HotForex

The Company. Security of Funds

HotForex is a forex retail broker that offers attractive terms to trade a broad array of instruments, such as Forex, Spot Metals and CFDs on indices, commodities and well-known shares like Google, Apple and Facebook.

HotForex is an online brand belonging to a collection of companies operating in various jurisdictions. The most trusted company is HF Markets (Europe) Ltd. A Cypriot Investment Firm (CIF) which is registered with the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).

The broker also has licenses from the UK’s Financial Conduct Authority (FCA) which is which is the South African regulator,as as the Dubai Financial Services Authority (DFSA). This HF Markets group also includes two offshore entities (HF Markets Ltd. with its registered office in Mauritius as well as HF Markets (SV) Ltd. which is incorporated within St. Vincent & the Grenadines).

Cyprus is considered to be one of the more desirable locations for forex brokers and the primary reason is its balanced regulation. The strict regulations that has high capital requirements for entry and low leverage have diminished competitiveness in United States and Japan as regulatory flexibility can impact the credibility and security of Cyprus.

CySEC enforces certain regulations and rules in relation to Cyprus Investment Firms, which aren’t as strict as those of the US for instance, but they do provide some degree of trust. Cypriot Investment firms must have at least 1,000,000 euros to demonstrate their financial standing. Additionally, they are required to store customer funds in separate accounts, which are separate from the company’s operational funds.

To further protect the funds of clients that all CySEC-regulated firms are part of the Investor Compensation Fund, which can provide compensation of up to 200.000 EUR If the company is in financial trouble.

Furthermore, every CySECaccredited investment company is MiFID qualified and therefore able to provide cross-border service within the EU within the MiFID Passporting Regime. This means they must satisfy all conditions for financial service providers which are defined at an EU level, including to offer protection for negative balances for their customers, but not to provide trading incentives that expose their customers to further risks, and many more.

Trading Conditions

Minimum Initial Deposit

To establish an account with HotForex traders must put down a minimum amount of $5. The minimum amount required for initial investment is not too much, however the majority of Cyprus-based brokers need much lower. For example, FXTM and XM require just $5 from their customers to begin.

Spreads & CommissionsThis broker provides floating as well as fixed-rate spreads. Fixed spreads are relatively small, averaging 1.8 pip on EUR/USD. Comparatively, Easy-forex offers fixed spreads of 1.8 percent for account VIP only.

With regard to floating spreads on HotForex the typical spreads on commission-free accounts are 1.2 pip on EUR/USD, which is an average. We believe that the terms on Zero account are the most attractive. Zero account are the most appealing as spreads averaged 0.1 pip on EUR/USD. There is a commissions are $4 each 1.00 amount of trade (per side) which means that the trading cost is about 0.9 percent, including commission. You can also start a Zero account for only $100.

To give you an idea of the comparison, the average variable spreads for Exness account that are commission-free are 0.9 pip on USD/EUR While ECN account holders can enjoy an average spread of 0.4 pip on EUR/USD, with a $5 commission per normal lot.

Leverage

The maximum leverage offered by HotForex is extremely high, reaching 1:1000. Certain countries limit leverage ratios at much smaller thresholds (1:50 within the USA 1:100 in Poland).

The reason for these limitations is that the greater the leverage, the greater chance of losing money, which could even be greater than the initial investment. But, many brokers based in Cyprus offer leverage levelscomparable to those offered through HotForex ( XM 1:888) or even greater than that. Exness can leverage up to 1:1000. Further F Forex brokers with leverage that is greater than or equal to 1:500 are available here.

Trading Platforms

This broker is compatible with both MetaQuotes’ forms that include the traditional MetaTrader4 (MT4) as well as the most recent version of MetaTrader 5.

MT4 is a highly regarded trading platform, providing an array of tools and resources for trading including built-in technical indicators, advanced charting tools with a broad range of Expert Advisors (EAs) as well as extensive back-testing capabilities for them. Users can download pre-made or design your own EAs while letting the software complete the task there are no human emotions to be required.

MetaTrader 4 is now available to users of HotForex via desktop, web , and mobile versions. Further brokers that use MT4 can be found here.

Furthermore, HotForex provides MT4 MultiTerminal it provides a practical and efficient option to manage multiple accounts through an interface.

The MT5 On contrary was designed to be an asset-based trading platform. It is not just a forex platform it allows trading in exchange-traded securities. It is generally an improved version of MT4 that retains most features of its predecessor, including the amazing charting Expert Advisors, Expert Advisors and much other features.

In addition the in addition, VPS Hosting is available to current and new customers that pay an amount of at least $5,000 and keep this amount throughout the following months. VPS hosting permits the execution of orders at all times all day, seven days a semaine.

Additionally, HotForex has developed a copy trading service that is its own. It’s known as HFCopy and allows HotForex’s customers to copy other trader’s transactions.

Promotions

As of the date at the time of writing this review HotForex has the following promotions running:

The 100% Supercharged Bonus is applicable to every one of the deposits made by FIX Plus, Currenex, Premium as well as Islamic account holders of up to $50,000;

– 30% Bonus for Rescue Maximum $7000 that is not able to be withdrawn under any circumstance;

Credit Bonus 100% is available on deposits or transfers made to trading accounts with a minimum of $1000 (available on Micro Premium Islamic, FIX and Currenex account kinds) and can be taken out as soon as the minimum volume of trading is satisfied.

Competitions based on performance such as demo contests that have a 3500 dollars in prize money;

Other ongoing promotions: HTA prize and cash prize of $1000 as a way to showcase the outstanding capabilities that produce an outstanding performance.

Methods of Payment

HotForex offers a variety of payment options: Credit/debit card (Visa, Visa Electron, MasterCard, Maestro, American Express) as well as wire transfer to banks and E-wallet payment options Skrill, Neteller, WebMoney, TrustPay, iDeal, Sofort, Western Union, Przelewy24.

Conclusion

HotForex is an EU award-winning broker offering a various trading products and account types with the conditions of competition.