HotForex Broker Review

Author By Jeffrey Cammack
Updated: March 4, 2021
Overall Rating
4.49 4.49 / 5
Rated #4 of 55 Recommended Brokers
Min. Deposit
USD 5
Regulators
Trading Desk
Trading Cost
USD 10
Website Language
English, Chinese, Vietnamese, Indonesian, Portuguese, Arabic, Japanese, Malay
Support Language
English, Japanese, Vietnamese, Chinese, Arabic, Hindi
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Summary

HotForex is a global CFD broker with FSCA regulation offering a variety of trading products including Forex, commodities, indices, shares and crypto. Trading conditions are unusually good on the 5 USD (5 USD) introductory account, with fast market execution and competitive spreads. Experienced traders will be interested in HotForex’s professional account with EUR/USD spreads starting at 0.0 pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms and provides 18 trading tools to further assist traders. Unfortunately, access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 1.000.000 Shilling – well above the required minimum deposit.

HotForex offers a structured beginner course and webinars to help newcomers get started, but customer support is closed on the weekend, leaving novices stranded when they may need help the most.

Reviews

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
11110.54.5/ 5
Education & Research
111115/ 5
Assets Available
111115/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
EUR, USD, ZAR
Number of FX Pairs
51
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
6 USD / lot - Zero Account
EUR/USD
0.1 pips
GBP/USD
0.5 pips
USD/JPY
0.3 pips
Max. Leverage
30:1

Company Details

Company Name
HF Markets (SV) Ltd
Founded
2010
Office Locations
Mauritius

Pros

  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts

Cons

  • Limited base currencies

Is HotForex Safe?

Regulated by CySEC (license 183/12) 2012, the FCA (license 801701) since 2013 and the FSCA (FSP 46632) since 2016, HotForex adheres to strict internal processes and auditing policies.

As with all highly-regulated brokers, HotForex takes the security of client funds seriously and uses segregated accounts to ensure that, in the unlikely event of broker bankruptcy, all clients can be refunded.

The quality of its security is underscored by their awards for Best Client Funds Protection Broker 2015 (Mena Dubai Fx Show) and Best Client Fund Security 2014 (Global Financial Market) where the trading industry has specifically highlighted HotForex for their commitment to the protection of the client funds.

More recently, HotForex won awards for Best New Forex Broker South Africa 2016 (Global Banking & Finance Review Awards) and Best Forex Broker Latin America 2018 (International Business Magazine). In 2019, further underscoring its commitment to client security, HotForex won the award for Best Client Fund Security (Global Brands); for those more interesed in copy trading it’s important to note that HotForex also won the Best Global Copy Trading Platform (Global Forex Awards 2019) for its HFcopy trading service.

Trading Conditions

HotForex is an STP broker; all trades have market execution and the broker will not profit directly from any losses you make. The Micro Account suits traders who wish to deposit as little as 5 USD. All accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Account Types

HotForex offers clients a choice of five account types, depending on location (clients in Europe will only have access to three accounts). Trading conditions vary as the minimum deposit increases. Traders will choose their account based on their trading strategy, level of funding and the size of the trades they wish to make.

All accounts are market execution, and most are available on both MT4 and MT5 platforms.

Scroll for more detailsPreviousNext
Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
HFCopy
USD 300
Variable
1
None
Account Details
Auto
USD 200
500:1
1
None
Account Details
HFCopy
USD 300
Variable
1
None
Account Details
Islamic
USD 100
1000:1
1
None
Account Details
Micro
USD 5
1000:1
1
None
Account Details
Premium
USD 100
500:1
1
None
Account Details
Premium Pro
USD 5000
400:1
1
None
Account Details
Zero
USD 200
500:1
0.0
$3.00
Account Details

Micro Account: This account is the smallest account available at HotForex. The minimum deposit is 5 USD, and max leverage is 1:1000. Spreads are variable and start at 1 pip on the EUR/USD. No commission is charged. This account is available on MT4, MT5 and HotForex’s Webtrader platform.

Premium Account: The Premium Account requires a minimum deposit of 100 USD and offers maximum leverage of 1:500. Spreads are generally tighter than the Micro Account but are also variable and start at 1 pip on the EUR/USD. This account is available on MT4, MT5 and HotForex’s Webtrader platform.

Zero Spread Account: The Zero Spread Account offers raw spreads, starting at 0 pips on the EUR/USD. The minimum deposit is 200 USD, and a commission 3 USD is charged per lot (6 USD round turn). This account is available on MT4, MT5 and HotForex’s Webtrader platform.

Auto Account: Not available on MT5, this account is built for beginner traders who want to automate their trading with signals and bots from the MQL5 community. The minimum deposit is 200 USD, maximum leverage is set at 1:500 and spreads are variable starting at 1 pip.

HFcopy Account: Not available on MT5, the HFcopy Account is exclusively for those who want to copy more experienced traders and those who want to become offer their strategies for others to copy. Copying other traders will be charged a performance fee. The minimum deposit is 100 USD for followers and 300 USD for strategy providers. Maximum leverage is 1:400 and spreads are variable starting at 1 pip.

Trading Assets

HotForex offers over 1000 CFD trading instruments on all trading accounts. Besides Forex pairs, HotForex offers metals, energies, indices, shares, commodities, cryptocurrencies, bonds, stocks DMA and ETF trading. HotForex has also introduced symbols listed on the Johannesburg stock exchange (JSE) to their portfolio, making them ideal for South African traders who want to trade local Stocks.

Spreads and Commissions

The spreads on all accounts are variable, with most starting at 1 pip on the EUR/USD. The one exception is the Zero Spread account, which offers raw spreads starting at 0 pips but charges a commission of 6 USD round turn.

Deposit & Withdrawal Fees

Deposits are handled on weekdays and conditions apply to each of the deposit options.

  • Bank Wire – HotForex will cover the fees for transfers over the minimum amount of 250 USD. The funds will be added to your trading account within one business day of the funds reflecting in HotForex’s account.
  • Bank Cards & e-Wallets – A minimum deposit of 5 USD is required, and will take approximately 10 minutes to reflect in your trading account. There are no fees for this deposit method.

Withdrawals are processed within 24 hours (weekdays only) of receiving them, and different conditions apply to each of the payment methods.

  • Bank Wire – No fees & minimum withdrawal of 100 USD
  • Bank Cards & e-Wallets – No fees & minimum withdrawal of 5 USD.

HotForex For Beginners

Award-winning customer service and their client-focused approach to doing business means that beginner traders at HotForex can rely on excellent support. Quality educational material in both a structured layout and market analysis format will benefit traders of all learning levels.

Educational Material

Traders who open a demo or live account will get access to the HotForex e-Course, a well-structured way to learn the basics. This course includes the basics of Forex theory and Forex trading, reading and interpreting charts, trading strategies, trading psychology, and technical analysis.

Video tutorials are available without registration and these cover introductory concepts, Metatrader tutorials, trading strategies and lessons in economic theory.

Webinars on current events, advanced trading strategy, and risk and money management are run every few days. These webinars do not require an account at HotForex, but you will need to register to participate.

Analysis Material

HotForex devotes an entire section of their website to market analysis and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform.

This dedication to analysis earned HotForex the Best Forex News & Analysis Provider 2016 award (Mena Dubai Fx Show).

Customer Support

Support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

HotForex’s goal is to provide the best customer service to clients by maintaining a client-focused culture. This approach to supporting clients won them the Best Global Forex Trading Education Provider 2018 (Global Brands Magazine).

HotForex Trading Platforms

HotForex offers both MT4 and the MT5 trading platform, the latest iteration of the industry standard. As well as the desktop applications, HotForex also offers MT4 and MT5 WebTerminal, which are browser-based version of the platforms, along with mobile and tablet versions of both iterations.

The MT5 desktop and WebTerminal at Hotforex offer 21 different time-frames, analysis tools, advantage chart analysis with detailed overlays, pre-programmed analytical tools and over 80 built-in indicators and tools. Advanced traders can install Expert Advisors to enable programmatic trading.

HotForex Mobile Apps

HotForex offers a seamless trading experience with support for the MT4 and MT5 mobile trading apps for Android and IOS, including a native iPad app.

The HotForex MT5 app allows traders to work from anywhere, with nine time-frames, 30 indicators and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time and tick chart trading further empowers traders while on the move.

Trading Tools

Hotforex offers a number of powerful trading tools to clients with live accounts. These include free VPS hosting, free access to Autochartist and a collection of Premium Trader Tools such as live sentiment and correlation tracking, tick charts, an MT5 indicator package, a customizable news feed and a sophisticated alarm manager capable of carrying out a number of automated actions.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HotForex offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

HotForex Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HotForex would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.90% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

HotForex is a well-regulated STP broker with awards for their client protection and product offerings. With accounts that suit both beginners and professionals, ample training material, frequent market analysis, and a broad selection of trading tools HotForex is a good choice for new and experienced traders. We also welcome the choice of either MT4 and MT5 – though MT5 is seen as the future, many traders still use MT4 and will be doing so for some time to come.

Robust regulation, mirrored by their awards won in the area of client fund protection make HotForex a trusted brokerage.

AlertAccepts Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.49/ 5
USD 5
STP
Commodities
Cryptocurrencies
Forex
Indicies
Metals
Equities
Energies
Bonds
51
4
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
  • Limited base currencies
111104/ 5
11110.54.5/ 5
11110.54.5/ 5
11110.54.5/ 5
111115/ 5
111115/ 5
11110.54.5/ 5
72.90% of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Auto
HFCopy
Islamic
Micro
Premium
Premium Pro
Zero
Bank Transfer
Visa
Mastercard
Skrill
Neteller
Bitcoin
VLOAD
Unionpay
6 USD / lot - Zero Account
110.5002.72/ 5
USD 100
STP
Forex
Indicies
Commodities
Equities
50
0
  • Tight spreads
  • Great customer support
  • MT4 only
  • Limited demo account
  • No swap-free account option
  • High minimum deposit
111003/ 5
110002/ 5
111104/ 5
100001/ 5
110002/ 5
1110.503.5/ 5
111003/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
400:1
1.20 pips
Basic
Professional
Standard
Visa
Mastercard
Maestro
Neteller
Skrill
Bitcoin
8 USD/lot
1110.503.07/ 5
USD 100
ECN/DMA
STP
Forex
Metals
28
0
  • Tight spreads
  • MT4 only
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
  • High minimum deposit
1110.503.5/ 5
111003/ 5
111104/ 5
100001/ 5
110002/ 5
1110.503.5/ 5
1110.503.5/ 5
66% of retail investor accounts lose money when trading CFDs with this provider
200:1
0.10 pips
ECN Advanced
ECN Standard
ECN XL
Visa
Mastercard
Neteller
Skrill
None

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AlertMost retail CFD accounts lose money. Your capital is at risk.

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