HotForex Review: 11 Things to Know Before Buying in 2020

This HotForex review will go over the trading broker with more than 10 years in the trading industry. HotForex has won multiple awards and it has over 200 employees. More than 2 million live accounts are registered according to HotForex broker. 

You can trade trading instruments like forex, metals indices, commodities, energies, stocks, and cryptocurrencies. It offers high leverage of up to 1:1000 and you can choose 6 account types to trade. Spreads start from 0 pips and you will not be charged with fees when you deposit funds. 

You can trade on MetaTrader 4 and MetaTrader 5, and you use trading tools such as VPS, Autchartist, and more. HotForex also offers bonuses and promotions that you can use as a client. The education program contains many educational articles, videos, webinars, courses, analysis, and events about trading. 

Regulation

HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.

HotForex broker it’s also regulated and authorized by the Financial Conduct Authority (FCA) in the United Kingdom under firm reference number 801701.

HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.

HF Markets SA (PTY) Ltd is authorized and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.

HF Markets (Seychelles) Ltd is incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.

Trading Instruments

HotForex broker offers many trading products to the trade. You can trade forex, metals, energies, indices, commodities, stocks, crypto, and bonds.

Forex

From the forex assets, you can trade more than 50 forex pairs. Some of the major forex pairs as Euro vs USD, USD vs AUD, GBP vs JPY, and many more pairs are available to trade. 

You can trade minor pairs as AUD vs CAD, EURO vs AUD, NZD vs JPY, and many more minor pairs. HotForex offers exotic pairs to trade too, such as USD vs South African Zar, USD vs Turkish Lira, USD vs Swedish Krona, and more.

Metals & Energies

You can trade metals and energies like natural gas, brent oil, silver, gold, and more.

Indices

From the indices assets, you can trade: AUS200 (Australian 200), FRA40 (France 40), GER30 (Germany 30), NETH25 (Netherlands 25), SUI20 (Switzerland 20), UK100 (UK 100), USA30 (US Walle Street 30), and more.

Commodities

HotForex provides access to 6 commodities assets. You can trade commodities like Cocoa, Coffe, Copper, Cotton, Palladium, Platinum, and Sugar.

Stocks

A variety of global stock from companies all around the world are available to trade. From the stocks, you can trade Adidas, Alibaba, Amex, Apple, Barclays, Boeing, eBay, Facebook, Google, IBM, MasterCard, McDonald’s, Netflix, and more.

Cryptocurrencies

Crypto trading is offered with HotForex broker and you can trade 12 crypto pairs in total. Pairs as Bitcoin vs US Dollar, Bitcoin Cash vs US Dollar, Ethereum vs EURO, Litecoin vs US Dollar, Ripple vs US Dollar, and other crypto pairs are available to trade.

Bonds

Lastly, you can trade 3 bond assets in total. Bonds as Euro Bund, UK Gift, and US-10 Treasure Note can be traded.

Spreads

HotForex offers very competitive spreads in different trading instruments. In major forex pairs spreads start from 0 pips. Exotic pairs are known to be more volatile and spreads are wider compared to major, and cross pairs. 

Metals and energies have spreads that start from 0.06 pips. Spreads on indices assets start from 0.23 pips. Stocks have low spreads that start from 0.012 pips. Commodities as cotton, coffe, and more have spread from 4.31 pips. Cryptocurrencies have spread from 0.1 pips and spread on bonds start from 0.05 pips.

Account Types

HotForex offers 6 account types that you can choose to trade. Account types have different limits on deposits, leverage spreads, open orders, and more. You can choose the following account types to trade: Micro, Premium, Zero Spread, Auto, PAMM, and HFcopy account types.

Micro Account

The micro account its perfect for new traders who want to trade with small volume. Spreads start from 1 pip and you can access all trading instruments. You can use MetaTrader 4, MetaTrader 5, WebTrader, and Mobile trading platform. 

The maximum leverage allowed is up to 1:100 and you can deposit at least $5. The minimum lot size is 0.01 and you can open 150 at one time. The margin call will alert you when you reach 40% and the stop out level will be executed at 10%. 

You can deposit on USD, EURO, and NGN currencies. The commission does not apply to the Micro account and you have a personal account manager.

Premium Account

With a Premium account, you can use MetaTrader 4, MetaTrader 5, WebTrader, and Mobile trading platform to trade. Spreads start from 1 pip and you can trade all instruments. The maximum leverage allowed is up to 1:500 and you start trading with a minimum deposit of $100. The minimum lot size is 0.01 lots and the maximum open orders allowed is up to 300. 

The margin call will alert you when you reach the 50% margin level, and the stop out level will be executed at 20%. You can deposit in USD, EUOR, NGN currencies. The commission does not apply to the Premium account and you can access the personal account manager feature.

Zero Spread Account

This account type requires a minimum deposit of $200. Spreads start as low as 0 pips and the maximum leverage allowed is up to 1:500. The minimum lot size is 0.01 and you can open up to 500 position orders. You can trade on MetaTrader 4, Webtrader, and Mobile trading platform.

The margin call will alert you at 50% and the stop out margin will be executed at 20%. Commission applies, so for each lot traded, you will be charged $3 on major forex pairs. You have the personal account manager feature and you can trade all instruments.

Auto Account

With the Auto account type, you can trade on MetaTrader 4, WebTrader, and Mobile trading platform. Spreads start from 1 pip and you can trade all instruments. The maximum leverage is supported up to 1:500 and you can deposit on USD, EUR, and NGN currencies. 

The commission does not apply and you can use the personal account manager feature too. Margin will be executed at 50% and the stop out level at 20%.  The minimum lot size allowed is 0.01 lots and the maximum open orders allowed is up to 300.

Premium & Premium Plus Account

To trade with the Premium account, you need to deposit at least $250. You can trade only in MetaTrader 4 platform and trade forex, metals, oil, and indices instruments. The maximum leverage allowed is up to 1:300 and you can deposit only in the USD currency. The minimum lot size is 0.01 lots and you have only the telephone trading feature. 

A margin call will alert you at 505 and the stop out will be executed at 20%. The commission does not apply to the Premium account, but if you trade with Premium plus then a commission of $5 per lot will be applied. Spreads on the Premium account start from 1.1 pips and 0.3 pips on the Premium Plus account.

HFcopy Account

HFcopy account its available only on MetaTrader 4, WebTrader, and Mobile trading platform. Spreads start from 1 pip and you can trade only Forex, Bitcoin, and Gold. The maximum leverage allowed is up to 1:400 and the minimum deposit is $500. 

Margin will alert you at 50% and the stop out level will be executed at 20%. Telephone trading and premium account manager features are both available. The commission does not apply and you can open up to 300 open orders.

Fees

Commission fees apply on to the Zero Spread, and the Premium Plus account types. 

• A commission fee of $3 per will apply to the Zero Spread account type.
• A commission fee of $5 per lot will apply to the Premium Plus account type.

There’s an inactivity fee if you do not trade for 6 months or more. A fee of $5 per month will be charged if you reach that period of months without trading.

A swap fee will apply to all account types when you hold trades overnight. And the fee is calculated based on the trading instrument, position (buy or sell), lot size, and the currency.

Account Verification

To start trading with a live trading account, you must verify your account’s identity. 

Two types of documents are required to become a verified client, Identity Proof, and Proof of Address. 

• As an identity proof document, you can submit a Passport, ID Card, or a Driving License. 
• To verify your address you must submit a bank statement or a utility bill that’s not older than 6 months. 

The submitted document will be checked with 2 business days and you can send the document through my HotForex area or send an email.

Deposit & Withdrawal methods

HotForex does not charge fees when you deposit. You can use the following payment methods to deposit funds:

Payment Methods	Max. Deposit Amount	Min. Deposit Amount	Deposit Process
Wire Transfer	Unlimited	$100	2-7 Bussiness days
Union Pay	$8,000	$50	Up to 24 hours
Maestro Credit Card	$10,000	$5	Up to 10 minutes
MasterCard Credit Card	$7,500	$5	Up to 10 minutes
Visa Credit Card	$10,000	$5	Up to 10 minutes
Visa Electron Credit Card	$10,000	$5	Up to 10 minutes
Bitcoin (bitpay)	$10,000	$5	Up to 10 minutes
BitcoinCash (bitpay)	$500	$5	Up to 10 minutes
Bitcoin (Skrill)	$500	$5	Up to 10 minutes
Other Crypto Payments	$10,000	$100	Up to 10 minutes
Fasapay	$5,000	$5	Instant
Neteller	$50,000	$5	Instant
Skrill	$10,000	$5	Instant
WebMoney	$50,000	$5	Instant

To withdraw funds, here’s the table with payment methods, fees, and more:

Payment Methods	Min. Withdrawal Amount	Withdrawal Process	Withdrawal Fee
Wire Transfer	$100	2-5 Bussines Days	Your bank may charge any fee
Union Pay	$50	2-10 Bussines Days	None
Maestro Credit Card	$5	2-10 Bussines Days	None
MasterCard Credit Card	$5	2-10 Bussines Days	None
Visa Credit Card	$5	2-10 Bussines Days	None
Visa Electron Credit Card	$5	2-10 Bussines Days	None
Bitcoin (bitpay)	$5	1-3 Bussines Days	None
Other Crypto Payments	$100	Up to 24 hours	None
Fasapay	$5	Instant	None
Neteller	$5	Instant	None
Skrill	$5	Instant	None
WebMoney	$5	Instant	None

Trading Platforms

With HotForex broker you can trade on MetaTrader 4, MetaTrader 5, and WebTrader. Not all trading platforms are available for all account types as some accounts have limitations on the trading platforms. 

MetaTrader 4 is the most popular trading platform that’s easy to use. You can execute orders with a fast execution in seconds and customize your charts. Many templates are available to use and you can import indicators and expert advisors too. 

MetaTrader 5 is similar to MetaTrader 4, but the new version is more advanced. The design its similar to the old version, but you can navigate more quickly and access features easier. MetaTrader 5 supports up to 100 charts at on one time and 21-time frames to analyze the charts. You can use more than 80 indicators and access expert advisors. 

Trading Tools

Besides the trading platforms, as a client of HotForex broker, you have different tools available. These can be effective in trading to analyze the charts, get information about market news, receive messages and alerts, and more. The following tools are available on HotForex:

• Premium Trader Tools 
• Autochartist Tool 
• HotForex Exclusive Analysis 
• The HF App 
• Economic Calendar 
• SMS Service 
• Traders Board 
• HotForex VPS Hosting 
• One-Click Trading 
• Auto Trading 
• myHF Area 
• Risk Percentage 
• And more than 5 calculators

Bonuses & Promotions

You can enjoy bonuses with HotForex broker. As part of 10 years of operating HotForex will give away prizes in cash, balance funding, and more. Other promotions are available such as free stuff, traders awards, merchandise, VIP partner, contests, and more. The following bonuses and promotions are available:

• 10th Anniversary Promotion
• HotForex Gadget Giveaway
• Traders Award 2020
• Demo Contest
• HotForex Merchandise
• VIP Partners Reward
• 2019 Festive Phrase Contest
• The Checked Flag Contest
• HotForex Currency War Contest

Education

As part of the educational program, you can visit the Education page where you can find many educational resources. These tools can be helpful and can improve your trading knowledge for free. You can attend forex webinars by forex experts and book your place for free. 

The HotForex daily market analysis provides you with the latest news and forecasts for the markets. Many educational and tutorial videos are available that you can watch to get more knowledge in trading. The house can be visited from your HF client portal. 

You can visit educational eCourse step-by-step from the basic to advanced lessons. The global economic releases reports and You can view the reports global economic events such as US Nonfarm Payroth and more.

Client Support

The client support team its available 24/7 from Monday to Friday. Support team, it’s available in these languages from the following countries: English, Russian, Chinese, Brazilian, Taiwan, Indonesia, Nigeria, and Turkey.

You can also call the support team for free with different numbers that are available form the contact page. You can send an email from the contact form or contact the live chat support team.

Besides the contact forms, you can visit the Frequently Asked Questions (FAQ) to get more information about HotForex broker.

If you enjoyed this article we would also recommend reading our Hotforex vs XM Review as well.

Image via Shutterstock, Writer Behar H.