HotForex Broker Review

Minimum Spread :   From 0.0
Foundation Year :   2010
Min Deposit $ 5
Broker Trusted Point+8
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HotForex

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HotForex Broker Review – Listing Characteristics: HotForex, established in 2010, is a broking firm based in Cyprus. The firm conforms to providing trading service and products with tight prices to the users. The company is well-regulated and offers financial instruments like foreign currency exchanges and complex financial derivatives for buying and selling. Further, other market products like stocks, indices, and commodities are not available. However, future derivatives are available for all of them. 

Some of the features of the Hotforex broker are low fees, no minimum deposit, different dedicated account types, free demo account service, and fantastic customer support team.

The post will help you get an accurate and detailed idea about the broker and its services. 

HotForex Broker Review – Essential Characteristics

Regulations

The HotForex is a multi-regulated broker who works under several financial bodies of the world. The broker operates under the license from CySEC (Cyprus Securities & Exchange Commission), UK’s Financial Conduct Authority, Dubai Financial Service Authority, FSA (Financial Service Authority) of Seychelles, and South Africa’s FSCA (Financial Service Conduct Authority). 

The broker is utterly safe and secure to trade with because of so many international regulations. These bodies have strict rules & regulations for brokers to follow. 

In addition to this, the clients’ money is also safe and insured, up to the amount of 5,000,000 Euros. The broker also follows a no negative balance policy for the safety of traders and is a member of the investor compensation fund body of Cyprus. 

Platforms

The broker is a technology backed firm and offers two trading platforms, i.e. MetaTrader4 & MT5, to its users. Both the platforms are available on mobile and web and are easy to understand for beginners. 

Also, the user-interface and design are worth noting; it looks good as well as one can navigate to any portal smoothly. 

The platform supports several tools, including charts, indicators, and signals. The platform helps the user to execute the trade without any hassle and make price prediction more accurate. 

The MetaTrader4 is the most widely used platform by the brokers. And, the broker supports hedging, scalping, Robo trading, one-click trading, and nine-frame patterns via MT4 only.

Fees

Hotforex broker charges are at minimum and par with the industry standards. The company doesn’t charge anything from their clients for buying or selling any instrument. The company earns from its tight spreads on assets. 

The spread charges are low but also depend on the account type. However, the lowest ones start from 0.0 pips. 

Further, note that there is an overnight rollover fee which company doesn’t bear but passes to the user. There is also an inactivity fee of $5 but after six months of continuous inactivity.

The average spread fee with the Hotforex broker is 1.2 pips, and the market average is also 1.2 pips. Thus, a trader should not worry about the costs. 

Deposit & Withdrawals

The firm offers several ways to the users for adding and withdrawing their money. Some of the payment options include – Skrill, Neteller, Bitcoin, bank transfers, bank credit/debit cards, and many more. 

Also, the traders’ withdrawal request can take up to 3 days to process while the deposit shall be processed within 10 minutes.

There is no charge on adding or taking out the money but make sure the bank doesn’t cut anything. There is no minimum deposit requirement; one can start as low as $5. However, it applies to some accounts, while some professional accounts might require more minimum balance. 

Tools

Hotforex takes the lead in trading tools too. There is a range of tools which users can use on their charts and make better decisions. Some of the tools are market analysers, news and their examiners, market commentary, sentiment predictor, and many more. 

Customer Service: The Hotforex broker customer support team is responsive and intelligent. One can contact the broker via the websites’ live chat, email support, or telephone. The trader can also fill the contact form if they want a call back from them. The team works hard from Monday to Friday, 24 hours.

The user can also contact them on their social media accounts like Facebook and Twitter. There is also a dedicated frequently asked questions (FAQ) section for your frequent questions.

The teams’ assistant was polite and aware of the company’s details. The connection time was less than a minute. 

Bonus

There is a dedicated page for ‘Hotforex broker offers‘ on the website. Users can easily navigate to the bonus and promotion portal and choose among the full range of offers. HotForex facilitates giveaways of gadgets, T-shirts, and caps, as well as hosts several contests and events. The customers can participate and if lucky, can win lots of exciting prizes too. 

Additionally, there is a 100% supercharged bonus where for every 250 dollar deposit, a user could get $2. Note that there are many other offers on the website too, one can go and check all of them there.

Rounding Up – HotForex Broker Review

HotForex is a global and multi-regulated trading company, and thus, is entirely safe to trade. It is licensed with top tier financial bodies of the world and works under their judiciary. The company has some useful features like no commission, high leverage, and no minimum deposit amount. But at the same time, it has a scope of improvement in the following areas: number of financial instruments and educational portal. 

Note that the broker is a many time award winner for its services. 

Again, the question comes – Should you trade with them? We don’t know! The decision is entirely upon you and should be based on your requirements and expectations. 

However, are they worth trying? Yes!

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