HotForex Review 2021: Is Hotforex broker Scam or Legit Broker?

Trading Forex and CFDs are complicated as these have a high risk. Research shows that 70%-78.6% of retail CFD investors lose money. However, the risk is reduced when you understand trading properly; at the same time, you have to bet for the high risk too. Sometimes, the best forex broker may reduce the risk. For example, 71.37% of the HotForex broker investors tend to lose money, which is comparatively lower than the competitors. In this HotForex review, we will find out how they minimize the risk.

Throughout the article, we will provide all the information you need to know before starting trading with HotForex broker.

HotForex Review

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What is HotForex?

HotForex is a forex and CFD trading broker that provides trading services for both institutional and retail traders. They started the operation in 2010 and, over the years, became a multi-asset trading broker. They offer the best possible trading conditions for any client that allows scalping and unrestricted access to the liquidity.

Is HotForex Safe?

To measure the safety of a broker, we always research different forex broker reviews to get the opinions from the real users. And we did the same to get the HotForex review. We find that it is regulated by tier 1 regulators such as the Financial Conduct Authority (FCA). Additionally, they also got the membership from three-tier 2 regulators and one tier 3 regulator.

The regulatory body includes-

  • FCA- Financial Conduct Authority (United Kingdom)
  • Cyprus Securities and Exchange Commission (CySEC)
  • DFSA- Dubai Financial Services Authority
  • FSCA- Financial Sector Conduct Authority (South Africa)
  • FSA- Financial Services Authority (Seychelles)

Apart from regulations, awards are also another measure to check the safety of a broker, and HotForex received more than 45 industry awards. As a result, we can say that HotForex is safe and legit. Additionally, they have some offshore registered zones worldwide, which makes HotForex more trustworthy.

Finally, while researching for this HotForex review, we also searched for the trust score from TrustPilot, and the score is 83 out of 99, which is relatively higher than other best forex brokers.

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HotForex Broker Commissions and Fees

Fees and commissions are the brokers’ main earning source, and HotForex is not an exception either. They offer tight spreads while providing attractive spread opportunities. HotForex spread starts from 0 pips. However, it depends on the account types you have, such as micro account spreads begin from 1 pip and zero account spreads start from 0.2 pips.

Although HotForex brokers work transparently while the variable spread is unknown, you will know all the commissions and fees before you place an order. However, they don’t offer a fixed spread for trading.

There are fees for account inactivity, and HotForex charges $5/ month if the account is inactive for a longer period. So, we suggest that you should initiate a trade at least once a month.

HotForex Review

HotForex Review: Leverage

HotForex leverage works on fixed or floating leverage, which is a great tool for small investors. However, leverage is also a way to multiply the returns, while it may work opposite too. So, understanding the trading methods will get you a better outcome.

HotForex leverage offering depends on the regional area they are operating as different regulatory bodies impose different rules about leverage. However, the maximum leverage they offer is 1:1000. Again, it depends on account types too. Maximum leverage variations are-

  • Europe- 1:30
  • South Africa- 1:200
  • Other offshore areas- 1:400, 1:500, or up to 1:1000.

Trading Instruments and Offered Markets

Trading Instruments and Offered Markets

After considering the many forex broker reviews, we have found that HotForex offers competitive trading instruments, which is more than 1000 in numbers. The instruments include Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, DMA Stocks, ETFs, and Cryptocurrencies. Opportunities you will get from trading these instruments are-

  • Forex: 50+ currency pairs, including majors, minors, and exotics.
  • Metals: Convenient trading hours, low spreads, hedge against inflation, international liquidity, and low transaction cost.
  • Energies: Low margin requirements, fast execution, high volatility, 24-hour market, and hedging.
  • Indices: Access to the global indices, competitive spreads, trade short or long, high liquidity, and hedge against volatility.
  • Shares: Strong liquidity, cost-effective, competitive commissions, and easy to buy and sell.
  • Commodities: Low margin requirements, high leverage, hedging against inflation, and long-short positioning.
  • Cryptocurrencies: Trade on margin, low commission, and high volatility with liquidity.

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HotForex Review: HotForex Account Types

There are six HotForex account types, which include Micro, Premium, Zero Spread, Auto, PAMM, and HFCopy. Additionally, they also offer Islamic accounts. Features of different HotForex account types are-

  • Micro Account: It is great for the newbie traders or whoever is trying to check the broker before investing a huge amount. A micro account allows a trader to trade with a smaller initial deposit, which is only $5, and the minimum trade size is 0.01 lot.
  • Premium Account: This account is feasible for a more advanced trader. With a premium account, traders can have a flexible position sizing while the trade size is 60 lots.
  • Zero Spread Account: Although the HotForex minimum deposit for this account is $200, it intends to provide low-cost trading opportunities. However, it is best for the scalpers, traders with Expert Advisors (EAs), and high-volume traders.
  • Auto: It provides automatic trading opportunities by subscribing to different trading signals directly from the MQL5 community, and investors can copy the signals apply to their trading strategy.
  • HFCopy: With the copy account, traders can copy other trader’s trading strategies, which will be available in the HotForex broker’s However, the strategy will have to open a separate account, which can be followed or subscribed by other traders.

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Moreover, traders can open a demo account if they are not sure about the authenticity of the HotForex broker or are confused about the HotForex review.

How to Open a HotForex Account

How to Open a HotForex Account

How to Open a HotForex Account?

HotForex sign up feature provides two options, a live account and a demo account. However, the account creating process is similar for both types. From the HotForex website, you can open a live or demo account. You will find the account open option on the top right side of their website. Clicking on “Open Live Account” or “Demo Account” will take you to the registration page, where you can open an individual, corporate and joint account. However, you will have to provide your personal information such as name, phone number, email address, etc. You will get to select your account types once your application gets approved.

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Deposit and Withdrawals

To get you the details of the HotForex review, let’s take a look at the deposit and withdrawals. Deposit HotForex offers various ways, such as wire transfers, cards, and online payments. However, the wire transfer takes 2-7 days to fund your account, while other payment options can transfer the money instantly or take up to 24 hours. Additionally, there are no fees for deposit HotForex and HotForex minimum deposit starts from $5.

Withdrawal methods are similar to the deposit methods. However, withdrawals may take 1-10 business days, depending on the methods. Furthermore, instant withdrawal is also available for some online transfer options such as Fasapay, Skrill, Neteller, and more.

HotForex Trading Platforms

HotForex Trading Platforms

HotForex Trading Platforms

Like all the brokers in the top forex brokers list, HotForex offers MetaTrader 4 and MetaTrader 5 for traders. However, both of these platforms provide multi assets, but MT4 is more reliable as forex trading platforms, while MT5 opts for CFDs.

MT4 and MT5 platforms are usable via desktop computer, mobile, and web browser. But, nowadays, access via web browser and mobile apps are more popular than the PC. So, each platform offers altogether 10 ways to access and trade.

Platforms are accessible in any operating system, including Windows and Mac. Besides, MT4 and MT5 provide access via iPhone and Android apps, including iPad and Tablet devices.

100 % Bonus on all Deposit

HotForex Review onTools

A wide range of HotForex tools is available to boost your trading experience. Tools can notify you of the latest news developments so that you become aware of the currency pair movements. Besides, with the help of tools, you can make complex calculations in seconds.

However, tools are divided into two parts, trading tools, and analysis tools.

  • Trading Tools: 12 trading tools are available in the HotForex broker area for the users. Top trading tools are Premium Trader Tools, Autochartist, Exclusive Analysis, Economic Calendar, One Click Trading, Auto Trading, and more.
  • Analysis Tools: HotForex analysis tools provide market news, market analysis, and market outlooks. The ultimate goal of these tools is to help you to make the trading strategy that works on your side.

HotForex Education Features

HotForex education features include several tools to provide self-learning support for the newbies and advanced traders, which eventually improves the forex trading experience as well as results. Regardless of the trader’s experience, the education tool will direct through the right track.

Education tools include videos, training, e-course, webinars, podcasts, events, and more. Top features are-

  • 20+ forex educational and tutorial videos
  • 30+ forex videos to show the trading strategies
  • Webinars on forex trading by the yearly experienced trading experts
  • Daily markets analysis for fundamental and technical overviews.

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Research

The research resources from HotForex are industry standard and equivalent to the best forex broker that includes in-house tools as well as a third-party provider. HotForex provides news and signals that are retrieved from FxStreet. Additionally, it also feeds with daily market updates to active traders.

Economic Calendar

The economic calendar from HotForex allows keeping track of different market-moving events as well as announcements. Furthermore, the economic calendar also provides the exact dates and associated currency involvement with the events. It also sends feedback on the degree of volatility by yellow, orange, and red colors in the calendar, which indicates low average and extreme volatility, respectively.

HotForex Bonus

As per the new rules from different regulators, no forex broker can offer a bonus to the trader. So, HotForex stopped offering any bonus to attract the traders. However, they have a loyalty program for the traders who have been trading with HotForex for a certain period. It is a reward for the trader; you may find more about loyalty on their website.

HotForex Review Customer Service

HotForex Review: Customer Service

HotForex provides swift customer service via phone call or live chat for 24/5. Besides, they also provide support in 5 languages such as Arabic, Spanish, Chinese, Korean, and Farsi. All the customer support numbers are toll-free, including international numbers. Additionally, support via the contact form and email is also available.

Advantages of HotForex

Whatever we have discussed above are considered as advantages; however, here, we will provide significant advantages at a glance, which makes HotForex the best forex broker.

  • The great trading condition with flexible leverage and tight spreads.
  • Smart trading opportunity with free account funding and loyalty program.
  • 18 trading tools with one-click trading features and free VPS.
  • Multiple account types according to the size of the investment.
  • Swap-free Islamic accounts.
  • Convenient platforms to use on multiple devices.
  • Safe and secured trading via encrypted server.
  • 24/5 dedicated customer support in more than 27 languages.

Conclusion

In the conclusion of this HotForex review, it is safe to say that HotForex is a well-established forex broker that is customer-oriented and provides a safe & regulated trading environment.

Moreover, HotForex brokers provide a wide range of trading markets, instruments, and access to many active tools to boost the trader’s trading opportunities. So, while checking the traders who used HotForex, we have found that HotForex is the best forex broker for the traders who are looking for MetaTrader 4 only brokers.

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