HotForex Review – The Most Generous Broker
In the financial industry, nowadays traders come across much more difficulties when choosing the broker than ever. It has become increasingly difficult to identify a decent broker and distinguish it from a scam. The only way to find a reputable and reliable brokerage firm is to go through multiple reviews that examine the features of the broker. The reviews should examine all aspects of the broker and should not deliver biased research. We are dedicated to providing a thorough analysis of the Forex brokers, we study various companies and identify both the scams and high-quality service providers.
The review below will overview HotForex, which is a brokerage firm operating globally. We will describe various features of the broker in greater detail below.
The Background of HotForex
The company was established in 2010 making it one of the most experienced brokerage firms to exist on the market right now. It is run and operated by HF Markets Group which is an institution providing trading services to retail and institutional clients. The customer base of HotForex currently comprises over 2 and a half million traders. The company employs over two hundred workers worldwide and operates in 27 different languages to suit the needs of residents of various countries and regions. It has won more than 45 industry awards in various nominations and offers a wide variety of trading products.
The company offers one of the tightest spreads as low as 0.1 on certain accounts for EUR/USD and the competitive leverage of up to 1:1000. The brokerage firm supports various trading strategies, EAs, Scalping, and Hedging also allowed. HotForex also has a Rollover Policy making the company more transparent. There are 1000 trading instruments available within the instruments portfolio of HotForex, multiple bonus programs and promotions, 18 different trading tools, immense educational material, user-friendly and high-quality platforms, and so on.
Regulations and Awards
HotForex is regulated by four different regulatory authorities. These regulatory bodies are operating in various regions and authorizing HotForex to lawfully operate within those jurisdictions as well. The list of the regulatory bodies includes:
- Financial Conduct Authority, FCA – United Kingdom, License no 801701
- Dubai Financial Services Authority, DFSA – Dubai, License no F004885
- Financial Sector Conduct Authority, FSCA – South Africa, License no 46632
- Financial Services Authority, FSA – Seychelles, License no SD015
HotForex is a winner of multiple awards, as well. It has been named as the Most Transparent Broker by The European, as the Best Broker in Africa by ATOZ Forex, Forex Trading Platform of the Year by BAFI Awards, Most Trusted Forex Broker by Global Forex Awards, and a number of other awards recognizing the best trading conditions of HotForex, its customer service excellence, transparency, and client security. The list of the awards together with the awarding institutions is available on the official webpage of the broker.
Clients of HotForex can access over 10 different financial sectors of the world of trading. In total, the number of financial instruments available for trade exceeds 1000. It includes bot leveraged products and a great variety of Derivatives. The conditions applicable to these instruments vary according to the specific products of choice. The general conditions and trading instruments are provided below:
- Forex – more than 50 currencies, 1:1000 leverage, spreads from 1.2 pips on Micro account types, both Minor and Major pairs
- Metals – 6 products for trading derivatives, leverage up to 1:200, spreads from 0.03
- Energies – UK Brent Oil and US Crude Oil, spreads from 0.07, leverage up to 1:66, Spot and Futures Contracts trading option
- Indices – 12 indices available, leverage up to 1:200, spread from 0.04
- Shares – over 55 stocks available, leverage up to 1:14, spreads from 0.04, commission fee 0.1%
- Commodities – 5 commodity products, floating leverage or up to 1:66, spreads from 0.008
- Cryptocurrencies – 12 crypto products, leverage up to 1:10, a commission fee of 1 USD per lot round turn
- Bonds – Euro Bund, UK Gilt, US 10-year Treasury Note, 1:50 leverage, spreads from 0.05
- DMA Stocks – over 950 stocks available, leverage up to 1:5, minimum commission charge of 0.01 USD/0.02 EUR per deal
- ETF – 34 ETF products, leverage up to 1:5, Spreads are floating and provided by the respective exchange
HotForex Forex broker provides six different account types that are: Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCOPY. An Islamic account is also offered for the traders, but only those with the Muslim faith. An Islamic account can be applied to Micro, Premium, Auto, and Zero Spread account types. All listed accounts provide the personal account manager. Accounts differ in deposit requirements, allowed number of simultaneously open positions, maximum leverage, and maximum total trade size.
We believe that the micro account is more suitable to novices to the trading world and types of traders whose goals emphasize smaller trading volumes. The conditions of the account suit it all: minimum deposit requirement is 5 US dollars and maximum leverage can go up to 1:1000, spreads start from 1 pip and the maximum simultaneous open orders is 150. Furthermore, the maximum total trade size is 7 standard lots. The account operates commission-free.
For the relatively experienced traders, we would recommend Premium Account as it offers much more flexibility in position sizing. In contrast to Micro Account, Premium Account offers a single trade size of 60 lots. The leverage can be maximum of 1:500 and the spreads begin from 1 pip. The maximum amount of simultaneously open positions is 300. The minimum deposit requirement for Premium account holders is 100 US dollars. No commission applies.
Zero Spread Account
If the trader’s primary requirement is to trade cost-efficiently on various markets, then the Zero Spread Account type is the most suitable choice. The account type comes with a fixed 0 spread on Forex and super-tight spreads on other products. The minimum opening deposit is 200 US dollars. Maximum leverage is up to 1:500 and maximum simultaneous open orders is 500. The maximum total trade size is 60 Standard lots per position,
Another option for beginner traders, as well as busy individuals, is the Auto account which allows users to subscribe to both free and paid Trading Signals from the MQL5 Community, which is the largest community of signal providers. The minimum opening deposit requirement is 200 US dollars and the rest of the conditions resemble Premium account. The maximum amount of open orders is 300 and the single trade size is 60 lots.
PAMM account is for Fund Managers. There is a special Fund Manager program operated by HotForex which grants the flexibility to maximize the client’s trading portfolio. The account can be opened with a minimum deposit of 250 US dollars. The spreads start from 1 pip. A maximum of 500 simultaneous open orders is allowed. The leverage for this account type can go up to 1:300. For Premium Plus accounts, spreads start from 0.03 pips, and a $10 round turn commission applies.
For those who are looking for automated trading in various financial markets, an HFcopy account is the best option. The account type is suitable for both Strategy Providers and Subscribers or Followers. SPs can open an account and trade in exchange for the performance fee, which can go up to 50%. The minimum deposit for SPs is 500 USD and for followers 100 USD. The maximum leverage can go up to 1:400 and the maximum simultaneous open orders are 300.
Convenient trading platforms play a major role in creating a high-quality trading environment. The traders should have a choice in trading platforms, whether they want to trade through the software, its web version, from a mobile device, or an automated trading tool. HotForex provides multiple platforms that implement the most popular trading software of MetaTrader 4 and MetaTrader 5. It offers both software on Desktop terminals, as well as web terminals. Also, MetaTrader4 is available on the MultiTerminal, which allows customers to manage trades on several accounts at the same time. Also, these platforms are compatible with all types of devices, including iPhone, iPad, and Android. The last option is a RapidTrader API which is a premium feature and presents an ideal platform for traders with advanced order types and automated trading systems outside of the MetaTrader 4.
Promotions are the favorite parts of every trader when dealing with the Forex broker. The HotForex rating is strongly determined by the availability of various promotional programs and campaigns. The broker provides different schemes and updates the programs regularly to diversify their offering. Their promotional campaign includes trading contests, deposit bonuses, and a loyalty program. All three sections of the broker’s special treats are available for both existing and new registering users.
All trading contests offered by HotForex are based on the trading performance of the individual clients. The contests have a limited duration, during which the traders compete with each other for the best results. The leaderboards are available and updated daily during the contests and the players with the best trading results dominate the list. The winner of the trading contests is a trader who has the largest proportion of his or her winning during the tournament. It is calculated by comparing the total deposit made by the trader and the profit that he or she generated.
The prizes for the contests vary greatly. It is not based only on cash pool but instead offers various interesting prizes, such as gadget giveaways that include iPhone 12 PRO and PlayStation 5 with many more exciting gadgets, a luxurious trip to Paris Saint-Germain match with the best hotel accommodation, and business class flight tickets, a portion from the 2 million USD cash prize pool and so much more.
The bonuses offered by HotForex Forex broker are essentially the deposit bonuses. It means that the clients are eligible to receive the bonus after they make an initial deposit as per minimum deposit requirements. There are three types of bonuses provided by HotForex, which are 100% credit bonus, 30% rescue bonus, and 100% supercharged bonus.
The credit bonus and supercharged bonus successfully double the funds deposited by the client. However, the supercharged bonus also includes another campaign of cash rebates applicable on round turn trades. The total amount of the deposit bonus can go up to 50,000 USD and the profits generated from the bonus is withdrawable given that the trader satisfies the trading volume requirements. Cash rebates have a value of 2 USD and can go up to 8000 USD in total. As for the 30% rescue bonus, the purpose of the program is to protect the clients’ funds from periods of drawdown. It is not withdrawable under any conditions, however. But, an additional stop-out bonus is provided for qualifying accounts that reach the stop-out limit. The cumulative rescue bonus amount can reach 7000 USD.
Final Verdict – HotForex
Looking at the benefits and opportunities that HotForex provides to its clients, it is difficult to find major drawbacks of trading with the broker. The abundance of trading products and tools, the convenience of its trading platforms, accessibility of generous promotional programs, and the overall reputation of the broker make HotForex a desirable and recommended Forex brokerage firm. In our Review of HotForex Forex broker, we can safely state that there are no threats or hidden limits to using the services offered by the broker. On the contrary, in the competitive environment of the Forex industry, HotForex undoubtedly stands out for its exceptional products and service provision.