HotForex Review 2019 | Is HotForex a Scam or Legit Forex Broker?
Rating breakdown
HotForex Overview
HotForex is a multiple award winning Forex and CFD brokerage firm. This global brokerage brand claims over a million traders from a handful of countries who trade cryptos, bonds, commodities, indices and currency pairs.
| # | Broker's Features | HOTFOREX Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ✔ |
| # | PAMM | ✔ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ✔ |
| # | Demo account | ✔ |
| # | Daily analysis | ✔ |
| # | Automated trading | ✔ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ✔ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ✔ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review HotForex.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. HotForex offers Online Financial Trading and Investment Services Such as Forex and Spot Metals, CFDs on Commodities, Indice.
Tradable Products: HotForex provides over 100 trading instruments for trading on their platforms. This includes 49 currency pairs, 5 cryptos, 56 stocks, 22 indices, 7 commodities, 9 futures and 3 bonds
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HotForex is Broker.
Features: The MT4 and the MT5 are sophisticated platforms suitable for all kinds of traders. Traders can utilize the various trader-frily features on these platforms
HotForex allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. HotForex recommended minimum capital is $5.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. HotForex is regulated by CySEC, FSC, FSB, FCA, BaFin, DFSA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: Best security practices and regulatory laws help HotForex to provide secure trading services with the latest investor protection systems. The broker is regulated by the FCA and CySEC and offers an investor compensation scheme
Account currencies: Next lets consider the Account currencies each broker offers. HotForex offers EUR, USD, PLN different account currencies for each account types.
Account Openning: The Micro, Premium, Zero, Auto and HF Accounts are the major account types provided by HotForex. The minimum deposit starts at just $5 for the micro account and the leverage is 1:1000, this goes to $200 for Auto account and the Zero account has a minimum deposit of $200 with a leverage max of 1:500. Spreads are all variable
HotForex offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. HotForex offers Russian, English, Spanish, Bangladesh, Vietnamese,.
Payment methods: Next lets have a look at each broker's payment options. HotForex offers Bank Wire Transfer, Credit/Debit Cards, WebMoney, Skrill different payment methods for each account types.
Deposit and withdrawal: Bank Transfers, Credit/Debit cards as well as eWallet Payments are accepted for deposits and Withdrawals. HotForex does not charge for deposits and most transactions are processed within 10 minutes. Withdrawal takes 24 hours to process and charges come from the payment provider rather than from HotForex themselves who do not charge
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HotForex makes MT4, MT5, Mobile Trading, iPhone, iPad, Android, W available to clients.
Web & Desktop Trading Platforms: HotForex offers the MT4 and MT5 trading platforms across multiple operating systems. This includes download, web and mobile
Mobile Trading Platforms: The MT4 and MT5 are available as android and iOS apps. They are stripped down versions of the desktop and webtrader but contain all the features necessary to trade, follow news and contact HotForex
Trader Education
HotForex provides trader education in the form of eBooks and educational video for all levels of trader
Promotions
HotForex has bonuses, rewards and contests to encourage their clients. These are only available on the HotForex platforms outside the EU and UK
Support
Multilingual customer support is available 24/5 across several channels such as live chat, phone and email. Support staff are helpful and easy to contact
Recup
This highly regulated broker goes a long way to assure clients of its reliability and safety. It offers a selection of state-of-the-art trading platforms across multiple devices. The provided MT4 and MT5 are sophisticated, well accepted and highly customizable. Furthermore, there are lots of bonuses, promotions and contests to encourage and reward the faithful clients.
Final Thoughts
HotForex is truly a global broker. With multiple regulations and best security practices, traders’ funds are safe with this broker. They offer state-of-the-art trading platforms across multiple devices.
Trading Experience
The brand is suitable for both beginners and pros. The selection of assets Is wide, the platform choice is sufficient and the research and reports are suitable for all levels of trades
A closer look on HotForex's online platform for binary options trading
HotForex, one of the leading, global FX brokers offering both retail and institutional trading services to a worldwide clientele can boast, since its foundation, of having repeatedly won coveted titles from respected finance industry bodies for its innovative forex trading service provision. The ...…
Published: Monday 28 October, 2019
OptionTrade.com launched by HotForex for trading binary options
HotForex.com, a brand name of HF Markets (Europe) Ltd, has responded to calls by its customers to offer them the opportunity to trade binary options, alongside or instead of forex products that it was offering so far. In order to satisfy the demand for binary options trading, the company decided ...…
Published: Sunday 27 October, 2019