- 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.
- For Micro account type the spreads are a bit too high.
Account Types Available to Traders
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.
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 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 Live 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 (70 ZAR) 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 towards 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 account is dedicated to people of Muslim faith. This type of account will not incur swap or rollover charges for holding positions overnight.
HotForex is regulated by CySEC, MiFID, FSA and last but not least by the South Africa’s Financial Services Board (FSB) 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.
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.
HotForex offers negative account balance protection which means you’ll never lose more than your account balance. Due to the erratic market behavior, you can still end up with a negative account balance, but with HotForex you’re not responsible for paying back the negative balance.
Another important feature of HotForex broker is fund safety. Client’s money is separated from company’s money and your money is held only with the major global banks which ultimately means your funds are secure.
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 through avoiding dealing desk brokers and only trade through ECN and STP type of brokers.