HotForex Review

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Overview

If you want a reputable and well-known forex broker then HotForex is the right choice for you. The broker is located in Mauritius and it’s regulated by the Financial Services Commission. The broker offers many things form different account types, trading platform and tools to ECN trading and of course wider range

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Details

Broker HotForex
Website URL www.hotforex.com
Founded 2010
Headquarters Mauritius
Support Number 44-2033185978
Support Types support@hotforex.com
Languages Arabic, Bangla, Chinese, Czech, English, Farsi, French, German, Greek, Hindi, Japanese, Korean, Lithuanian, Portuguese, Punjabi, Slovak, Spanish, Urdu.
Trading Platform HotForex MT4, Smartphone Mobile Trading, HotForex iPhone Trader, HotForex iPad Trader, HotForex Droid, HotForex WebTrader, HotForex FIX/API
Minimum 1st Deposit $5
Minimum Trade Amount 0.01 lots
Bonus Refer a Friend and get up to $200 Referral Reward
Leverage 1:100
Spread Variable, from 1 pip (no commision) Variable, from 0.02 pips ($6 or $10 commision)
Free Demo Account Yes
Regulated Yes
Regulation FSC & CySEC
Account Types Hot Forex Micro Account: minimum deposit: $5 minimum lot size: 1k (micro lot) maximum leverage: 1:500 spread: from 1 pips Hot Forex Premium Account: minimum deposit: $500 minimum lot size: 1k (micro lot) maximum leverage: 1:300 spread: from 1 pips Hot Forex VIP Account: minimum deposit: $40 000 minimum lot size: 50k (0.5 lots) maximum leverage: 1:300 spread: from 0.2 pips commission: $6 per roundturn lot traded Hot Forex Currenex Account: minimum deposit: $500 minimum lot size: 1k (micro lot) maximum leverage: 1:300 spread: from 0.2 pips commission: $10 per roundturn lot traded Hot Forex Islamic Account: minimum deposit: $500 minimum lot size: 0.01 (micro lot) maximum leverage: 1:300
Deposit Methods Wire Transfer, Credit Cards, Webmoney, Liberty Reserve, Moneybbokers, Perfect Money, Cash-U, Neteller, U-Kash
Withdrawal Methods Wire Transfer, Credit Cards, Webmoney, Liberty Reserve, Moneybbokers, Perfect Money, Cash-U, Neteller, U-Kash
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 3.8

Screenshots

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Full Review

HotForex Background and History

HotForex.com is among the group of companies that tend to their customers’ needs. The firm’s offerings and wide array of features are aimed at suiting all traders. It provides an ideal trading environment and can also aid you in your binary option trading activities. It is an unfortunate fact, however, that currently the company does not accept U.S. customers.

HotForex enables you to trade traditional forex pairs or binary options, but there are also options for you to get a taste of CFDs for stocks, commodities and indices. The company was founded back in 2008 with its HQs being in Mauritius. It offers a dual-regulatory compliance regime for all its Europe-based operations. The Financial Services Commission (FSC) is responsible for handling compliance-related issues in Mauritius, while CySEC applies regulations to the company’s Cyprus-based operating center. The firm’s multi-language capabilities have been the cause of attracting a global client base. The 14 prestigious awards acquired by the company surely also had an effect. HotForex provides a number of bonuses and award programs that will interest both beginners and veterans. Micro accounts start out at USD 5 and go from there. The company also offers other specialized account types that access new social trading as well as zero-spread trading accounts.

HotForex is a Straight-Through-Processor (STP) that’s been able to align its liquidity providers in order to properly accommodate all trader types, which includes automated traders and scalpers. You can download the widely known Metatrader 4 platform or opt in to use some of the personalized operating systems that are web-based and which you can easily access from any device with an established Internet connection. Traders are to find higher leverage limits in comparison to other brokers. There is a vast array of support materials and the company’s client service department is top-notch. The byline of the firm is “Honesty, Openness and Transparency”.

Unique Features of Trading with HotForex

The company was formed back in 2008 in the Republic of Mauritius by a group of financial professionals. It falls under the regulation of the FSC in Mauritius and CySEC in Cyprus. All trader deposits are subjected to a segregation process from the firm’s capital in Tier-1 banks. You can opt in for trading traditional forex pairs or CFDs for commodities, stocks and indices with more than 200 different asset choices in 20 markets. If you want to trade binary options, the company’s OptionTrade.com subsidiary will be the perfect choice for you. Due to the use of MT4 trading platform forms and personalized web-based versions for access you can trade at all times from any operating system.

There are three types of accounts with benefits corresponding to the different account level:

  • Micro (USD 5 – USD 499, Leverage level of 1000:1)
  • Premium (USD 500 – USD 39,999, Leverage level of 400:1)
  • VIP (Over USD 40,000, Leverage level of 300:1)

The specialized accounts offered by the firm include a No-Swap Islamic account as well as a Currenex account for providing near zero-spreads for automated traders and scalpers. Currently, the firm does not accept any U.S. clients. All new social trading features are going to give you the opportunity of connecting with other traders and discussing strategies and market news, following and copying successful portfolios and expanding your network by being able to identify a larger number of trading opportunities. The firm provides a multitude of methods for making deposits. There is an option for using a proprietary debit card for making quick withdrawal applications. The company website is featured in 25 different languages, with a lot of them being supported by the client service department 25 hours daily every trading day.

Spreads And Leverage

HotForex provides customers with variable tight spreads but also offers a specialized fixed spread account for the purposes of automated traders and scalpers. Leverage levels also tend to vary in accordance to the classification of the different accounts. When regarding Micro, Premium and VIP, leverage levels are as follows: 1000:1; 400:1; 300:1.

Platform

HotForex’s platform will cause you no headaches in your efforts of trying to figure out how to work it. If you prefer using MT4 software, you can easily download it but if you are looking for a web-based solution or a mobile application, then HotForex will suit your preferences. The firm has designed multiple highly-advanced software solutions, each of which aims to make your trading experience easier and more pleasurable. You can access the market via mobile at all times as well as through all devices supporting an Internet connection such as a tablet, laptop or desktop PC. The company applies the latest of 256-bit SSL technology for encrypting your personal information and trading data for achieving the best level of security possible.

Deposits And Withdrawals

HotForex accepts all types of major credit and debits cards, along with bank wire transfer options and additional services such as Cashu, Neteller, Skrill (Moneybookers), Webmoney and Ukash. In order to carry out a withdraw procedure you will have to submit your ID information. The firm has the option of providing you with a proprietary debit card (funded by your account balance) which you can use for carrying out purchases or withdrawing funds at ATMs. All trader funds are subjected to a segregation process from firm capital and allocated to Tier1-banks for safety purposes.

Beginner Support

The firm’s client service department will help you in answering questions in a multitude of languages. You can reach them 24 hours a day 5 days of the week via e-mail, phone, live chat or Skype. The website comes in 25 different languages. The educational center provided by the company offers a vast array of training materials, charting tools, videos, free signal alerts, daily commentary that could turn out to be useful for beginners as well as seasoned pros.

Conclusion

HotForex has surpassed all previous tiers to provide its clients with top level service. The company serves as an exemplification of the true meaning of full-service and one-stop-shop. Whatever you may want when it comes to trading, it is bound to give it to you – special account features, competitive spreads and leverage levels, social trading, personalized trading platforms suitable for all operating systems, accommodative fees regarding EA enthusiasts and scalpers. Coupled in with the perfect customer support and support materials, choosing to go with HotForex is a definite no-brainer.

Voted by World Finance as the Best Online Broker for Asia for 2012, Hotforex.com is an upcoming broker that is making waves in the online Forex brokerage arena. Registered and located in Mauritius, Hotforex.com is a regulated by the Financial Services Commission. The company thrives on Honesty, Openness and Transparency.

Trading Platform

Like other forex brokers HotForex’s mainstream platform is MetaTrader 4 – this is voted to be extremely reliable and offers users a wide range of tools and resources for trading in the volatile Forex market.

HotForex mission is to be the trader’s choice in regard of forex broker. The broker is making this to be a reality through the best trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity.

HotForex provides a forex educational center, on their official website, where traders can find the best analytic tools and information in order to make the best forex trading decisions. You can find in the financial tools like Fibonacci calculator, the Pivot Point calculator and the pip calculator, which are useful for intermediate to advanced Forex traders.

Customer Support

One of the HotForex’s advantages is their customer support center, which is both reliable and available 24/7. HotForexhas  support team in 10 different languages so you can send your issues via email, live chat or phone calls and you’ll get a response from HotForexin fair time.

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