HotForex – Forex Broker Review in 2020

>> Go to HotForex website

Pros, Cons, and Conclusion of Review – HotForex

Pros of HotForex

• Already obtained a global reputation and reliability through operation since 2010, more than 1.5 million live accounts, over 35 industry awards
• Based on three types of account types, HotForex covers wide range of clients from beginner to experienced traders
• Extremely wide range of trading instruments including crypto-currency, stocks, and bonds
• Variety of promotions other than bonus, such as royalty program
• Extremely high leverage “1:1000″ for micro account
• Reliable Tier1 licenses
• Full set of security measures of clients’ fund

Cons of HotForex

• Account currency is limited to compare with other competitive brokers
• Bonus promotions are limited

Conclusion of HotForex

Company profile and license

HotForex (https://www.hotforex.com/) has been in operation since 2010 and has already obtained a global reputation. They already have more than 1.5 million live accounts, more than 200 employees globally, over 35 industry awards, more than 27 supported languages.

HotForex and HF Markets are unified brand names of the HF Markets Group as follows.

HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
HF Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.
HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
HF Markets Ltd regulated by the Financial Services Commission (FSC) of the Republic of Mauritius, category 1 Global Business No. C110008214 License | Company Reg. No. 094286/GBL.
HF Markets SA (PTY) Ltd is an authorized Financial Service Provider from the Financial Sector Conduct Authority (FSCA) in South Africa, with authorization number 46632.
HF Markets (Seychelles) Ltd is regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer’s License number SD015.

Trading Condition

Account Type

HotForex offers 6 types of Accounts (“Micro”, “Premium”, “Zero Spread”, “Auto”, “PAMM (Premium)”, “HFCopy”.)
In this column, we will introduce 3 major accounts, “Micro”, “Premium”, and “Zero Spread”.

Other three accounts have special  features as “Social trading”.
“Auto” account is related subscription of trading signals from the MQL5.
“PAMM” account is Percentage Allocation Management Module.
“HFCopy” account is for both Strategy Providers (SPs) and Followers who have joined HFCopy.

Micro
This account is designed for traders new to the forex market and those trading smaller volumes, the account allows investors to trade smaller trade sizes and open an account with a lower initial deposit. It offers all MetaTrader 4, MetaTrader 5 platforms.

Premium
The account accommodates experienced retail traders. A key feature is the flexibility in position sizing. The limit for a single trade size is 60 lots. There is a minimum trade size of 0.01 lot and the trade size increment remains flexible at 0.01. The account uses the MetaTrader4, MetaTrader 5 platforms as well as the Webtrader and any of the available mobile trading platforms.

Zero
With a minimum opening deposit of just USD 200, this account is an accessible, low-cost trading solution that is suitable for all traders, but is particularly useful for scalpers, high-volume traders and those who trade with Expert Advisors (EAs). At this account clients will receive raw super-tight spreads from leading liquidity providers with no hidden markups. The account offers a highly transparent commission-based structure and commissions start at a USD 0.03 per 1K lot.

Which forex broker is the best for social trading?

Social trading, copy trading, and mirror trading are effective, sophisticated, and low-cost. We recommend HotForex as best forex broker for social trading. HotForex offer “Auto" account related to subscription of trading signals from the MQL5, “PAMM” account which is Percentage Allocation Management Module, and “HFCopy” account which is for both Strategy Providers (SPs) and Followers who have joined HFCopy.

crypto-currency.xyz

16.08.2020

Trading Instruments

Forex: 50 currency pairs

Stock Indices Spot :11 items,  AUS200, FRA40, GER30, JPN225, NETH25, SPA35, SUI20, UK100, USA100, USA30, USA500.S
Stock Indices Future : 12 items, EU50.F, FRA40.F, GER30.F, JP225.F, N25.F, SUI20.F, UK100.F, US100.F, US30.F, US500.F USDIndex, VIX.F
Share : 56 items

Metals Spot : 6 items, Palladium, Platinum, XAGEUR, XAGUSD, XAUEUR, XAUUSD
Energies Spot : 3 items, NGAS.S, UKOIL.S, USOIL.S,
Energies Futures : 2 items, UKOIL, USOIL
Soft Commodities Futures: 5 items Cocoa, Coffee, Copper, Cotton, Sugar

Cryptocurrencies : 12 items
Bonds : 3 items
DMA (Direct Market Access) Stocks (MT5) : 961 items
USA(NYSE and NASDAQ), UK, Netherlands, Germany, Ireland, Spain, France

ETF : 34 items
BETZ (Roundhill Sports Betting & iGaming ETF)
EPP (ISHARES MSCI PACIFIC EX JAPAN ETF)
ESPO (VanEck Vectors Video Gaming and eSports ETF)
EWW (ISHARES MSCI MEXICO CAPPED ETF)
FXY (Invesco CurrencyShares Japanese Yen Trust)
GLD (SPDR Gold Shares)
HERO (Global X Video games & Esports ETF)
ITA (iShares US Aerospace & Defense ETF)
IWB (iShares Russell 1000 ETF)
IXJ (iShares Global HealthCare ETF)
IXN (iShares Global Tech ETF)
IXP (iShares Global Comm Services ETF)
JETS (US Global Jets ETF)
LQD (iShares iBoxx $ Inv Grade Corporate Bond ETF)
NERD (Roundhill BITKRAFT Esports & Digital Entmt ETF)
PBS (Invesco Dynamic Media ETF)
PJP (Invesco Dynamic Pharmaceuticals ETF)
QQQ (Invesco QQQ Trust Series 1)
REM (iShares Mortgage Real Estate ETF)
RWO (SPDR Dow Jones Global Real Estate ETF)
SPY (SPDR S&P 500 ETF)
USO (United States Oil ETF)
VXUS (Vanguard Total International Stock Index Fund)
XLB (Materials Select Sector SPDR Fund)
XLE (Energy Select Sector SPDR Fund)
XLF (Financial Select Sector SPDR Fund)
XLK (Technology Select Sector SPDR Fund)
XLP (Consumer Staples Select Sector SPDR Fund)
XLU (Utilities Select Sector SPDR Fund)
XLV (Health Care Select Sector SPDR Fund)
XLY (Consumer Discretionary Sector SPDR Fund)
XME (SPDR S&P Metals & Mining ETF)
YCL (ProShares Ultra Yen)
YCS (ProShares UltraShort Yen)

Which forex broker is the best for trading stocks and ETFs?

HotForex offers variety of CFD on stocks (56 items) and ETFs (34 items). In addition, HotForex has recently launched new service of "CFDs on DMA Stocks" (961 items). We recommend HotForex as your broker to trade not only forex but also stocks and ETFs.

crypto-currency.xyz

17.08.2020

Spread

HotForex discloses typical spread in pips (Leverage 1:1000 = Micro account) on the official website. In addition, HotForex FX discloses “real time spread” on the official website.

Micro account
Typical Spreads and swap points of FX major currency pairs as follows.

Zero Spread account
On the other hand, Spread of Zero Spread is narrower, with commission in addition.
Commission: 3USD per lot (6USD per round tuen lot)

Trading platform

Customers can choose from the MetaTrader 4 and 5 on PC or Mac, mobile trading apps for Apple iPhone and Android phone, tablet apps for Apple iPad and Android tablet.
Both MT4 and MT5 for each device can be downloaded from HotForex official website for free.

Deposit and withdrawal methods

HotForex allows deposit methods as follows. HotForex does not apply any deposit fees
Wire Transfer
Credit card deposit (VISA/Master/UnionPay)
Online Payment Options (bitpay, Cryptocurrencies, fasapay, Neteller, Skrill, Vload, WebMoney)
Local Deposit / Bank Transfer

HotForex allows withdrawal methods as follows.
Wire Transfer
Credit card deposit (VISA/Master/UnionPay)
Online Payment Options (bitpay, Cryptocurrencies, fasapay, Neteller, Skrill, Vload, WebMoney)
Local Deposit / Bank Transfer

Leverage

HotForex allows leverage as follows.
1:1000 Nano account (May be adjusted in case equity > $300,000)
1:500 Premium account (May be adjusted in case equity > $300,000)
1:500 Zero Spread account

Margin call and Stop out

For Micro account, Margin call revel is 40%, and Stop out level is 10%.
For both Premium and Zero Spread accounts, Margin call revel is 50%, and Stop out level is 20%.

Brokerage Model

HotForex adopts NDD (Non-Dealing Desk). Micro account and Premium account are based on STP, market execution. Zero Spread account is based on ECN

Whether scalping is possible or not

HotForex allows scalping and using automated trading tools called EA on MT4 or MT5.

Promotions

Loyalty program

HotForex offers loyalty program. Client can earn HotForex Bars according to the number of transactions.

Hot to use Forex Bar

Client can convert 1000 HotForex Bars into cash.
1 USD for 35 HotForex Bars.
AutoChartist subscription for 1 month at 150 HotForex bars
1 month access to Silver VPS with 1100 HotForex bars
One hour private session with HotForex market analysts at 2500 HotForex Bars
3 months access to Silver VPS with 3100 HotForex Bars

Bonus

HotForex offers two types of bonus as follows.

HF Rebates

• Daily CASH rebates direct to client’s account
• All qualifying positions of 0.1 lots or more
• Generated for Forex and Gold trades
• Maximum cumulative rebates USD 8,000
• Automatically triggered and calculated
• Cash available for trading or withdrawal

30%Rescue Bonus

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

Contests

HotForex offers variety of contests.

For example, as “10th Anniversary Promotion $2,000,000 in cash prizes”, HotForex offers ultimate performance reward. All clients and partners eligible to participate.

And each month, the trader with the greatest gain will win USD1,000 Cash Prize and entry into the HotForex Hall of Fame for showing exceptional trading skills. Plus, the Top 10 traders will be featured on the HotForex Traders Awards page.

In detail, please refer to HotForex official website.

Security of Clients’ Funds

As for security of clients’ fund, HotForex keeps several measures as follows.

Insurance

The Company has made further efforts to safeguard its liabilities against Clients and other third parties with a Civil Liability insurance program for a limit of €5,000,000, which includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.

Financial safety

On the official website, HotForex describes as follows.
Client funds’ security has been a part of HotForex philosophy alongside unmatched trading conditions and customer support. With global recognition for excellence, a solid reputation, and multi-award-winning services, our clients are assured that their funds are held securely.

Accounts with major banks

HotForex uses only major global banks. The strength and international standing of the HotForex brand enables the company to provide liquidity through major banks.

Segregation of funds

Clients’ funds are received into bank accounts separate from those used by the company. These funds are off the balance sheet and cannot be used to pay back creditors in the unlikely event of the default of the Company.

Negative balance protection

Volatility often occurs in the market. HotForex policy of negative balance protection means that even under highly volatile conditions when margin calls and stop out do not function correctly, no client is responsible for paying back a negative balance.

Risk management

The Company continually identifies, assesses, and monitors each type of risk associated with its operations. This means assessing on a continuous basis the effectiveness of the policies, arrangements, and procedures in place which allow the company to easily be able to cover its financial needs and capital requirement at any time.

Other Points

Award Winning

HotForex has won so many awards as follows. Those awards guarantee reliability and quality of HotForex even more.

• DECADE OF EXCELLENCE FOREX BROKERAGE ASIA 2020 (GLOBAL BANKING & FINANCE REVIEW TOP 100 COMPANIES (WORLD FINANCE MAGAZINE)
• MOST TRANSPARENT BROKER (THE EUROPEAN – GLOBAL BANKING & FINANCE REVIEW AWARDS)
• BEST CLIENT SERVICES – GLOBAL 2020 (CAPITAL FINANCE INTERNATIONAL MAGAZINE (CFI.CO))
• BEST CLIENT FUNDS SECURITY GLOBAL (GLOBAL BRANDS MAGAZINE)
• BEST FOREX CUSTOMER SERVICE PROVIDER LATIN AMERICA (GLOBAL BANKING & FINANCE REVIEW AWARDS)
• BEYOND SUCCESS AWARD (WORLD CONFEDERATION OF BUSINESS)
• BEST PARTNERS PROGRAM MIDDLE EAST (EGYPT INVESTMENT EXPO 2019)
• BEST GLOBAL FOREX COPY TRADING PLATFORM (GLOBAL FOREX AWARDS 2019)
• FASTEST GROWING FOREX BROKER MENA 2019 (INTERNATIONAL BUSINESS MAGAZINE)
• BEST FOREX BROKER ASIA 2019 (INTERNATIONAL BUSINESS MAGAZINE)
• BEST FOREX & COMMODITIES BROKER – LATIN AMERICA (INTERNATIONAL FINANCE AWARDS 2019)
• BEST FOREX AFFILIATE PROGRAM 2019 (INTERNATIONAL FINANCE AWARDS 2019)
• BEST FOREX MOBILE APPLICATION (FOREX AWARDS)
• MOST RELIABLE ONLINE TRADING PLATFORM 2019 (INTERNATIONAL BUSINESS MAGAZINE)
• BEST FOREX BROKER LATIN AMERICA 2018 (INTERNATIONAL BUSINESS MAGAZINE)
• BEST GLOBAL FOREX TRADING EDUCATION PROVIDER 2018 (GLOBAL BRANDS MAGAZINE)
• THE BIZZ 2017 PEAK OF SUCCESS (WORLD CONFEDERATION OF BUSINESSES)
• BEST NEW FOREX BROKER SOUTH AFRICA 2016 (GLOBAL BANKING & FINANCE REVIEW AWARDS)
• BEST FOREX NEWS & ANALYSIS PROVIDER 2016 (MENA DUBAI FX SHOW)
• BEST FOREX BROKER MIDDLE EAST 2016 (17TH MENA FFXPO)
• BEST CUSTOMER SERVICE 2015 (EUROPEAN CEO AWARDS)
• BEST CLIENT FUNDS (MENA DUBAI FX SHOW)
• BUSINESS EXCELLENCE 2015 (WORLD CONFEDERATION OF BUSINESSES (WORLDCOB))
• BEST FX ONLINE BROKER 2015 (NEW EUROPE MAGAZINE)
• BEST CLIENT FUND SECURITY 2014 (GLOBAL FINANCIAL MARKET)
• BEST FOREX BROKER WESTERN EUROPE (IAIR AWARDS)
• BEST FOREX BROKER IN CHINA 2013 (CIOT EXPO)
• BEST ONLINE BROKER ASIA 2013 (WORLD FINANCE MAGAZINE)
• BEST INTRODUCING BROKER PROGRAM 2013 (INTERNATIONAL FINANCE MAGAZINE)
• BEST FOREX BROKER IN THE GULF 2013 (MENA DUBAI FX SHOW)
• BEST FOREX AFFILIATE PROGRAM 2013 WESTERN EUROPE (GLOBAL BANKING AND FINANCE)
• BEST ONLINE BROKER EASTERN EUROPE (WORLD FINANCE MAGAZINE)
• BEST ONLINE BROKER IN ASIA 2012 (WORLD FINANCE MAGAZINE)
• BEST FX ONLINE BROKER 2012 (NEW EUROPE MAGAZINE)
• ATOZ FOREX APPROVED BROKER (ATOZ FOREX)
• BEST FOREX AFFILIATE PROGRAM 2012 (GLOBAL BANKING AND FINANCE)

Customer Support

Not only email, customer can use Live Chat 24/5 for any questions or concerns.