Regulated by CySEC (license 183/12) since 2012, by FCA (license 801701) since 2013, and by FSCA (FSP 46632) since 2016, HotForex adheres to strict internal processes and audit policies. As with all highly regulated brokers, HotForex takes the security of client funds seriously and uses segregated accounts to ensure that, in the unlikely event of the broker’s bankruptcy, all clients can be reimbursed.
The quality of its security is highlighted by its awards for Best Broker in Protection of Client Funds 2015 (Mena Dubai Fx Show) and Best Security of Client Funds 2014 (Global Financial Market), where the trading sector specifically highlighted HotForex for its commitment to protecting customer resources. Recently, HotForex won the award for Best New Forex Broker in South Africa 2016 (Global Banking and Financial Review Award) and Best Forex Broker in Latin America 2018 (International Business Magazine) when entering new markets.
HotForex is an STP broker. This means that all businesses are executed on the market and the broker will not profit directly from the losses you have. Account types are suitable for merchants who want to deposit just $ 50 or even more than $ 500. All accounts have variable spreads, and deposits and withdrawals at HotForex are free.
• Account types
HotForex can offer customers a choice of six account types, depending on location (customers in Europe will only have access to three accounts), and trading conditions vary as the minimum deposit increases. A trader will be able to choose his account based on his trading strategy, funding level and size of the trades he wants to do.
• Spreads and commissions
The minimum deposit for the Premium Pro account is $ 500, while the minimum amount to open a Micro account is $ 5 (be aware that the Micro account is not available to users in Europe).
The spreads across all accounts are variable: the Zero account has tighter spreads in FX pairs and an additional commission is charged based on the volume traded.
Mobile trading via HotForex App
In an advanced market like this, your HotForex account and your financial trading are right in the palm of your hand. With the use of the HF application, everything you need to do on the website is available in a few clicks. The mobile app will allow you to understand the markets using quick trading tools and recent news updates, as well as financial market analysis. The myHF area feature has been integrated into the HF application so that no user can have direct access to the application.
Listed in the following paragraph are some of the important features and functions of MT4 and MT5 mobile applications:
• Perform trading activities easily from anywhere with just one click.
• It displays quotes in real time and current view of the market price.
• There is permission for full account control plus ordering activities.
• There are more than 20 monitors and multiple time indicators.
• Real-time charts are integrated for fast and constant analysis, as well as chart transactions.
In addition, MT4 and MT5 versions can be downloaded on Android and iOS devices from the app store, you can also download directly from HotForex’s official website. They are exactly what you will find on the web version, and have all the features and tools found on the web version. You can contact HotForex directly from the application.
How to use the trading platform
The HotForex trading platform has been tested by several users and by us. One of the users on the HotForex platform gives a story of how he proved the account. According to him, he started by filling out an online questionnaire using some of its details; he was asked if he had previous trading experience and some other questions that are not stressful to answer. After that, he made a $ 500 deposit. He illustrated that when filling out the registration form, accurate details must be provided because one of HotForex’s representatives will place a call to verify the user’s identity. This process is very important for the company because of the regulatory authorities.
As soon as the account was opened and he had deposited the fund to a premium account using a VISA card. Your funds were credited live to your account within a few minutes. He recommends using wire transfers for more significant deposit amounts. A charming fact about a wire transfer is that you will pay the transfer fee for the entire transaction made through the wire transfer. This option can be used when the fund to be deposited is above $ 250.
We also highlight and confirm that the broker is regulated. The identity must be approved before permission is granted to access live accounts to prevent money laundering, and this is in accordance with the law governing the system. The identification can be verified by presenting a scanned copy of the identification card or any passport issued by the government, as well as other documents, such as utility bills that will confirm the user’s place of residence and account statement. As at the time of testing, several trades were placed in large currency pairs, such as EURGBP, EURUSD and GBPUSD short and long. The analysis was done, especially during business time. The response was quick, and the commercial execution at HotForex is one of the fastest ever to be tried.
Deposit and withdraw
Please note that HotForex never charges users for withdrawal and deposit fees. The withdrawal procedure is also similar to the deposit process. A third party transaction is highly prohibited. Any withdrawal that is processed at 10am will be completed on the same day. Here are the accepted payment methods:
China UnionPay: the smallest transaction here is $ 50, while the largest payment is $ 8,000. Deposits are confirmed within 24 hours, while withdrawals can take up to 2-5 business days.
Bank transfer: The smallest amount here is $ 100, and the highest is not restricted. Withdrawal can take up to 2-10 business days, depending on the banks you are using.
Neteller / WebMoney: Neteller / WebMoney: The smallest amount here is $ 5, and $ 50,000 is the maximum. All transactions made here are completed immediately.
BitPay: BitPay: This method introduced bitcoin as a means of payment. The minimum accepted payment amount is $ 5, while the highest is $ 10,000. Deposits take just a few minutes to process, withdrawals can take up to 1-3 business days to confirm.
FasaPay: FasaPay: Transactions here are fast, too, when the minimum deposit is $ 5, and the maximum is $ 5,000.
Visa / Maestro and Master Cards: The minimum transaction here is $ 5, the highest is $ 10,000 when it is $ 7,500 for MasterCards. Deposits are made immediately within minutes. Any withdrawal can take up to 2-10 business days.
HotForex confirms that each fund with them is safe and well protected because all of its transaction channels are reliable. So far, there has been no record of lost or stolen funds with the HF Company.
How to open a demo account?
To open a Demo account, you must simply follow the risk-free account opening process to access MT4 or MT5 platforms with unlimited demo funds.
And when you are ready or decide to start Live Trading, you can send a Live account, where HotForex can request confirmation of your documents, including identity, residence and other evidence before starting. In both cases, you will have access to the myHF client area, where you can manage all your accounts and finances.
So, here is the step by step process of opening the Demo Account.
Open a Demo account step by step
1. Access the HotForex demo account login page
2. If you are a new customer, enter your personal data First and Last Name, Country of residence, e-mail, telephone, etc. Or, if it already exists, follow the login
3. Fill in all the necessary information for the first registration of myHF
4. An account will be approved almost immediately, where, through your customer area, you can access the New Demo Account, follow with the Live Account and manage your funds
HotForex PAMM program
HotForex allows PAMM program and does not impose restrictions on strategies; however, various entities and regulations may apply certain conditions, so it is best to always check the terms and conditions before starting. Especially about scalping, there are no restrictions and the range of HotForex accounts with Zero spread can help you even better to negotiate this strategy.
In addition, there is the possibility to copy transactions or become a professional master to be copied using advanced PAMM technology designed by HotForex. The PAMM program is really an excellent opportunity to invest in the beginning, or perhaps in the long run, without having to trade the markets yourself, just follow the Fund Manager on the ranking list.
Hot Forex generates its rates only from spreads and commissions. Spreads refer to the difference in buying and selling prices, which in Hot Forex can be as low as 0.1 in selected premium accounts with an average initial pip of 1.0. Commissions are charged to your Spread 0 account, as well as to indices at a rate of $ 1 per lot and to CFDs in shares at 0.10% of the commercial value. Hot Forex goes a step further and even reimburses traders for any deposit fees charged by their payment provider, including bank transfers.
Exchange rates, or rollover fees, can be verified directly from within the MT4 trading platform by following these steps:
1. Right-click on the wish symbol in the “Market Watch” window and select “Symbols”.
2. Select the desired currency and click on “Properties”, located on the right side.
3. Scroll down until you see “Swap Long” and “Swap Short”
In addition, Hot Forex provides a detailed list of rollover rates on its website and credits its customers with positive swap rates, where applicable. While this should be standard practice, many brokers hide these fees and record them as profits.
Traders who open a demo or live account will get access to the HotForex e-Course, a well-structured way to learn the basics. This course includes the basics of Forex theory and Forex trading, reading and interpreting charts, trading strategies, trading psychology, and technical analysis.
Video tutorials are available without registration and these cover introductory concepts, Metatrader tutorials, trading strategies and lessons in economic theory. Webinars on current events, advanced trading strategy, and risk and money management are run every few days. These webinars do not require an account at HotForex, but you will need to register to participate.
If you enjoyed this article you can also check Throne Bet review.