HotForex Broker Review

Author By Jeffrey Cammack
Updated: May 10, 2022
Overall Rating
4.49 4.49 / 5
Rated #5 of 68 Recommended Brokers
🏦  Min. DepositZAR 70
🛡️  Regulated By
💵  Trading Cost 
USD 10
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Last updated on 10 May 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

TradeForexSA has been South Africa’s most trusted Forex broker review site since 2012. Our team has written 100+ broker reviews and we constantly test to maintain accuracy. This is how we review brokers.

We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Our verdict on HotForex

Hotforex is a well-known international broker, but its unique focus on the South African market is undeniable. It has local FSCA regulation and local customer support, and unlike many other international brokers, it offers ZAR trading accounts. It also offers fast and free deposits and withdrawals in South African Rands from a range of local banks, including FNB, ABSA, Nedbank, and Standard Bank, among others. 

Hotforex offers three standard accounts and two specialised copy trading accounts, but the standout is the Micro Account, with a 70 ZAR minimum deposit and reasonable trading fees. We were also pleased to find that Hotforex has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including shares listed on the Johannesburg Stock Exchange and over 950 other international stocks.

HotForex supports both the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to further assist traders. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 6500 ZAR – well above the required minimum deposit.

🏦  Min. DepositZAR 70
🛡️  Regulated By
💵  Trading Cost 
USD USD 10
⚖️  Max. Leverage1000:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

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
Welcome Bonus

Account Information

Base Currencies
USD, ZAR
Number of FX Pairs
53
Crypto Pairs
19
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
ZERO Spread
Trading Desk
Commission
6 USD / lot - Zero Account
EUR/USD
0.10 pips
GBP/USD
0.50 pips
USD/JPY
0.30 pips
Negative Balance Protection

Company Details

Company Name
HF Markets SA (PTY) Ltd
Founded
2010
Website Language
English, Chinese, Vietnamese, Indonesian, Portuguese, Arabic, Japanese, Malay, Thai, Spanish
Support Language
English, Japanese, Vietnamese, Chinese, Arabic, Hindi
Office Locations
Seychelles, South Africa, Dubai, UK

Pros

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

Cons

  • Limited base currencies

Is HotForex Safe?

A trustworthy broker with a large South African following, Hotforex is locally regulated by the FSCA and offers negative balance protection for all traders.  

FSCA Regulation: Hotforex has an excellent reputation in the South African Forex trading community and has been FSCA licenced since 2015. An FSCA licence means that Hotforex clients can rest assured that their funds are secure and that Hotforex will treat its South African clients fairly. 

Safety Features: Although the FSCA’s rules are not as strict as those of the regulators in the UK or Australia, it still requires Hotforex to segregate its client funds at top-tier South African banks and issue monthly statements to its clients.  Hotforex clients in South Africa are also granted negative balance protection, which means that they can never lose more than their initial deposit.  

Company Details:

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FSCA
CySEC
FCA
FSC
STP
2010
Seychelles, South Africa, Dubai, UK
Inactivity fee of 5 USD after 6 months of inactivity

 

We confirmed each of the licences and regulations on the regulator’s online register. See below for details of Hotforex’s FSCA regulated entity:

Hotforex Regulation

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HotForex’s Trading Assets

We were pleased to find that Hotforex has recently reintroduced cryptocurrencies to its offering, a good move considering how popular this asset class has become. It also offers trading on a wide range of stocks, including those listed on the JSE. 

Cryptocurrencies:  Hotforex recently (at the end of 2021) reintroduced its range of cryptocurrencies. Its range includes favourites such as Bitcoin, Ethereum, Dashcoin, and Litcoin. All of the cryptos are crossed with the USD or EUR and leverage is up to 50:1 on pairs such as the BTC/USD, a higher level of leverage than is typically offered on cryptos by other brokers. 

Stocks: South African traders will be pleased to see that Hotforex offers a range of stock CFDs, including those listed on the JSE such as Anglogold Ashanti and Firstrand Ltd. It also offers over 950 DMA (Direct Market Access) stocks, allowing clients to trade directly on stock exchanges from around the world, but this product line is only available on MT5.

Full List of Instruments and Leverage:

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Financial Instrument
Number of Assets
Leverage
Bonds
3
50:1
Commodities
5
66:1
Cryptocurrencies
19
50:1
Energies
4
66:1
Stock CFDs
71
14:1
ETFs
34
50:1
Forex
53
1000:1
Indices
24
20:1
Metals
6
200:1 gold 20:1 palladium
 

  • Forex pairs: HotForex offers 53 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and ZAR/JPY. While this is a substantial number, other brokers will offer 60+ pairs to trade. Maximum leverage is 1:1000.
  • Metals: HotForex offers silver and gold crosses with both the EUR and USD as well as palladium and platinum futures. This is an average selection of metals compared to other brokers. Maximum leverage is 1:200 on gold but falls to 1:20 on palladium futures.
  • Energies: HotForex offers spot and futures contracts on both Brent and WTI oil. The maximum leverage is 1:66.
  • Indices: HotForex offers spot and futures contracts on a range of international indices, including the NASDAQ, S&P500, FTSE100, DAX30, and the Nikkei. This is a broad range of indices compared to other brokers. The maximum leverage is 1:200.
  • Shares: HotForex offers 71 share CFDs to trade, including popular US tech companies, and multinational energy companies alongside some of the key constituents of the JSE such as BAT and Absa Group. While this may seem like a smaller range of share CFDs than offered by other brokers, HotForex also offers 950 DMA stocks. The maximum leverage is 1:14.
  • Stock DMAs: In addition to its range of share CFDs, HotForex also offers 950 DMA stocks, a larger range than other brokers. The maximum leverage is limited to 1:5
  • Commodities: HotForex offers five of the most common commodity futures to trade, such as coffee and sugar. Maximum leverage is 1:66
  • Bonds: HotForex offers CFD trading on the three most popular bonds in the world – UK Gilts, Euro Bunds, and the US 10-year. The maximum leverage is 1:50.
  • Cryptocurrencies: Hotforex offers 19 crypto pairs to trade including Bitcoin, Ethereum, Dash, and Litecoin among others. Leverage is up to 50:1 on cryptos, but traders should be aware of trading with high leverage on such a volatile asset.
  • ETFs: Exchange Traded Funds have rapidly gained in popularity in recent years, and HotForex offers spot contracts on 34 of the most traded ETFs in the world. The maximum leverage is 1:50.

Overall, we were pleased with the range and depth of financial assets available at Hotforex. The reintroduction of cryptocurrencies will be a major drawcard for the broker.

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HotForex’s Accounts and Trading Fees

HotForex offers five account types, which is more than most other brokers. The low minimum deposit on its Micro Account makes it suitable for beginners, while the ZERO Spread Account caters to more experienced traders. 

Trading Fees: Despite the variation, overall trading costs are slightly higher than average across all five accounts, though the accounts themselves do offer different benefits in terms of trading strategies and minimum deposits. 

Account Trading Costs

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
HFCopy
USD 300
1
Spread Only
10
Auto
USD 200
1
Spread Only
10
HFCopy
USD 300
1
Spread Only
10
Micro
USD 5
1
Spread Only
10
Premium
USD 100
1
Spread Only
10
Zero
USD 200
0.10
6 USD / lot
7

Micro Account

We found that the Micro Account is a good entry-level account for beginner traders, with a minimum deposit of 70 ZAR or 5 USD.  The variable spreads start from 1 pip on major pairs,  which is tight for an account with such a low minimum deposit, and no commissions are charged. As you can see, the spread here is 1.1 pips on the EUR/USD, which is close to Hotforex’s advertised spreads:

Hotforex Spreads

Premium Account

The minimum deposit on this commission-free account is 1400 ZAR or 100 USD, and the spread starts at 1 pip, which is slightly wider than you would find at similar brokers.  The maximum total trade size is 60 standard lots per position and stop-out levels are at 50%.

ZERO Spread Account

This is a market execution account with spreads starting at 0 pips on the EUR/USD.  Note that zero spreads are only available on major currency pairs. As with all raw spread accounts, you will be charged a commission – in this case, the charge is 40 ZAR/3 USD per lot (80 ZAR/6USD total round turn) on major forex pairs. ZERO Spread accounts are also good for beginner traders and have lower ongoing trading costs but require a minimum deposit of 2800 ZAR/200 USD.

Auto Account

The commission-free HotForex Auto Account is for beginner traders who want to subscribe to Trading Signals created by the MQL5 Community.  These can be installed directly into the HotForex MT4 trading terminal. Traders can automatically copy any Signal Provider’s signals, but paid Signals are subject to a one-month performance evaluation period.   The minimum deposit on the Auto Account is 2800 ZAR/200 USD and spreads start at 1 pip on the EUR/USD.

HFcopy Account

The HFcopy Account is available to both Strategy Providers (SPs) and Followers who have joined HFcopy. SPs can open an HFcopy Account to build their inventory of Followers and trade in exchange for a Performance Fee, as high as 50%.  Only available on the MT4 platform, the spread starts at 1 pip, and trading instruments offered on this account are limited to Forex, Indices, and Gold.  The minimum deposit is 300 USD for SPs and 100 USD for Followers and accounts are only denominated in USD.

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HotForex Deposit & Withdrawal

HotForex charges no fees for deposits and withdrawals, but withdrawals via credit and debit cards take up to 10 days to be processed, which is painfully slow compared to other brokers.

As an FSCA-regulated broker, Hotforex ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. 

Accepted Currencies: When we opened our account at Hotforex, we were given the choice of only two base currencies: USD and ZAR. While this is a limited choice compared to other brokers,  it is good for South Africans who will likely have bank accounts denominated in ZAR and will have the option of avoiding conversion fees.  

Local bank transfers: We were pleased to find that HotForex offers free online bank funding for clients who have online bank accounts with major South African banks.  This includes African Bank, Bidvest Bank, Capitec Bank, FNB, Investec, Nedbank, Standard Bank, and TymeBank. This is a much faster method of depositing and withdrawing funds than a standard bank wire, with deposits reflecting almost instantly and withdrawals received within 2 business days.

Hotforex south-africa-banking-options

Traditional 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.
  • Visa/Mastercard and Skrill – A minimum deposit of 75 Rand (5 USD) is required and will take approximately 10 minutes to reflect in your trading account. There are no fees for this deposit method.

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

  • Bank Wire – No fees and a minimum withdrawal of 100 USD. Bank wire withdrawals can take 2-10 days to receive depending on your bank.
  • Visa/Mastercard and Skrill – No fees and minimum withdrawal of 5 USD. Card withdrawals can take 2-10 business days depending on your bank, but Skrill withdrawals are almost instant.

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HotForex Mobile Trading Platforms

Hotforex offers its own mobile app that looks great and is easy to use. It also offers MT4 and MT5 mobile apps, all available on both Android and iOS.  

HF App

The HF App has a sleek design and intuitive interface. The HF App allows traders to easily transfer, withdraw and deposit funds, search for instruments, and create watchlists. It also has an integrated economic calendar and traders can access Hotforex’s educational materials on the app:

HF App

MT4/MT5 Mobile Apps

We found that the HotForex MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. We were able to close and modify existing orders and calculate profit/loss in real-time. We also find it easier to search for instruments than on the web trader versions of the platforms.

Other Trading Platforms

Like many other brokers, Hotforex offers MT4 and MT5 but does not offer its own desktop trading platform. 

While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of HotForex offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.

For the purposes of this review, we tested both of Hotforex’s web trader platforms.

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Broker
Platform Choice
Copy Trading
Platforms
HotForex
11110.54.5/ 5
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FxPro
111115/ 5
FxProEdge

Metatrader 4 (MT4)

Our review found that Hotforex offers the standard version of MT4, which has 24 graphical objects and 30 built-in indicators. However, it also offers Premium Trader tools, available to clients who deposit more than 2800 ZAR/200 USD, which plug directly into the MT4 platform, enhancing its functionality (click here for more on Premium trader tools)

We found that the platform’s interface is dated, but it is fully customisable. There are three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes:

Hotforex MT4 Indicators

We also found it easy to add new charts:

Hotforex MT4 Adding charts

HotForex also offers support for MT4 MultiTerminal, providing a convenient method of managing multiple accounts simultaneously from a single interface.

Metatrader 5 (MT5)

MT5, the newer version of its predecessor, MT4, is also available at Hotforex. We recommend using MT5 if you are looking for a more powerful and faster trading platform when it comes to back-testing functionality for automated trading algorithms.  Additionally, traders prefer MT5 for its depth of market display, additional technical indicators (38 as opposed to 30 on MT4), and analytical tools. 

In our review of MT5 web trader, we noted that it has a great depth of market display:

Hotforex MT5 Depth of Market

It is also much easier to search for an instrument to add to the market watch list than on MT4. You can simply type the name of the instrument:

Hotforex MT5 Search

Both MT4 and MT5 are available as downloads, browser-based, and on iOS and Android devices. Mobile access is 24/7, and mobile apps employ the latest SSL encryption technology for security.

Overall, we found that Hotforex provides a good selection of third-party platforms but lacks its own in-house trading platforms, which are usually more user-friendly.

HotForex Bonuses and Promotions

We were impressed that HotForex offers multiple bonuses, trading contests, and promotions for South African traders.  At the time of writing, the following bonuses are available:

  • On deposit bonus: With this bonus, traders earn daily cash rebates of 2 USD per lot directly to their account. It applies to every deposit of 250 USD or more and increases account leverage. 
  • Rescue Bonus: It applies to deposits over 50 USD, and traders can access greater leverage. It also protects traders from periods of drawdown. 

For all the current HotForex Bonus information, please refer to its website.

Hotforex Bonus

Opening an Account at HotForex

Opening an account at HotForex is a quick and hassle-free process. However, it took two days for our accounts to be verified, which is longer than other similar brokers.

It took us about 3 minutes to open an account at Hotforex. We could immediately deposit funds into our accounts, but our accounts were only ready for trading after two days.

As a South African trader you can open an account at HotForex, but will need to meet all the minimum deposit amounts to do so, these are:

  • Micro Account: 5 USD/70 ZAR
  • Premium Account: 100 USD/1400 ZAR
  • ZERO Spread: 200 USD/2800 ZAR
  • Auto Account: 200 USD/2800 ZAR
  • HFcopy Account: 100 USD

We found that opening a live account at HotForex is easy and takes less than 3 minutes. While HotForex also offers Corporate Accounts and Joint Accounts we will focus on opening an Individual Account:

  1. Initially, we were required to provide our full name, phone number, email address, and date of birth. We also had to choose whether we wanted the base currency of our account to be USD or ZAR.

    HOtforex account opening
  2. Once this step was complete, we accessed our MyHF dashboard. This is the administrative hub for demo accounts, live accounts, and finances.
  3. From the MyHF hub, we chose our account type and submitted our Know Your Customer (KYC) documentation. HotForex needed at least two documents to accept us as an individual client:
    1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing a photo such as an ID card or driving licence will work.
    2. Proof of Address – a Bank Statement or Utility Bill. The documents provided should not be older than 6 months and your name and physical address should be clearly displayed.
    3. Important Note: The name on the Proof of Identification document must match the name on the Proof of Address document.
    4. We were able to upload our documents directly from the myHF area; but you can also scan them and send them to [email protected]
  4. We were also asked to complete a short form to help Hotforex assess the state of our finances and trading knowledge. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
  5. Once this step is complete, we were required to make at least the minimum required deposit for our chosen account via one of HotForex’s deposit methods.

Our documents were checked by the verifications department and were approved in around 48 hours, which is longer than other similar brokers. Note that any deposits will be credited to the account only after your documents have been approved and the myHF area is fully activated.

We advise you to read HotForex’s risk disclosure, customer agreement, and terms of business before you start trading.

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HotForex’s Research and Trading Tools

Our review found that HotForex has a competent in-house research team that produces high-quality and useful market analysis materials. It has also partnered with several third-party analysis companies to further enhance its offering.

Research

HotForex’s research and market analysis is divided into three main sections, each of which provides a specialised benefit for traders looking for market insight and trading opportunities.

Forex News – In partnership with FXSTREET, a respected market news aggregator and publisher, HotForex provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements,  we found that there is some reporting on technical analysis – mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.

HFAnalysis – This is the hub for HotForex’s own market research content. The focus is a market news blog, split between fundamental analysis and technical analysis, and trader education. From here we were able to access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. We were also able to access the HotForex podcast; generally published mid-week this is a detailed look at recent market movements and a look ahead to potential market-impacting events. Overall, we found that the analysis provided by HotForex’s experts is detailed and accurate and is on par with the in-house research provided by other large international Forex brokers.

Advanced Insights – This plugin for MT4 and MT5 provides sentiment and volatility analysis from an insight engine that applies big data AI to millions of news articles and live trading positions. The plugin also provides a timeline of the upcoming events and presents detailed infographics on HotForex’s full range of assets. While this tool is provided free, traders will need to have deposited at least 100 USD/1500 ZAR and made closed trades worth 10 lots or more in the previous two months.

Trading Tools

We found that HotForex offers an excellent range of trading tools, including Autochartist, a free VPS service, and a set of Premium Trading Tools. While all these tools are provided free, we were disappointed that traders are required to make a substantial deposit before access is provided.

Autochartist

Available for all Hotforex clients with a minimum deposit of 500 USD/6500 ZAR, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and MT5 and scans all available CFD markets for trading opportunities. It is one of the best technical analysis tools on the market and we were pleased to see that Hotforex subscribes to its services.

Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:

  • Chart pattern recognition
  • Fibonacci pattern recognition
  • Key level analysis
  • Pattern quality indication

Hotforex Autochartist

VPS

Hotforex clients with a minimum deposit of 5000 USD can also subscribe to a free VPS hosting service provided by external third-party providers. VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure. The VPS service is only available to traders using the MT4 platform. See below for more details:

Hotforex VPS

Premium Trader Tools

Available to all HotForex clients with a minimum deposit of 200 USD/2400 ZAR, Premium Trader Tools give traders access to institutional quality technology, including advanced trading tools, user-configurable news and information, and trade analysis.  It also includes an array of sophisticated alarms and messaging systems, and live sentiment and correlation tracking. A few of the tools in the package include:

  • Trade Terminal: A feature-rich professional trade execution and analysis tool, providing several trading features and order controls that are not included in MT4 or MT5.
  • Mini Terminal: The mini-terminal facilitates trade management by making commonly-used trading features more accessible than in the native version of the software.

    HOtforex MT4 Mini Terminal

  • Connect: A customisable news feed aggregator and interactive economic calendar
  • Correlation Matrix and Correlation Trader: These tools work together to show correlations between pairs of trading symbols. It functions with any symbols available in the trading platform, allowing a calculation of the correlation between multiple asset classes against Forex. The Correlation Trader will then allow for a detailed inspection of the correlation between any two instruments.

Other trading tools available at HotForex include a range of trading calculators, which can be used to calculate pip value, swap fees, risk percentages, and support and resistance levels.

Between the analytical tools and the sheer scale of market research on offer – in audio, text, and video format – from both in-house and third-party experts, we think HotForex’s market analysis is considerably more useful than most other brokers – though about equal when compared with other international brokers with large research and analysis budgets.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
HotForex
XM
FxPro
 

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HotForex Education

Our review found that much like the market analysis at HotForex, the educational content available is multi-format, of a very high quality, and more useful for beginners than what is available at most other brokers. It also offers a free demo account that does not expire.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
HotForex
High
XM
High
FxPro
Medium

Because we opened a live account, we had access to the HotForex e-Course.  We found that the course is well-structured and 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.

We enjoyed Hotforex’s webinars. These cover current events, advanced trading strategy, and risk and money management, and are run every few days. The webinars do not require an account at HotForex, but you will need to register.

Overall, we found that the quality of the educational content is very high and HotForex obviously does its best to educate beginner traders. More experienced traders will also find the information and material on offer useful, especially the webinars and video analysis on more advanced topics. This is unusual in the industry, as while most brokers will try to educate beginners, traders with more experience are often underserved.

HotForex Demo Account

We opened a demo account and found that it does not expire, which is helpful for beginner traders.  We were provided with a virtual starting balance of 100,000 USD, which can be topped up on request. We could view charts, news, and analysis, get access to the full-featured MT4 and MT5 platforms, experience real-time prices and real forex market volatility.

Hotforex Demo Account

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HotForex’s Customer Support

With a local South African support team, we found that HotForex’s customer support is better than most other brokers.

Award-winning customer service and a client-focused approach to business mean that beginner traders at HotForex can rely on excellent support. 

Support is available 24/5 in over 27 languages via email, live chat, and telephone.  Toll-free local phone numbers (available in South Africa) and local email addresses give clients direct free access to quality customer service in their language. 

For the purposes of the review, we tested the live chat and telephone services. Our call was received immediately and we were transferred to the correct department which answered all our questions to our satisfaction. The live chat agents were also responsive and highly knowledgeable. As you can see, they responded to our questions within a matter of seconds:

Hotforex Customer Service

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Safety and Industry Recognition

Regulation: HotForex is the global brand name of HF Markets Group. Entities within the group are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority of South Africa (FSCA), and the Financial Services Authority of Seychelles.  See below for HotForex listed companies:

  • HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
  • HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12.
  • HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701.
  • HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885.
  • HF Markets (SV) Ltd – authorized by FSA (St. Vincent and the Grenadines) registration no. 22747 IBC 2015.
  • HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.

Awards:

HotForex has won numerous awards for its services and offerings over the years, recent awards include:

  • Most Transparent Broker 2020 (The European – Global Banking & Finance Review Awards),
  • Best Client Services – Global 2020 (Capital Finance International Magazine),
  • Best Broker in Africa 2020 (AtoZ Forex),
  • Best Trading Experience South East Asia 2020 (International Finance Awards),
  • Best Partners Program Global 2020 (International Investor Awards),
  • Excellence in Customer Service Global 2020 (International Investor Awards),
  • Best Global Copy Trading Platform (Global Forex Awards 2019) for the HFcopy trading service.

With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for customer satisfaction, HotForex is considered a reliable and safe Forex broker. 

Scroll for more detailsPreviousNext
Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FSCA
CySEC
FCA
FSC
STP
2010
Seychelles, South Africa, Dubai, UK
Inactivity fee of 5 USD after 6 months of inactivity

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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 on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

XM Scores

HotForex Risk Statement and Disclaimer

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 HotForex. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Overview

An FSCA-regulated broker, Hotforex focuses on providing an optimal trading environment for its South African clientele. It offers ZAR trading accounts, and supports local bank transfers from all South Africa’s major banks with instant deposits and two day withdrawals. It also has a local customer support team that is responsive and knowledgeable, available to help with any account or technical queries. 

Another attractive feature for South African traders is that Hotforex offers trading on a range of JSE listed shares and has recently reintroduced cryptocurrencies to its books. Overall, there is no doubt that Hotforex has pulled out all the stops to ensure South African traders will be satisfied. 

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AlertAccepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
  • Mobeen says:

    Almost three years now and i believe it will keep going with this broker in future because they have good services.

  • Greg says:

    A well known broker with great set of services. thanks for the detailed review

  • Safaw says:

    Good broker in my opinion although the last oil trades didn’t benefit me because I wasn’t expecting such a steep down fall. Anyways, i did made some good money shorting the pound two weeks ago. I think trading could be a good option while sitting at home during lock down. I am also doing it besides this lockdown by the way.

  • Rahman says:

    I haven’t noticed any spread widening or requotes in my entire trading career with this broker. My overall trading experience with this broker is ten months. They are going great in my opinion.

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