HotForex Review

Author By Jeffrey Cammack
Updated: May 7, 2021
Overall Rating
4.49 4.49 / 5
Rated #8 of 59 Recommended Brokers
Min. Deposit
ZAR 70
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 South African Clients. Average spread EUR/USD 1 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.

TradeForexSA follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

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 70 ZAR (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 6500 ZAR – well above the required minimum deposit.

Furthermore, Hotforex does not charge any withdrawal or deposit fees, allows hedging, scalping, and copy trading, and offers an excellent selection of educational and market analysis materials to get new traders started. 

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
$2 Rebate For Every Lot Traded

Account Information

Base Currencies
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
1000:1

Company Details

Company Name
HF Markets SA (PTY) 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?

Founded in 2009 and headquartered in Cyprus, HotForex is the 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 (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 SA (PTY) Ltd – authorized by FSCA (South Africa) registration no.  46632.
  • HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles) registration no. SD015.

HotForex has won numerous awards for its services and offerings over the years, including Top 100 Companies (World Finance Magazine), 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), and Best Global Copy Trading Platform (Global Forex Awards 2019) for its HFcopy trading service.

HotForex in South Africa  is operated by HF Markets SA (PTY) Ltd is authorised by the Financial Sector Conduct Authority (FSCA) and as such, all client funds are held in segregated accounts with top-tier banks and are afforded Negative Balance Protection.   On this basis, we deem Hotforex to be a trustworthy and safe broker.

Trading Conditions

An STP broker with multi-asset CFD trading, including Forex, metals, energies, indices, shares, commodities, bonds, stocks DMAs and ETFs, HotForex offers several dealing desk accounts with no commission and a single market execution account that carries a commission per lot. Traders have a choice of five account types, with tight spreads averaging at 0.1 pips on the EUR/USD on its Zero Spread Account.  Leverage is up to 1000:1 depending on the account type, and minimum deposits start at 70 ZAR.  Furthermore, Hotforex allows all trading strategies, including scalping, hedging, and copy-trading.   Note that accounts are denominated in USD and ZAR, and all accounts are available as Islamic accounts. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
11110.54.5/ 5
USD, ZAR
1 pips
USD 10
0.1 pips
0.5 pips
0.3 pips
0.0
1110.503.5/ 5
AUD, CAD, EUR, GBP, JPY, NZD, PLN, SEK, USD, ZAR
1.80 pips
USD 18
0.9 pips
1.3 pips
1.0 pips
0.0
11110.54.5/ 5
AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD
1.20 pips
USD 12
0.0 pips
0.1 pips
0.1 pips
0.0

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.

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Fx Pairs
CFD Investments
51
Commodities
Cryptocurrencies
Forex
Indicies
Metals
Equities
Energies
Bonds

Account Types

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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

A good entry-level account for beginner traders, with leverage of up to 1:1000 and a minimum deposit of 70 ZAR.  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.  The only downside to this account is that a trader can only hold open 150 simultaneous orders and the lots per trade are limited.

Premium Account

The minimum deposit on this commission-free account is 1400 ZAR, and leverage is up to 1:500.  With this account, the lots per trade are up to 300, and spreads start at 1 pip.  The maximum total trade size is 60 standard lots per position, and Stop out levels are at 50%.

ZERO Spread

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, and exotic pairs still carry wide spreads. As with all market execution accounts, you will be charged a commission – in this case, the charge is 40 ZAR per lot (80 ZAR total round turn) on majors and 55 ZAR per lot (110 ZAR total round turn) on minors and exotics. 

As with the Premium account, the Zero account allows traders to keep 60 trade standard lots per position, with a leverage of 1:500.  Zero accounts are good for beginner traders but require a minimum deposit of 2800 ZAR.

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, leverage is up to 1:500, 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%.  Available on MT4 platform, spreads start at 1 pip, and leverage is up to 400:1.  Trading instruments offered on this account include Forex, Indices Spot, Bitcoin, and Gold.  The minimum deposit is 300 USD for SPs and 100 USD for Followers.  Accounts are only denominated in USD.

Demo Account

Hotforex offers an unlimited demo account, allowing prospective traders to test trading strategies under real market conditions.  Demo accounts are loaded with 100,000 USD in virtual currency and have access to both the MT4 and MT5 platforms. 

Spreads and Commissions

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 on the EUR/USD, but charges an 80 ZAR/round turn commission.  

Deposit & Withdrawal Fees

As a regulated broker, Hotforex ensures that all Anti-Money Laundering rules and regulations are followed. As such, all funds are returned to the source. 

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 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.

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 also offers direct online bank funding for clients who have online bank accounts with major South African banks.  This include African Bank, Bidvest Bank, Capitec Bank, FNB, Investec, Nedbank, Standard Bank and TymeBank.

south-africa-banking-options

Bonus Structure

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

 

HotForex For Beginners

Award-winning customer service and a client-focused approach to business mean that beginner traders at HotForex can rely on excellent support.  Furthermore, Hotforex offers world-class educational and market analysis materials that are in-depth and well-structured to benefit traders of all experience levels. 

Educational Material

Traders who open a demo or live account will get access to the HotForex e-Course.  This 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.

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.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
High
High
Medium

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).

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Broker
Research Team
Daily Market Commentary
Forex News
Analysis Webinars
In House
3rd Party
In House

Customer 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. 

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.

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Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
11110.54.5/ 5
111104/ 5

Metatrader 4

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.  Features of the MT4 include a built-in library of more than 50 indicators and tools to streamline the analysis process and an impressive array of analytical tools, available in nine timeframes for each financial instrument.

Metatrader 5

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.

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

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.

Autochartist

Free for all Hotforex clients, no matter the account balance.  Autochartist continuously scans markets and automatically recognises trade setups based on support and resistance levels. Once an opportunity has been identified, traders are alerted. Autochartist is one of the most valuable tools on the market.

VPS

Hotforex clients can also subscribe to a VPS hosting service provided by external third-party providers, ensuring trades are never disrupted by technological or connectivity issues.  This is very convenient if you use trading robots or copy deals using trading signals.

Premium Trader Tools

The Premium Trader Tools give Hotforex 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. 

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

An STP offering multi-asset trading, Hotforex is a good broker for both beginner and experienced traders alike. With commission-free and market execution accounts, support for both MetaTrader platforms, copy trading, excellent customer support, world-class educational materials, and tight spreads, it is hard to find anything to fault.

AlertAccepts South African Clients. Average spread EUR/USD 1 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.

  • Scroll for more detailsPreviousNext
    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
    ZAR 70
    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
    1000:1
    0 pips
    Auto
    HFCopy
    Islamic
    Micro
    Premium
    Premium Pro
    Zero
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Neteller
    Bitcoin
    VLOAD
    Unionpay
    6 USD / lot - Zero Account
    1110.503.98/ 5
    USD 25
    Market Maker
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Equities
    Metals
    Vanilla Options
    103
    3
    • Well regulated
    • Wide range of assets
    • Innovative trading tools
    • Limited platform choice
    • Limited account options
    111104/ 5
    1110.503.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    111003/ 5
    11110.54.5/ 5
    111104/ 5
    73% of retail investor accounts lose money when trading CFDs with this provider
    400:1
    0.90 pips
    Islamic
    Premium
    Standard
    VIP
    Bank Transfer
    Sofort Banking
    Visa
    Mastercard
    Maestro
    Skrill
    Neteller
    Astropay
    Fees Included in Spread
    11110.54.34/ 5
    USD 5
    ECN/DMA
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    WTIs
    80+
    6
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    • Poor customer service
    • Limited demo account
    11110.54.5/ 5
    11110.54.5/ 5
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    111104/ 5
    75.6% of retail investor accounts lose money when trading CFDs with this provider
    500:1
    0 pips
    MT4 Pro Account
    MT4 Standard Account
    Visa
    Mastercard
    Maestro
    Skrill
    Neteller
    Bank Transfer
    7 USD / lot - PRO account

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

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