HotForex

HotForex

Forex Broker

  • Company name: HF Markets SA (PTY) Ltd
  • Founded: 2010
  • Offices: Mauritius
  • Regulators: FSCA No.46632
  • Broker type: ECN/STP

Trading info

  • Min. Deposit: $5
  • Leverage: 1000:1
  • Min. Spread: 0.0 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill, Neteller and many more
  • Currency pairs: 51

Trading platform

  • Platform: MetaTrader 4
  • Web based: Yes
  • Mobile: Yes

Open Account

8.5 TradeForexSA
Pros
  • With HotForex you get free trade signals.
  • You get the best support and a great personal service. You get phone support, email and live chat.
  • Negative account balance protection.
  • You get your own prepaid MasterCard that can be connected to your HotForex Account
  • 7 Different account types.
Cons
  • For Micro account type the spreads are a bit too high.
Summary
HotForex is a retail forex and commodity broker offering various trading instruments including Forex currencies, oil, shares and other CFDs. HotForex is licensed by the major regulatory bodies including the FCA, CySEC, and South Africa's FSCA.

HotForex is an STP Broker executing trades instantly without going through a dealing desk and generating a conflict of interest. STP execution ensures a fair, secure and transparent trading environment. The HotForex approach to supporting beginner traders won them the Best Global Forex Trading Education Provider 2018 from Global Brands Magazine.
Account Types9
Client Support & Onboarding7.5
Free Services8
Deposit & Withdrawal9.5

Is HotForex Safe?

HotForex is regulated by CySEC, MiFID, FSA and South Africa’s Financial Sector Conduct Authority (FSCA) which gives them a strong presence across the globe. Being recognized and licensed by so many regulatory bodies makes HotForex a very reputable Forex broker.

Account Types

HotForex offers their clients a variety of account types which can accommodate the needs of all types of traders.   The process of opening an HotForex trading account is easy and rewarding. With HotForex you get all the tools necessary to succeed in trading and more.  You can use ZAR as your wallet currency as well as USD and EUR.

HotForex has some amazing choices of account types that can match the needs of both professional and retail traders. An HotForex account also comes with both a real and a demo trading environment. Without further ado, these are the main Forex trading account types you can get with HotForex:

Micro Account

You can deposit a minimum of $5 to open a micro account. When you trade with real money you can get a really good idea of how trading really works so it’s just worth depositing a little more than the minimum to really use your first trading account. With a micro account, you get 1:500 leverage; no commissions; spreads from 1 pip; 150 maximum simultaneous orders opened at any given time.

Premium Account

Is designed for the experienced retail traders. You get the same features of the micro accounts, but lower leverage of 1:400; more flexibility with your position size as you can get a total maximum trade size of 60 lots.

Zero Spread Account

This type of account is dedicated to scalpers for whom having lower spreads is crucial in order to make a profit. The minimum deposit is very affordable, you’ll only need $100 as a first deposit. The spreads start from 0. Maximum leverage is only 1:200 and the minimum trade size is only 0.01 lots. The downside with the zero spread account is that you need to pay commissions, but they are very small.

Fixed Account

This type of account will give you fixed spread so you’ll know at any time how much is the transaction cost. This is also great for news trading as your spread won’t increase suddenly during the news release.

VIP Account

This account is dedicated to traders with bigger sums of money. The minimum deposit is $20k but you get exclusive benefits and dedicated account managers.

Auto Account

With this type of account, you can subscribe to free and paid trading signals that will be automatically copied into your account.

Islamic Account

This swap-free account is dedicated to people of Muslim faith. This type of account will not incur swap or rollover charges for holding positions overnight.

Trading Platforms

With Hotforex, you have the flexibility to choose among three different types of trading platforms that can suit all your trading needs:

  • MetaTrader 4 platform, which is the most popular trading platform among retail traders.
  • HotForex WebTerminal, which is an easy access web trading platform.
  • Mobile Trading for Android and iPhone, which lets you trade on-the-go.

HotForex In Their Own Words

Cryptocurrency Trading

Hotforex does have cryptocurrency trading, but the pairs are only limited to Bitcoin with BTCUSD and BTCEUR pairs available.  We hope to see more crypto pairs coming soon.

Other Highlights

HotForex offers negative account balance protection which means you’ll never lose more than your account balance.   Client’s money is separated from the company’s money and your money is held only with the major global banks which ultimately means your funds are secure.

HotForex Vs. other brokers

HotForex Vs. Pepperstone

 HotForexPepperstone
FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
RegulatedFSCA No.46632AFSL No.414530, ASIC
Broker TypeECN/STPECN/STP
Currency Pairs5162
Minimum Spread0.0 pips0.0 pips
Minimum Deposit$5$200
Max Leverage1000:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit HotForexVisit Pepperstone

HotForex Vs. FXTM

 HotForexFXTM
FundingBank wire, Visa/Mastercard, Skrill, Neteller and many moreBank wire, Visa/Mastercard, Skrill & Western Union, Neteller and many more
RegulatedFSCA No.46632FSCA No.46614, FCA, CySEC, IFSC
Broker TypeECN/STPECN/STP
Currency Pairs5159
Minimum Spread0.0 pips0.1 pips
Minimum Deposit$5$5
Max Leverage1000:1Flexible
Expert ReviewRead reviewRead review
Visit WebsiteVisit HotForexVisit FXTM

The Breakdown

When evaluating a Forex broker one should look, in the first place, for the broker to be regulated and licensed by major financial institutions. You don’t want to end up your broker stealing your money. The Forex broker needs to offer you great flexibility in the way you execute your trades, so having a variety of account types is a big plus.

Last but not least, when choosing a broker you want to make sure there is no conflict of interest between you and the broker. This can be accomplished by avoiding dealing desk brokers and only trade through ECN and STP type of brokers.

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director at TradeForexSA, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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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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