Hotforex broker is a company that provides CFD trading services, including forex, shares, indices, commodities, and metals. This brokerage firm has become one of the most popular brokers among traders and has become one of the most experienced companies since 2010.
It means that the broker has been in the financial market for more than 10 years, and earned awards that make this broker one of the leading ones. In Malaysia, Hotforex broker becomes one of the best brokers in 2021 reviewed by several popular Malaysian sites.
But is Hotforex a broker a good broker? This article will review to thoroughly explore the Hotforex broker.
- 1 Hotforex company overview
- 2 Is Hotforex a regulated broker?
- 3 Hotforex CFD products
- 4 Account type Hotforex
- 5 Platform trading Hotforex
- 6 Payment method Hotforex
- 7 Trading spread and commission Hotforex
- 8 Hotforex affiliate program
- 9 Award Hotforex
- 10 Security fund
- 11 Hotforex review Forexpeacearmy
- 12 Hotforex broker review Trustpilot
- 13 Is Hotforex broker Legit or scam?
- 14 Final thought
Hotforex company overview
Hotforex is a broker that is a member of the HF market group. This company used to use the domain name www.hotforex.com. But maybe when you visit the address may be forwarded to a new domain name to https://www.hfeu.com/eu/en/index.html.
According to company news, Hotforex rebranded into the HF market with a vision to expand its business to the European market, and that is the reason for changing the domain name. But, these changes do not affect the client area. Only the address is different and the client can use the same password.
HotForex is a brand of a group of listed companies operating in some jurisdictions.
- #HF Markets (SV) Ltd. Registered address at Beachmont Kingstown, St. Vincent, and the Grenadines.
- HF Markets SA (PTY) Ltd. Registered address at West Street Sandton, Johannesburg 2031.
- #HF Markets (Seychelles) Ltd. Registered address in Victoria, Mahe, Republic of Seychelles.
- HF Markets Fintech Services Ltd. Registered address at Larnaca 6057, Cyprus.
Is Hotforex a regulated broker?
Hotforex broker is regulated in several jurisdictions:
- Financial Conduct Authority (FCA) regulations in the United Kingdom under firm reference number 801701.
- Dubai Financial Services Authority (DFSA) regulatory body of Dubai United Arab Emirates, Hotforex trying to develop its business in this country. HF market (DIFC) Ltd, under license number F004885.
- Financial Sector Conduct Authority (FSCA) regulatory body for South Africa, HF Markets SA (PTY) Ltd under license number 46632.
- Financial Services Authority (FSA) Seychelles regulatory body. HF Markets (Seychelles) Ltd. Under License number SD015.
- Cyprus Securities and Exchange Commission (CySEC) s European regulatory body, HF Markets (Europe) Ltd under License Number 183/12.
Besides that, the HF market or Hotforex is also on the list of several European countries including France, Germany, Hungary, Italy, Ireland, Norway, Spain, Sweden, Austria, Iceland, Bulgaria, Croatia, Estonia, Czech Republic, Denmark, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia
Hotforex CFD products
Provides more than 1000 trading instruments, Hotforex broker products including forex trading instruments, metals, energy, shares, indices, bonds, ETFs, Commodities, and DMA stocks.
For the products offered by Hotforex, it provides many choices for traders, for those who like forex trading, there are many choices of currency pair trading available on the Hotforex platform, Fortrader that like shares, there are so many popular stock options including FB, Google, Tesla, and many others.
Account type Hotforex
For the choice of account type, Hotforex offers four types of accounts with different conditions.
- Account Premium. Minimum deposit $100.
- Zero spread account. Minimum deposit $200.
- HF copy. Minimum deposit €1000 for Strategy Provider. And €300 for the Follower.
- Premium pro. For a Professional Client minimum deposit $5000, and $500 for an Experienced Retail Client.
Hotforex has a leverage policy in which three types of accounts, Premium, Zero Spread, and HF Copy apply a variable leverage policy depending on the product being traded.
While on Premium pro accounts, maximum leverage is 1:400 for Professional Clients, and 1:100 for Experienced Retail Clients.
According to the leverage policy, Hotforex categorizes leverage on retail clients, experienced retail clients, and professional clients. For example, in major pairs such as GBPUSD or EURUSD, the leverage for retail clients is 1:30 while experienced retail clients are 1:100 and professional clients are 1:400.
Hotforex broker Leverage will be different on gold and non-gold commodities, or on exotic pairs. And also other products depending on the asset.
All instrument leverage can be found here.
In terms of leverage offered by this broker, it seems that they are trying to use a different approach to play it safer. The maximum leverage of 1:400 is still lower than some other brokers, for example, FXOpen which sets a maximum of 1:500. Meanwhile on another broker like Instaforex even offer up to 1:3000, it very high and dangerous leverage.
Hotforex broker minimum deposit
The Hotforex broker minimum deposit is $100, and this is specifically for Premium account types only. If the trader uses another type of account, has a different minimum deposit, the grouping of account types refers to the trader’s level as well.
Hotforex inactivity fee
If the client does not use the account for 6 months, or in other words, during that period there is no trading activity. A fee of $5 per month will be taken from the account. It is an inactivity fee that is also applied to several other brokers.
Usually, the inactive accounts will enter into the archive. When traders want to access an account they need to submit a request with contact the broker’s support contact.
Hotforex swap free
Hotforex also provides swap-free accounts which are actually special for Islamic accounts. It accounts for Muslim clients, who are not subject to swap fees as rollover interest when orders are active overnight.
Islamic account Hotforex is only available for Premium and Zero spread account types. However, Hotforex has the right to revoke accounts on accounts that are granted for Islamic accounts.
Platform trading Hotforex
Like most forex brokers, Hotforex uses the Metatrader 4 and Metatrader 5 platforms to serve their clients. However, the platform is available for mobile platforms and Windows PC computers.
For android version using MT4 platform with compatible with android 4.0 or higher. As for the iPhone and Ipad use the HF market platform which traders can install through the download page. For clients who do not want to install the platform. They can log in via web trader, it is also available on the Hotforex platform.
Payment method Hotforex
Hotforex does not provide too many deposit and payment options, on the official website for deposits you can use bank wire transfer, credit card MasterCard and Visa, then alternatively use Neteller, Skrill, and Trustpay.
All deposit methods are free of charge, except bank wire transfer if the deposit is less than 250 USD.
Meanwhile, for withdrawals, Hotforex only supports bank Wire transfers, Visa, Neteller, and Skrill. The minimum withdrawal is $5 for each withdrawal method except on bank wire transfer the minimum withdrawal is $100.
For instant withdrawals using Neteller and Skrill, while using bank wire transfers and Visa it takes 2-10 days from the withdrawal request.
Trading spread and commission Hotforex
Hotforex uses five-digit quotes, this broker offers low fees, especially for major pairs such as EURUSD and GBPUSD, which only costs 0.1 pips. However, the fee structure will differ depending on the product. For exotic pairs, for example, USDRUB, the typical spread is 810. Usually, traders will consider the cost of the spread when choosing a trading asset.
Hotforex affiliate program
Hotforex also runs an affiliate program, where someone who has expertise in product marketing and meets the requirements will get a commission when he successfully brings new clients to register with Hotforex. It works by using unique affiliate links to invite clients.
For that purpose, Hotforex provides useful tools to attract clients either with banners, landing pages, websites, and more. Affiliate program Hotforex offers a commission of up to $650 CPA (COST PER ACQUISITION) for each introduced and qualified client.
Referring to the official Hotforex website, this broker has received many awards since 2013 successfully becoming the Best broker in China. Best client fund security in 2014. #Best FX online 2015 based on New Europe magazine, Best broker Middle east 2016, The Bizz 2017 Peak OF. The Best Forex Broker Latin America in 2018. Most reliable online trading platform 2019 by an international business magazine. Best fund client security Africa 2020 by an international business magazine. Best CFD trading conditions 2021 by World economy magazine.
These awards are only some of the total earning 60 awards by Hotforex.
For the safety of funds, Hotforex has received an award in the category of Security fund client. For this purpose, Hotforex provides Civil Liability insurance for a limit of €5,000,000, in case of errors, omissions, negligence, fraud, and various other risks that can cause financial losses.
Hotforex broker is also a regulating in some jurisdiction regulatory body and also holds segregate funds. It is where client funds are kept in separate banks from company funds.
Hotforex review Forexpeacearmy
Forexpeacearmy is an independent site that is a place where traders get broker information whether the broker is legit or a scam. The site has a forum or discussion room for traders and a complete forex learning place.
Trader reviews for Hotforex brokers at Forexpeacearmy, to date 528 traders have recorded their reviews about Hotforex brokers. Based on the calculation total of all reviews, Hotforex gets 3.7 stars, out of a total rating of 5 stars.
This value still assuming good and there are many positive reviews for Hotforex brokers. Chek review Hotforex broker in Forexpeacearmy here.
Hotforex broker review Trustpilot
Trustpilot is also a site where users can share experiences on a product. Be it company services, or goods and services, and many other categories.
Hotforex Reviews on Trustpilot get 111 reviews from users as of the time of writing. From the overall review rating, Hotforex gets 4.1 stars out of a total of 5 stars. This means that this broker is a good broker, and problems are rarely found. Even though there are some negative reviews, but it does not reflect the overall value of the company.
Read Hotforex review Trustpilot here.
Is Hotforex broker Legit or scam?
Hotforex broker is generally not a scam, and it is a legit broker. Although some reviewers have complained about customer service or price manipulation.
Collectively, traders who use the services of Hotforex brokers leave good reviews. However, it does not rule out risks, which may be related to trading conditions, or bugs in the system, and so on.
To anticipate a forex investment risk, complying with the golden rule of high-risk investment is important. Only spend funds that are ready to risk, do not borrow money for forex deposits.
Hotforex broker is a company engaged in finance, serving global traders, with support for more than 20 languages. Hotforex is one of the leading brokers in the world.
Coupled with the record of awards received by this company. Making Hotforex broker one of the brokers that attract traders. The educational materials provided are also good with e-courses, videos, and webinars.
Note: This article is just personal information and opinion and not investment advice. Each investor does it at their own risk.
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