HotForex Review

Author By Jeffrey Cammack
Updated: June 21, 2021
Overall Rating
4.49 4.49 / 5
Rated #5 of 68 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 and ZAR trading accounts offering a relatively wide range of trading products including Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. The Micro Account has lower trading costs than most other brokers’ entry-level accounts with a 70 ZAR (5 USD) minimum deposit, fast market execution and spreads starting at 1 pip on the EUR/USD. Experienced traders will be interested in HotForex’s ZERO Spread Account, with EUR/USD spreads starting at 0.0 pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms – but unlike most other brokers does not offer its own web-based platform – and has several excellent 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.

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?

With a long history of responsible behaviour and local and international regulation, we consider HotForex to be a safe broker to trade with.

Founded in 2009 and headquartered in Cyprus, 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.

South African clients of HotForex will be trading with HF Markets SA (PTY) Ltd, which is authorised by the Financial Sector Conduct Authority (FSCA). Unlike other regulators in the UK and EU, the FSCA does not force HotForex to restrict leverage or to be members of a client compensation scheme. But all South African client funds are held in segregated accounts with top-tier banks and HotForex is subject to frequent audits of its finances and client operations. In addition, all South African clients have negative balance protection, meaning they can never lose more money than is held in their trading account.

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. While HotForex’s South African clients are not as well protected as their clients in the EU and the UK, the FSCA provides adequate security including ensuring that HotForex segregates client accounts from its own funds and conducting frequent audits.

HotForex Trading Fees

HotForex’s trading fees are slightly higher than average compared to other brokers

HotForex is unusual amongst brokers in that it offers five different account types, where most brokers will offer three or less. Trading costs will vary depending on the account type chosen by a trader (for more detail on HotForex’s account types, click here).

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 deposit.

HotForex’s accounts were assessed to compare the costs to those of other brokers.  The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Trading Cost Formula: Spread x Trade Size + Commission = Total Cost in Secondary Currency (USD)

HotForex Account Table

As you can see from the table above, in most cases HotForex’s trading costs are built into the spread – though the ZERO Spread account does carry a 6 USD commission in exchange for tighter spreads. Spreads are variable at HotForex, meaning that they will get wider or tighter depending on trade volume and market volatility.

While HotForex does not publish a table of its overnight financing fees (swap fees), it does have a swap calculator – making it easy to figure out the cost of holding a trade overnight. For instance, the fee for holding 1 lot of EUR/USD overnight in a long position is 6 USD, and 0.6 USD for a short position.

Scroll for more detailsPreviousNext
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
110002/ 5
ZAR, USD
2 pips
USD 32
0 pips
0 pips
0 pips
12
111003/ 5
EUR, USD, GBP
2 pips
USD 20
0.4 pips
0.4 pips
0.4 pips
0.0

The average cost of trading one lot of EUR/USD at similar Forex brokers tends to be 9 USD or lower. Compared to other brokers, HotForex’s trading fees are slightly higher than average except for its ZERO Spread Account, where the costs are slightly lower than average – though this account does require a 200 USD/2800 ZAR minimum deposit.

Opening an Account at HotForex

Opening an account at HotForex is a fully digital process and is hassle-free compared to other brokers

All South African traders 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

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, you will need to provide your full name, phone number, email address and date of birth. You will also have to choose whether you want the base currency of your account to be USD or ZAR. For more on account base currencies at HotForex, click here.
  2. Once this step is complete, you will have access to your MyHF dashboard. This is the administrative hub for your demo accounts, your live accounts, and your finances.
  3. From the MyHF hub, you will need to choose the account type that best suits you and submit your Know Your Customer (KYC) documentation. HotForex needs at least two documents to accept you 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 your photo such as an ID card or driving licence will work.
    2. Proof of Address – a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address is clearly displayed.
    3. Important Note: The name on the Proof of Identification document must match the name on the Proof of Address document.
    4. You can upload your documents directly from your myHF area; alternatively, you can also scan them and send them to [email protected]
  4. Once this step is complete, you will need to make at least the minimum required deposit for your chosen account via one of HotForex’s deposit methods. For more on HotForex’s deposit and withdrawal policies, click here.
  5. Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved and your myHF area is fully activated.
  6. We advise you to read HotForex’s risk disclosure, customer agreement and terms of business before you start trading.

HotForex Account Types

HotForex offers more account types than most other brokers, most of the account types are suitable for beginners

HotForex has five different account types suited to both beginner and experienced traders alike.  Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.  Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek. 

Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders.  However, spreads on these accounts are often wider than those with higher minimum deposits.  Experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. 

An STP broker, HotForex offers five market execution accounts, three of which are standard trading accounts. The other two accounts are specialised copy trading accounts. Maximum leverage varies according to account, with leverage of 1000:1 available on the Micro Account, but limited to 1:500 on most other accounts. Hedging, scalping, and algorithmic trading are unlocked on all accounts – though signal trading is only available on the Auto Account – and all accounts are also available as Islamic accounts.

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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 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 (most other brokers will have pips as wide as 1.5 pips on their Cent or Micro Accounts), 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 or 100 USD, and leverage is up to 1:500.  With this account, the lots per trade are up to 300 and the spread start 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, and exotic pairs still carry wide spreads. 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 majors and 55 ZAR/4 USD per lot (110 ZAR/8 USD total round turn) on minors and exotics. 

As with the Premium account, the ZERO Spread account allows traders to keep 60 trade standard lots per position, with a leverage of 1:500.  ZERO Spread accounts are 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, 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 only on MT4 platform the spread starts at 1 pip, and leverage is up to 400:1.  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.  Accounts are only denominated in USD.

All accounts are available on MT4 and MT5, except for the HFcopy Account which is only available on MT4, for more on HotForex’s Trading Platforms, click here.

Overall, HotForex’s trading costs are slightly higher than other similar brokers, though the minimum deposits are in line with other international brokers operating in South Africa.  The Micro Account is an excellent account for beginner traders; its spreads are tighter, and its costs are lower than the entry-level accounts at other brokers. 

All the accounts (except for the HFcopy Account) provide access to the entire range of HotForex’s trading assets, including Forex pairs, HotForex offers metals, energies, indices, shares, commodities, cryptocurrencies, bonds, and ETFs. 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. For more detail on HotForex’s assets, click here.

HotForex Deposit & Withdrawal

Unlike most other Forex brokers, HotForex charges no fees for deposits and withdrawals, but withdrawal times are average for the industry.

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. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name. 

Unlike most international Forex and CFD brokers, 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.

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, and 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.

HotForex is unusual amongst brokers in not charging any fees for deposits or withdrawals. This is welcome and certainly contributes to customer satisfaction. While deposits and withdrawals are free and deposits are fast, withdrawals do take longer than most other brokers – 2-10 business days for card withdrawals is particularly poor.

But with the option for South Africans to use local online banking services for free, HotForex provides better funding options than most other international brokers in the local market.

HotForex Base Currencies (Trading Account Currencies)

While HotForex has a limited number of base currencies compared to other brokers, it does offer ZAR Accounts, which can help South African traders avoid paying conversion fees.

At HotForex, you can only choose from two base currencies: USD and ZAR. While this is limited compared to most other international 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.  Conversion fees can make trading expensive, and are usually not presented on the fee report, but affect your profitability.

However, it should be noted that for traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with a ZAR account, there will be a small conversion fee for every trade made.

HotForex Trading Platforms

With both MT4 and MT5 but no proprietary trading platform, HotForex’s platform support is average compared to other Forex brokers

HotForex offers both MT4 – the most popular trading platform in the world – and MT5 – the latest version 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.

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.

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

Metatrader 4 (MT4)

Developed by MetaQuotes in 2002, MT4 is still the most popular CFD trading platform in the world.  Although the platform’s interface is now dated, MT4 is still widely recognised for its fast execution speeds, wide range of charting tools, algorithmic trading, and customisability.  Other features of MT4 include:

  • Supports the creation, modification, and utilisation of automated trading strategies.
  • Supports MQL4 programming language.
  • Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
  • Allows traders to develop their own custom indicators.
  • Superior charting tools in nine timeframes
  • 24 graphical objects
  • 30 built-in indicators
  • Four pending order types, including buy stop, sell stop, buy limit, and sell limit.

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

Metatrader 5 (MT5)

Developed in 2010, MT5 is the newer version of its predecessor, MT4.  The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. On MT5, you can trade stocks, stock indices, commodities, cryptocurrencies, ETFs, and precious metals.

MT5 is more powerful and faster than MT4, especially when it comes to back-testing functionality for automated trading algorithms.  MT5 also has a built-in news feed, market depth indicator, economic calendar, and trades can be made on charts. Additional features of MT5 include:

  • 12 timeframes
  • 38 built-in indicators
  • 37 graphical objects
  • Six pending order types
  • Multi-threaded strategy tester

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 Trading Platforms

HotForex mobile trading platforms are average when compared to other brokers

HotForex offers support for the MT4 and MT5 mobile trading apps for Android and IOS, including a native iPad app.

The HotForex MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 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.

HotForex Trading Tools

HotForex offers an excellent range of trading tools, when compared to other brokers

HotForex’s range of trading tools include Autochartist, a free VPS service and set of Premium Trading Tools. While all these tools are provided free, traders are required to make a substantial deposit before access is provided.

Autochartist

Free 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.

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

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.

Premium Trader Tools

Free 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. The full list of tools in the package includes:

  • 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.
  • 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 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.

HotForex Trading Assets

Unlike many brokers, HotForex no longer offers cryptocurrencies to trade, but it does have a larger number and wider range of assets to trade than most other CFD brokers

HotForex offers over 1000 CFD trading instruments on all trading accounts, except for the HFcopy Account. Besides Forex pairs, HotForex offers metals, energies, indices, shares, commodities, cryptocurrencies, bonds, DMA stocks (MT5 only) and ETF trading.

  • 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 future contracts on both Brent and WTI oil. Maximum leverage is 1:66.
  • Indices: HotForex offers spot and future 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. 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. Maximum leverage is 1:14.
  • Stock DMAs: In addition to its range of share CFDs, HotForex also offers 950 DMA stocks – allowing traders to trade directly on stock exchanges around the world. This asset class is only available on MT5. 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. Maximum leverage is 1:50.
  • 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. Maximum leverage is 1:50.

While some traders will be disappointed that HotForex no longer offers crypto CFDs in South Africa, the range and depth of assets available to trade is impressive and much more than is normally seen at other similar brokers.

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

HotForex Research and Market Analysis

HotForex has a competent in-house research team and has partnered with several third-party analysis companies to provide more useful market analysis than is available at most other brokers.

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, 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 traders can also access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. From here traders can also 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, 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 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 of more in the previous two months.

Trading calculators and economic calendars are also available for reference outside of a trading platform.

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Broker
Research Team
Daily Market Commentary
Forex News
Analysis Webinars
In House
3rd Party
None

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, HotForex’s market analysis is considerably more useful than most other brokers – though is about equal when compared with other international brokers with large research and analysis budgets.

HotForex Education

Much like the market analysis at HotForex, the educational content available is multi-format, competent and more useful for beginners than that available at most other brokers

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.

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

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

Overall, 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

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. 

HotForex Bonuses and Promotions

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 Customer Support

With a local South African service team, HotForex 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. 

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).

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 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.

Overview

An STP broker offering multi-asset trading, Hotforex is a good broker for both beginner and experienced traders alike. HotForex offers a relatively low-cost Micro Account and support for both MetaTrader platforms, though many other international brokers also offer their own trading platforms – which are often easier for beginners to use. In addition, HotForex has a bespoke copy trading account, excellent customer support and world-class educational content and market analysis.

Deposit and withdrawals are free and can be made quickly and easily via South African online banks, and the range of assets available to trade is relatively large when compared to other brokers, though HotForex has withdrawn cryptocurrency CFDs from its product line-up. Overall trading costs are slightly higher than average, but there are many benefits to trading with this broker – explaining its large South African customer base.

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
    110.5002.72/ 5
    USD 100
    STP
    Forex
    Indicies
    Commodities
    Equities
    50
    0
    • Tight spreads
    • Great customer support
    • MT4 only
    • Limited demo account
    • No swap-free account option
    • High minimum deposit
    111003/ 5
    110002/ 5
    111104/ 5
    100001/ 5
    110002/ 5
    1110.503.5/ 5
    111003/ 5
    0 of retail investor accounts lose money when trading CFDs with this provider
    400:1
    1.20 pips
    Basic
    Professional
    Standard
    Visa
    Mastercard
    Maestro
    Neteller
    Skrill
    Bitcoin
    8 USD/lot
    1110.503.07/ 5
    USD 100
    ECN/DMA
    STP
    Forex
    Metals
    28
    0
    • Tight spreads
    • MT4 only
    • Limited education
    • Limited market analysis
    • Expensive withdrawals
    • High minimum deposit
    1110.503.5/ 5
    111003/ 5
    111104/ 5
    100001/ 5
    110002/ 5
    1110.503.5/ 5
    1110.503.5/ 5
    66% of retail investor accounts lose money when trading CFDs with this provider
    200:1
    0.10 pips
    ECN Advanced
    ECN Standard
    ECN XL
    Visa
    Mastercard
    Neteller
    Skrill
    None
    Visit Broker
    AlertMost retail CFD accounts lose money. Your capital is at risk.

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