you also get to benefit from top-notch fifth-decimal pricing. 
FIX accounts can be registered in one of the following two base currencies – euros or US dollars – with a minimum starting amount of $500 or its equivalent. The upper limit of the leverage one can apply to their funds is 1:400 but given that your account's equity goes above $400,000, HotForex will automatically readjust whatever settings you've made to 1:100. Telephone trading is also allowed and in tune with the common standard, minimum contract size stands at 0.01 lot with a maximum single trade size of no more than 60 lots.
HotForex's FIX account is particularly suitable for clients who'd like to be able to exercise greater control over their trading strategy and works just as well manually as with any expert advisor, developed to work with non-floating spreads.

About HotForex

HotForex, or HF Markets Ltd., is a Forex and commodities broker based in the Republic of Mauritius and regulated by the local Financial Services Commission (FSC). It offers a variety of accounts, trading software and trading tools to an international clientele of retail customers, fund managers as well as institutions. Unlike many other brokers that are not particularly fond of scalping or traders who use expert advisors, HotForex claim that they welcome such customers and grant them full access to their liquidity.


TAGS: hotforex  mauritius  cyprus  forex  trader  trading  fix account  islamic account 

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