Review

HotForex is a Forex broker headquartered in Mauritius. It is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius under the name of HF Markets Ltd.

Accounts

HotForex offers a wider variety of account types than any other broker I have reviewed, all with highly competitive and distinct trading conditions designed to meet the needs and demands of all types of traders. The Micro account requires as little as $5 to open. The maximum leverage is 1:1000 and there is a maximum simultaneous outstanding order of 150. $500 is required to open the Premium account which has a maximum leverage of 1:500 and 300 orders can be outstanding at the same time.

Account Types
Account Types

The Zero account requires only $100 to open, has a maximum leverage of 1:200 and an unlimited amount of outstanding orders while the Fix account has a fixed spread, leverage of 1:400 and 300 orders can be open at the same time.

The Currenex account is meant to accommodate experienced retail traders. $500 is needed to open it and it uses the MetaTrader 4 platform.

The VIP account must be funded with $20,000. It has leverage of 1:300 and account holders are entitled to a personal account manager.

And if these weren’t enough, there are three more accounts at HotForex.

The HotForex Auto Account opens the world's financial markets to even novice investors by giving them the opportunity to subscribe to free and paid trading signals from the MQL5 Community which is built-in to the HotForex MT4 trading terminal. Investors can automatically copy the signals of any signal provider with paid signals subject to a one month performance verification period. Holders of this account can subscribe to signals via the MetaTrader 4 Platform.

With the Social account, traders can connect with other traders, discuss strategies and news, follow and copy the most successful portfolios and quickly expand their network by identifying more trading opportunities. This account uses the auto-trading feature to build a portfolio of winning strategies and copy trades automatically. $100 is needed to open this account and there is no commission.

The PAMM account is an investing tool for fund managers and investors who work together. HotForex offers the innovative Multi Account Manager (MAM) software together with the ability to trade in a superior trading environment on the MetaTrader 4. The PAMM account requires $500 to start and has a leverage of 1:300.

A Demo account can be opened the Micro, Premium, VIP, FIX, Islamic, Currenex or Auto Account you will find the complete flexibility to trade at the

Deposits/Withdrawals

Funding to the accounts can be done in a number of ways—wire transfers, credit cards, online payment plans and cash deposit options.

Withdrawals are transacted using the same methods. There are minimum withdrawal requirements for some methods and some fees are charged.

Bonuses/Promotions

The bonuses and promotions at HotForex are simply too numerous to list. The major ones being offered at the time of this review are the following:

The HotForex VIP Contest 2015 which is a competition for traders with the most financial gains. It awards the lucky 1st Prize Winner and his/ her companion with an all expenses paid trip to Cyprus. The prize includes a one-to-one, 3-hour professional Forex trading training session with the company’s chief Market Analyst Janne Muta as well as a cash prize of $5000 awarded upon completion of the training session. The package includes business class, round-trip air tickets, a 3 night stay and a relaxing massage at the 5-Star Amathus Resort.  Second, third and fourth place winners receive generous cash prizes.

The Refer-a-Friend promotion varies depending on the size of the initial deposit of the referred client (a reward table is shown). The more they fund, the more the referrer is rewarded. The range is from $60 on a deposit $1,999 and below and as high as $200 on a deposit of more than $10,000.

Another promotion is the First Trader’s award whereby the number one trader is awarded the HTA award and a $1000 cash prize.

Even the bonuses are generous. Every deposit over $250 receives a 100% bonus as well as an additional rescue bonus of 30%. This limited bonus is designed for traders who want to protect accounts from periods of drawdown. The 100% Credit bonus Program is intended to increase the trading volume of a client's accounts.

And there is also the HotForex ‘Virtual to Real’ Demo Contest which is, of course, a contest only held on demo accounts. Therefore, there is no monetary risk for the participants but the cash prizes awaiting the winners are real. The contest runs for a month at a time for those trading with an initial deposit of $100,000 in virtual money and the prize money is deposited into the trader’s live account.

And amazingly, this broker even has its own HotForex merchandise—a range of top quality products all branded with the HotForex logo.

Education

The list of educational tools is extensive. HotForex offers Technical Analysis reports from industry leaders through Trading Central and fundmental analysis is given daily by Janne Muta, HotForex's Chief Market Analyst. Traders can chat directly with an experienced technical analyst and learn about the current technical trends in the markets.

Breaking market news is offered on the spot so traders can identify the biggest currency movers, gauge market sentiment with a breakdown of client positions and analyze volume traded per symbol.

Market Analysis
Market Analysis

HotForex also offers free VPS Hosting, one-click trading, auto trading and several calculators—Fibonacci, risk percentage, multi-target, pivot point, pip value, risk and reward and position size.

Customer Support

Account holders can contact a representative by phone, email or via live chat. A contact form is also provided. The website is available in English, Spanish, Chinese (Simplified), Filipino, Indonesian, Hungarian, French, Hindi, German, Romanian, Thai, Portuguese, Italian, Korean, Chinese (Traditional), Polish, Urdu, Vietnamese, Bulgarian, Farsi, Arabic, Malay, Czech, Greek, Russian and Slovak.

Conclusion

HotForex’s website is jam packed with information and it is presented in a clear and organized manner. This is a broker that seems to offer something for everyone and this is commendable.

Back to Top

Features

This broker has so much to offer it seems to overwhelm at times. How does one choose which of the nine different trading accounts to choose from? On the other hand, the selection of promotions and bonuses is exciting and appreciated and even traders using a demo account can participate in a competition and win monies that go directly into a live trading account. Not often have I seen this sort of contest and it is attractive to new traders just starting out in the field.

Company Information

  • Broker's Name : HotForex
  • Headquarter : Mauritania
  • Regulation : FCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $5
  • Maximum Leverage : 1:997
  • Commissions / Spreads : Spreads
  • Account 1 : Micro
  • Account 2 : Premium
  • Account 3 : VIP
  • Account 4 : Auto Trading
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, Other, Web-based
    • Platform Languages :
      • Multiple Languages
    • OS Compatibility :
      • Mobile
      • Web
  • 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 :

Customer Support

    • Website Languages :
      • Multiple Languages
  • Support Hours : 24/6
  • E-mail Support :
  • SMS Support :
  • Chat :

Back to Top

Platforms

MetaTrader 4

HotForex MT4 has taken the MetaTrader MT4 platform and introduced its liquidity to create a user-friendly front-end trading interface with interbank liquidity and fast execution.

MetaTrader 4 Trading Platform
MetaTrader 4 Trading Platform

The HotForex MT4 Terminal is an equipped traders’ workplace that allows them to trade in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading programs (Expert Advisors). It represents the all-in-one concept and is derived from the most popular trading terminal in the world.

WebTrader

The HotForex WebTrader is also available for those who prefer a browser-based Forex trading platform.

MultiTerminal

The HotForex MultiTerminal platform provides a convenient way to manage multiple accounts simultaneously from a single interface. It offers real-time trading activity management, execution of multiple order types, live price feed monitoring, viewable trading history and more.

Mobile

HotForex MT4 Smartphone Platform is comparable with the broker’s full-function trading terminal. Traders will be able to fully access the financial markets and make orders from anywhere in the world. It supports 30 technical indicators, access to the news information feeds and its multi-lingual support allows traders to switch between languages.

MT4 Mobile Platform
MT4 Mobile Platform

HotForex also offers the HotForex iPad Trader, HotForex Droid, HotForex iPhone Trader and HotForex FIX/API platforms.

Back to Top

User Reviews

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.



20 User Reviews
rinayat
rinayat

Trading with this broker for the past one year now and i have enough confidence of fulfillment of my orders even when i am away because the server execution is very good. The spreads are also tight which are helpful in closing short term positions. I usually withdraw the profits every weekend with convenience. I have no complaints about this broker. So i recommend them safe, honest and good one to be used while trading forex.

hawan
hawan

I have found this broker in my sponsored facebook listing. Opened account and just got my documents verified from them. I had planned to deposited 100$ initially to check the progress. I will share the trade results soon. Everything is going smooth so far. Hoping to have the same response in future.

Chaudhry.Sb
Chaudhry.Sb

I am trading with them for the last few months and i have noticed that they have tight spreads and friendly trading conditions. I have also availed their bonus and have made few withdrawals too. They are very helpful and I am making good returns on my investments. I do recommend giving them a try as they really worth opening an account.

ankitindia
ankitindia

Trading since 2013 with them. Well, i would like to say that All the issues are always resolved quickly in this three year tour with them. My losses are always my part but whenever i placed the withdrawal requests, its completed on the same day and in the most convenient way. I don't know people says that we should not go long with Cysec brokers and all but still in past three years after seeing their behavior specially in resolving issues with their clients is the best customer support in comparison to others. I will keep update my withdrawals and other important things about them. I would like to give them 5 stars now. Thankyou HF Markets Ltd. Best Regards

kq.trader
kq.trader

- Fast deposit and withdrawal; many methods as Skrill, Neteller, bank wire.
- Very reasonable spreads, especially E/U.
- Extensive choice of FX pairs and CDFs on stocks, futures and commodities.
- Apparently solid broker; supervised by CySEC (in Cyprus).

Highly recommend this broker.

Anthony.Coleman
Anthony.Coleman

Made some very good trades with this broker on US News and impressed with spreads and slippage it was execute (very unusual for an offshore broker). Made around 1K profit for 2 days it was really a great achievement for me, waiting next month to do perform one more time

Ginny.Honey
Ginny.Honey

If you want to lose your money go here ... their rates and charts are out of synch, chart goes down, but rates can go up ... This is usual thinking with them!!!

new_style
new_style

I have traded with a few brokers and hotforex is the last one. Withdrawal requests been paid within 1-2 days. Spread is not quite good on all pairs but very tight on major pairs. There are couple of account choices from no commision to no spread and signal account. This broker also offer many tools and services for trader to trade at advanced level, I have followed signal at MQL5 severals ago and hotforex has intergrated MQL 5 in their platform. It's a quite good broker.

xavi
xavi

I have been trading for 13 months and changed few brokers before i found HotForex. My real opinion is very happy with them, my account manager provides good and quick help. Very easy to withdraw my profits. Highly recommend

nice.g2015
nice.g2015

I barely passed the two month mark with my testing account, the spreads are OKAY, though the services are quiet good, I haven't done any bonuses but over all its good with hotforex, I'll give a couple more weeks then test the withdrawal process.

zafarikram
zafarikram

the only thing I found essential to my trading is rare spread widenings and low slippage during market abruption. They allow for news trading, even HFT, but you still have to stay in the frame of fair trading techniques. It clearly says that they're true STP broker, because in-house execution practice do not tolerate news scalping.

AndersKurr
AndersKurr



Quickly passed their verification process and get down to trading on their micro MT4 platform. Have to confess that they have very smart and fast trading platform, would like to point out very fast execution and reasonable swaps on exotic pairs (almost match with my personal calculations). Heedful and well-qualified support entertain thoroughly my every request on personal trading adjustments as well as general trading inquiries. Of course this broker doesn't pay interest on investments, but it is for the better actually, because most of interesting paying brokers are scam. Happy that I found that I managed to establish trustful relations with a company thousand miles ago from me..

mike.jimenez
mike.jimenez

Just received my second withdrawal, both withdrawals are on time. Order execution is okay, spreads and commissions are tighter to average. over all a decent broker.

n.maduro
n.maduro

I am confident with my overnight positions as I feel safe with Hotforex accurate and smooth price quote flow. Unlike many other scam brokers I don't get any considerable gaps and slippages even on cross-pairs after rollover calculation times (though it is considered as difficult time where it is adviced to avoid trading). I am satisfied with their clients policy and addressing my queries particularly and expecting to stay with them along my trading career.

jarish
jarish

Hotforex offers really good stuff for trading. Order execution is performed with a speed of rocket, 0.3-0.6 sec. according MT4 logs. Some lags during news releases or breakouts, you can get slippage of 1-4 pips but it's within normal range. Withdrawals are pretty fast, no scans, form prints, etc. I admire this broker for its client attitude, my every request is adddresed by personal manager with 2-3 hours. Best broker for me.

Allo
Allo

I found out this broker when I was looking for a broker to test my system. It has good feed-backs in some forex forums and I run a demo for 3 months. Everything looks good, especially the spread in major pairs. Fast open/close trades. You can tranfer money between accounts. It's a good broker.

johnhd
johnhd

I thought my LR money deposited to this broker had been burned but lucky when hotforex still carry my withdrawal by sending them to my MB account. They are a great company.

tien2587
tien2587

This is one good broker I have tried through. It's regulated broker and never delay my withdrawal, also the spread was good. If you're not a PP user or US citizen, you should try this broker.

zhuhua
zhuhua

I'd been using hotforex for about 8 months, they even offered me support in my own language-Chinese, I'm also happy with the spreads and the execution time. As every other brokers there are some small problems from time to time. however i'm satified with their service since my issues were resolved very quickly.

A.Musafir
A.Musafir

Well, I've been using hotforex for the last couple of months and just found this Website. Overall I'm very happy with them. I see that they have some issues with the Million Dollar Pips, but my other brokerage is affected too... I think the LP's are messing up with the EA.. Overall the support team is great. I am quite happy with them.

Back to Top

Did you have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed.


Log in Create a DailyForex.com Account Now

Review info: HotForex
Review Date:
Rating : 4
Reviewed By :