REVIEW - HotForex Forex Broker

Introduction

HotForex was established in the year 2010 and is part of HF Markets Group, which has offices in the UK, Cyprus, Dubai and the Seychelles. It is regulated by the FCA, CySEC and other authorities around the world.

Offering of Financial Investments

A broad spectrum of instruments and assets are available when trading with HotForex, with commodities, indices, stocks, forex, cryptocurrency, bonds and more.

• Forex – 49 major and minor pairs
• Commodities – energy, gas, gold, silver, cocoa, sugar, etc.
• Indices – UK100, US30, SUI20, JPN225, etc.
• Stocks – 56 different brands, from Adidas to Volkswagen
• Cryptocurrency – BTC, LTC, ETH, XRP, etc.
• Bonds – UK Gilt, US 10-year Treasury, Euro Bund, etc.

HotForex Trading Account Types

In certain instances, HotForex will allow you to create a custom account alongside an account manager if you trade in a very specific way – however, this is at the discretion of the broker.

Otherwise, there are three main ‘off the shelf’ account types.

A Premium account offers variable spread types, and the leverage HotForex allows depends upon your instrument. There’s a minimum deposit of 100 of your local currency, and you can have up to 300 orders open at any one time.

The Zero Spread account has variable spreads and leverage, with forex spreads as low as 0 pips in some cases. You can have 500 open positions here.

The Premium Pro account has a minimum deposit of 500 or 5,000 of your currency (retail or professional), with leverage of up to 1:400 available.

There are also demo and Islamic accounts available.

HotForex Commission and Fees

It depends upon which account you open as to the spreads and fees in place. The Premium and Premium Pro accounts have spreads starting from 1 pip, and the Zero Spread account is as the name suggests when trading forex.

HotForex charges a variable commission that differs across its product range, though there are no additional fees for depositing or a lack of activity.

HotForex Platforms and Tools

This brand offers its customers the chance to use both the HotForex MT4 and MT5 platforms, with web and desktop versions available.

HotForex Research

A range of research and educational material is available at HotForex. There is a huge library of written and video content, and traders also have access to a busy calendar of live webinars.

HotForex Mobile Trading App

HotForex has developed a series of dedicated mobile apps, including iPhone, iPad and Android Trader.

Should you trade with HotForex?

If you are comfortable using the MetaTrader platform, there is plenty to admire with this popular broker. The HotForex CFD offering is comprehensive, with variable (but typically low) spreads and leverage available. On the downside, there isn’t currently a welcome bonus available.

However, with 24/5 customer support and a wide range of HotForex deposit and withdrawal methods accepted, you can quickly hit the ground running with this rigorously regulated firm.

Pros

• Extensive range of assets, instruments and CFDs
• Free educational material and breaking news updates
• Hedging and scalping allowed
• Authorised and regulated by the FCA, CySEC and more

Cons

• Spreads variable and therefore hard to forecast profitability
• Other commission-free brokers available

FAQs

How long does it take to withdraw money from HotForex?

The withdrawal process differs depending upon which payment method you use, with credit cards and bank transfers typically taking one business day. Online platforms such as Skrill and Neteller are often instantaneous. Happily, HotForex doesn’t charge fees for the vast majority of its withdrawals, though wire transfers may be subject to a fee depending upon your bank.

How to open HotForex live account?

You will see a big green ‘open live account’ button at the top of the HotForex home screen, and you will then be asked for all the usual personal information (don’t worry, the site is fully encrypted). Once your account is live, you will need to decide which level you want to operate at before making your first deposit to get started.

Who regulates HotForex?

With offices across the world, HotForex has to adhere to regulation set by a number of authorities, including the FCA and CySEC. All told, it is authorised by one tier-1 regulator, a trio of tier-two regulators, and a single tier-three authority. This helps to confirm that it is a professional and legit organisation.

Reprinted from Leaprate, the copyright all reserved by the original author.