Should You Trust HotForex? We Give You The Verdict In This Detailed HotForex Review
HotForex is a Forex broker that is dedicated to increasing its market exposure by offering amazing products and services that are designed with the trader in mind. HotForex has been on a great upward trajectory ever since it opened its business to Forex traders back in 2008, and the broker is currently one of the widely popular Forex companies in the market. Many factors can be attributed to the success enjoyed by HotForex, but no one can overlook the fact that the broker has tirelessly committed itself to being the best FX broker in the entire retail trading industry. Our professional HotForex broker review is compiled with the intention of finding more about the broker’s trading features and other aspects such as HotForex trading platforms, account options, and security of funds.
HotForex has been the subject of a few controversies, especially when it became public that the company has been outsourcing some parts of its brokerage operations to third-party companies. HotForex is headquartered in St. Vincent & The Grenadines, where unsurprisingly, there is a lack of proper regulatory organization that takes care of the customers. On the other hand, HotForex is also regulated by the CySEC, which comes directly under the European MiFID and is accompanied by a wide variety of laws and guidelines that are issued to Forex trading companies for maintaining the integrity of the European financial markets. HotForex was recently penalized by the CySEC for a wide range of issues related to customer service, questionable maintenance of client records, and misrepresentation of risk-facts. Nevertheless, once HotForex paid off its penalties, the company has created a better structure that satisfies all necessary regulatory guidelines for increased investor protection.
HotForex Spreads & Trading Information
HotForex has different product offerings that are distinctly aimed at all categories of traders in the market. For small retail traders, HotForex offers a micro account that comes with a minimum deposit of $5 and a maximum HotForex leverage of 1:1000. The Micro account is the smallest account option for retail traders, which provides market maker conditions and spreads starting from 1 pip. The broker also offers an ECN account for a beginning deposit of $100, where the HotForex spreads start from 0 pips at the expense of a commission. In total, there are eight different types of accounts that have varying minimum deposit requirements and trading conditions. Here is a rundown of the basic facts of the different HotForex trading accounts:
EU clients:
- Micro Account: $50 deposit, 1:500 leverage, spreads from 1 pip
- Premium Account: $500 deposit, 1:400 leverage, spreads from 1 pip
- Zero Account: $100 deposit, 1:200 leverage, spread from 0 pip
- Fixed Account: $500 deposit, 1:400 leverage, fixed spread
- VIP Account: $20,000 deposit, 1:300 leverage, spreads from 0.2 pips
- Auto Account: $500 deposit, 1:400 leverage, spread from 1 pip
Non-European clients:
- Micro Account: $5 deposit, 1:1000 leverage, spreads from 1 pip
- Premium Account: $500 deposit, 1:400 leverage, spreads from 1 pip
- Zero Account: $100 deposit, 1:200 leverage, spread from 0 pip
- Fixed Account: $500 deposit, 1:400 leverage, fixed spread
- VIP Account: $20,000 deposit, 1:300 leverage, spreads from 0.2 pips
- Auto Account: $500 deposit, 1:400 leverage, spread from 1 pip
- PAMM Account: $250 deposit, 1:300 leverage, spread from 1 pip
European clients cannot receive Bonuses and apply for the PAMM account.
It can be pretty difficult for a beginner trader to make a choice from the wide variety of HotForex trading accounts. It may seem confusing at first, but the broker should be commended for offering different types of accounts to suit individual trader requirements.
- Website: www.hfeu.com
- Support: +357-24-400165
- Leverage: 1:1000
- Min. Deposit: $50
- Spreads: from 0.1 pips
- MacWindowsAndroidLinux
Advantages
- 8 Trading Platforms
- 100+ Trading Products
- 7 Account Types
- 17 Trading Tools
Disadvantages
- Market Maker
- No US Clients
Deposit Options, HotForex Bonus & Trading Platforms
Traders can deposit money into their HotForex trading accounts through Credit/Debit cards, Skrill, Neteller, UnionPay, WebMoney, FasPay, and Wire transfer. The company does promise to offer 0% fee on all deposits, which essentially means that the broker will cover all expenses incurred while making a deposit. Traders can also receive a HotForex bonus that matches up to 100% of the deposit amount, but you should be careful while accepting this bonus, as the broker stipulates several trading conditions before the bonus or the profits can be withdrawn from the account.
As far as HotForex trading platform is concerned, the broker has chosen the popular MT4 terminal, which is also the standard trading interface for HotForex mobile traders. MT4 is a reliable trading software that is tried and tested across different financial markets with great success. MT4 is currently available for both Android and iOS operating systems, which covers the entire smartphone and tablet market.
Final Thoughts On HotForex Broker
HotForex can be trusted as a reliable brokerage company that will work in the best interest of their clients. Although the company received the largest fine from the CySEC over its failure to adhere to regulatory guidelines, the company does have several positives that are guaranteed to give you a fair and efficient trading platform. You can always test out the broker’s products by signing up for a demo account or sample the broker’s micro account by making a small initial deposit. However, in case you are opting for a bonus, make sure that you understand all the terms and conditions before making any withdrawal request.
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