HotForex is an award-winning online broker trusted by millions of users around the world. It offers forex trading and CFDs trading across a wide variety of asset classes including forex, metals, energies, indices, shares, commodities, bonds, stocks, and ETFs.
HotForex is popularly known for offering several options of tailored accounts and trading conditions to suit different styles of trading as well as different types of traders. They also offer a bunch of other great trading services which makes them a highly competitive counterpart amongst other industry-standard brokers.
Table of Contents
HotForex Key Features
| Broker | HotForex |
|---|---|
| Established | 2010 |
| Regulations | CySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius), ACPR (France), BaFin (Germany), MNB (Hungary), CONSOB (Italy), Finanstilsynet (Norway), CNMV (Spain), FI (Sweden), FMA (Austria), FSC (Bulgaria), HANFA (Croatia), CNB (Czech Republic), Finanstilsynet (Denmark), FSA (Estonia), FSA (Finland), HCMC (Greece), FME (Iceland), Central Bank of Ireland (Ireland), FKTK (Latvia), FMA (Liechtenstein), Lietuvos Bankas (Lithuania), CSSF (Luxembourg) MFSA (Malta), AFM (Netherlands) KNF (Poland), CMVM (Portugal), Romania (ASF), Slovakia (NBS), and Slovenia (ATVP). |
| Global Offices | Dubai, London, South Africa, Singapore, Doha, Mauritius, and Cyprus. |
| Trading Platforms | MetaTrader 4, MetaTrader 5, and WebTrader. |
| PC Trading | Available |
| Mobile Trading | Available |
| Asset Classes | Forex, Metals, Energies, Indices, Shares, Commodities, Bonds, Stocks, and ETFs. |
| Minimum Deposit | $5 |
| Leverage | Retail Traders – 1:30 Professional Traders – 1:400. |
| Minimum Trade Size | 0.01 lots |
| Demo Account | Available – Open Demo Account |
| Payment Methods | Bank Transfer, Credit/ Debit Card, and E-Payments. |
| Account Base Currencies | USD, EUR, PLN, ZAR, and NGN. |
| Scalping | Yes |
| Hedging | Yes |
Pros & Cons
Pros
- Authorized and regulated by top-tier regulatory bodies across the world.
- Great spreads and fast order execution.
- Great trading conditions.
- Very good reputation among traders.
- Free quality educational materials and resources including forex education, e-course, forex FAQs, video tutorials, and live webinars.
- Convenient trading platform options including the popular MT4 and MT5 platforms.
- Negative balance protection for EU traders.
- Multiple tailored account types for traders.
- Fast deposit and swift withdrawal processing.
- Great and active customer support team.
Cons
- Not Available in the United States.
- No proprietary trading platform.
Regulation
HotForex is regulated by multiple top-tier financial regulatory bodies around the world, including;
- FCA – Financial Conduct Authority (United Kingdom)
- DFSA – Dubai Financial Services Authority (Dubai)
- CySEC – Cyprus Securities and Exchange Commission
- FSCA – Financial Sector Conduct Authority (South Africa)
- FSA – Financial Services Authority (Seychelles)
- ACPR – Autorité de Contrôle Prudentiel et de Résolution (France) – 53684
- BaFin – Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) – 132342
- MNB – Magyar Nemzeti Bank (Hungary) – K8761153
- CONSOB – Commissione Nazionale per le Società e la Borsa (Italy) – 3673
- Finanstilsynet (Norway) – FT00080085
- CNMV – Comisión Nacional del Mercado de Valores (Spain) – 3427
- FI – Finansinspektionen (Sweden) – 31987
- FMA – Finanzmarktaufsicht (Austria)
- FSC – Комисията за финансов надзор (Bulgaria)
- HANFA – Hrvatska agencija za nadzor financijskih usluga (Croatia)
- CNB – Ceská národní banka (Czech Republic)
- Finanstilsynet – Denmark
- FSA – Finantsinspektsioon (Estonia)
- FSA – Finanssivalvonta (Finland)
- HCMC – Ελληνική Επιτροπή Κεφαλαιαγοράς (Greece)
- FME – Fjármálaeftirlitið (Iceland)
- Central Bank of Ireland (Ireland)
- FKTK – Finanšu un kapitala tirgus komisija (Latvia)
- FMA – Finanzmarktaufsicht (Liechtenstein)
- Lietuvos Bankas (Lithuania)
- Commission de Surveillance du Secteur Financier (Luxembourg)
- MFSA – Malta Financial Services Authority (Malta)
- AFM – Autoriteit Financiële Markten (Netherlands)
- KNF – Komisji Nadzoru Finansowego (Poland)
- CMVM – Comissão do Mercado de Valores Mobiliários (Portugal)
- ASF – Autoritatea de Supraveghere Financiara (Romania)
- NBS – Národná Banka Slovenska (Slovakia)
- ATVP – Agencija za trg vrednostnih papirjev (Slovenia)
Account Types
HotForex offers multiple tailored account types, designed to meet the demands of all types of traders and trading styles which is one of the primary reasons it’s a suitable broker for all levels of traders. This gives traders the option of trading at the level they want along with suitable trading conditions. The account types offered include;
- Non-European Clients
- Micro Account
- Premium Account
- Zero Spread Account
- Auto Account
- HFCopy Account
- EU clients
- Premium Account
- Zero Spread Account
- HFCopy Account
- Premium Pro
- UK Clients
- Premium Account
- Zero Spread Account
- Premium Pro
Micro Account
The HotForex Micro account is designed for beginner traders as well as traders who want to trade with small volumes. The Micro account is tailored to allow investors to fund their account with a low initial deposit and also trade smaller position sizes. The Micro Account is only available to non-EU traders.
Micro Account Features
| Account Type | Micro Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 1 pip |
| Trading Instruments | Forex, Metals, Energies, Indices, Shares Commodities, Bonds, Stocks, ETF. |
| Fifth Decimal | ✔️ |
| Maximum Leverage | 1:1000 |
| Execution | Market Execution |
| Minimum Opening Deposit | $5 |
| Minimum Trade Size | 0.01 Lot |
| Trade Size Increment | 0.01 |
| Maximum Total Trade Size | 7 Standard lots |
| Maximum Simultaneous Open Orders | 150 |
| Margin Call / Stop out level: | 40% / 10% |
| Telephone Trading | ✔️ |
| Personal Account Manager | ✔️ |
| Commission | No |
Premium Account
The HF Markets Premium account is an account built to be more suitable for experienced retail traders. A key feature of the Premium account is its flexibility when it comes to position sizing. The minimum trade size for this account type is 0.01 lots and the limit for a single trade size is 60 lots.
Premium Account Features
| Account Type | Premium Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 1 pip |
| Trading Instruments | Forex, Metals, Energies, Indices, Shares Commodities, Bonds, Stocks, ETF. |
| Fifth Decimal | ✔️ |
| Maximum Leverage | 1:500 Retail Client – 1:30 |
| Execution | Market Execution |
| Minimum Opening Deposit | $100/ €100/ £100 |
| Minimum Trade Size | 0.01 Lot |
| Trade Size Increment | 0.01 |
| Maximum Total Trade Size | 60 Standard lots per position |
| Maximum Simultaneous Open Orders | 300 |
| Margin Call / Stop out level | 80% / 50% |
| Telephone Trading | ✔️ |
| Personal Account Manager | ✔️ |
| Commission | No |
Zero Spread Account
The HF Markets Zero Spread Account is a low-cost trading account suitable for all traders but is particularly tailored for high-volume traders, scalpers, and those who trade with Expert Advisors (EAs).
The Zero Spread account is built with a highly transparent commission-based structure and commissions go as low as $0.03 per 1K lot. Also, account holders get to enjoy tight spreads from leading liquidity providers with no hidden markups.
Zero Spread Features
| Account Type | Zero Spread Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 0.0 pips on Forex |
| Trading Instruments | Forex, Metals, Energies, Indices, Shares Commodities, Bonds, Stocks, ETF. |
| Fifth Decimal | ✔️ |
| Maximum Leverage | Non-EU Clients – 1:500 EU/ UK Clients Professional Client – 1:400 Retail Client – 1:30 |
| Execution | Market Execution |
| Minimum opening deposit | $200/ €200/ £200 |
| Minimum trade size | 0.01 Lots (1,000 units of the base currency) |
| Trade size increment | 0.01 |
| Maximum Total Trade Size | 60 Standard lots per position |
| Maximum Simultaneous Open Orders | 500 |
| Margin Call / Stop out level | 50% / 20% |
| Telephone Trading | ✔️ |
| Personal Account Manager | ✔️ |
| Limit and Stop Levels | Starting from 2 pip(s) |
| Commission | ✔️ |
Auto Copy Account
The HF Markets Auto Account is designed for novice investors by giving them the opportunity to subscribe to free and paid trading signals from the MQL5 Community, which is built into the HotForex MT4 trading terminal. This account type is available to non-EU and EU countries, with the exception of the United Kingdom.
Auto Copy Account Features
| Account Type | Auto Copy Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 0.0 pips on Forex |
| Trading Instruments | Forex, Metals, Energies, Indices, Shares Commodities, Bonds, Stocks, ETF. |
| Fifth Decimal | ✔️ |
| Maximum Leverage | 1:500 |
| Execution | Market Execution |
| Minimum Opening Deposit | $200/ €200/ £200 |
| Minimum Trade Size | 0.01 Lots (1,000 units of the base currency) |
| Trade Size Increment | 0.01 |
| Maximum Total Trade Size | 60 Standard lots per position |
| Maximum Simultaneous Open Orders | 300 |
| Margin Call / Stop out level | 50% / 20% |
| Telephone Trading | ✔️ |
| Personal Account Manager | ✔️ |
| Commission | No |
HFCopy Account
The HF Markets HFCopy Account is available to both Strategy Providers and Followers (Investors copying strategy providers) who have joined HFCopy.
With the HFCopy Account, Strategy Providers aim to build a catalog of followers and trade in exchange for a performance fee, paid to them by the broker which can go as high as 50%. Followers, on the other hand, by opening an account will be able to deposit funds and start copying the trades of their selected Strategy Providers. This account type is available to non-EU and EU countries, with the exception of the United Kingdom.
HFCopy Account Features
| Account Type | HFCopy Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 1 pip on Forex |
| Trading Instruments | Forex, Indices Spot, Bitcoin, Gold |
| Fifth Decimal | ✔️ |
| Maximum Leverage | 1:400 |
| Execution | Market Execution |
| Minimum Opening Deposit | Non-EU Clients – Strategy Provider – $300 – Follower – $100 EU Clients – Strategy Provider – €1000 – Follower – €300 |
| Minimum Trade Size | 0.01 Lots (1,000 units of the base currency) |
| Trade Size Increment | 0.01 |
| Maximum Total Trade Size | 60 Standard lots per position |
| Maximum Simultaneous Open Orders | 300 |
| Margin Call / Stop out level | 50% / 20% |
| Personal Account Manager | ✔️ |
| Commission | No |
| Maximum Followers | 100 – 400 |
Premium Pro Account
The HF Markets Premium Pro Account is designed to cater to the needs of traders classified under the professional-client category. Professional clients are traders who have the experience, knowledge, and expertise to make their own investment decisions and adequately assess risk.
The primary features of this account are that it allows maximum leverage of up to 1:400, while the stop-out level is set at 20%. The Premium Pro Account is majorly available to EU and UK traders.
Premium Pro Account Features
| Account Type | Premium Pro Account |
|---|---|
| Trading Platforms | MetaTrader 4, MetaTrader 5, WebTrader and Mobile Trading |
| Spreads | From 1 pip |
| Trading Instruments | Forex, Metals, Energies, Indices, Shares Commodities, Bonds, Stocks, ETF. |
| Fifth Decimal | ✔️ |
| Maximum Leverage | Professional Client – Up to 1:400 Experienced Retail Client – Up to 1:100 |
| Execution | Market Execution |
| Minimum Opening Deposit | $100/ €100/ £100 |
| Minimum Trade Size | 0.01 Lots (1,000 units of the base currency) |
| Trade Size Increment | 0.01 |
| Maximum Total Trade Size | 60 Standard lots per position |
| Maximum Simultaneous Open Orders | 500 |
| Margin Call / Stop out level | 80% / 50% |
| Telephone Trading | ✔️ |
| Personal Account Manager | ✔️ |
| Commission | No |
Asset Classes
HotForex offers a variety of asset classes which is an advantage for traders who diversify their portfolio by trading more than one asset class. The asset classes offered by HotForex include;
- Forex
- Metals
- Energies
- Indices
- Shares
- Commodities
- Stocks
- Bonds
- Cryptocurrencies
- ETF
Spreads and Commission
HotForex offers competitive spreads across all account types offered. Although, the Zero account which offers the most competitive spreads is commission-based and comes with ultra-low spreads and a small per-trade commission.
Trading Fees
When picking a broker, it is important to know what fees are charged by the broker in order to avoid paying unnecessary fees. HotForex offers a very transparent fee structure with no hidden fees charged. Fees charged by the broker can be seen in the table below.
| Fee Type | Details |
|---|---|
| Overnight Fee (Swap) | An overnight fee is charged when a trader leaves a position open overnight. The fee charged depends on the asset and position size being traded. |
| Inactivity Fee | An Inactivity Fee of $5 is charged when a trader leaves the account inactive for over 6 months, without performing any trading activity. |
Deposits & Withdrawals
HotForex offers a variety of funding and withdrawal methods which can be categorized into three. They include bank payments, electronic payments, and card payments.
- Bank Payment – Internet Banking and Trustly.
- Card Payments – Maestro, Mastercard, VISA, and VISA Electron.
- Electronic Payment – Neteller and SkrilI.
Deposits using cards and electronic payments are instant or can take about 10 minutes to be processed, while bank transfers can take anywhere from 2 – 7 business days to be processed. On the other hand, withdrawals are instant when using electronic payments such as Skrill and Neteller while card and bank payments can take anywhere between 1 – 10 business days to be processed. Also, HotForex does not charge a fee for deposits and withdrawals.
Trading Platforms
HotForex provides its clients with two of the most sophisticated and used third-party trading platforms in the industry, these are;
- MetaTrader 4 and
- MetaTrader 5
HotForex Trading Platforms Details
| Broker | HotForex |
|---|---|
| Proprietary Trading Platform | Yes |
| PC Platform | Yes |
| Web Platform | Yes |
| Social Trading | Yes |
| Copy Trading | Yes |
| MetaTrader 4 | Yes |
| MetaTrader 5 | Yes |
| TradingView | No |
| cTrader | No |
| ZuluTrade | No |
Customer Support
HotForex offers very impressive customer support which proves they do pay attention to details. They offer a multi-lingual customer support team with support in over 27 languages, making sure they offer quality support to all their clients around the world.
The customer support team can be reached via live chat, e-mail, and telephone with all the customer support details and links available on their website. Also, they’re open 24/5 and offer a really impressive and quick response rate.
Summary
HotForex is suitable for all types of traders as they offer tailored accounts and trading conditions to suit different styles of trading as well as different types of traders. They also offer a number of great trading services which makes them a highly competitive counterpart in the trading industry, these include; negative balance protection for traders, fast deposit and swift withdrawal processing, low-cost trading, multiple tailored trading account types for traders, free quality educational materials and resources including forex education, e-course, FAQs, video tutorials, live webinars and more.
HotForex is considered safe to trade with as they’ve maintained a great reputation for several years since established, and are regulated by top-tier regulatory bodies across the world, including CySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius) amongst other.