HotForex Review

Overview

Choosing your Forex broker carefully is essential when you want to keep your finances in good shape. Among commodity traders, a very popular option is HotForex. Featuring a wide array of Forex products, HotForex has been the decade’s hot topic – but who should use it? Moreover, it is worth the hype? Read our review and find out everything that you need to know.

Who Is HotForex For?

HotForex is a good option for Forex traders who want an extra bit of security. Featuring a high number of regulations and awards, it offers more safety – making it a more reassuring choice to the average Forex or commodities trader.

This broker is perfect not only for beginners but also for professional Forex traders. You have multiple features to enjoy, but at the same time, you get quite a bit of research material. If you are looking for extra guidance, HotForex has you covered.

Last but not least, HotForex is good for those who are trading on a budget. The minimum deposit is very small, and the withdrawal fees are almost insignificant. Unlike other Forex traders, you do not have to concern yourself with too many fees.

Things We Like

We like and are assured by the fact that HotForex was developed in Cyprus. This country is known for its vast technological improvements, which makes it easier for us to trust the platform. In terms of technology and safety, HotForex has every piece of ground covered.

We also liked the fact that the app itself is quite easy to use. The account can be opened in a matter of minutes, and you only have to provide a low minimum deposit fee. This makes HotForex a great choice for those who are shopping for an affordable product.

Things We Don’t Like

While it is not a deal-breaker, we did not particularly like the fact that you could only find CDFs and Forex products. It would have been nice if they had a wider array of products to offer. Also, we do not like that the app is not available in the United States, but this may also be due to the laws and regulations of the country itself.

Safety and Regulation

Company Overview

Before deciding whether to open an account or not, you need to determine who they are first. Here is some information that we gathered on HotForex so that you may decide if they are a reliable choice for you.

Who Is HotForex?

HotForex can be described as a multi-asset broker that provides commodities and Forex through CFD trading services. As a CDF broker, HotForex has indices, binds, sticks, and Forex pairs as well alongside commodities.

HotForex was founded in 2010, with its main headquarters set in Cyprus. That being said, while the main operation does take part in Cyprus, they have physical offices in South Africa, Dubai, as well as the offshores of the Grenadines and St. Vincent.

Is HotForex Regulated?

HotForex works under regulations offered by CySEC, ASIC, FSCA, FCA, DSFA, and FSA. This aspect is quite a hot topic, as HotForex is among the very few brokers that offer multiple regulations.

Is HotForex Safe?

HotForex is seen as an “average risk,” which means it is no riskier than your usual Forex broker. Out of 99 points, HotForex has an overall trust score of 83 – making it a trustworthy choice for the users.

Like most broker platforms, HotForex has also been encrypted against fraud, ensuring that you, as a client, are safe against any attempts of fraud. You also have several account security measures available, all of which will ensure that the only person entering your account will be you.

Countries HotForex Accepts Clients From

Overall, HotForex accepts clients from all over the globe, with no restrictions on their part. However, there may be countries where the platform is not allowed, such as North Korea, Sudan, Syria, and the United States. If you are from any of the above-mentioned countries, then you may not be able to log into HotForex.

Awards

Over the years, HotForex won a total of 35 awards. Among these awards was the one provided by Global Brands Magazine in 2018, naming it the “Best Global Forex Trading Education Provider.”

It was named the best Forex broker in Latin America for several years in a row, and it also received the “Best Forex Customer Service Provider Latin America” in 2021 by Global Banking & Finance Review Awards. Overall, the broker is not lacking in awards, making it look like a highly reliable choice.

Range of Offerings and Products

The offerings and products of HotForex revolve mostly around CDF and Forex. Here are the features that you should be able to enjoy:

• Forex trading
• Forex pairs (total)
• CDFs (total)
• Cryptocurrency (CDF)
• Social trading
• Copy trading
• Metals
• Energies
• Agriculture
• UK/US/German shares

Most of these features can be accessed on almost every type of account. You just need to determine what your preferred trading method is.

Trading Platforms

HotForex works as a Meta Trader, which means that it was built on an MT4 and MT5 platforms. You can find it as both a desktop app that you may launch from your computer or even a web browser. It all depends on your personal preferences, although the desktop version usually has the most complete set of features.

HotForex also offers you a mobile app that can be accessed from both iOS and Android. This should make it easier for you to keep an eye on how your trades are going, even when you do not have your laptop available. You can check your trades anytime as you are on the move.

Account Types

As a HotForex user, there are several types of accounts that you may go for: Micro Account, Zero Account, VIP Trading Account, Auto Account, Fixed Account, Islamic Account, and Copy Account. Each account will have its own purposes and may work under different regulations as well.

Deposit Methods

Unlike other brokers that function mostly on bank transfers, HotForex allows for multiple deposit options. You may go for wire transfers, VISA/Maestro/Master Card, BitPay, China UnionPay, Neteller, WebMoney, Skrill, and Fasapay. Usually, the deposit should get into your account immediately, or within the first few days. Wire transfers and China UnionPay usually take longer.

Minimum Deposit

The minimum deposit depends on the deposit method that you use. For example, if you make your deposit via Skrill or Neteller, the minimum deposit is $5. However, China UnionPay requires a minimum deposit of $50, whereas bank wire transfers require you to add $100. Other than these two, the average minimum deposit for every method is $5.

Withdrawals

You can withdraw the money from HotForex via debit/credit card, bank transfers, and e-wallet. You can use the HotForex Spark debit card to withdraw money from the ATM or even shop directly using it. The transaction should only take a couple of seconds.

Withdrawal is free of charge, the only exception being BitPay. Here, you will have to pay a 1% fee. Most of the withdrawal transactions should take place within a couple of minutes, but some methods may last up to 24 hours. It mainly depends on where you wish to withdraw your money.

Demo Account

HotForex also gives you the option of a demo account. The advantage of this account is that it does not limit you to a trial period. You may use the demo account alongside the other three accounts. This way, you can simulate your trading and get ready for the real trading that is to come.

HotForex Promotions

HorForex features various promotions, available mostly for non-EU clients. You get a 100% deposit bonus, which doubles your deposit as long as you add a minimum of $250. You also get a $30 no deposit bonus on your first login, as well as a variety of other free bonuses. You may want to keep an eye on the newsletter for these promotions, as the offers change constantly.

Client Support and Education

HotForex offers a lot of educational content for traders, regardless of their level. You might find the information in a variety of forms, such as eBooks, videos, and many more.

A trader that has less knowledge on how to conduct a trade might also need more assistance on the matter. This is why HotForex also provides comprehensive tutorials for those who are barely starting on their Forex trading journeys.

The educational content is produced in a manner that is very simple to understand. Even if you are only starting with Forex trading, it should be extremely easy for you to get a grasp on the overall process.

Verdict – Overall Rating

HotForex proves to be a reliable trader. It is well equipped and highly secured, making it a great choice for beginner and advanced traders alike. It is also quite easy to use, especially since you can access your account from a variety of devices. With the ability to meet demand, HotForex is a great option for traders.

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.

The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.

What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.

Risk Disclaimer

There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.

There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.

Looking for more information on brokers and trading? Have a look at our trading guides:

• Best Forex Brokers for 2021
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• Best Online Stock Brokers for 2021
• Best Trading Apps for 2021

Review Sources

1. https://www.hotforex.com/

As a trusted global brand, HotForex provides forex and CFD traders a limited offering of FX pairs and CFDs but stands out for its reputation and quality market research.

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