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HotForex Broker Review

FX Scouts By Jeffrey Cammack Updated: October 9, 2019
Average Score
3 / 5
Min. Deposit USD 5
Max. Leverage 500:1
Min. Spread 0.0 pips
Regulators CySEC,FCA,FSCA,DFSA,FSC
Regulator Origin CySEC FCA FSCA DFSA FSC
Broker Type ECN/STP

Summary

Listed as on the Top 100 Companies by World Finance Magazine and the award for Business Excellence 2015 (World Confederation Of Businesses) HotForex is not just recognized for their integrity by their industry peers, but also in the financial industry as a whole.

As an STP broker regulated by multiple major international organizations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginning and expert level trader.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses $2 Rebate For Every Lot Traded
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum Deposit USD 5
Base currencies USD, ZAR
Number of FX Pairs 51
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.7
GBP / USD 0.5
USD / JPY 0.2

Company Details

Company name HF Markets SA (PTY) Ltd
Founded 2010
Website Visit Website
Type ECN/STP
Regulators CySEC,FCA,FSCA,DFSA,FSC
Office locations Mauritius

Deposit & Withdrawal Methods

Supported Platforms for HotForex

HotForex Broker Detailed Review

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).

HotForex For Beginners

Award-winning customer service and their client-focused approach to doing business mean 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 In Their Own Words

Trading Conditions

HotForex is an STP broker; all trades have market execution and the broker will not profit directly from any losses you make. Account types suits traders who wish to deposit as little as 50 USD and over 500 USD. All accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Account Types

HotForex can provide clients with a choice of six account types, depending on location (clients in Europe will only have access to three accounts), and trading conditions vary as the minimum deposit increases. A trader will be able to choose their account based on their trading strategy, level of funding and the size of the trades they wish to make.

Spreads and Commissions

The spreads on all accounts are variable, where the Zero account has the tightest spreads on FX pairs, and an additional commission is charged based on the trading volume.

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 50 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 150 USD
  • Bank Cards & e-Wallets – No fees & minimum withdrawal of 5 USD.

HotForex Trading Platforms

HotForex only offers the MT5 trading platform, the latest iteration of the industry standard. As well as the desktop application, HotForex also offers the MT5 WebTerminal, a browser-based version of the platform, along with mobile versions.

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 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. 72.21% 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. The only downside is their insistence on the MT5 platform – while this is the latest generation of the platform, many traders still use MT4 and its omission seems like an odd choice.

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

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

Compare Brokers

Overall Rating 3/5 5/5 3/5
Minimum Deposit USD 5 USD 10 USD 100
Regulation
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
Broker Type ECN/STP ECN/STP STP
Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 3 / 5 5 / 5 2 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 72.83% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 81% of retail investor accounts lose money when trading CFDs with this provider
Leverage 500:1 Flexible 500:1
Spread 0.0 pips 0.1 pips 0.0 pips
Hedging
Scalping
Account Types
  • Standard,Mini
  • Mini,Professional,Standard,Vip
  • Standard,Vip
Trading Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, SticPay, Unionpay, Fasapay
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Overall Rating 4 / 5 5 / 5 4 / 5
Min. Deposit USD 5 USD 10 USD 100
Regulation
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
CySEC CySEC
FCA FCA
FSCA FSCA
CySEC CySEC
FCA FCA
Broker Type ECN/STP ECN/STP STP
Read Full Review Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 3 / 5 5 / 5 2 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 72.83% of retail investor accounts lose money when trading CFDs with this provider 83% of retail investor accounts lose money when trading CFDs with this provider 81% of retail investor accounts lose money when trading CFDs with this provider
Leverage 500:1 Flexible 500:1
Spread 0.0 pips 0.1 pips 0.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes Yes
Platforms MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, SticPay, Unionpay, Fasapay

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. 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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Most retail CFD accounts lose money. Your capital is at risk.