HotForex Review 2019

Regulated By:CySEC, DFSA, FCA, FSA, FSC, MiFID

Foundation Year:2010

Headquarters:Spyrou Kyprianou 50, Irida 3 Tower, 10th Floor, Larnaca 6057, Cyprus

Min Deposit:$5

Open Account

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  • With the MT5, a trader can create his own Forex robot. This is because of the ‘MetaQuotes Language Editor’ environment.
  • MT5 also features a Multi threaded strategy tester.

The MT4 is the older version of the MT5. It is still the most popular trading platform widely used by many forex and CFD traders. Here are some of its features:

  • 9 Timeframes; from one minute to one month.
  • 30 Technical Indicators and 31 Analytical objects.
  • Four ping order types.
  • Access to the MQL5 Markets where Forex robots, signals, indicators and other trading tools can be bought to enhance trading.
  • Some other tools provided by HotForex are:

    • VPS: This is essential for traders who need stability and flexibility. HotForex provides it free of charge for traders who have a minimum deposit of $5,000. Paid subscription starts from $30 per month deping on the chosen plan.
    • 8 Trading Calculators are provided. They are:
    1. Risk Percentage
    2. Multitarget Calculator
    3. Pivot Points Calculator
    4. Pip Value Calculator
    5. Position Size Calculator
    6. Swaps Calculator
    7. Risk and Reward Calculator
    8. Fibonacci Calculator

    • Autochartist Tool: This tool can be installed on the platform to scan the charts and alerts the trader when a trading opportunity is available. HotForex offers it free of charge.

    • Premium Trader Tools: These are a set of technological trading tools available for a wide range of trading strategies. They are:
    1. Trade Terminal
    2. Mini Terminal
    3. Connect
    4. Sentiment Trader
    5. Session Map
    6. Alarm Manager
    7. Excel Rtd
    8. Market Manager
    9. Correlation Matrix
    10. Correlation Trader
    11. Tick Chart Trader
    12. MT4 & MT5 Indicator Package

    Commissions & Spreads

    “HotForex charges spreads, which vary deping on the type of account. The spread on the EUR/USD averages 1.2 pips, which is higher than on many platforms”.

    The table below shows the typical spreads for the given instrument (symbol) when trading on the HotForex platform. The values were taken from the HotForex official website.

    * All figures were taken from the broker website at time of writing.

    SYMBOL TYPICAL SPREAD SYMBOL TYPICAL SPREAD SYMBOL TYPICAL SPREAD
    FOREX CRYPTOCURRENCIES SHARES
    CADCHF 2.4 BTCEUR 30 Adidas.K 0.2
    CADJPY 2.3 BTCUSD 30 AIRFKLM.K 0.017
    CHFJPY 2.9 DSHUSD 2.5 ALCOA 0.05
    EURCAD 2.6 ETHEUR 26 ALIBABA 0.14
    EURCHF 1.9 ETHUSD 3.7 AMAZON 1.3
    EURGBP 1.8 LTCEUR 10 AMEX 0.04
    EURJPY 1.7 LTCUSD 4.7 ANGLO 1.03
    EURUSD 1.2 XRPUSD 0.08 APPLE 0.48
    GBPCAD 4.1 METALS AND
    ENERGIES
    Bankia.K 0.012
    GBPCHF 2.4 UKOIL.S 0.05 BARC 0.5
    GBPJPY 3 USOIL.S 0.05 BAY 0.12
    GBPUSD 1.8 XAGEUR 0.09 Bayer.K 0.12
    USDCAD 1.9 XAGUSD 0.03 BBVA.K 0.013
    USDCHF 1.9 XAUEUR 0.49 BOA 0.04
    USDJPY 1.7 XAUUSD 0.19 BOEING 0.17
    AUDCAD 3.4 INDICES BPLON 0.12
    AUDCHF 4.2 AUS200 0.9 Canopy 0.06
    AUDJPY 2.3 FRA40 0.8 CHEVRON 0.04
    AUDNZD 4 GER30 1.9 CISCO 0.04
    AUDUSD 1.5 JPN225 9 COKE 0.04
    EURAUD 3.9 NETH25 0.2 Daimler.K 0.12
    EURCZK 31 SPA35 8.5 Danone.K 0.12
    EURDKK 48.2 SUI20 4 EBAY 0.04
    EURHUF 39.9 UK100 0.6 FB 0.04
    EURNOK 33.6 USA100 1 GE 0.04
    EURNZD 6.9 USA30 3.4 GOOGLE 1.6
    EURPLN 31.8 USA500.S 0.2 GS 0.08
    EURZAR 100 COMMODITIES GW_Pharma 0.85
    GBPAUD 4.5 Cocoa 9.6 HLT 0.04
    GBPNZD 5.7 Coffee 0.48 HSBCL 0.49
    GBPZAR 200 Copper 0.005 Iberdrola.K 0.013
    NZDCAD 5.6 Cotton 0.62 IBM 0.04
    NZDCHF 4.4 Palladium 3.7 ILMN 0.4
    NZDJPY 2 Platinum 3 INTEL 0.04
    NZDUSD 1.9 Sugar 0.06 LLOY 0.49
    USDCNH 9.5 BONDS Lufthansa.K 0.12
    USDCZK 23.1 EUBUND.F 0.05 LVMH.K 0.2
    USDDKK 14.1 UKGILT.F 0.05 Mapfre.K 0.012
    USDHKD 6 US10YR.F 0.08 MCARD 0.14
    USDHUF 34 MCDON 0.04
    USDMXN 70 MSFT 0.04
    USDNOK 24.7 Netflix 0.28
    USDPLN 32.6 PFIZER 0.04
    USDRUB 850.9 QCOM 0.04
    USDSEK 27.6 RBS 0.5
    USDSGD 5.1 RIO 1.03
    USDTRY 95 RollsRoyce 0.5
    USDZAR 90 Santander.K 0.012
    ZARJPY 3.7 Telefon.K 0.012
    TESCO 0.49
    Tesla 0.39
    TEVA 0.04
    Tilray 0.7
    TWTR 0.04
    VOD 0.7
    Volksw.K 0.12

    Bonus & Promotions

    “HotForex has bonuses, rewards and contests to encourage their clients. These are only available on the HotForex platforms outside the EU and UK”.

    1. Loyalty Program: HotForex reward active traders by giving out HotForex Bars. The more you trade, the more bars accumulated. The bars can be exchanged for cash or for trading services.

    • Bonuses:

    HotForex offers 3 types of bonuses namely;

    1. The 100% Super Charged Bonus.
    2. 30% Rescue Bonus
    3. 100% Credit Bonus.
    • Trading Contests:

    HotForex constantly organize contests where traders win cash or other items.

    Some of the ongoing contests are:

    • HotForex Gadget Giveaway: Free monthly draw gives one trader a tablet, Bluetooth speaker, or any other gadget.
    • Traders Awards 2019: Every month the most successful trader is rewarded with an obelisk, $1,000 and entry into the “HotForex Hall of Fame”.
    • Demo Contest: 3 best gainers on demo accounts are rewarded with $2,000, $1,000 and $500 every month.
    • HotForex Merchandise: These include HotForex branded T-shirts, bags, pens, caps, umbrella, coffee mugs etc. These are given to traders free of charge.

    *Applicable only to HF Markets (SV) Ltd

    Customer Support

    “Multilingual customer support is available 24/5 across several channels such as live chat, phone and email. Support staff are helpful and easy to contact”.

    The customer support is available in many languages.

    1. Live chat is available in several languages.
    2. Phone: The customer support phone number is +44 2033185978. There are other 8 phone numbers for support to clients’ resident in Russia, China, Brazil, Taiwan, India, Indonesia, Nigeria and Turkey.
    3. Email: support@hotforex.com. There are other 8 email addresses for other departments and the different languages.
    4. Social media: Facebook.com/HotForex; Instagram.com/HotForex; YouTube.com/HotForex; LinkedIn.com/HotForex; and Twitter.com/@HotForex_Broker;
    5. Contact Form: Support can be reached through the form available on the “Contact Us” page on the website.

    The support desk staff are very helpful and easy to reach. The phone support assistants are knowledgeable and swift to pick up calls. The social media channels are active, frequently updated and has lots of followers. For example the facebook page has 1.2million likes. The live chat support assistant took less than 20 seconds to respond when a chat was initiated. Email support responds within a few hours.

    Research

    “There are multiple research tools, news and analysis provided by HotForex to their clients including market reviews each day, market news and technical reports”.

    HotForex has a dedicated website just for Research and Analysis (https://analysis.hotforex.com). It is manned by 3 in-house experts.  In addition to several traders’ tools, the website also features the following:

    • Daily Market Review
    • Market News
    • Technical Analysis
    • Video Analysis
    • Special Report
    • Market Outlooks
    • Economic Calendar

    The HF App: This is a mobile app from HotForex which provides trading tools, news and analysis. It also gives access to live quotes and the HF account management. The app is downloadable for android and iPhone. Some features of the app include:

    • Live Webinars
    • Trading Calculators
    • Trading Positions
    • Daily Market Analysis
    • Traders’ board
    • Advanced Charting
    • Watchlists
    • Deposit, Withdraw from HF accounts.

    Trader Education

    “HotForex provides trader education in the form of eBooks and educational video for all levels of trader”.

    HotForex provides a set of tutorials aimed at training a beginner trader to an intermediate or expert level. The training course consists of a set of videos and eBooks. The videos are clear with good quality audio and professionally presented. The eBooks are full of illustrations and good explanations.

    Generally, the training provided is commendable.

    Trading Experience

    “The brand is suitable for both beginners and pros. The selection of assets Is wide, the platform choice is sufficient and the research and reports are suitable for all levels of trades”.

    The MT4 and MT5 platforms provided are perfect for traders at all levels.

    The promotions and contests are very competitive as thousands of traders aim to win every month.

    The analysis and research provided is top-notch and lots of clients use their proprietary app to stay updated.

    There is enough educational resources for beginner traders too.

    FAQ

    Some of the Frequently Asked Questions about HotForex are enumerated below:

    Where is HotForex based?

    The HotForex brand is based in ‘Cyprus’ and ‘St. Vincent and Grenadines’.

    How does HotForex make money?

    HotForex makes money from spread charges and commissions.

    How do I deposit in HotForex account?

    Payment options accepted include Bank Transfer, Visa, Maestro, Mastercard, China UnionPay, BitPay, Skrill, WebMoney, FasaPay and Neteller.

    What is the min. deposit for HotForex?

    The minimum deposit is $5 for the micro account.

    What is the maximum leverage in HotForex?

    Maximum leverage is 1:1000.

    How do I open an account with HotForex?

    Fill the online form by clicking the “Open Live Account” button on the top right    side of the HotForex website.

    Does HotForex use MetaTrader?

    Yes, HotForex offers both the MT4 and the MT5 trading platforms.

    Conclusion

    “HotForex is truly a global broker. With multiple regulations and best security practices, traders’ funds are safe with this broker. They offer state-of-the-art trading platforms across multiple devices.”

    This highly regulated broker goes a long way to assure clients of its reliability and safety. It offers a selection of state-of-the-art trading platforms across multiple devices. The provided MT4 and MT5 are sophisticated, well accepted and highly customizable.

    HotForex provides advanced tools and technical analysis to their clients. Trader Education in form of webinars, eBooks and videos are available. Furthermore, there are lots of bonuses, promotions and contests to encourage and reward the faithful clients.

    HotForex has enough in its arsenal to challenge the leading brands in the EU and UK, and it is also pushing hard to make inroads into other markets.

    Top User Reviews

    See All User Reviews
    4.1(24)
    HotForex Overall Rating
    FX Empire adheres to strict standards of user reviews editorial guidelines to help you make decisions with confidence.
    Rate HotForex
    Latest 5 user reviews sorted by highest rating
    T
    Tai Nguyen
    5/5
    Reliability:
    5/5
    Good broker

    I started trading with this broker from last year and afterwards went live in Feb. My major interests are to trade mostly majors. Eur/usd trades gives some good amount however i am still a part time trader. Highly recommended!

    U
    User
    5/5
    Reliability:
    5/5
    Multiple option broker

    I am trading in my part time and have account with this broker. I also have small investments in PAMM accounts offered by this broker. The overall services are good. The spreads are decent and in my opinion they are quite lower as compared to other brokers. I recommend opening account with them as they are fair in dealing. The platform is easy to handle with no re-quotes.

    U
    User
    5/5
    Reliability:
    5/5
    Broker with good services

    Overall experience is good, platform is easier, lowest spreads and withdrawals are processed on time. I would rate them excellent for this time however I think i should update this after three months. So far they are doing great and I have no issues with them.

    U
    User
    5/5
    Reliability:
    5/5
    Excellent Broker

    I have been using HotForex for more than 4 years now. Excellent customer service and trading conditions. Withdrawals are quick.

    y
    yashar
    5/5
    Reliability:
    5/5
    good

    <p>very very pro and best support market</p>

    Specs

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