To trade the financial markets like Cryptocurrency, Forex, Stocks, Indices, you need to use a broker first. A broker allows you to trade these financial markets and other markets on their platforms.

Some of the most known brokers are HotForex vs XM. Both brokers offer some of the most popular and advanced trading platforms like MetaTrader, cTrader, etc. You can also trade the financial markets on Desktops, Tablets, and Smartphone devices.

You can deposit a small amount and trade different financial markets. Both HotForex and XM broker offer several account types. They also offer competitive spreads and high leverage to allow you to trade the financial markets with more margin.

One of the things that makes these brokers unique, it’s the fees. You don’t have to pay fees for deposit and withdrawals. During this review, we will go through the key details of the brokers such as accounts, spreads, assets of trading, leverage, etc.

Account Types

HotForex Accounts

HotForex offers 6 account types: Micro, Premium, Zero Spread, Auto, Pamm, and Hf Copy account.

Micro account

With the Micro account, you can deposit with a small amount starting from $5. It offers high leverage of 1:1000, so you can trade the financial markets with a higher lot size and margin. Spreads are one of the most competitive, that start from 1 pip in the major forex currency pairs. You can also open a maximum of 150 orders at one time.

Premium account

Depositing funds with the Premium account requires a minimum deposit of $100. The leverage is lower compared to the Micro account as it allows you to trade with a maximum leverage of 1:500. However, the spreads start from 1 pip, which is the same as the Micro account, and you can open 300 orders max at one time.

Zero Spread account

The Zero spread account requires a $200 deposit and you can trade with a maximum leverage of 1:500. The spreads start from 0 pip in Forex currency pairs. And you can open a maximum of 500 orders at one time.

Auto account

The auto account is similar to the Zero Spread account on minimum deposit and leverage. The spreads start from 1 pip and you can open 300 orders at one time.

Pamm account

Trading with the financial markets with the Pamm account requires a minimum deposit of $250. You can trade with a maximum leverage of 1:300 and from 1 pip spread on some of the major pairs. The maximum orders that can be opened at one time are 500.

Hf copy account

And the last account, Hfcopy, is more different than other account types. It’s suited mostly for traders with a larger balance as it requires a minimum deposit of $500. The maximum leverage is 1:400, and you can open 300 orders at one, with spreads starting from 1 pip.

XM Accounts

XM offers 4 account types, compared to HotForex that offers 6 account types. You can choose to trade with the Micro, Standard, Ultra-Low, and Shared account. The maximum of open orders at one is limited to 200.

Micro account

Micro account allows you to trade with a maximum leverage of 1:888. Spreads start from 1 pip, and you start trading with a small amount of $5.

Standard account

Standard account offers leverage of 1:888 too, and the spreads start from 1 pip. You can open 200 positions at one time and deposit with a small amount of $5.

Ultra-Low account

To trade with the Ultra-Low account type, you need to deposit at least $50. You can open 200 positions at one time, with leverage of 1:888. And the spreads start from 0.6 pips on all major currency pairs.

Shares account

Shares account is suited for institutional traders as it requires a $10,000 deposit to trade. The leverage is not restricted for the Shares account, and the maximum orders than can be opened at one time is 50.

Fees (Commission)

HotForex Fees

For the following account types like Micro, Auto, Hfcopy, Pamm, and Premium account, there’s no commission charged.

The commission applies only to the Zero Spread account. For orders with 1 lot size on USD currency, a $3 commission is imposed.

XM Fees

XM does not charge any commission for the Standard and Ultra-Low account types. And for the Shares account type, the commission applies.

You will be charged based on the lot size that you open, and there’s an inactivity fee charged too.

Spreads

HotForex Spreads

Major Forex currency pairs have spreads that start from 0 pip.
Metals and Energies can be traded with low spreads starting from 0.06 pips.
Spread on the Indices instruments start from 0.23 pips.
Shares instruments have spread from 0.012 pips.
Commodities have spread from 4.31 pips.
Cryptocurrency can be traded from 0.1 pips.
Bonds have lower spreads that start from 0.05 pips

XM Spreads

Spreads start from 0 pip on Forex pairs, depending on which account type you choose.
For Commodities instruments, spreads start from 0.1 pip.
Indices have low spreads to that start from 0.6 pips.
Precious metals like Gold and Silver have spreads that start from 0.3 pips.
And the Energies instruments can be traded from spreads that start from 0.1 pips.

Supported Assets

HotForex Supported Assets

With the HotForex broker you can trade the following instruments:

Forex
Metals and Energies
Indices
Shares
Commodities
Cryptocurrencies
Bonds
Stocks DMA

XM Supported Assets

XM offers the following instruments to trade:

Forex
Stock CFDs
Commodities
Equity Indices
Precious Metals
Energies
Shares

Trading Platforms

HotForex Trading Platform

HotForex offers the most popular trading platforms for financial markets. MetaTrader 4 and MetaTrader 5 are available to use with HotForex. Both platforms offer multiple features and tools to analyze the market.

MetaTrader 4

MetaTrader 4 is the most known and used trading platform. The platform has a user-friendly interface that can be used from a beginner in trading who doesn’t have much knowledge. It offers fast execution of orders and customization of the charts.

You can choose from different templates, switch to 9 timeframes, etc. MetaTrader 4 supports Expert Advisors (EA) and Indicators. There are over 50 indicators available to use with the MetaTrader 4. To notify you about the economical events, there’s a news feed that shows major economic events.

MetaTrader is known for its tools that allow you to analyze the market in a comprehensive way. You can run 4 chart terminals at one time and open trade with one click. MetaTrader 4 can be used on Desktop devices like Windows, Mac, and Linux. It’s supported on Android devices and iOS devices.

MetaTrader 5

MetaTrader 5 offers some similar features as MetaTrader 4, but the new version it’s built to offer a more advanced analysis and trading. MetaTrader 5 it’s easy to use and customize charts with different workspace templates. You can view the market charts on 21 timeframes and analyze the market with advanced tools.

Also, you can view up to 100 charts simultaneously and the hedging is allowed too. The built-in economic calendar it’s more advanced as it gives full details about the upcoming events. MetaTrader 5 supports Indicators and Expert Advisors (EA).

Currently, on the platform, more than 80 technical indicators can be used. Some of the most known indicators are market scanners that can help you to identify potential market patterns and other indicators. MetaTrader 5 it’s available to use on Desktops, iOS, and Android devices.

XM Trading Platform

Similar to HotForex, the XM broker offers MetaTrader 4 and 5 too. Both platforms can be used on Desktops, Smartphones, and Tablets.

MetaTrader 4

As we mentioned above, MetaTrader 4 is the older version of MetaTrader. But even though the platform it’s been around for more than 10 years, the platform still is one of the first choices by traders. MetaTrader 4 offers different tools to analyze the market.

You can import Expert Advisors and Indicators on MetaTrader 4. There are 3 chart types supported and you can trade on MetaTrader 4 with a Virtual Private Server (VPS) too.

MetaTrader 5

With the XM broker, you can trade and analyze the market with the MetaTrader 5 platform too. All the trading instruments like CFDs, Stocks, etc, can be traded on the platform. With 1 single login, you can access all the trading instruments. MetaTrader 5 is compatible with EAs and Indicators and supports all the order types.

Besides the Desktop platform, you can use the MetaTrader 5 in web browsers. The web version it’s focused more on the speed and interface as it’s way easier to use compared to the Desktop version.

Deposit & Withdrawal methods

HotForex Deposit & Withdrawal methods

Deposing and withdrawing funds in the HotForex broker can be done with various payment methods. During the business days, the transactions are processed faster compared to the weekends.

There are no fees charged for all the deposit and withdrawal methods. But, for withdrawal transactions with Wire Transfer, there could be fees charged.

The following payment methods are available for deposit and withdrawal:

Wire Transfer
Credit Cards (Union Pay, Maestro, MasterCard, Visa, Visa Electron)
Crypto (Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum)
Neteller
FasaPay
Skrill
WebMoney

XM Deposit & Withdrawal methods

XM does not charge any fees on deposit and withdrawal methods, except for bank wire transfers. Most of the transactions are instantly processed but some other payment methods with Banks, Cards, and Crypto can take some hours or days.

The payments available for deposit and withdrawal are listed below:

Credit Card (Visa, Visa Electron, MasterCard, Maestro, UnionPay)
Neteller
Skrill
Sofort Banking
CashU
Przelewy 24 – (Not available for Withdrawal)
Bitcoin
Bank Wire Transfer

Bonuses

HotForex Bonuses

HotForex offers bonuses for its clients with 3 different bonus programs available. You can choose the 100% Super-Charged Bonus, 30% Rescue-Bonus, and 100% Credit-Bonus.

100% Super-Charged Bonus

With the Super-Charged Bonus program, you can enjoy these benefits:

Earn daily CASH rebates of USD 2 per lot directly to your account
Applies to EVERY deposit of USD 250 or more
Leverage of underlying account prevails

Maximum cumulative rebates USD 8,000
Automatically triggered and calculated
Cash available for trading or withdrawal

30% Rescue Bonus

The other bonus that’s called Rescue Bonus has these benefits:

Increases account leverage
Applies to deposits over USD 50
Additional ‘Stop Out Bonus’ for qualifying accounts
Maximum cumulative bonus of USD 7,000
Protects from the period of drawdown
Can be lost, but not withdrawn

100% Credit Bonus

The last bonus program has the following benefits:

Increases account leverage
Relaxed Time Limit for completing Volume Requirements.
Bonus can be withdrawn if volume requirements are met
Effectively makes the stop out level on cash balance as zero

XM Bonuses

XM broker offer bonuses too, and there are 2 bonus programs available. The first bonus program is the $30 Trading Bonus and the second is 50% Deposit Bonus.

$30 Bonus

The $30 bonus it’s available only for new clients. The maximum bonus that can be withdrawn is $100. To claim the bonus you need to meet the rules of lot volume traded within the 30 day period.

No deposit required
All profits earned can be withdrawn
Automatically credited to your account
Available to new clients

50% Deposit Bonus

The 50% bonus increases your account balance by 50% of the deposit amount. Both new and existing clients can participate in the 50% bonus program. However, Ultra-Low and Shares account are not eligible to participate in this bonus.

Instant credit on your deposit
Applied to deposits from just $5
Available for MT4 and MT5 accounts
The bonus cannot be withdrawn

Summary

In this review article, we listed the major things of both brokers, HotForex, and XM. Each broker offers different trading instruments to trade. But the spreads are similar in both brokers and also both of the brokers offer free commission for some accounts.

During the deposit and withdrawal, there are no fees charged from HotForex and XM. Besides the trading, you can receive bonuses when you deposit funds in both brokers.
XM broker also offers a bonus for new clients without having to deposit any funds.

To summarize this review, both the brokers are similar in their services. But not all brokers are available in all countries so you need to check if the broker is available in your country or not. If you did like this review we would also recommend other comparisons such as our Kraken vs Etoro or BitMEX vs Binance Review.

Get started at HotForex here! or Get Started at XM Here!

Image via Shutterstock, Writer Behar H.

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