HotForex Review 2022: Spread Betting Forex Broker

HotForex is an online brokerage firm that offers its trading services over 1200+ tradable instruments like Forex, stock, indices, commodities, and metals. The broker is owned and operated by the HF Markets Group of Companies. The broker is regulated by four financial authorities such as FCA, DFSA, FSCA, and FSA. The broker is registered in St. Vincent & the Grenadine as an International Business Company under the registration number 22747 IBC 2015. 

The broker offers 6 types of accounts as Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCOPY to satisfy the requirements of professional and retail clients. The broker offers fewer spreads and high leverage for enhancing the trading experience of their clients. A demo account feature is also available on the broker’s website. The customer support team is ready to help you 24/5. You can contact them through Phone calls, live chat, and email. For further details, read this HotForex Review till the end. 

HotForex Review Pros and Cons:

Pros

  • Regulated broker
  • Low Minimum Deposit
  • Fast trade execution
  • Low spreads from 0 pips
  • MT 4/MT 5 trading platform
  • Dedicated Customer Support 
  • Negative balance protection for EU

Cons

  • No bonuses for EU located traders 
  • Only EUR or USD as base currencies
  • USA, Canada, Sudan, Syria, Myanmar, Yemen, North Korea, Iran, Iraq, Mauritius, Afghanistan, Vanuatu and EEA countries. 

Is HotForex Review Scam: Regulations

HotForex is a trading name of HF Markets Group of Companies. The company is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015. The broker is regulated by 4 financial authorities: FCA, DFSA, FSCA, and FSA. The broker keeps clients’ funds in a segregated bank account of major central banks for providing high-level security to their clients. 

HotForex Review Trading Account Types

Traders can pick any one account from the six options: Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCOPY. The minimum deposit for opening an account is different for all six accounts. These accounts consist of several features for fulfilling the needs of professional and retail traders. 

MICRO Account

  • Minimum deposit: $5
  • Maximum Leverage: 1:1000
  • Spread Types: Variable
  • Spread from (pips): From 1 pip
  • Maximum Simultaneous Open Order: 150
  • Maximum total trade size: 7 standard lots
  • Access to all assets
  • Margin call/ Stop out level: 40% /10% 
  • Personal Account Manager
  • Zero Commission
  • Account Currency: USD, EUR, NGN, JPY

Premium accounts

  • Maximum Leverage:1:500
  • Execution: Market Execution
  • Trading Platform: MT 4 & MT5, Webtrader and Mobile 
  • Spreads: From 1 pip
  • Trading Instruments: All Available 
  • Fifth Decimal available
  • Margin Call / Stop out level: 50% / 20%
  • Telephone Trading available
  • Account Currency: USD, EUR, NGN, JPY
  • Personal Account Manager available
  • Zero Commission
  • Minimum opening deposit: $100
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Maximum Simultaneous Open Orders: 300

Zero Spread Account

  • Maximum Leverage:1:500
  • Execution: Market Execution
  • Trading Platform: MT 4 & MT5, Webtrader and Mobile 
  • Spreads: From 0 pip
  • Trading Instruments: All Available 
  • Fifth Decimal available
  • Margin Call / Stop out level: 50% / 20%
  • Telephone Trading available
  • Account Currency: USD, EUR, NGN, JPY
  • Personal Account Manager available
  • Commission Applied
  • Limit & Stop levels: starting from 2 pips
  • Minimum opening deposit: $200
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Maximum Simultaneous Open Orders: 500

Auto Account

  • Trading Platform: MT 4, Webtrader and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: All Available 
  • Fifth Decimal available
  • Maximum Leverage: 1:500
  • Execution: Market Execution
  • Minimum opening deposit: $200
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Maximum Simultaneous Open Orders: 300
  • Margin Call / Stop out level: 50% / 20%
  • Telephone Trading available
  • Account Currency: USD, EUR
  • Personal Account Manager available
  • No Commission
  • No Raw bonus

PAMM (Premium) Account

  • Trading Platform: MT 4, Webtrader and Mobile Trading
  • Spreads: From 1.1 pip
  • Trading Instruments: All Available 
  • Fifth Decimal available
  • Maximum Leverage: 1:300
  • Execution: Market Execution
  • Minimum opening deposit: $250
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Simultaneous Open Orders: 500
  • Margin Call / Stop out level: 50% / 20%
  • Telephone Trading available
  • Account Currency: USD
  • Personal Account Manager available
  • No Commission

HFCOPY Account 

  • Trading Platform: MT 4, Webtrader and Mobile Trading
  • Spreads: From 1 pip
  • Trading Instruments: Forex, Indices Spot, Gold
  • Fifth Decimal Available
  • Maximum Leverage: 1:400
  • Execution: Market Execution
  • Minimum opening deposit: $500 for Strategy Provider
  • $100 for Follower
  • Minimum trade size: 0.01 Lot
  • Trade size increment: 0.01
  • Maximum Total Trade Size: 60 Standard lots per position
  • Maximum Simultaneous Open Orders: 300
  • Margin Call / Stop out level: 50% / 20%
  • Telephone Trading Available
  • Account Currency: USD
  • Personal Account Manager:
  • Commission: No
  • Raw bonus: No

HotForex Review Account Opening

For opening an account, traders need to register on the broker’s website. Click on the “Open Live Account” button present on the right side of the website’s homepage. But the first thing you need to do is pick any one account from the given option. Follow the steps given below for opening an account on the HotForex broker’s portal. 

  1. When you click on the open account button, a registration form will appear on your device screen. In that form, you need to fill in your personal details such as Country code, Phone number, First name, last name, Date of birth, etc. 
  2. The broker will ask you some trading-related questions about your past trading experience in the next step. After doing this, click on the submit button.
  3. Now deposit your minimum amount as per the selected account types. And enjoy live trading over the HotForex trading portal.

HotForex Review Trading Platform

MetaTrader 4 

MetaTrader 4 is one of the popular trading platforms among forex traders. MT 4 trading platform consists of a user-friendly interface and various in-built features. This platform provides you with high execution speed along with access to economic calendars and historical data. Traders can access this platform through PC, mobile and Mac. In addition, the trading platform supports Both Android and iOS devices. Check significant features of the MT 4 trading platform from here.

Key features of MetaTrader 4 trading platform

  • 9 timeframes
  • Detailed analysis of quote dynamics
  • Multiple charts simultaneously
  • Ability to overly analytical objects
  • Preprogrammed analytical tools
  • 50+ built-in indicators and tools

MetaTrader 5 

MetaTrader 5 is an advanced version of the MT 4 trading platform. It consists of all similar features of the MT 4 platform with advancement. MetaTrader 5 platform is a good preference for professional traders. Collect major features of the MT 5 platform from the given bullet points.

  • 21 different timeframes
  • Superior analysis tools
  • Trade all the HotForex asset classes
  • View up to 100 charts simultaneously
  • Hedging allowed
  • One click trading
  • Built-in economic calendar
  • 80+ technical indicators

HotForex Review Mobile Application

Hotforex also provides a mobile application for trading that supports both MT 4 and MT 5 platforms. The broker’s mobile application provides you with the ability to do trading from anywhere, anytime. On the broker’s mobile application, you will get interactive currency charts, 20+indicators, Live tick chart tracking, Close and modify existing trading history details, and Real-time Profit/Loss of live trades. These features provide you with the freedom to carry your trading device anywhere with yourself, which help to track stocks deeply. 

HotForex Review Trading Instruments

Forex: The broker provides you with 50+currency pairs for trading.

Metals: Trade Derivatives on Gold and other precious metals over the HotForex trading portal.

Energies: Trade over Popular Energies spot and future such as USOil and UKOil. 

Shares: A wide range of top companies shares are available like Amazon, Bank of America, and others.

Indices: Trade Indices spot and future like USA500, USA30, FRA40, and various others.

Bonds: Three types of Bond Contracts are available like Euro Bund, UK Gilt, and others.

Commodities: A good amount of commodities are available such as Sugar, Cotton, Coffee, and others. 

DMA Stocks: A wide range of Stock DMA is available country wise like DrilliischAG and several others.  

ETFs: Country-wise ETFs Spot contracts are available on HotForex websites like Roundhill Sports Betting & iGaming ETF and various others. 

HotForex Review Commission & Spreads

The broker changes fees from the trader to process buying and selling of securities. The broker generates revenue from the commission fee from the client’s transactions. Commission fee varies as per your account type, financial security type, and How many trades you will perform per day. Broker changes commission if your order is successfully placed, cancels, and on order modification as per your guidelines. The broker offers spread betting trading to their clients. Traders can take benefits of negligible spread on the HotForex trading portal. 

HotForex Review Leverage

The broker offers leverage as per the account type. Different trading accounts consist of different leverages as per financial assets. The maximum leverage is 1:1000 for MICRO account holders. Traders must remember high leverage leads to high risks, so they must use leverage properly to protect themselves from losses.

HotForex Review Deposit and Withdrawal

The minimum deposit for opening an account is $100. The broker provides various payment modes such as Credit cards, Bitcoins, Skrill, Neteller, Bank Transfer, and others. Traders need to despite this fess while the account opening process. The broker charges withdrawal fees based on your selected withdrawal mode. 

HotForex Review Educational and Research Support

The broker provides a good range of educational material such as Forex trading webinars, trading tutorial videos, Daily market analysis, e-courses. And many more. Traders can enhance their trading skills as well as knowledge through these educational materials.  

HotForex Review Customer Support

HotForex Customer support is available 24/5 for resolving clients’ curies. The broker customer supports several languages such as English, Spanish, Czech, Chinese, Romanian, Slovenian, Hindi, German, French, Italian, Polish, Portuguese, Hebrew, Arabic, Russian to make clients feel comfortable while making the phone calls. The broker provides a live chat and email option also for contacting them. 

Final Verdict

HotForex is an online brokerage firm that provides trading services over 1200+ tradable assets like Forex, stock, commodities, indices, metals and ETFs. The broker is regulated under various financial authorities. The broker offers six types of accounts like Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCOPY. Traders can enjoy spread betting trading and high leverages. The broker charges a commission for the withdrawal process. For detailed information, read the above article carefully.  

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