HotForex is a forex trading services broker. It offers a full MetaTrader suite and has a large array of tools to enhance your trading experience. Overall, HotForex has better than average pricing, provides access to over 100 different securities, and enables you to trade a number of different commodities and instruments, everything from currencies and indices to agriculture and metals.
Based out of St. Vincent and the Grenadines, HotForex was founded in 2010, making it a relatively new trading platform. It is regulated by the Financial Conduct Authority (FCA) out of the United Kingdom and has a CySec license. Interestingly, this makes HotForex one of the only brokers with multiple regulatory statuses anywhere in the world.
All client funds are stored in a tier-1 bank. HotForex uses a segregated bank account. It is considered a safe broker and has a Trust Score of 83 out of 99 from ForexBrokers.com, which is considered “average risk”.
HotForex has also received a number of awards from recognized institutions in Europe, the Middle East, Asia, Africa. Most of these awards are for its customer-oriented structure. In fact, HotForex has excellent customer service. For this reason, it has garnered immense success from across the globe and continues to be a broker that retains its customers.
HotForex offers the following services:
All in all, HotForex is an excellent choice for trading. It enables trades with a variety of different account types and structures. It also has a diverse portfolio of trading instruments, including Forex, Indices, Energies, Metals, Shares, CFDs, and ETFs.
Top Features of HotForex
HotForex is broken into seven different accounts, each with its own specifications and requirements. While this may sound like a lot, which can be a little confusing for many traders. However, this means there’s an account for all types of trades.
European clients are offered the same accounts as other users, but may need larger deposits. Also, the leverage for each is generally smaller, although the spreads are comparable. Here are the different kinds of accounts for EU clients:
As you can see, HotForex has something for everyone. Even for European clients, deposits are not overly large. They range from $50 for a Micro account to $20,000 for a VIP account, with various options in between.
Spreads are also highly competitive, and even the 1 pip is acceptable for a standard account. Leverage is a bit lower for European clients than it is for non-European, ranging from 1:200 to 1:4000.
No matter what, all accounts enable a trader to access the full range of trading instruments. As far as trading terminals are concerned, MetaTrader is the most popular.
For all other clients across the world, you have access to the same types of accounts, but with slightly different, and generally beneficial, stats. You can also get an account that EU customers cannot: the PAMM account. Here are the basics of the different accounts:
This is an extensive list of languages and more than many trading platforms offer. On top of that, HotForex is a customer-oriented company that strives to maintain excellent relationships with its customers.
For phone support, the average connection time is less than one minute, and HotForex has a triple AAA support rating on BrokerNotes. The welfare of their customers is their top priority and work tirelessly to keep traders secure against broker issues and to ensure their safety, even in high-risk financial markets.
Research and Resource Materials
HotForex has its own research platform called HF Copy. It is a social and copy trading platform for both investors and strategy providers. Nonetheless, it hasn’t been around for very long and has a limited trading history and available providers, but you can expect it to be an increasingly valuable tool as it continues to develop.
Other information can be found in the vast library of content from both in-house staff and third-party providers. These resources include in-depth analysis and all sorts of different tools for effective trading.
For forex news, HotForex teams up with FXStreet, and for trading signals Autochartist uses automated pattern recognition.
Criticisms of HotForex
Overall, HotForex is a solid forex trading services broker. Nevertheless, there are a few things to keep in mind. For one, they only offer a limited selection of tradable assets compared to some other brokers, and there are other limitations as well.
For example, cryptocurrency CFDs are not tradable on the weekends. Also, the various account options can be confusing, leading to a steeper learning curve for newbies.
Another possible downside to HotForex’s services is that its proprietary app, HF App, containing various trading tools, research, and calculators, does not allow direct trading. For that, you’ll need to employ a MetaTrader app, such as MT4 or MT5 for Android or iOS.
Lastly, although HotForex is generally compliant with average market values, its commissions are not particularly low compared to some other brokers. There are, of course, some with higher rates as well, seating HotForex in the middle of the pack. Even with pricing that is a little better than the industry standard, HotForex still cannot compete with low-cost leaders such as Forex.com and CMC markets.
HotForex has achieved immense success among global retail traders. For this reason, it is a forex trading services broker you can trust. Trust is important these days, especially with the number of scams to watch out for.
HotForex offers social trading, copy trading, and trading of crypto currencies as CFDs. It has many different accounts to choose from and something for everyone, including European and Non-European traders.
HotForex also offers Premium Trader Tools, such as pivot points, Renko bars, and order history. Its Trade Terminal provides news and alerts. In addition, it has its own proprietary app for mobile use for researching and staying ahead of the trading curve, as well as compatibility with MT4 and MT5 for Android and iOS.
Its prices are comparable to the market average and its minimum deposits and spreads can be very good depending on the account you choose. What’s more, HotForex offers a 100% sign-up bonus on your first deposit, essentially doubling your equity right out of the gate.
Executing trades is easy and customer support is top-notch. HotForex has its own research platform and provides access to a wealth of third-party resources, with in-depth analysis and a variety of useful tools for effective trading.
All in all, HotForex is an excellent choice for both the novice and the experienced trader. It boasts the best customer service in forex trading in the market.