Hot Forex is part of the HF Markets Group, and is the branch that serves traders located outside of the EU. HF Markets is the brand-name for the EU branch of this company. company is a multi-national online Forex broker in operation since 2010. The company claims to have over 1,500,000 live trading account and more than 200 employees globally. It provides service to its traders in 27 languages. Over the past nine years, Hot Forex successfully took advantage of the explosive growth in online Forex trading and increased its market share on a global scale. Regulated in six different countries, transparency and security remain top priorities on top of excellent customer service. Traders have over 150 assets to choose from and Hot Forex continues to implement technology and innovate with the markets.
This Forex broker claims that its traders are paramount to their operations and they back it up with an excellent trading environment. Spreads start as low as 0.1 pips without commission and 0.0 pips with commission, scalping and hedging is allowed and Hot Forex has a transparent rollover policy which means that positive swap rates will be credited to your account. Client funds are segregated and held at major banks, Forex traders have access to a range of trading tools which include free VPS hosting critical to automated trading solutions, different account types cater to new traders as well as seasoned professionals and and educational suite which can help new traders lay a solid foundation before starting to trade.
Rounding up an excellent brokerage service are daily market analyses, live weekly webinars as well as live Q&A sessions with their experts, negative balance protection and their HFcopy service which allows new trader to follow their preferred traders and strategy providers to earn additional income through fees charged. Overall, we were more than satisfied with the offerings we discovered and tested during this Hot Forex review.
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Regulation and Security
When it comes to regulation, security and transparency Hot Forex ticks all the boxes. This broker is as open as it gets in today’s market space. Hot Forex is divided into two entities, HF Markets UK LTD and HF Markets Europe LTD.
HF Markets UK LTD is authorised and regulated by the Financial Conduct Authority (FCA). The company’s reference number is 801701. It also participates in the Financial Services Compensation Scheme (FSCS).
HF Markets Europe LTD is a Cypriot Investment Firm (CIF) and the registration number is HE 277582. The brokerage is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 183/12. This makes Hot Forex compliant with the Markets in Financial Instruments Directive (2004/39/EC) or MiFID which has been in effect since November of 2007 and was updated in January of 2018 with MiFID II/MiFIR. It also includes the 4th Anti-Money Laundering Directive passed in June of 2015. In addition, the firm publishes its Pillar III Disclosures, participates in the Investor Compensation Fund (ICF) and is a member of the Association of Cyprus International Investment Firms (ACIIF).
HF Markets (DIFC) LTD is authorised and regulated Dubai Financial Services Authority (DFSA). The licence number is F004885.
HF Markets SA (PTY) LTD is authorized and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa. The licence number is 46632.
HF Markets (Seychelles) LTD is incorporated under the laws of the Republic of Seychelles. The registration number 8419176-1 and the firm is regulated by the Seychelles Financial Services Authority (FSA). The Securities Dealer Licence number SD015.
In addition, the HF Markets Group is registered in the following jurisdictions:
HF Markets has also taken out a civil liability insurance which carries a limit of €5,000,000 with Renaissance Insurance Brokers LTD.
Client funds remain segregated and are held at major global banks which ensures safety and liquidity. HF Markets Group has gone above and beyond to ensure that client’s funds are protected and adheres to strict regulation as well as oversight.Back to Top
Hot Forex generates its fees only from spreads and commissions. Spreads refer to the difference in bid and ask prices, which at Hot Forex can be as low as 0.1 on select premium accounts with an average starting pip of 1.0. Commissions are charged on their 0 Spread Account as well as on indices at a rate of $1 per lot and on CFD’s on stocks at 0.10% of the trade value. Hot Forex goes one step further and even reimburses traders for any deposit fees charged by their payment provider, including on bank transfers.
Swap rates, or rollover rates, can be checked directly from inside the MT4 trading platform by following these steps:
1. Right-click on the desires symbol in the “Market Watch” window and select “Symbols”.
2. Select the desired currency and then click on “Properties” located on the right side.
3. Scroll down until you see “Swap Long” and “Swap Short”
Additionally, Hot Forex provides a detailed list of rollover rates on their website and credits its clients with positive swap rates wherever applicable. While this should be standard practice, many brokers conceal those rates and book them as profits.Back to Top
What Can I Trade
Hot Forex is a multi-asset broker and allows its trader to fully diversify their portfolios as well as risk. Choices include Forex, cryptocurrencies, metals, indices, shares, energies, commodities and bonds. The full coverage of assets makes Hot Forex a great choice for all types of traders, from newbies through advanced retail traders to professional as well as institutional traders.
Contract Specification Forex Majors
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During this Hot Forex review we discovered that Hot Forex offers six different account types to its traders. It is important to point out that clients of Hot Forex UK only have access to four account types as Micro Accounts and HFcopy are unavailable. This is not having a material impact as the Micro Account is not appealing to serious Forex traders and the HFcopy is available to all clients through Hot Forex Europe. Minimum deposit, spread, commissions and leverage all depend on the account type.
While this account type may appeal to new traders due to its $50 minimum deposit, it appears rather pointless as the next account, the Premium account, comes with a minimum deposit of $100.
This may be the account which is most used by new traders and slightly more advanced traders with account balances below $/€/£ 5,000. It offers an overall great trading environment and the low minimum deposit of $/€/£ 100 makes it an attractive starting portfolio for the majority of retail Forex traders.
Premium Pro Account
This account caters to professional traders who need to pass the classification as a professional client. It comes with increased leverage of up to 1:400 and a reduced stop out level of 20%. Considering this account caters to professional clients, the $/€/£ 5,000 minimum deposit is very low and appealing to professional clients with smaller starting balances.
In order to open the Premium Pro account, clients need to satisfy the below requirements.
Important information to consider before applying to become a professional client.
Zero Spread Account
This account has spreads as low as 0.0 pips, but Forex traders pay a commission per traded lot. The minimum deposit starts from only $200, but before deciding on this account Forex traders should carefully consider the full costs involved. Depending on the type of strategy, frequency of trades as well as volume, this account type could be beneficial to certain traders and more expensive to others. Having the option of a zero spread account is a great addition to the overall great service Hot Forex provides.
The HFcopy account is designed for strategy providers to generate additional income through fees charged to followers as well as for followers to pay for a trading strategy rather than developing their own. The maximum fee is capped at 35% and the minimum deposit for a strategy provider is €1,000 and for followers €300.
This account type is the same as the Premium or Zero Spread Account, but follows Islamic law and therefore is a swap free account.Back to Top
Hot Forex offer the full range of the MT4 and MT5 trading platforms. Despite the launch of the MT5 trading platform, MT4 remains the most popular one in use today. MT5 lacks features such as hedging and the lack of backwards compatibility makes the MT5 a distant second, despite the efforts made by MetaQuotes and Forex brokers to push it as the next generation trading platform. There is an ample range of options for both Android and iOS as well as desktop access.
While browsing though the different trading platform versions, it is important to point out that in the end Hot Forex offers one trading platform from one provider, MetaQuotes. This is standard for most Forex brokers and while it looks good on paper, ignoring the marketing hype Forex traders will most likely trade on the MT4 trading platform.Back to Top
Hot Forex offers Forex traders a range of tools and services in order to improve their trading experience, assist them in finding the right trading opportunities and increase their knowledge about the markets. The “Tools” section of the Hot Forex website is loaded with in-house developed tools as well as third party tools which are beneficial to all types of traders. While not every trader will need the offered features, the choice is more than sufficient, with something for every type of trader.
The three most attractive tools offered to traders are the Premium Trader Tools, the Autochartist tool and VPS Hosting. Forex traders also get a range of different calculators which will help them determine key aspects of each trade. Then there is also one of their prime offerings, HFcopy. This is for strategy providers and followers alike and offer an attractive alternative revenue stream for traders.
Premium Trader Tools
This is packed with a series of nice features to enhance your trading platform, allow for quick and simple overview of the Forex market and customize how you trade. A very nice job from Hot Forex to offer comprehensive package to upgrade the standard trading platform.
This is a powerful third party scanner which can identify three types of patterns and identify trading opportunities for you. As a HF Markets trader, you get this MT4 plugin for free which this broker a must have.
This is a key tool to have for everyone who want to deploy EA’s and run their trading operations around the clock. Hot Forex offer three different packages which come with different computational power and storage capacity. They are free of charge with certain minimum deposits. Those who don’t meet the requirements to get the VPS hosting for free are most likely not in need of it in the first place, but everyone can apply. The charges start as $30 per month for those who are below the minimum required deposit amount, $/€/£ 5,000 for the Bronze Package.
HFcopy allows traders to become strategy providers and charge a fee for their services. It also caters to Forex traders who wish to follow a strategy and automates the entire process. Successful traders can unlock an additional revenue stream by charging for their strategy, great for those who have a profitable strategy with limited capital. It is also great for those traders who simply lack the time to create their own strategy and prefer to pay a fee in order to follow the strategy of a fellow trader.
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Research and Education
Hot Forex extends its comprehensive offering to a quality research team which covers markets and issues daily trading updates, reports and market commentary. The research section is very well organized and offers a combination of written analysis, videos, webcasts and podcasts. The research covers technical as well we fundamental analysis, comes daily and features weekly insights as well as monthly, quarterly and annual outlooks. It is a very comprehensive offering and led by Hot Forex Head Markets Analyst Stuart Cowell.
The quality approach to its research department extends to educational material provided to new Forex traders. The educational offering consists of over 20 video tutorials, over 30 recorded Forex videos, trading webinars with Forex experts and the Hot Forex eCourse in Forex. Hot Forex has done a great job to polish research & education and it is visible that plenty of effort and resources are dedicated, especially into the research section. A very respectable product is the ultimate result.
The research team is led by Head Markets Analyst Stuart Cowell who has over 25 years of trading experience. His team is responsible for all the published research. It appears that the research team is registered under Hot Forex (SV) LTD which is incorporated in St. Vincent & the Grenadines as an International Broker Company with the registration number 22747 IBC 2015.
Overall a nice package, the only thing which should be expanded is the Glossary Of Economic Releases which is rather limited.
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Hot Forex has done a respectable job covering all the basis of trading, that customer service will never be used by its traders. In general, most traders never have a reason to contact customer support and with Hot Forex it becomes even less likely thanks to all the hard work which has been invested into the company. In rare cases where support is required, Forex traders can have access to it 24/5. Support is available via e-mail support tickets or by phone.Back to Top
Bonuses and Promotions
HF Markets doesn’t offer any bonuses or promotions to traders.Back to Top
Opening an Account
Opening a live trading account with Hot Forex is done through a very simple, one-page form online, common practice in today’s market place. Forex traders are cautioned that this page will get you access to your dashboard, but that more documents will be required before a trading account can be used. This is in-line with the regulators’ requirements for KYC and AML procedures.
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Deposits and Withdrawals
Hot Forex offers traders wire transfers, credit and debit cards as well as Skrill and Neteller as options. This covers all the basics, but it would be nice to see this expanded to include other options as well. Wire transfers have no maximum deposit amount, while credit and debit cards are limited to $15,000 and Skrill and Neteller to $10,000. A nice feature is that Hot Forex will reimburse traders for the incoming wire fee charged by their bank on deposits above $250.
Withdrawal methods are the same and traders need to use the same withdrawal method as the deposit method, which is standard practice as outlined in AML regulations. Minimum withdrawal amounts range from $150 for wire transfers and $5 for all other options. The time frame for credit and debit card withdrawals is listed as up to 10 days which appears a bit on long.
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- Broker's Name : HF Markets
- Headquarter : Cyprus
- Regulation : CySEC
- Type of Broker : ECN/STP
- U.S. Clients Allowed :
- Minimum Deposit : $50
- Maximum Leverage : 1:30
- Commissions / Spreads : Both
- Account 1 : Micro
- Account 2 : Premium
- Account 3 : Zero Spread
- Account 4 : HF Copy
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Institutional Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- Guaranteed Execution :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/5
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
- Choice of Accounts
- Extensive List of Trading Tools
- Generous Bonuses and Promotions
- No Islamic Account
Where is Hot Forex based?
Hot Forex is a truly global Forex broker and registered in multiple jurisdictions which include the EU, the UK, the UAE, South Africa, the Seychelles and St. Vincent & the Grenadines.
How does Hot Forex make money?
Hot Forex makes money from spreads and commissions charged across asset classes. It also charges for VPS hosting if minimum deposits are not satisfied.
How can I deposit into an Hot Forex account?
Hot Forex offers credit and debit cards, bank wires, Skrill and Neteller.
What is the minimum lot size at Hot Forex?
Hot Forex has a minimum lot size requirement of 0.01 standard lots for currency pairs.
When does a margin call take place at Hot Forex?
Hot Forex issues a margin call at a 80% Equity-to-Margin ratio with the exception in its Hot Forex Premium Pro Account where this is lowered to 50%.
Is Hot Forex regulated?
Hot Forex is regulated by several regulators across the globe. This includes the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority (FSCA) in South Africa and the Seychelles Financial Services Authority (FSA).
What is the maximum leverage offered by Hot Forex?
Hot Forex offers a maximum leverage of 1:30 in all accounts with the exception in its Hot Forex Premium Pro Account where the leverage is up to 1:400.
How do I open an account with Hot Forex?
Hot Forex offers a quick and digitized online application form.
Does Hot Forex offer the MetaTrader Trading Platform?
Hot Forex offers the full range of MT4 and MT5 trading platform which include the desktop version, mobile versions, table versions as well as a web-based platform.Back to Top
Hot Forex is a true global multi-asset broker, registered and regulated in different jurisdictions and full transparent when it comes to pricing models, fees and swap rates. This broker offers a selection of different account types which include a zero spread account which offers traders raw spread as low as 0.0 pips with commissions. This is ideal for high frequency traders and scalpers. Hot Forex also reimburses wire fees charged by banks on deposits above $250. The great selection of assets makes it a perfect choice for all types of traders and allows portfolio managers to fully diversify capital across all asset classes.
The research team is offering comprehensive analytics to its traders and this broker is loaded with educational material for new traders. Forex traders will also enjoy a range of trading tools which include the Autochartist, free of charge to Hot Forex clients. This alone makes it worth to include Hot Forex in a diversified broker package. HFcopy allows signal providers and Forex followers to find the right approach to earning money from the Forex market. Hot Forex fires on all cylinders and is a shining example of how a brokerage should be operated. Anyone serious about trading Forex long-term should consider opening to operate at least one trading account with this global broker.Back to Top
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