Are you new to financial trading and wondering where to get the best trading software, tools and accounts? Consider Hotforex, a market leader in Forex and commodities brokerage. Here is a Hotforex review for you to evaluate whether it is the real deal for your Forex trading investments.
What is Hotforex?
Hotforex is an award-winning Forex and commodities broker and a brand name of the HF Markets (Europe) Limited. Found in 2010, this Forex broker is known for providing tons of services, technical tools, demo accounts and amazing bonus platforms. They mainly offer Forex brokerage services in the EAA region but have multiple parallel regulations that enable them to provide their services to other jurisdictions such as Dubai, England and South Africa.
How safe is Hotforex?
This Forex broker is one of the safest to trade with. Along with the multiple regulations and authorizations, they have put in place necessary safety measures that guarantee safety to users. Your funds are also protected under the regulator’s requirements, the HF Markets (Europe) Ltd, a member of the Cypress Investor Compensation Fund. If you are a Hotforex client, you will also have a claim against the firms you invest with.
They also run a Civil Liability insurance program for a limit of $5,000,000 that will offer coverage against fraud, errors, negligence, omissions and any other risk factor that may lead to financial loss.
Is Hotforex legit?
Hotforex is licensed and regulated by CySEC, a regulatory authority firm in Cypress. Keep in mind that Cypress is the heart of Forex trading in the world and holds one of the most stable and balanced Forex trading globally. With this alone, you can already see the legitimacy in Hotforex’s primary license.
Hotforex also holds other licenses, including FCA, FSCA and DFSA. These, as mentioned above, help them operate in regions such as Asia, Africa and the MENA regions. All these licenses and regulations give an assurance that Hotforex offers its services in a dependable and trustworthy fashion.
What Hotforex Offers
The table below is a summary of what to expect dealing with hot forex.
|Payment Methods||14 deposit/withdrawal methods, including major debit and credit cards, E-wallets (including crypto), wire and direct transfers|
|Account types||Micro ($5), premium ($100), zero spread ($200), auto ($200), pamm ($250) and hf copy ($100).|
HotForex Minimum deposit
A good broker should allow you to deposit the smallest investable amount in a typical Forex firm. If you are especially a beginner in Forex trader, you would want a broker that accommodates small initial amounts.
With Hotforex, you can deposit from $5 to A Micro account. This average amount will vary with the other account types, as discussed below.
If you want to run profitable Forex trading, then you need to leverage various trading opportunities and strategies. You can only achieve this if you go for a Forex trading broker offering multiple account types.
Hotforex provides the following 6 account types and minimum deposits, MICRO ($5), PREMIUM ($100), ZERO SPREAD ($200), AUTO ($200), PAMM ($250) and HF COPY ($100).
Leverage is one of the tools that, if used smartly, can increase your gains in trading. Go for a broker that offers decent leverage terms and that makes sense to your skills in finance.
Hotforex offers floating or fixed leverage, which is excellent for beginners. They also offer distinct leverage according to regions as follows:
- European clients- 1:30 on Forex commodities and 1:25 on Metals.
- South Africa clients- 1:200
- Offshore clients- 1:400, 1:500 and 1:100
Withdrawal and deposits
It would help if you went for a broker offering a decent number of deposit/withdrawals methods and, even more importantly, one that is easy and readily available to you.
In addition to the impressive deposit amount, Hotforex also offers 14 deposit/withdrawal methods, including major debit and credit cards, E-wallets (including crypto), wire and direct transfers. With all these methods, you will have great flexibility in how you top-up or withdraw from your account.
A good broker should guarantee your privacy and security for your funds at all times. The broker you choose should therefore be legitimately licensed and with a highly protected infrastructure.
As discussed above, Hotforex has put in place necessary measures to ensure that your information and funds are highly protected.
Bonus & promotions
Bonuses and promotions increase your earning opportunities, a reason why you should go for a broker that offers a good number of prizes, awards, giveaways and rewards.
When you become a Hotforex client, you are first enrolled in a loyalty program where you get to earn loyalty points called Ingots. The more trading days you have with this broker, the more loyalty points you earn. The loyalty points can be exchanged for money prizes (35 ingots for 1USD) or assets.
Next, they provide 100% cashback with a maximum of $50,000 allocated to the accounts in lots when making replenishments of $250 and more. With this broker, you also have 5-10 bids every month where you can win remuneration in money or gifts from their partners.
Execution is a crucial stage in Forex trading as it determines the price you buy or sell a currency. Go for a broker offering the common execution types; market and Instant.
Hotforex’s execution desk is open to all users. You can close and manage orders over the phone with the execution desk when necessary.
Here, it would help if you went for a broker offering powerful and easy to use trading platforms. This is the only way you will have a smooth trading environment and access to various financial markets.
By offering both MT4 and MT5 trading platforms, Hotforex will make your trades yielding and successful. What’s more, they will suit all your trading styles and the devices you are using.
Transaction costs- commission & fees
To ensure that the trading process does not hurt your budget, only go for a broker with reasonable charges and offerings.
Hotforex fees are set in a highly transparent manner, with the only charge being the variable spreads. The spreads are guided by the account type you are using with the Micro account, for example, having a 1pip and the Zero Spreads from 0.2 pips. This broker does not charge any additional fees or charges.
While this may seem like an obvious factor when selecting any service type, it is a crucial consideration when choosing a Forex and commodities broker.
Hotforex offers quality customer services in 27 languages meaning that they cover a vast range of traders. To supplement the customer support, they provide video materials to help you improve your Forex trading skills.
Hotforex is an impressive Forex and commodities broker for both beginner and seasoned investors. With its out of the box tools, services and guidance materials, this broker is worth all the credit when it comes to Forex and related products brokerage. Considering its various regulations and licenses, it’s only fair to say that Hotforex is one of the most reliable brokers you can try out today. From a reliability and effectiveness standpoint, Hotforex is highly recommendable.