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||HYCM Availability|
|#||Accepts US traders||❌||❌|
|#||24 hour trading||✔||❌|
|#||Trading by phone||✔||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||✔||❌|
|#||Interest charges on the balance||❌||❌|
|#||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 compare HotForex vs Hycm.
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, while Hycm offers Currencies, indices, commodities, Stocks, Cryptocurrencycurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HotForex is Broker, while Hycm is Market Maker, ECN, STP.
Minimum Deposit Requirement: To compare these two FX brokers, 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, while Hycm has a Minimum Deposit Requirement of 100.
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, while Hycm regulated by CySEC, FCA, MiFID, DFSA, SFC. 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.
Account currencies: Next lets consider the Account currencies each broker offers. HotForex offers EUR, USD, PLN different account currencies for each account types, while Hycm offers EUR, USD, GBP, AED, RUB, KWD account currencies.
Languages Available: Next lets have a look at each broker's different Language options. HotForex offers Russian, English, Spanish, Bangladesh, Vietnamese,, while Hycm offers English, Chinese, Russian, Arabic, Indian Customer Support Languages.
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, while Hycm offers Credit/Debit Cards, PayPal, Bank Wire Transfer, WebMoney, Bitcoin payment methods.
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, while Hycm offers MT4.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, HotForex is more reliable based on our criteria above. Only HotForex offers demo account, allowing you to test their platform to see which is suitable for you. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. HotForex broker is regulated in more major hubs. HotForex offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. HotForex has a wider range of languages in which customer service is offered making the broker more accessible.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.