Investing > HotForex Review

HotForex Review

HotForex has a solid reputation, but does that mean it has everything you're looking for?

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Reviewed by
Updated January 06, 2022

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Wondering if forex trading can help you recover from COVID-19-related hardships? Maybe you’re just bored at home and looking to capitalize on a volatile market?

In recent years, the lack of volatility in the forex market caused trading volume to wane. Basically, it was too boring! Today, COVID-19 has turned the industry upside down. Ironically, it has actually re-energized the forex market.

There has been an upsurge in the amount of people Googling the search term “online forex trading,” since the virus hit globally. While some are using the lockdown period to binge-watch Netflix, other more savvy people are using their time to learn more about forex and capitalize on a volatile market.

Of course, where there is opportunity to make money there will be scams. This means that you must do your due diligence to find a reputable broker, first and foremost. After that, the choice is yours.

In this guide, we’ll take you through the key points of HotForex; its reputation, how much you’ll pay, and its platforms. Depending on your trading needs, this broker might be just for you.

HotForex is a brokerage that boasts an advanced trading platform, multiple pricing options, and account types, as well as competitive fees along with spreads that average 0.1 for the EUR/USD currency pair.

Fast Facts

  • Regulation: Fully regulated
  • Minimum deposit: $5
  • Demo account: Yes
  • Asset coverage: Forex and CFDs
  • Best for: All levels of forex traders

Ratings

  • Commissions & Fees: 8/10
  • Investment selection: 8/10
  • Account options & Features: 8/10
  • Usability: 8/10
  • Educational Resources: 9/10
  • Customer Service: 7/10
  • Overall: 8/10
Visit HotForex on HotForex’s website

Investor Warning: Trading Leveraged Products such as forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. 

What is HotForex? 📙

Looking for a reliable and effective forex broker to help make your trading moves count? HotForex is a meta-trader only broker that offers forex and Commodities through a range of six different account types.

This broker offers tight spreads that average EUR USD 0.1. Traders of any size or profile can happily access unrestricted liquidity and choose between numerous spreads and liquidity providers. HotForex provides a range of research tools suitable for all strategy types.

Where is HotForex Based? 👇

Positioned as a leading Forex brokers HotForex was founded in 2010 and is based in Cyprus. It serves multiple other regions too, like South Africa, Dubai and some offshore entities in the Grenadines and St. Vincent.

Overview & Summary

HotForex most important aspects:

  1. Founded in 2010 and based in Cyprus, HotForex is also regulated in South Africa, England, Dubai, and more.
  2. HotForex offers traders the MT4 and MT5 suite with an additional optional 12 tool package called Premium Trader Tools.
  3.  Clients will gain access to over 100 securities, though there are some limitations; for example, crypto CFDs cannot be traded on weekends.
  4. The diverse range of six account types make HotForex suitable for traders of all levels.
  5. Fees are transparent and easy to follow, and are based on the account type chosen. Make sure to understand the terms of each account type before signing in.

Can I Trust HotForex? 🕵️‍♂️

Numbers & Awards 🏆

Let’s talk trust. HotForex doesn’t play about when it comes to proving its trustworthiness. The broker’s official figures and numbers speak volumes. With over 500,000 HotForex live accounts, HotForex has a notable user base.

To take things a step further, HotForex customers seem happy with their experience with the broker.

Where is HotForex Regulated? 🛡

HotForex is authorized and regulated by CySEC, the regulatory authority in Cyprus. As well as some of the other top-tier regulators like Financial Services Authority (Seychelles), Dubai Financial Services Authority (DFSA), and Financial Conduct Authority (FCA). It also boasts numerous cross border licenses, proving its trustworthiness in not just Europe but the U.S., too. 

Simply put, HotForex is well established and highly regulated in both the U.S. and the EU, and follows all the measures and controls needed to ensure the safety of its clients’ money.

🇬🇧 Quick Tip: If you’re in the UK, you might want to look at the top forex brokers in the UK to get a better idea of all available options.

Is HotForex Regulated in South Africa? 🌍

Yes, HotForex is fully regulated in South Africa among several other jurisdictions. These include the Financial Sector Conduct Authority (FSCA) of South Africa: It has held an FSCA licence with the number 46632 since 2016.

Pros

  • Known for its effective technology
  • Fully regulated by the financial investment commission ASIC, the FCA and CySEC.
  • One of the widest range of forex and Commodities on the market
  • Multiple industry awards 
  • Low fees

Cons

  • Forex and CFD products only

All-in-All: Is HotForex Legit? ❓

With all its touting of awards and numbers, is HotForex really as legit as it seems? On top of holding a regulatory license from its base jurisdiction in Cyprus, the broker is regulated in South Africa, England, Dubai and more. 

The broker is not regulated in Australia, though there are some high quality forex brokers in Australia to consider. In short, overall yes: All of this points in the direction of a safe and legitimate broker.

HotForex Fees Explained 💰

  • ☑️ Hotforex fees are based on a variable spread
  • ☑️ No commission charge 
  • ☑️ Fees starting at 0 pips

How much will HotForex cost you? When it comes to trading fees, HotForex has a tight spread offering, as well as some of the more appealing spread opportunities out there. It also offers access to spreads starting from 0 pips. Understanding the basics of forex trading, especially how fees work, is imperative to your success in the forex market.

Traders can choose from six account types, ranging from Micro to Premium, along with accounts with fixed spreads, and one that focuses on copy trading. According to our sources, it’s most likely that the Zero and Fixed accounts are the most popular.

With the Zero account, typical spreads are EUR/USD 0.3 which come with a commission of about 0.6 pips per trade, bringing fees to a total of 0.9 pips.

HotForex Compared

Fees
Average spread EUR/USD standard

1.2

0.69

All-in cost EUR/USD - active

0.9

0.86

Minimum initial deposit

$50

$200.00

General
Total currency pairs

49

62

Demo account?
Social / copy trading?
Rating
Fees
Average spread EUR/USD standard

0.69

N/A

All-in cost EUR/USD - active

0.86

N/A

Minimum initial deposit

$200.00

$0

General
Total currency pairs

62

105

Demo account?
Social / copy trading?
Rating
Fees

Average spread EUR/USD standard

1.2

0.69

N/A

All-in cost EUR/USD - active

0.9

0.86

N/A

Minimum initial deposit

$50

$200.00

$0

General

Total currency pairs

49

62

105

Demo account?

Social / copy trading?

⚡️ Important note: Make sure you understand any additional non-trading charges and fees for deposits and withdrawals. We’ll go through this in more detail later.

What Commodities Does HotForex Offer? 🤔 

COVID-19 is having a major impact on the forex market. Mainly, it has created opportunities for investors to regain income lost through layoffs or forced lockdowns. To help you take advantage of this, HotForex offers a wide range of commodities and indices. 

  • ☑️ Major forex pairs
  • ☑️ Minor forex pairs
  • ☑️Exotic forex pairs 
  • ☑️ Cryptocurrency
  • ☑️ Metals 
  • ☑️ Energies
  • ☑️ Agricultural
  • ☑️ ndex and Stock CFDs
  • ☑️ UK shares
  • ☑️ U.S. shares
  • ☑️ German shares

HotForex Leverage ⚖️

When trading through HotForex you will gain access to either a fixed or floating leverage which can be of great help, especially to smaller traders. But it’s important to understand the risks that leverage brings: the higher the leverage, the bigger the risk.

Various leverage levels are offered starting from a “modest” leverage (defined by EU regulations) up to very high ratios.

Non-Trading Fees 💸

On top of this, you will be charged an inactivity fee after six months or more of no trading. After this, your account will be charged about $5 per month. Despite this, you won’t pay any withdrawal fees. 

Trading Platforms to Suit All Levels 🖥

With HotForex’s trading platforms, you’ll be happy to find the following:

  • ☑️ Customer friendly design
  • ☑️ Advanced range of tools
  • ☑️ Automated trading 
  • ☑️ Clear charting 
  • ☑️ No restrictions on strategies

First things first, traders can use HotForex’ award-winning MT4 Platform, as well as the newer MT5 platform. These platforms are suitable for both beginner and more advanced traders due to their one-click trading ability and the numerous tools they bring to the table, along with access to institutional quality technology.

Hotforex Trading Platform
HotForex offers a top-tier trading platform which is accessible from nearly any device.

The desktop platform supports Expert Advisors (automated trading systems) through the MQL5 signals community.

Premium Trader Tools 🛠

While MT4 and MT5 are the standard, HotForex provides Premium Trader Tools, another optional suite of trader tools. The highlights of this 12 tool package include:

  • ☑️ The Trade Terminal – For more advanced order execution
  • ☑️ Alarm Manager – For alerts
  • ☑️ Connect – For news
  • ☑️Additional technical indicators – Pivot points, Renko bars, and order history

WebTrading Platform 🌐

The web trading MT4 and MT4 platforms can be used in various versions to suit your individual trading needs and to make your trading more efficient through WebTerminal, the desktop platform. Traders can also use MT4 MultiTerminal which gives access to several accounts simultaneously.

HotForex Webtrading Platform
The HotForex web trading platform offers advanced capabilities and a customer friendly design.

All together, this comes to a complete range of more than 12 platforms that are powered with quick execution, with built in tools and available for all instruments offered.

Mobile Trading Platform 📱

Traders on-the-go can utilize the HotForex mobile trading app. The mobile app is popular for its advanced trading capabilities and interactive charts with nearly the same productivity as the web platforms.

A cool 30 technical indicators and 24 analytical objects will no doubt make your day-to-day trading that bit easier.

HotForex Mobile App
Traders on-the-go will appreciate the brokers advanced trading app.

With the new world of social “forex” trading, forex is merged with multi level marketing. Here, people can trade currency, while doing some “network marketing” on the side and get paid to bring in new accounts. All you need: A phone and an app.

This community of forex traders share success stories, opportunities, and local meetups across the U.S. to try and persuade people to sign up.

To do this safely, simply find a registered broker and understand how the forex broker makes money — precisely how this process occurs says a lot about their incentives.

🖊️ Something to note: If trading on the go is what you seek, look particularly for brokers with the most advanced forex trading apps.

How Does HotForex Make Money? 💰

So, let’s go through how HotForex makes money. The broker earns its money from the commissions and spreads charged across all asset classes. A VPS hosting fee is also charged if the required minimum deposits are not met – and that’s all there is to it!

Does HotForex Allow Scalping? 🧐

Yes, HotForex does allow scalping and does not place any restrictions on strategies. However, make sure to check the terms and conditions before starting because different entities and regulations might enforce some conditions.

HotForex Fees Won’t Catch You by Surprise 🌟

HotForex fees are transparent with the only charge being a variable spread. There is no fixed spread offered. You won’t get charged any additional fees or commission, making it quite seamless to calculate your position.

Commissions and spreads are based on the account type you choose. The zero account offers traders a cosy 0 fee with average spreads from 0.2, in most cases. Micro account spreads start from 1 pip. 

That said, the difference between these costs take into account the margin requirements, which go up two-fold if you decide to trade with a 0 spread. For this reason, make sure to confirm the conditions of your count in detail before signing in.

While typical spreads are listed across the different account types, HotForex fails to show a date range for its data. An average spread for each period would be appreciated because it is a bit of a headache trying to quantify a zero variable spread. That said, typical spreads are listed for the other related account offerings.

Customer Support in 27 Languages 🌎

Another aspect of HotForex that its clients appreciate is its Customer Support. The broker speeds ahead of its competitors in this area by offering support in an impressive 27 languages. HotForex maintains a consistent level of positive reviews due to its knowledgeable customer support team and additional materials to help excel your trading technique.

Research & Education 📚

In the forex market, there are crucial aspects of forex brokers that you need to be on the lookout for. A part of their appeal is the dedication given to helping traders elevate their knowledge, and their research skills. 

With HotForex, this proves to be true. For education, the broker puts a focus on the African and Asian regions, allowing traders to improve their forex experience, and their results.

HotForex will elevate its clients’ understanding of investing through its video tutorials, live webinars, daily analysis, and market outlooks, in conjunction with a news feed to give you a leg up in all areas of your trading.

HotForex Education
HotForex provides a number of helpful resources for all traders, both new and experienced.

When it comes to research, HotForex aims to give its clients strategies an edge through its analytical and research tools. The broker provides research and trading tools that incorporate content from third-party providers coupled with its in-house staff. Overall, the research coheres to the industry standard.

In addition, traders can use the VPS hosting offered, while those who make a deposit of $5,000 or more can benefit from free VPS packages.

6 Diverse Trading Accounts 🗃

If you choose to open an account with HotForex you’ll be pleasantly surprised by the range of account options which enable you to create a tailored trading experience through a choice of 6 different accounts, each with their own specific requirements.

From the start of your journey, you can learn more about the current trading environment through the HotForex Demo Account.

HotForex Account Types 📂

Let’s delve a bit more into the account types. HotForex offers a Micro, Premium and Zero spread, AUTO, HFCOPY and PAMM Premium Accounts, along with an Islamic account from the MENA region and beyond.

💡 Important note: HotForex offers a copy trading account, which is particularly attractive to less-active traders.

Each account brings its own unique possibilities for your strategy, while giving you the capabilities to make your own way in the trading world. The possibilities range from the option to trade micro lots, to a specific copy trading account, and a Masker account.

HotForex Demo Account ⏳

Traders can utilize the HotForex demo account to help get a better sense of the moody trading environment.

How Do I Open a Demo Account? 👷‍♂️

There are three steps to opening a demo account with HotForex:

  1. Visit the HotForex Demo account page to sign in.
  2. New customers will be asked to enter some personal data, like first and last name, email and country of residence.
  3. Once you have filled in the required information, your account should be approved right away, where you will be given access to the new demo account.

Deposit Methods 💰

To make account funding easier, HotForex enables traders to make deposits or withdrawals in over 14 ways. These include:

  • ☑️ Major credit and debit cards.
  • ☑️ Most e-wallets, including Cryptocurrency transfer, and more.
  • ☑️ Wire transfers and domestic transfers in some regions.

How Do I Deposit Money on HotForex? 💷

To make a deposit you just need to choose your selected payment provider preference, and the one that’s accessible in your region and proceed with the payment. Your deposit will be processed and available within 24 hours during the working week.

What’s the Minimum Deposit with HotForex? 💵

In general, the minimum deposit to open a HotForex account is just $5, though this will be based on your chosen method of payment.

HotForex Withdrawals Explained 💳

Firstly, HotForex doesn’t charge any withdrawal fee. With a wire transfer, however, a fee might be incurred depending on individual bank and international policies.

How Do I Withdraw Money from HotForex? 💶

To make a withdrawal, go to the myHF area on your account and make a withdrawal request. The process normally takes one to five business days to process depending on the method of payment chosen. For Skrill and Neteller, specifically, it takes about 24 to 48 business hours. For Bitcoin by Bitpay, withdrawals take about 24 business hours to process.

Does HotForex Accept Bitcoin? 🪙

Yes, HotForex accepts Bitcoin. Also, the broker facilitates trades via BTC/USD and BTC/EUR.

Where HotForex Could Improve 👨‍🔧

HotForex is a MetaTrader-only broker. The broker offers only a small range of markets in comparison to other leading multi-asset brokers.

It is worth highlighting that HotForex continues to increment its offering with smaller improvements overall, which helps balance its otherwise diverse offering. If you would like a wider offering, check out some other leading forex brokers in the industry.

How Has COVID-19 Impacted the Forex Market? 📈

Ironically, COVID-19 has acted as a kind of savior to the forex market. Yes, it has been a disaster for most sectors, but it has completely reenergized the forex market. As the saying goes, chaos breeds opportunity. 

The logic is that the lack of volatility in the forex market over the past few years has meant less opportunity to capitalize on it. This has caused a decrease in trading volumes. It’s been, for lack of a better word – boring!

When you look at yearly trends, however, it’s easy to see a sudden upsurge in searches for forex starting right around the time that COVID-19 started gaining attention. What happened exactly? 

The bottom line is that forced lockdowns and rising unemployment left people turning towards alternative ways to spend their time and/or to try and make an income. While some of us turned to 8 week yoga courses or Netflix binging, others decided it was a good time to start learning more about the forex market.

Forex trading is an accessible way to earn income, which benefits brokers and the wider industry. However, as the former Fed Reserve Chief Uncle Ben said, “with great chaos comes opportunity!” And what he meant is this: when there is uncertainty, our fundamental influences shift, creating increased volatility for those savvy enough to monetize.

The Bottom Line 🚩

If you’re still unsure whether to invest in forex or not, there are some key aspects every beginner should know. Firstly, forex is full of potential to earn money if you know what you’re doing. To avoid the catch 22, you will need a broker that can guide you along the way. 

The forex market is accessible, it’s open 24 hours, and it’s profitable. That said, you must do your due diligence if you want to be successful. Because making money is appealing to a lot of people, there are forex broker scams out there.

HotForex is reliable, trustworthy, and suitable for all levels. But maybe your individual needs would suit IG Group’s impressive educational material, or Oanda’s easy-to-use trading platform better? The only way to find out is to check them out!

HotForex: FAQs

  • Does HotForex Offer a Bonus?

    Yes, HotForex offers a bonus. Traders can benefit from a 100% credit bonus offering an increased leverage for trading.

  • Does Hotforex Offer a Metatrader Trading Platform?

    Yes, HotForex offers a MetaTrader trading platform. The broker provides both the MT4 and MT5 platform in a desktop, mobile, and table versions, as well as a web based platform.

  • How Do I Apply for a Hotforex Mastercard?

    You can apply for a HotForex MasterCard or find out some more details by visiting the HotForex website or contacting the customer service team.

  • What is the Minimum Low Size at Hot Forex?

    HotForex requires a minimum lot size of 0.01 for standard lots for currency pairs.

  • What is the Maximum Leverage Offered by Hotforex?

    The maximum leverage offered by HotForex is 1:30 with all accounts. The one exception is the Hot Forex Premium Pro Account where traders can access leverage of up to 1:400.

  • How Do I Open a Hotforex Account?

    To open an account with HotForex traders just need to fill out a digital online application form. If you’re a beginner, do some research on the most beginner-friendly Forex brokers for beginners, in particular.

  • When is a Margin Call Issued at Hotforex?

    HotForex issues a margin call once an account reaches an 80% Equity-to-Margin ratio. The one exception is the Hot Forex Premium Pro Account which issues a margin call at a 50% Equity-to-call ratio.

HotForex and the Competition

See how HotForex compares to the leading Forex brokers by reading one of the reviews below.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.

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