HotForex Review

HotForex is yet another broker of a truly global scale, which has been around for almost a decade now. Founded way back in 2010, the operation has thus far managed to keep an impressively clean slate reputation-wise. It also accepts Canadian traffic, which makes it one of only a handful of online brokers who serve clients from that country.

Overview

Indeed, most of the people who traded with the broker, apparently liked the quality of the services it offered. There are a few complaints out there too, but negative feedback is inevitable for broker that has been peddling its FX and CFD deals for 8 years.

Even the complaints that exist are about issues that are not particularly grave. The quality of the support is berated, together with the registration process which is deemed too difficult. Some spread manipulation is alleged as well, but even complainers admit the fact that there are no problems with withdrawals at the site.

Personal account managers seem to be somewhat problematic as well. They are called incompetent by some of the users, but that is something to be expected in regards to such managers.

The broker boasts some 500,000 trader accounts and more than 200 people are employed by it all over the world.

In addition to the good reputation detailed above, HotForex is appreciated by its industry peers too: over its existence, it has pocketed some interesting awards, no fewer than 20 of them.

The company behind the HotForex brand is HF Markets Europe. The corporate actor is a registered Cyprus Investment Firm and as such, it offers its traders some rather impressive protection against unexpected financial problems. It is also regulated by CySEC, a regulatory profile which attests MiFID-compliance on the part of the broker and which gives it access to most of the countries of the EEA. Switzerland and Belgium are excluded from the list of accepted countries.

Other corporate subsidiaries of the brokerage are licensed in South Africa and Mauritius.

Why would you, as a trader, pick HotForex as your primary trading destination though?

The brokerage offers superb trading conditions. The spreads can be as low as 0.1 pips on major currency pairs such as the EUR/USD. Scalping and hedging are allowed.

The broker also provides some very interesting and potentially useful services for advanced traders. Such a service is the free VPS one, which is offered together with some 17 trading tools.

Multiple account types are offered, together with a very solid selection of trading platforms.

Account Types

HotForex offers scores of account types, of which the Micro Account is obviously the most basic.

The minimum required deposit for the Micro Account is only $50. Obviously, those serious about trading, should probably deposit more.

This account offers a maximum leverage of 1:500, and it features variable spreads. Spreads start from 1 pip.

The Premium Account ups the stakes to $500 minimum deposit-wise. The trading conditions are largely the same as the ones described above, for the Micro Account.

The ZERO Account also features variable spreads, starting from 0 pips. The minimum required deposit for this account is 1:200, while its spreads start from 0 pips.

The VIP Account is for those who can afford to deposit at least $20,000. The spreads are variable in this instance as well and they start from 0 pips too. The maximum leverage on this account type is 1:300.

Requiring a minimum deposit of $500, the Auto Account features variable spreads, starting from 1 pip. The maximum leverage has been upped to 1:400 in this case.

The HFcopy Account features minimum deposits of EUR 1k for strategy providers, and EUR 300 for those who follow these providers. The maximum leverage on such accounts is just 1:100, while the spreads start from 1 pip.

Trading Platform/Software

The HotForex trading platform offer is based on MT4. The world’s best and most popular trading platform is available in several different versions at the broker, and all can be had for free.

There’s a standard MT4 terminal, a Web Terminal, a Multi Terminal, as well as iOS and Android versions for those on the move.

Deposit Options

The accepted deposit methods are Credit/Debit cards (VISA, MasterCard) and a handy selection of eWallets, such as Neteller, Skrill, WebMoney and BitPay.

Markets

HotForex’s market-coverage includes FX pairs, indices, bonds, energies and metals, as well as shares, commodities and cryptocurrencies.

Customer Support

The HotForex customer support can be contacted through live chat, email ([email protected]) as well as a selection of toll free local phone numbers.

Safety

By every account, the brokerage is a very safe destination for trader deposits.

Final Thoughts

HotForex is very solid indeed and the fact that it accepts traders from Canada is the cherry on the proverbial cake.

 

Hotforex Overview
Regulation: CySEC