HotForex Review

Review sections

• Investor Protection & Regulations
• Tradable Products
• Account Opening
• Deposit & Withdrawals options
• Web & Desktop Trading Platforms
• Mobile Trading Platforms
• Trading Features
• Commissions & Spreads
• Bonus & Promotions
• Customer Support
• Research
• Trader Education
• Trading Experience
• FAQ
• Conclusion

HotForex Video Review

Investor Protection & Regulations

HotForex and HF Markets are unified brand names of the HF Markets Group which offers regulations across different entities such as FCA UK, DFSA, CySEC, FSCA and SFSA. The broker also offers accounts, to some users based on their location, from their St. Vincent and the Grenadines entity, HF Markets (SV) Ltd which is not regulated.

HF Markets (SV) is incorporated in the St. Vincent and the Grenadines as an International Business Company, as shown below:

HotForex is also authorised and regulated by the UK’s Financial Conduct Authority under the name HF Markets (UK) Ltd, as confirmed on the FCA register below:

The HF Markets Group also hold regulations from the Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority of South Africa (FSCA) and the Seychelles Financial Services Authority (SFSA), as shown below:

The broker also provides a high level of security of funds for accounts opened under the FCA UK and CySEC regulators by:

• Being part of the Financial Services Compensation Scheme for FCA UK accounts.
• Being part of the Investor Compensation Fund for CySEC Europe accounts.
• Offering negative balance protection.
• Holding client funds in segregated accounts.
• Having additional Civil Liability insurance.

While the HotForex St. Vincent and the Grenadines arm, HF Markets (SV) Ltd, is not regulated they do advertise security of client funds in several ways, as shown below:

Tradable Products

HotForex offers users the ability to trade on more than 1,000+ instruments covering Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs.

HotForex offers users the ability to trade on more than 1,000+ instruments covering 52 Forex pairs, 5 Commodities, 11 Indices, 56 Shares, 3 Bonds and 8 Cryptocurrency CFDs, 34 ETFs, 948 DMA, 6 Metals, 2 Energies.

Below is a list of just some of the available markets for trading:

* Details regarding the available assets are taken from the HotForex website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and the account type opened.

Account Opening

HotForex, under the HF Markets St. Vincent and the Grenadines entity provides users with a choice of 6 different trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy. The broker also offers a free demo trading account and Islamic swap-free accounts. (*Different accounts are available under different regulated entities).

HotForex provides access to 6 different trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy 3 core trading accounts called Premium, Zero Spread and Premium Pro, as shown below. Different accounts are available under different regulated entities. As such, some accounts are only available under specific regulation and not under the other. They also offer free demo trading accounts and Islamic swap-free accounts.

Every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions per trade which are detailed later on in this review.

A live trading account can be opened by clicking the ‘Open Live Account’ button on the broker’s website. This will then redirect you to a registration page, as shown below:

Once this has been filled in, users are then able to start in just 3 steps after confirming your email address and then entering the myHF Area to open a trading account, as shown below:

Once logged in to the myHF Area, users can open new trading accounts, access free VPS services, view the different trading tools and deposit and withdrawal methods. To complete the account opening users will need to verify their identity and proof of address, of which details are sent in the confirmation email:

Deposit & Withdrawals options

HotForex offers a wide variety of deposit and withdrawal methods which include bank wire transfer, debit and credit cards, Neteller, Skrill, Trustly and others.

HotForex offers a wide variety of deposit and withdrawal methods which include credit and debit cards bank wire transfer and a variety of e-wallets such as Neteller, Trustly, Skrill and others. Processing times and fees vary but can be found on the broker’s website as shown below.

Deposits can take between 10 minutes and 2 business days depending on the method and are mostly fee-free:

Withdrawals are processed 24 hours after the submission of a request Monday to Friday and are mostly fee-free as shown below:

Web & Desktop Trading Platforms

HotForex offers users the ability to trade on the globally recognised MetaTrader 5 and MetaTrader 4 trading platform for Windows, Mac and Web.

HotForex offers users the ability to trade on the MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

HotForex MetaTrader 5 for Desktop

Users can trade on the globally-recognised MetaTrader 5 for Windows and Mac which comes with several benefits and advantages, such as the ability to:

• View 21 different timeframes
• View up to 100 charts simultaneously
• Access 80+ technical indicators
• Perform one-click trading functions

HotForex MetaTrader 5 Web Trader

Users can also trade on the globally-recognised MetaTrader 5 Web Trader which comes with several benefits and advantages, such as the ability to:

• Trade from any browser and operating system
• View 9 different timeframes
• Access 38 technical indicators
• Perform one-click trading actions

The HotForex MetaTrader 5 platform will be covered in more detail in the video review.

Users can also access the MetaTrader 4 trading platform. Below are some of the differences between the MetaTrader 4 and MetaTrader 5 trading platforms provided by HotForex:

Mobile Trading Platforms

HotForex, under HF Markets (SV) allows users to trade on the MetaTrader 4 and MetaTrader 5 mobile trading app for Android and iOS operating systems, as well as their own HF App which is feature-rich.

HotForex MetaTrader 5 mobile trading app

HotForex allows users to trade on the MetaTrader 5 mobile trading app for Android and iOS operating systems. The app can be downloaded from the myHF Area, from the broker’s website or from the Apple App Store or Google PlayStore.

The HotForex MetaTrader 5 mobile trading app comes with several benefits and features, as highlighted below:

• Real-time, interactive charts
• View 9 different timeframes
• Access 30 technical indicators
• Perform one-click trading actions
• Access multiple order types such as market, stop and limit orders

HotForex HF App for mobile trading

Traders can also access the broker’s own HF App which provides a range of unique features and benefits, such as:

• Advanced charting functionality
• Deposit, withdrawal and transfer functions
• Create your own watchlists
• View live news, quotes and more

Users can download the HF App directly from the myHF Area, the broker’s website or from the relevant app store, as shown below:

Trading Features

HotForex provides a range of additional trading features such as a free VPS, free access to AutoChartist scanners and risk calculators and premium MetaTrader trading tools.

HotForex provides a range of additional trading features such as free access to AutoChartists’ MetaTrader market scanner and risk calculator and other features as shown below:

The broker also provides access to Premium Trader tools for Metatrader. This includes tools such as a trade terminal, a mini terminal, sentiment trader indicator, a session map, a correlation matrix and an advanced indicator package including renko bars, pivot points and more, as shown below:

HotForex also provides a free VPS package depending on your minimum deposit, as shown below:

Commissions & Spreads

Trading costs with HotForex vary depending on the market being traded, the account type opened and the regulator used. With HotForex every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions payable per trade.

Trading costs with HotForex vary depending on the market being traded, the account type opened and the regulator used. Generally, every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions payable per trade, as shown below:

Spreads and swap information can be found on the broker’s website, as shown below for HotForex accounts opened from the St. Vincent and the Grenadines entity, HF Markets (SV) Ltd:

HotForex Forex Trading

HotForex Indices Trading

HotForex Metals Trading

HotForex Crypto Trading

HotForex Share Trading

Bonus & Promotions

Accounts opened with the HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd are offered three bonus and promotional schemes. Due to restrictions set by the regulative body, HotForex entities under the FCA UK and CySEC regulation do not offer bonus or promotional schemes.

At the time of writing, there are three bonus and promotional schemes offered by the HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd. These include:

• 100% super-charged bonus: For every deposit over $250 there is the chance to earn daily cash rebates of $2 per lot.
• 30% rescue bonus: For every deposit over $50 there is a maximum cumulative bonus of up to $7,000.
• 100% credit bonus: Increases account leverage

Users can find more information on the broker’s Promotions page:

Customer Support

HotForex offers 24/5 multilingual client service via a Live Chat function, an Online Contact Form and dedicated Telephone and Email support.’

The HotForex client desk is available 24/5 during Market opening hours and offers multilingual support. Clients can contact support agents via Live Chat, Telephone, Email and an Online Contact Form.

The Live Chat can be accessed by inputting your name, email address, in what capacity you are contacting the broker (registered client, affiliate or other) and account number, if applicable.

At first try, the Live Chat function was not available at 10.30 pm in the evening, as shown below:

On another attempt, we were greeted within minutes with a personal welcome message as shown in the screenshot above. The customer service representative is polite and helpful. When exiting the chat conversation, the user is given the option to rate their experience and request the transcripts of the conversation.

For those wishing to speak to an agent, several direct phone numbers are listed for the Customer Support and Sales department, the Trading Desk and Affiliate support. The listed teams can also be contacted via email or by using the Online Contact Form.

Alternatively, users can connect and interact with HotForex through their Social Media channels. The broker has a presence on the main Social Media outlets such as Facebook, LinkedIn and Twitter.

Furthermore, the website features an elaborate FAQ section with answers to the most common queries.

For instant feedback and answers to the most common queries, users can consult the FAQ section, in the ‘Support’ section of the website. In this extensive and comprehensive overview the most Frequently Asked Questions are listed and categorized per theme. A search bar allows users to browse any queries relating to their topic of interest.

Contact Information:

• Address: HF Markets (SV) Ltd, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
• Email: support@hotforex.com
• Phone: +44-2033185978
• Social Media:
  • https://www.facebook.com/hotforexcom/
  • https://twitter.com/HotForex_Broker
  • https://www.linkedin.com/company/hot-forex/
  • https://www.youtube.com/user/HotForexBroker

Research

HotForex offers an extensive array of research tools. The site features an economic calendar, trading calculator and a Forex news feed. The in-house team of analysts provides regular analysis and market outlook reporting.

HotForex offers several useful Trading Tools such as a Trading calculator, Economic Calendar and the Traders’ Board that illustrates the change in correlation between different currencies visually.

HotForex has a dedicated team of in-house analysts who provide regular Market News, Analysis and Market Outlook reports. Via the designated HotForex Analysis traders can access analysis and research in an article, video, podcast and webinar format.

By selecting ‘HF Markets Exclusive Analysis’ in the Trading Tools menu the user redirected to a seperate domain hosting a wealth of analysis, news and reports. The Analytics domain is divided into different sub-sections, making it easy for the user to navigate and find the content they are looking for.

The Market news feed is updated in real time, keeping traders informed as to important events in the markets and their possible impact or implications.

The ‘Market analysis’ category features Daily market reviews, Special market coverage, Insights & Outlook reports. The Technical analysis section is subdivided into categories and articles are labelled according to asset class. Users who favour animated are catered to and provide the choice between content in podcast or video format.

The articles are feature rich and can be of value to beginner traders as well as more advanced traders. HotForex offers elaborate and varied market analysis content. Traders can benefit from weekly, monthly and annual market reports.

Trader Education

The HotForex website features an online education centre giving traders access to tutorials on trading and the MetaTrader software, live webinars, E-books and complete courses.

Beginner traders can consult the E-course and Glossary section for a basic understanding of the Forex market and the basics of trading.

The video tutorials covers topics ranging from the practical application and use of the MetaTrader trading platform to the guides on the use of different trading indicators, techniques and strategies.

Traders who prefer a more interactive experience can register for the live webinars. The broker has daily live webinars scheduled on various topics ranging from market basics to indicators and trading psychology. The webinars are hosted by HotForex’ team of analysts. Previous webinars are available on demand categorised on experience level, giving traders access to an additional library of materials to further their knowledge of the markets.

Trading Experience

HotForex provides a simple and transparent trading offering suitable for both beginner and advanced traders. Users can access commission-free trading on a wide range of markets, as well as advanced trader tools for the MetaTrader trading platform.

From our observations, HotForex provides a simple and transparent trading offering suitable for both beginner and advanced traders. HF Markets (SV) Ltd offers 6 core trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy.

Every account type offers commission-free trading for Forex pairs, while the Zero Spread account is commission-based but with spreads from 0 pips on Forex. Users can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs, as well as access free demo trading accounts and Islamic swap-free accounts.

Traders can use the MetaTrader 4 and MetaTrader 5 trading platform for Windows, Mac, Web, Android and iOS applications. The broker provides a range of additional trading features such as AutoChartist scanners and risk calculators, as well as a package of Premium Trading Tools for MetaTrader which includes a correlation matrix, mini terminal, advanced order window and more advanced indicators such as pivots and Renko charts.

FAQ

Is HotForex regulated?

The HotForex entity in St. Vincent and the Grenadines, HF Markets (SV) Ltd is not regulated.

Where is HotForex based?

HotForex is based at HF Markets (SV) Ltd, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.

How does HotForex make money?

HotForex makes money mainly through spreads and swaps on certain tradable asset classes and commissions on certain trading accounts.

How do I deposit in HotForex account?

Funds can be deposited into a trading account via debit or credit card, bank wire transfer, Neteller, Skrill and other e-wallets.

What is the min. deposit for HotForex ?

The minimum deposit for HotForex is $5.

How do I withdraw money from HotForex ?

Withdrawals can be made from HotForex via debit or credit card, bank wire transfer, Neteller or Skrill from the myHF Area.

What is the max leverage in HotForex ?

The maximum leverage offered by HotForex, HF Markets (SV) Ltd is 1:1000.

How do I open an account with HotForex ?

An account can be opened at the click of a button on the HotForex website and can be done in just a few steps.

Does HotForex use MetaTrader?

Yes, MetaTrader 4 and MetaTrader 5.

Conclusion

HotForex and HF Markets are unified brand names of the HF Markets Group and offers regulation in multiple jurisdictions, with a variety of account types to trade on more than 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs on the MetaTrader 4 and MetaTrader 5 trading platform.

HotForex and HF Markets are unified brand names of the HF Markets Group. While the group holds licences for different entities from different regulators including from the FCA UK, CySEC Europe, FSCA South Africa, DIFC Dubai, and the SFSA Seychelles, the broker also offers some users the ability to open trading accounts with HF Markets (SV) Lotd, depending on their location, which is a registered International Business Company in St. Vincent and the Grenadines and as such is not regulated.

HF Markets (SV) Ltd offers 6 core trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy. Every account type offers commission-free trading for Forex pairs, while the Zero Spread account is commission-based but with spreads from 0 pips on Forex. Users can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs. Users can also access free demo trading accounts and Islamic swap-free accounts.

The FCA and CySEC regulated arms offer 3 core trading accounts called Premium, Zero Spread and Premium Pro. With HotForex users can trade on the MetaTrader 4 and MetaTrader 5 trading platform for desktop, web and mobile trading applications. Users can also access a range of trading tools, research and education such as AutoChartists and live webinars.

• Commission-free trading available.
• MetaTrader 4 and MetaTrader 5 for Windows, Mac, Web, Android and iOS.
• Free access to AutoChartist scanners and package of Premium Trader Tools.