HotForex Review

HotForex Review

Last Updated : Wednesday 11th November 2020

Written by Tim Baudin

Regulation : FSC, CySEC

Accepts US Clients: No

Min. Deposit : $5

Leverage : 1:1000

Platforms : HotForex MT4, WebTrader, Smartphone Mobile Trading, HotForex iPhone Trader, HotForex iPad Trader, HotForex Droid, Blackberry Trader, HotForex RapidTrader FIX/API

We Like

  • Very Low $5 Min deposit
  • High leverage ratio (maximum 1:1000)
  • Wide range of trading instruments with low spreads
  • Various trading platforms
  • Comprehensive customer support

We Don't Like

  • Do not provide charting packages
The Verdict :

Their minimum deposit, high leverage ratio, wide range of trading instruments and various types of trading platforms made them very popular forex broker.

HotForex offers fast and easy withdrawal process which attracts more and more traders to trade with them. Advanced trading platforms and forex education corner have made this broker popular for new comers

  • Expert Opinion
  • User reviews
  • Specifications

HotForex is registered and located in Mauritius and regulated by Financial Services Commission and established in 2008. This broker is friendly, open and transparent to their clients. HotForex has voted as the Best Online Broker for Asia for 2012 and 2013, awarded by World Finance.

Trading Platform:

HotForex has a wide range of trading platforms. Currently they are offering 9 trading platforms for their customers. These are,
1. HotForex Meta trader 4
2. Meta trader 4 for Mac
3. HotForex Web Trader
4. Smartphone Mobile Trading
5. HotForex iPhone Trader
6. HotForex iPad Trader
7. HotForex Droid
8. Blackberry Trader
9. HotForex RapidTrader FIX/API
Among these trading platforms, Meta trader 4 platform is the most popular platform. Meta trader 4 platform is popular for advanced charting packages, Expert Advisors, custom indicators, automated trading opportunity etc. All the necessary trading and charting options are included in the Meta trader 4 platform.

Blackberry trader is the new trading platform for Blackberry users

Main Features:

HotForex has fantastic features with user-friendly conditions and rollover policies. They also provide forex education and video tutorials designed to help new comers to understand about forex trading. They also have Pivot Point Calculator, Fibonacci Calculator and Pip Calculator for advanced forex traders. One of their salient features is their unrestricted access to for standard account holders. Their bonus offers are also attractive for forex traders.

HotForex is very caring to their clients in case of customer support. They provide international phone numbers and 6 virtual destinations to ensure high quality customer support. Live chat option is also available for clients to get informed about various factors and processes of HotForex. They provide 24/5 live chat support to their clients. Their response to email is also superb and fast.

Types of Trading Accounts:

HotForex is committed to reaching the customer satisfaction whether the customer is a small one or a big one. They offer different types of trading accounts. These are mentioned below,
Micro Trading Account – Suitable for trading small volumes with small initial deposit.
Premium Trading Account – Suitable for more experienced traders with no maximum lot size.
VIP Trading Account – Suitable for traders who are experienced to trade minimum trading volume of half a standard lot.
Islamic Trading Account – Suitable for Muslim traders who follow Sharia Principles.
Currenex Trading Account – Suitable for experienced scalpers.
Zulu Account – Suitable for new comers who need to get trading signals and execute those signals instantly without monitoring the market.
PAMM Accounts – Suitable for investors those who are willing to invest under Forex Fund Managers.

Commissions and Spreads:

Commissions and spreads offered by HotForex broker depend on the type of trading account and trading volume. VIP and Currenex account holders can trade with very low spread starts from 0.2 pips. Other account holders also get a comparative spread offer starting from 1 pip.

Customer Service:

HotForex provides customer services in 12 different languages worldwide. HotForex provides 24/7 customer services via telephone, email and live chat. They are transparent, user-friendly and caring to their customers and their response is fast and excellent.

What We Liked:

Traders Board: One of the exclusive features of HotForex developed to help traders to understand the forex market sentiment. In Traders Board, a trader can check out the breaking news, currency movers candle, currency movers vs, client positions and volume per symbol.

Forex Education: Forex education is another exclusive additional feature of HotForex broker. In this section, a trader can learn about basics of forex trading which is very useful for new comers.

HotForex Video Tutorials: HotForex offers video tutorials which includes Meta trader 4 tutorials, forex basics for beginners and advanced forex trading education. These video tutorials are resourceful, and help traders to understand forex trading in a practical way.

What We Disliked:

No US Clients are allowed: HotForex does not accept any US clients this is considered as a major limitation of this broker.

Do not Provide Market Commentary: HotForex does not provide market commentary. Market commentary is very helpful for new traders. This helps new traders to understand the market condition.

The Bottom Line:

HotForex users are very pleased with the customer support of broker as HotForex is very active in customer care area. HotForex offers fast and easy withdrawal process which attracts more and more traders to trade with them. They also include internal transfer method. Advanced trading platforms and forex education corner have made this broker popular for new comers. In one word, HotForex is an excellent broker compared to others.

In some field, they should overcome some limitations. Sometimes traders might have to face slippage in high volatile condition, though the slippage is small. HotForex should take necessary steps to prevent this slippage. They should also improve their execution of stop loss and limit orders to offer guaranteed stop loss/limit orders.

In one word, HotForex is an excellent broker with a wide range of trading instruments and many other attractive features for traders.