HotForex Review

HotForex, also known as HFMarkets, is an award-winning global Forex and CFD broker trusted by millions around the world. It has gained a tremendous reputation in the online trading industry since it was established in 2008, with numerous awards under its belt.

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.

HotForex Broker Details

BrokerHotForex
Established2010
RegulationsCySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius)
Trading PlatformsMetaTrader 4, MetaTrader 5, WebTrader.
PC TradingAvailable
Mobile TradingAvailable
Asset ClassesForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Minimum Deposit$5
LeverageRetail Traders – 1:30
Professional Traders – 1:400.
Minimum Trade Size0.01 lots
Demo AccountAvailable – Open Demo Account
Payment/ Withdrawal MethodsBank Transfer, Credit/ Debit Card, E-Payments
ScalpingYes
HedgingYes
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HotForex: Pros & Cons

Pros

  • Authorised 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.

HotForex: License and Regulation.

HotForex is licensed and regulated by multiple top-tier financial regulatory bodies around the world, these includes;

  • 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)

HotForex: 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 Details

Account TypeMicro Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 1 pip
Trading InstrumentsForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Fifth Decimal✔️
Maximum Leverage1:1000
ExecutionMarket Execution
Minimum Opening Deposit$5
Minimum Trade Size0.01 Lot
Trade Size Increment0.01
Maximum Total Trade Size7 Standard lots
Maximum Simultaneous
Open Orders
150
Margin Call / Stop out level:40% / 10%
Telephone Trading✔️
Personal Account Manager✔️
CommissionNo

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 lot and the limit for a single trade size is 60 lots.

Premium Account Details

Account TypePremium Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 1 pip
Trading InstrumentsForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Fifth Decimal✔️
Maximum LeverageNon-EU Clients – 1:500
EU/ UK Clients
Professional Client – 1:400
Retail Client – 1:30
ExecutionMarket Execution
Minimum Opening Deposit$100/ €100/ £100
Minimum Trade Size0.01 Lot
Trade Size Increment0.01
Maximum Total Trade Size60 Standard lots per position
Maximum Simultaneous
Open Orders
300
Margin Call / Stop out level80% / 50%
Telephone Trading✔️
Personal Account Manager✔️
CommissionNo

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 Account Details

Account TypeZero Spread Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 0.0 pips on Forex
Trading InstrumentsForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Fifth Decimal✔️
Maximum LeverageNon-EU Clients – 1:500
EU/ UK Clients
Professional Client – 1:400
Retail Client – 1:30
ExecutionMarket Execution
Minimum opening deposit$200/ €200/ £200
Minimum trade size0.01 Lots (1,000 units of the base currency)
Trade size increment0.01
Maximum Total Trade Size60 Standard lots per position
Maximum Simultaneous
Open Orders
500
Margin Call / Stop out level50% / 20%
Telephone Trading✔️
Personal Account Manager✔️
Limit and Stop LevelsStarting 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-in to the HotForex MT4 trading terminal. This account type is available to non-EU and EU countries, with the exception of the United Kingdom.

Auto Account Details

Account TypeAuto Copy Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 0.0 pips on Forex
Trading InstrumentsForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Fifth Decimal✔️
Maximum Leverage1:500
ExecutionMarket Execution
Minimum Opening Deposit$200/ €200/ £200
Minimum Trade Size0.01 Lots (1,000 units of the base currency)
Trade Size Increment0.01
Maximum Total Trade Size60 Standard lots per position
Maximum Simultaneous
Open Orders
300
Margin Call / Stop out level50% / 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 catalogue of followers and trade in exchange for a performance fee, paid to them by the broker and 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.

Account TypeHFCopy Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 1 pip on Forex
Trading InstrumentsForex, Indices Spot, Bitcoin, Gold
Fifth Decimal✔️
Maximum Leverage1:400
ExecutionMarket Execution
Minimum Opening DepositNon-EU Clients
– Strategy Provider – $300
– Follower – $100
EU Clients
– Strategy Provider – €1000
– Follower – €300
Minimum Trade Size0.01 Lots (1,000 units of the base currency)
Trade Size Increment0.01
Maximum Total Trade Size60 Standard lots per position
Maximum Simultaneous
Open Orders
300
Margin Call / Stop out level50% / 20%
Personal Account Manager✔️
Commission No
Maximum Followers100 – 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 Details

Account TypePremium Pro Account
Trading PlatformsMetaTrader 4, MetaTrader 5,
WebTrader and Mobile Trading
SpreadsFrom 1 pip
Trading InstrumentsForex, Metals, Energies, Indices, Shares
Commodities, Bonds, Stocks, ETF.
Fifth Decimal✔️
Maximum LeverageProfessional Client – Up to 1:400
Experienced Retail Client – Up to 1:100
ExecutionMarket Execution
Minimum Opening Deposit$100/ €100/ £100
Minimum Trade Size0.01 Lots (1,000 units of the base currency)
Trade Size Increment0.01
Maximum Total Trade Size60 Standard lots per position
Maximum Simultaneous
Open Orders
500
Margin Call / Stop out level80% / 50%
Telephone Trading✔️
Personal Account Manager✔️
Commission No

HotForex: Asset Classes Offered

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

HotForex: 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.

HotForex: 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 TypeDetails
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 FeeAn Inactivity Fee of $5 is charged
when a trader leaves the account inactive for over 6 months,
without performing any trading activity.

HotForex: Deposits & Withdrawals

HotForex offers a variety of funding and withdrawal methods which can be categorised 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.

HotForex: Trading Platforms

HotForex provides their 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

BrokerHotForex
Proprietary Trading
Platform
Yes
PC Platform Yes
Web PlatformYes
Social TradingYes
Copy TradingYes
MetaTrader 4Yes
MetaTrader 5 Yes
TradingViewNo
cTraderNo
ZuluTradeNo

HotForex 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.

HotForex FAQ

Is HotForex (HF Markets) a regulated broker?

Yes, HotForex is regulated by top tier regulatory bodies across the world, including CySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius) amongst others.

Is HotForex an ECN broker?

Yes, HotForex offers ECN market execution through their Zero Spread Account which offers very tight spreads along with a low commission fee.

What is HotForex minimum deposit?

The minimum initial deposit required by HotForex is $5, but depending on the account type the minimum deposit might vary.

Does HotForex accept US traders?

No, HotForex does not accept traders from the United States.

How do I open a HotForex live account?

To open a HotForex live account,

  • Visit their account registration page here,
  • Choose the account type that suits you,
  • Complete the online registration,
  • Submit the required documents and you have your live account.

Does HotForex allow scalping?

Yes, HotForex allows scalping.

Does HotForex allow hedging?

Yes, HotForex allows hedging.