HotForex Review 2019- Pro’s & Con’s

Introduction to HotForex

In the forex trading industry its essential that you do your research before making an investment. Unfortunately, there are a lot of fraudsters in this game and you need to make sure that your back is covered. The good news is that from our research, HotForex is not one of those shameless companies who will take your money and run. In fact, they may be one of the better trading platforms in the industry when it comes to making sure that their customers are satisfied. The firm continues to have new features and additions that are specifically tailored to meet the needs of the traders they work with. If you are not satisfied with your current broker, there is a high chance that HotForex will work for you.

History

HotForex allows you to trade CFD’s or traditional pairs of forex for commodities, cryptocurrencies, metals, energies, indices, and stocks. The company dates back to 2010 and is known worldwide. They are regulated in countries such as Mauritius, South Africa, and Cyprus. The HotForex in Europe is regulated by CySEC, while the HotForex in South Africa is regulated by the Financial Sector Conduct. Due to the fact that the company is multilingual, they have a wide range of customers. Over the past seven years, the company has won over twenty industry awards. They have many award and bonus programs to suit the needs of their customers no matter what level they are trading at. To apply for micro account customers must deposit $5 and they can build up from there. HotForex also has a number of other specialized accounts that allows clients to trade in zero spreads.

HotForex is an STP and it has given its liquidity providers the chance to work with all types of investors including automated and scaler traders. You are able to download the well-known MT4 platform series or use any of the other operating systems that have been customized and allow mobile and web-based action to work well on any operating system. The rule is tight spreads, and you will find that the leverage limits are higher than what the majority of other brokers are offering. They have a lot of fantastic support materials and their customer service is excellent. The company introduced new margins in August 2018.

HotForex Unique Trading Features

Established in 2010 by industry professionals in the Republic of Mauritius.

Regulated by FSA, DFSA, FCA, CySEC in Cyprus and FSCA in South Africa.

Trade indices, commodities, CFDs or energies for stocks, metals or forex pairs with more than one hundred and forty asset choices in more than twenty countries.

Formats for MT4 trading platforms, together with web-based versions that have been customized for access through any operating system.

Several accounts with benefits that keep accruing, HFCopy, Auto, Fix, VIP, Premium, Micro.

  • Specialized accounts: A No Swap Islamic account
  • HotForex does not accept customers from America
  • The platform supports multiple methods for depositing funds.
  • Clients can make fast withdrawal applications with the Mastercard brand.

The website is available in twenty-seven different languages and the majority have a customer service team available 24 hours a day, five days per week.

Leverage and Spread: HotForex generally provides tight variable spreads, but they also provide a specialized spread account that’s fixed for automated traders and scalpers traders. This amounts to the same prices as Interbank spreads. The variation of leverage will also depend on the way the account is classified. For VIP, Premium and Micro leverage conditions are either 1:300, 1:400 and 1:500. (This is not available for clients in the EU, their maximum leverage is 1:30).

Platform: There are no access problems with HotForex, you can download MT4 software is that is what you prefer. However, if you are having difficulty with your operating system, or you have a preference for mobile app or a web-based solution then HotForex is the answer. The company has custom made several software solutions and all of them are top of the range. Each one of them will give you a great trading experience that you will thoroughly enjoy. Mobile access is really simple, you can access it at any time during the night or day as long as you have internet connection through either your laptop, tablet or phone. They also have additional security features such as the 256-bit SSL technology, this encrypts all trading and personal session data.

Withdrawals and Deposits

There are several ways you can make withdrawals and deposits with HotForex, you can either use your credit or debit card, or Webmoney, iDeal, mybitwallet, Sofort, FasaPay, Neteller, Skrill or bank wire transfer. Before making a withdrawal, you will need to submit your identity documents and they must be approved before making a request.

Support for Beginners

There is plenty of support with HotForex if you are a beginner. The customer service representatives are very experienced and they speak several different languages. They can be reached 24 hours a day five days a week by email, phone, live chat or skype. The website contains a training center where newbies have access to hundreds of charting tools, videos, training materials, daily commentary, free signal alerts and much more.

Bonuses

$30 no deposit bonus: $30 no deposit bonus; however, it is only available to new clients. You open the account by providing your telephone number and then sign in to the client portal and complete the verification process. HotForex will send you a code by text message which you will need to enter into the system.

The bonus is only available for you to trade with, you will not be able to withdraw this money. Before you can withdraw this money, you will need to have traded a minimum of one standard lot and you will need to complete eight trading rounds. The minimum amount you will be able to withdraw is $60.

One Hundred Percent Credit Bonus: This bonus is only available to new clients, the maximum amount of the bonus per account is $30,000 and $100,000 for all customer accounts. Clients are not required to use the bonus within a certain time frame. The bonus only applies to Currenex, FIX, Islamic, Premium and Micro accounts. As soon as the volume requirements have been fulfilled, the client will have three months to request that the bonus is released. If the bonus is not claimed within that timeframe, the client will no longer be able to claim the bonus. You cannot participate in the bonus if you are under the age of 18, clients are unable to alternate between bonus programs. When a withdrawal is made from the account an amount proportionate to the bonus is applied to the account. Unless there is a fulfilment of all requirements, clients will not be able to withdraw any more than the original deposit. There will be a loss of deposit applied if the bonus is lost. The bonus is automatically removed from the system if the equity of the account is less than the bonus.

Pro’s

  • Low tight spreads for as little as 0.1
  • Clients are allowed to hedge and scalp
  • Online account management is enabled by the myHF portal
  • Their customer support team is extremely dedicated providing access 24 hours a day five days a week
  • HotForex are transparent, they also have a rollover policy
  • They are regulated and authorized by the FCA
  • Clients have their funds secured by the Financial Services Compensation Scheme
  • HotForex only use established banks
  • They have been honored with multiple awards within the industry
  • Breaking market news and analysis
  • Free hosting on VPS
  • 15 trading tools
  • Free material to teach you about HotForex trading
  • You can instantly withdraw your money with auto transfer
  • Clients can get a premium account for as little as $500
  • Clients have access to a zero-spread account
  • Demo account that is risk-free and unlimited
  • There are no restrictions on the trading platform
  • There is a wide range of options available including the eight different account types as well as several different trading tools.
  • They always have exciting bonuses running
  • Their specifications and conditions are found easily on their website to ensure that there are no misunderstandings.

Cons

There really isn’t anything bad to say about this company, the majority of customers seem to be pretty happy with their services.

There are several options you have to go through before you can start trading so some people might feel that it’s a bit too complicated.

If you want an account that offers raw spreads with low costs, you will need to deposit $20,000.

Conclusion

HotForex has gone above and beyond the call of duty to ensure that its customers get what they want. They definitely provide a full service; whatever you want, you will find it with HotForex. From competitive leverages and spreads, unique account features and customized trading platforms that cater to all operative systems. Their fees work well for EA enthusiasts and scalpers and they have fantastic customer service. It will be difficult to find this level of service with another broker.

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