HotForex Review 2021 - Verified Customer Reviews

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4.2
User Rating
4.2
(60)
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HotForex Review

Updated October 13, 2021
4.2
Score breakdown
Pricing: 4.5
Regulation: 3
Popularity: 5
User Rating: 4.2 (60)

HotForex overall score rank: 6 out of 45

HF Markets forex broker review

Risk Warning: Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.

KEY TAKEAWAYS

  • Excellent range of educational materials
  • Great selection of 965 stocks DMA
  • Regulated in the Seychelles and South Africa
  • Customer support in 20 different languages

Regulations and Money Protection

3.0  


Entity Name Licence & Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
HF Markets (SV) Ltd (SVG) St. Vincent & The Grenadines FSA Licence ✔️
segregated client money
✔️
HF Markets SA (PTY) Ltd (South Africa) South Africa FSCA Licence ✔️
HF Markets (Seychelles) Ltd Seychelles FSA Licence ✔️

Entity/Regulation

HF Markets, trading name HotForex, is registered in the Saint Vincent & the Grenadines as an International Business Company and regulated by the nation island Financial Services Authority (FSA) under license number 22747 IBC 2015.

  • International customers: HotForex, registered as HF Markets (SV) Ltd, with address at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines or HF Markets (Seychelles) Ltd will be one of the counterparties for International customers. HF Markets (SV) Ltd does not provide services to residents of the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu and EEA countries.

    HotForex, registered as HF Markets (Seychelles) Ltd,  and with address at Room 107, Orion Complex. PO Box 1228, Victoria Mahe, Republic of Seychelles, is regulated by the Financial Services Authority of the Republic of Seychelles with a Securities Dealer's License number SD015, also provides services for International clients.

  • South Africa customers: HotForex, registered as HF Markets SA (PTY) Ltd, and with address at Katherine & West, Suite 18, 2nd floor, 114 West street, Sandton, South Africa, is authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 46632.

Client Money Protection

  • HotForex complies with the highest safety standards for client's funds. For this reason, HotForex client's funds are kept in top-tier international banks, such as Barclays Bank and the SBM Bank, fully segregated from the company's funds.

  • HotForex also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. HotForex holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Negative Balance Protection

For accounts opened via any entity of the HF Markets Group, there is a default Negative Balance Protection mechanism in place, preventing traders from incurring negative balances. With NBP, HotForex customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage

✔️Micro
✔️Premium
✔️Zero Spread
✔️Premium Pro
✔️PAMM
✔️Islamic Accounts

✔️Forex
✔️Indices
✔️Stocks
✔️Futures
✔️ETFs
✔️Bonds
✔️Commodities
❌Cryptos
✔️MT 4
✔️MT 5
❌cTrader
❌Myfxbook
❌ZuluTrade
✔️HF Copy
✔️Auto account
1000:1 Globally

Account types and currencies

  • HotForex offers four types of trading accounts; Micro, Premium, Zero Spread and Premium Pro. HotForex also offers swap-free accounts for traders of Islamic belief*.

  • HotForex allows for social trading, including copy trading, via the HF Copy account (as a follower or a signals provider) and through the Auto account, connected directly to any MQL5 trading signals account.

  • HotForex has PAMM accounts alternatives for money managers.

  • HotForex maximum leverage is up to 1000:1 for accounts opened by residents of the accepted countries.

  • Currently, HotForex trading accounts are only available in EUR, USD, GBP, PLN and NGN*.

    *depending on the contracting entity and traders' geographical location

Financial instruments

Trading with HotForex can be done via the MetaTrader 4 and MetaTrader 5, available on web, desktop terminal and mobile versions. HotForex offers an excellent selection of more than 1,000 assets to trade*, including forex, indices, stocks, commodities and cryptocurrencies.

  • FX market: 53 currency pairs, including all major pairs, and some minor and exotic crosses.

  • Indices: 11 global indices CFDs, including the DAX, AUS200, FTSE100 and NIKKEI 225. Also on the indices category, 12 indices futures CFDs contracts of global exchanges, including the CAC40, US100, S&P500 and VIX.

  • Shares: 54 shares derivatives available for trading, with low margin requirements, of some of the world’s largest, and well-known companies and banks, such as Apple, Amazon, Boeing, Facebook, Lloyds Bank, Lufthansa, NatWest and Tesla.

  • Stocks: 946 stocks CFDs available for trading, with DMA access directly on the order books of global stock exchanges, such as NYSE, NASDAQ, CAC and FTSE, from worldwide top companies and banks, such as Apple, Tesla, Tesco, Rio Tinto, Barclays, Bank of America, Adidas, and BNP Paribas.

  • ETFs: 34 Exchange-Traded Funds available for trading, from around the world, of high-quality, low-cost ETFs including ETFs from Aerospace & Defence, Commodities, Energies, Mining, Pharma, Real Estate and Technology.

  • Bonds: 3 bonds CFDs based off highly rated government issued debt securities; Euro Bund, UK Gilt and US 10-year treasury note.

  • Commodities: 8 commodities CFD available for trading; 6 metals – Platinum, Palladium, versus the USD and Gold and Silver versus the USD and the EUR, 2 energies – UK Oil and US Oil, and 5 soft commodities including Coffee and Cocoa.

  • Cryptocurrencies: Currently, HotForex does not offer or support the trading of cryptocurrencies CFDs.

Pricing

4.5  


Pricing/
Account
Micro Premium Zero Spread HFcopy
Spread EUR/USD from 1.0 pip from 1.0 pip from 0.0 pip from 1.0 pip
Commissions (1 lot) from 6 USD
Minimum Deposit from $5 from $100 from $200 from $500 - strategy provider
from $100 - follower

Spreads

HotForex spread for the most traded pair, the EUR/USD, starts at 1.0 pip, with a typical spread of 1.2 pip and no commissions. We consider this spread, for the Micro, Premium and Premium Pro accounts to be average when compared with other top brokers.

With a HotForex Zero Spread account, the EUR/USD minimum spread is 0.0 pip (typically 0.2 pip). To benefit from the lower spread of the Zero Spread account there's a cost to pay: a commission. For the EUR/USD, the standard lot commission for 1 lot (100,000 units) is 6 USD commission (3.0 USD per side/per lot). We consider this commission to be quite in line with other top brokers.

Rollover Rates

HotForex swap rates, as of 18-09-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -6.00 for holding overnight a long 1 lot contract and at -0.70 for holding overnight a short 1 lot contract. We consider HotForex swap rates to be higher when compared with the rollover rates offered by other top forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 5 different currencies* and maintained via 15 different funding methods*, including cards, bank wires and e-payments such as Neteller, Fasapay, Skrill and Bitcoin*. Deposited funds are available, usually, within 10 minutes. HotForex does not charge any fees for deposits.

  • Withdrawals fees - Same policy applies for withdrawals (processing times vary from instant to 10 working days). HotForex does not charge any additional fees for withdrawals. However, the sending, correspondent and receiving bank may charge transaction fees according to their own fee structure. For more information, please visit the HotForex deposit and withdrawals dedicated page.

  • Inactivity fee - Currently, HotForex does not charge an inactivity fee or any account maintenance fees.

    *depending on the contracting entity and traders' geographical location

Popularity

5.0  


Forex Education Deposit Options Deposit/Withdrawals Fees Non expiring demo account Customer Support
FX Courses
Webinars
Video Tutorials
Fundamental & Technical Analysis
Trading Tools
Cards
Bank Wire
E-payments
✔️ Multi language
24/5 Support
Live Chat

The popularity of HotForex deserves a great 5 out of 5. HotForex is considered a good broker for traders looking for a regulated company and safety of funds. With over 2,000,000 accounts opened in more than 10 years of business (according to their corporate website) HotForex seem to have their fair market share, and managed to capture the attention of traders.

  • Trading accounts - The HotForex Zero Spread account is a popular choice with traders looking to save on trading costs, with a lower spread and a competitive commission of $6.00 per lot traded. Extra points for HotForex's policy of no fees on deposits or withdrawals.

  • Forex education - HotForex also gets extra popularity points for their extensive range of forex education materials, available through the Education tab. HotForex clients can enroll on webinars and forex courses to enhance their trading skills, and overall market knowledge, watch and learn with several video tutorials, read and make informed decisions with HotForex fundamental & technical analysis reports. HotForex traders will also have access to the broker's Trading Tools tabs, packed with several forex calculators and other handy tools.

Funding Methods Bank Wire, Cards, Fasapay, iDeal, Neteller, PaySafeCard, Przelewy24, Skrill (Moneybookers), Sofort, Webmoney, Western Union, TrustPay, Bitcoin
Support Languages Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish, Vietnamese

  • Minimum deposit - Opening a trading account with HotForex is completely hassle-free and can be done online, taking around 10 minutes to complete all the required forms. The minimum deposit requirement with HotForex varies from 5 USD to 5,000 USD, depending on the selected account.

  • Customer support - HotForex's multi language customer support service is available 24 hours, 5 days a week, in 20 languages. HotForex's support is available via phone call, contact form, email and live chat directly from the broker's website.

Broker Profile

Founded in 2010 and with headquarters in South Africa, HF Markets is an award winning forex and commodities CFDs broker, providing trading services and facilities to both retail and institutional clients. Through its policy of providing the best possible trading conditions to its customers, HF Markets/HotForex allows both traders and scalpers the use of EAs (Expert Advisors).

HotForex offers various accounts types, trading software and tools to facilitate individuals and institutional customers to trade Forex and CFD's online. All Retail, affiliates and white label clients have the opportunity to access various interbank spreads and liquidity via state of the art automated trading platforms. HotForex provides an unparalleled variety of account options for individuals, fund managers and institutional customers.

Coupled with good trading conditions and fast execution times, customers can enjoy a tailored trading experience that perfectly suits their needs. HotForex provides all the tools and services needed for clients, of any level, to realise their trading ambitions.

Overall, on our HotForex review, the broker scores a satisfactory 4.7 out of 5 as it is a good choice for traders looking for a reputable broker with decent regulations in place and safety of funds. Points to review? Probably the overall cost of trading. HotForex spreads and commissions could be slightly lower, and more in line when compared with other top brokers. Also the availability of trading platforms, currently only MetaTrader 4 and MetaTrader 5, could be extended to satisfy more potential customers.


Data supplied in partnership with CashBackForex - Forex Rebates places HotForex on the top 10 brokers for popularity with traders opening an account in 2020.


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HotForex user rating score rank: 8 out of 45

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HotForex Products

Forex
Metals
Indices
Commodities (coffee, sugar...)
Cryptocurrencies
Bonds
Bitcoin