HotForex – HFM Review

Hotforex or HF Markets represents a world-renowned CFD broker regulated by high trust FCA (UK Financial Conduct Authority), CySEC, FSC, and DFSA. With more than 2 million accounts, a minimum deposit of $5, and excellent support, Hotforex offers trading assets such as forex, stocks, commodities, ETFs.

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Leverage

Through its policy of providing the best possible trading conditions to its clients and allowing both scalpers and traders...

Review

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Terms & Conditions

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75,3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Account Types

HotForex offers six different account types to its traders. It is important to point out that clients of HotForex UK only have access to four account types as Micro Accounts and HFcopy are unavailable. This is not having a material impact as the Micro Account is not appealing to serious Forex traders and the HFcopy is available to all clients through HotForex Europe. Minimum deposit, spread, commissions and leverage all depend on the account type.

Micro Account

While this account type may appeal to new traders due to its $50 minimum deposit, it appears rather pointless as the next account, the Premium account, comes with a minimum deposit of $100.

Premium Account

This may be the account which is most used by new traders and slightly more advanced traders with account balances below $/€/£ 5,000. It offers an overall great trading environment and the low minimum deposit of $/€/£ 100 makes it an attractive starting portfolio for the majority of retail Forex traders.

Premium Pro Account

This account caters to professional traders who need to pass the classification as a professional client. It comes with increased leverage of up to 1:400 and a reduced stop out level of 20%. Considering this account caters to professional clients, the $/€/£ 5,000 minimum deposit is very low and appealing to professional clients with smaller starting balances.

Zero Spread Account

This account has spreads as low as 0.0 pips, but Forex traders pay a commission per traded lot. The minimum deposit starts from only $200, but before deciding on this account Forex traders should carefully consider the full costs involved. Depending on the type of strategy, frequency of trades as well as volume, this account type could be beneficial to certain traders and more expensive to others. Having the option of a zero spread account is a great addition to the overall great service HotForex provides.

HFcopy Account

The HFcopy account is designed for strategy providers to generate additional income through fees charged to followers as well as for followers to pay for a trading strategy rather than developing their own. The maximum fee is capped at 35% and the minimum deposit for a strategy provider is €1,000 and for followers €300.

Islamic Account

This account type is the same as the Premium or Zero Spread Account, but follows Islamic law and therefore is a swap free account.

Trading Platforms

Hot Forex offer the full range of the MT4 and MT5 trading platforms. Despite the launch of the MT5 trading platform, MT4 remains the most popular one in use today. MT5 lacks features such as hedging and the lack of backwards compatibility makes the MT5 a distant second, despite the efforts made by MetaQuotes and Forex brokers to push it as the next generation trading platform. There is an ample range of options for both Android and iOS as well as desktop access.

While browsing though the different trading platform versions, it is important to point out that in the end Hot Forex offers one trading platform from one provider, MetaQuotes. This is standard for most Forex brokers and while it looks good on paper, ignoring the marketing hype Forex traders will most likely trade on the MT4 trading platform.

Is HotForex safe?

When choosing a broker like HotForex the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2008, and in operation for 13 years HotForex have a head office in UK.

HotForex is regulated. This means HotForex are supervised by and is checked for conduct by the Financial Conduct Authority (FCA) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to HotForex, this will be honored. If HotForex violate any regulatory rules their regulated status could be stripped.

What you can trade

HotForex (more than 50 currency pairs) is a multi-asset broker and allows its trader to fully diversify their portfolios as well as risk. Choices include Forex, cryptocurrencies, metals, indices, shares, energies, commodities and bonds. The full coverage of assets makes HotForex a great choice for all types of traders, from newbies through advanced retail traders to professional as well as institutional traders

Deposits and Withdrawals

HotForex offers traders wire transfers, credit and debit cards as well as Skrill and Neteller as options. This covers all the basics, but it would be nice to see this expanded to include other options as well. Wire transfers have no maximum deposit amount, while credit and debit cards are limited to $15,000 and Skrill and Neteller to $10,000. A nice feature is that HotForex will reimburse traders for the incoming wire fee charged by their bank on deposits above $250.

Withdrawal methods are the same and traders need to use the same withdrawal method as the deposit method, which is standard practice as outlined in AML regulations. Minimum withdrawal amounts range from $150 for wire transfers and $5 for all other options. The time frame for credit and debit card withdrawals is listed as up to 10 days which appears a bit on long.

Commissions and Fees

HotForex offers five account types, all of which are spread-only (commission-free) except the commission-based Zero account. The Premium and Premium Pro accounts are spread-only, with minimum deposits ranging from $50 to $600, and the HFcopy account is for copy trading. Based on the data displayed by HotForex, the Zero account is most competitive as it features the lowest spreads and a small per trade commission.

HotForex Social Copy review

HotForex offers an excellent copy trading service through their own HF Copy platform. With that said, there are still no social trading features available but the service is easy to get started with a minimum deposit from $100 if you are copying others, or $300 if you wish to be copied though depending on your jurisdiction this could be as much as $1,000.

It is also a good chance to earn as a signal provider since you can earn a 35% performance fee from each copier, and overall a good platform for both sides.

HotForex Short Review

Final Thoughts

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Through its policy of providing the best possible trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity, HotForex has positioned itself as the forex broker of choice for traders worldwide.

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