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Reviewed by: and verified by Steve Miley (The Market Chartist) and HotForex.
This information has been verified in July 2024 by HotForex

General

Broker:
HotForex
Company Name:
HF Markets (Europe) Ltd
Founded:
2008
Regulator:
FSCA, CySEC, FSC
Platform:
HotForex MT4, HotForex iPad Trader, HotForex Droid, HotForex iPhone Trader, HotForex FIX/API, Smartphone Mobile Trading, HotForex WebTrader
Payment Methods:
Credit Card, Neteller, Skrill, Webmoney, Wire Transfer, Western Union, Sofort Banking, Fasapay, bitcoin, UnionPay
HQ:
Cyprus & Saint Vincent & Grenadine
Phone Support:
+35724400165
Trust Score:
 
4.5/5
90/100

Features

Min. Deposit:
$5
EURUSD Spread:
1.2
Leverage:
up to 1:1000
US Clients:
No
Dealing Desk:
No
Web Trading:
Yes

Pros

Tight spreads
High leverage
High financial security

Cons

Does not accept US traders


HotForex Review

HotForex is a member of HF Markets Group and was formed in 2008 as a Straight Through Processing (STP) forex broker. Based in Mauritius, the company is regulated by both the Financial Services Commission or FSC which handles its Mauritius compliance, and CySEC which regulates it’s Cyprus offices. This dual regulatory status gives HotForex’s clients an added degree of safety in dealing with the broker.

HotForex Website

The official website for HotForex is located at www.hotforex.com and a screenshot from its Home page appears below:

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With its motto of “Honesty, Openness and Transparency”, HotForex has established a loyal customer base with over 350,000 live accounts opened to date. The broker has also received over 18 industry awards during its operating history and offers customer support in more than 22 languages to its clients.

In terms of product offerings, HotForex offers a high quality transaction service in a wide variety of currency pairs, CFDs and binary options to its clients. Furthermore, by using STP technology and strong liquidity providers, the broker is able to deliver Interbank forex dealing spreads to its retail customers.

Although it services trading clients from around the world, HotForex does not presently accept customers based in the United States.

HotForex Features

HotForex features good overall customer support services and a customer responsive approach to doing business with its trading clients. The firm provides 24-hour customer support during trading days in a wide variety of languages spoken by its multilingual representatives.

Another feature of HotForex is that the broker allows traders to deal in a wide variety of trading instruments, which include currency pairs and binary options, in addition to CFDs on stocks, indexes and commodities. They offer over 200 trading vehicles in 20 markets, which is enough to keep just about any trader busy. Also, since HotForex is a STP broker, this means dealing spreads are tight due to its strong liquidity providers and start at only 0.2 pips wide.

The amount of leverage offered by HotForex is also impressive, with traders being able to access unusually high leverage ratios of 1000:1. The promotional bonuses offered by the company are also interesting to note, and live trading accounts can be opened with as little as five U.S. Dollars. The company also offers a debit card to allow quick withdrawals of trading account funds.

In terms of data security, HotForex uses highly secure 128-bit SSL encryption technology to protect clients’ trading and personal data. For fund safety, the broker complies with regulatory standards by separating all client deposits from its own operating capital and placing them in accounts held with major banks.

HotForex has also forged into the social trading phenomenon, allowing traders to connect with their peers, have conversations about trading strategies and current news events, follow each other and even copy the trades of successful operators. Expanding your social trading network lets you identify even more trading opportunities than your own analysis would allow.

For safety purposes and in compliance with regulatory standards, all client deposits are segregated from operating capital in accounts with major Tier-1 banks, like Barclays.

With respect to accounts, the company offers demo trading, in addition to three standard account types that have increasing perks. Their Micro accounts require a deposit of $5 to $499 and offer especially high leverage of 1000:1. Their Premium accounts require deposits in the $500 to $39,999 range and have a 400:1 leverage ratio, and their VIP accounts are for those with over $40,000 to deposit and have a leverage ratio of 300:1. HotForex also accommodates Islamic traders with its No-Swap Islamic account, and scalpers and automatic traders will appreciate the broker’s Currenex account type, which gives them access to very tight dealing spreads to trade on.

Supported Trading Platforms

Similar to most of the best forex brokers, HotForex supports the highly popular MetaTrader 4 or MT4 online trading platform that is available in different software versions for both PC and Mac users. This reliable platform is suitable for most traders and features numerous analysis tools, a strong execution capability, the ability to be fully automated, and a facility to create custom technical indicators.

HotForex Platform

The screenshot below shows the extensive functionality of HotForex’s MetaTrader 4 platform, which includes a market view, extensive technical analysis tools, the ability to manage your trading account, a trade history and news feeds.

The broker also offers a HotForex Multiterminal platform that allows active traders and fund managers to manage multiple trading accounts at the same time using MT4’s functionality.

In addition to the desktop versions of MetaTrader 4, mobile MT4 apps are also available for Android and Apple devices, including iPhones, iPods and iPads. If you prefer to access your trading account via an Internet browser, then HotForex also has a web-based trading platform designed especially for you.

Deposits and Withdrawals

Deposits can be made to HotForex accounts using all of the major credit and debit cards and via bank wire transfers. The company also takes deposits from electronic payments services, including Skrill (formerly Moneybookers), Cashu, Neteller, Webmoney, mybitwallet and Ukash.

Like other international brokers, traders need to provide legal identity information to make withdrawal requests. Nevertheless, the company offers a proprietary debit card that traders can use to make purchases and withdraw funds from their trading accounts at ATMs, which makes withdrawals even easier.

Customer Support

HotForex offers 24/5 customer support, and its multi-lingual service reps speak numerous languages competently to make communication that much easier. In addition, customers can contact the broker using phone, live chat, email, and even using Skype. The company’s website has also been translated into 25 languages.

In terms of educational material, HotForex’s learning center offers useful training guides for both novice and seasoned traders. The company also makes educational videos, technical charting tools, trading signal alerts, and daily market commentary available to clients.

HotForex Conclusion

Overall, HotForex offers a popular and effective online brokerage service for those traders that like using MetaTrader 4. Dealing spreads are very competitive, and traders of just about any initial deposit level are suitably accommodated. Also, the broker makes very high leverage ratios available – especially for Micro account holders.

The company has also made a substantial commitment to communicating with its clients in their native language, and this is reflected in their multi-lingual customer service and website content. Finally, HotForex’s dual regulatory status, segregation of client funds and state of the art encryption technology make this broker safer to open a live trading account with.

Editor

Having started his online career back in 2005, over the years, James has written for scores of websites, covering online poker, eSports, Forex trading, binary options, and digital ledger technology... Continued

Comments on HotForex

No information, nor financial advice related to online trading is offered through the form.
  1. Hi fxexplained, just thought id share my exp. i just made my 1st withdrawal this week. not much but its a good start for a beginner like me, Im trading a small hotforex premium account mostly on eurusd and with anticipation of events this week. and made one withdrawal of a small profit I made and go it with no hiccups at all. more power and bless you guys. stay safe

    1. Hi Jimenez,
      Thank you for letting us know how your experience with has been.
      Best of luck with your trading and keep us posted on how it goes.
      Very volatile markets at the moment.

  2. Just withdrew profit from this broker, they process within 24 hours. Good broker for fx traders, mobile trading is supported as well.

    1. And what is the name of the broker?
      Just checking so this isn’t spam comment. We get a lot of them.

      Thank you.

    2. My withdrawal from hotforex in skrill usually took one to two business days to get credit, yet i think it is not a bad turn around time. 

      1. yeah, if you use skrill, and withdrawal before office hours it should be processed during the day, or with in 24 hrs, i think except for friday-sundays. thats not bad.

  3. They have wonderful customer support. I have been trading with them for three years so far and last week my documents validity expired and I had to withdraw urgently. I contacted them by providing the required new ID card copy and within the next one hour I was able to withdraw funds. I am grateful to them for resolving my issue that early. 

    1. Hi Ajmal,
      That sounds great that they could help you with your issue.
      How has the trading been going?

  4. Hotforex is a well known broker. I opened my trading account with them over an year ago. My experience is good with them up til now. They have good trading platform and a responsive customer support. The trade execution is fast and smooth too. My withdrawals usually processed within two business days. I am happy with the overall services offered by them.

  5. Good broker, fast payment and multiple account options. I recommend this broker to most traders and thank James for this helpful review!

  6. yes hotforex is a pretty popular broker, and they are well known and offer very nice services, I have split my capital among two brokers one of them is hotforex, been considering transferring the rest over to hotforex as well. lets see how it goes. stay safe guys

    1. Hi Danny,

      Which is the other broker you have put your capital in?
      How has your trading been going?

      Thanks for your comment.

      1. tradings been going a bit slow as of late with everything going on, trying to hang in there. and i hope everyone is doing good and staying safe.

  7. Thank you fxexplained for such a detailed review, just sharing my personal experience of 7 months trading live, the spreads might not be the best outthere but its better than most i looked at, scalp is an valid option though i stick to swings mostly on eurusd and gold. over all the broker has a good reputation and maintaining a good job keeping excellent service. withdrawal time and good, for skrill withdrawals it takes max 48hrs but mostly done the next day which is really pleasing.

    1. Hi Franco,
      Thank you for your comment and letting us and others know about your experience with HotForex.
      Are you going to keep trading with them or have you tried any other forex brokers?

      Best of luck with your trading on these shaky days.

  8. Micro account is a good option for every small traders like me. It has good leverage too. I am trading currently with this broker with micro account. I am not trading full time yet i find good money making opportunities during the week days. It is a good broker as per my two years of trading experience.

  9. I am using micro account offered by this broker. I have found it a good way to start investing in forex trading with small amount. The leverage is quite hefty in my opinion. MT4 is trading platform which is quite user friendly. Withdrawing and deposits are also instant as withdrawals take around one or two business days to get processed in my online skrill account. I have no issues with them since i am using the services for around more than an year now.

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