What is HotForex?

HotForex is a multi-asset class broker that lets you trading on metals, forex shares, energies commodities, cryptocurrencies, and bonds across six kinds of trading accounts that are available on MetaTrader 4, and MetaTrader 5 platforms. Recently, the broker has also been offers trade with shares DMA as well as ETFS. The broker also provides an array of training tools , such as top-quality trader tools, Auto chartist tool, training calculators and tools for analysis, as well as promotions and education.

10 Points Summary

Is HotForex secure or a scam?

Being authorized and controlled by authorities is the norm for each broker. Without the approval of regulated authorities nobody can rely in any company. Like all brokerages, HotForex is also regulated by various authorities.

Here are the authorities that supervise HotForex market in various groups of countries:

HotForex market (UK) Ltd is licensed through the Financial Conduct Authority (FCA) with registration number 801701.

HotForex market (DIFC) Ltd is licensed under the supervision of the Dubai Financial Services Authority (DFSA) with registration number F004885.

HotForex market (Europe) Ltd is a registered company with the Cyprus Securities and Exchange Commissions (CYSEC).

HotForex market SA (PTY) Ltd is managed by the Financial Sector Conduct Authority of South Africa (FSCA) under license number. 46632.

HotForex market (Seychelles) Ltd is controlled by Financial Services Authority of Seychelles, FSA.

HotForex also asserts that they are able to safeguard funds of clients in accordance with the regulations of authorities.

Leverage

HotForex offers different leverage dependent upon your selected account. For each account, there is a different leverage offered through this brokerage.

If you choose 'Micro Account the maximum leverage ratio is 1:1000

If you have a Premium account', the leverage ratio is 1:500

For the Zero spread account the maximum leverage is 1:500

If you choose to set your account up as an auto account', your leverage will be 1:500.

For the 'PAMM (premium) account the leverage is set to 1:300 level

If you choose "HF account," then you'll gain leverage of 1:400.

HotForex also offers a variety of leverage levels according to the regulatory requirements of the different regions. For instance in the case of European countries that have complied with ESMA regulation, HF offers leverage of 1:30 on Forex instruments, and 1:25 on spot metals. South African entities can get leverage of 1:200.

Therefore, there are various leverage levels that are offered by HotForex This can causes a lot of confusion when selecting the most suitable option for most suitable trading account. It is essential to talk with HotForex's customer service for the right advice prior to deciding on a leverage level as the higher leverage level comes with a significant risk of losing funds.

Accounts

HotForex offers a broad range of choices to trade various types of accounts that are available to its clients. Each of these accounts has distinct characteristics and advantages, and you are able to gain access to them all through analyzing your trading skills and capabilities.

Here's the full list of the 6 accounts on HotForex:

Micro account

To create a micro-account that is commission-free the an initial deposit of 5 dollars is required. This account comes with the most leverage level of 1:1000, when contrast to other accounts that leverage. The account lets you trade using Metatrader4 along with Metatrader5 platforms. Spreads start at 1 pip. It is possible to trade using USD, EUR, NGN currencies using the account. If you're Muslim or a Muslim, you can make this account a swap account for without cost.

Premium account

The account is used mostly by experienced retail traders. The account is accessible on the Metatradr4 trade platform. You can access this account by depositing an initial amount of $100 and spread starts at 1 pip and has a leverage of 1:500.

Zero spread account

This account is best suited for traders who are professional, scalpers and traders who use an experts. It is a commission-based account. Its maximum leverage will be restricted to 1:500 and has a very narrow spread and with a very low commission. To open a zero spread account, you will need to make a deposit of 200dollars.

Auto account

This is a commission-free account. An initial deposit of $200 is required to open this account. It has a the highest leverage of 500:1 spreads starting from 1 pip. You are able to open up to 300 transactions at a time. The account also provides signals and is an offering from Metaquotes Software Corp.

Account of PAMM

HotForex also offers two options in its PAMM account. you can select a premium or premium Plus accounts in accordance with your objectives and requirements. The difference between these two accounts lies in margin and commission. For Premium accounts, spreads begin at 1.1 pip and there is no commission. Premium Plus premium Plus offers spread at 0.3 pip and a 5$ commission per standard lot. The accounts require minimal deposit fees of $250 and a the maximum leverage of 1:300. The account is able to the ability to trade on only four trading instruments, including Forex metals, metals, oil and the indices.

account on HF

The account also allows the ability to trade on only four instruments, including Forex, Indices spot, Bitcoin and Gold with a maximum leverage levels of 1:400 and spreads start at 1 pip. This account is not commission-based and only 500$ are required to open the account.

Islamic account

HotForex also offers an possibility to Muslim traders, to transfer their Micro Auto Zero Spread and Premium account to an Islamic account. In Islamic account, swaps and other rollover fees will not be charged for holding an positions for overnight.

Fees for trading

HotForex applies commissions only to two types of accounts: zero spread account or PAMM accounts. In the zero spread account 3dollars will be charged for one standard lot. Commission fee of 6$ will be applied to a the round lot (2 standard lots). In a PAMM accounts, the commission fee are only charged on premium plus accounts.

Another fee is known as 'inactive fees'. These for users who have been inactive for at least 6 months. In this instance you'll pay 5$ for inactive fees each month.

As with all broker, HotForex also charged overnight fees when you hold an overnight position. This fee varies based on the instrument you choose to use. HotForex does not charge overnight charges like rollover charges or swap charges fees on Islamic accounts.

Instruments for trading

HotForex provides a variety of trading instruments. HotForex provides 50+ major and minor currencies of forex that have low spreads and leverage as high as 1:1000. You can make trades on indices, shares, commodities, DMA, ETFS and metals (like platinum, palladium, Silver/Euro and Silver/Dollar as well as Gold/Dollar and Gold/Euro) as well as on energy (like UK Brent Oil, US Crude Oil), and also on Bond that are issued by world's top economies.

The withdrawals and deposits

HotForex does not charge any charges for withdrawals or deposits. The broker has a range of payment options and you are able to select one of them.

Bank wire transfer

Credit card (visa card master card, visa card, visa card)

Bitcoin

Neteller, Skrill

Webmoney

Union pay

For bank transactions, it can take between 2 and 10 days, but digital transactions can be processed immediately with in just 24 hours.

Platforms for trading

This broker has a range of trading platforms. This broker has MetaTrader4 platforms, which include desktop terminals, web terminals, Android I phone, pad trader, and Mt4 multi terminals. The broker also offers the possibility of trading through MetaTrader 5 platform. MetaTrader 5 platform, as well with Mt5desktop and Mt5web. the Mt5android platform, and the mt5 Iphone.

HotForex broker also offers a variety of trading options. HotForex broker also offers the possibility to trade using its own HF application that is compatible with Android system. You can download it from an app store.

Tools for trading

The main benefit that trading with this broker. It provides a variety of tools for trading. These tools can boost the level of your trading performance. These tools provide up-to-date information and will keep you updated. It is necessary to sign up for an account on a live basis and then you'll be able to use these incredible tools.

Here's a list of the tools offered by HotForex:

Premium trader tools

Autochartist Tools

VPS hosting services

Exclusive analysis

My HF zone

Trading Calculators

Calendar of economic events

SMS services

One click trading

Advanced insights

News about Forex

Education

In contrast to other brokers, HotForex gives the best information and details about the trading industry on their website. It also has a section that is known"Education "Education". Clicking on this, you will be able to browse through HotForex educational videos video training courses, Forex education/e course, webinars, and podcasts.

This is an excellent opportunity for beginners to learn before beginning trading. During trade, you can seek help by HotForex trading tools, which provide you with daily analysis and updates on trading.

customer help

As with the other brokerages HotForex offers a 'contact us' section within its site. HotForex customer support is available 24/7. The broker offers excellent customer service and prompt response when you need to contact them. They can be reached via online chat or email, or telephone. They are able to communicate in up to 27 languages, which means there's no worries about language barriers.

Conclusion

To sum up, HotForex review showed to us that it's the most effective platform to trade. The broker offers many different tools for trading, accounts and trading instruments using the MT4/5 platform as well. You can also obtain educational materials for greater understanding. The broker has an stunning website that you can quickly navigate the site and get information on any subject you are interested in when you search on their website.

FAQS

What is the initial deposit is required to open HotForex?

The minimum deposit or initial one is $5.

Does HotForex provide any swap-free account?

Yes, it provides free swap account to Islamic clients.

Is HotForex accessible to United States clients?

This broker is not intended for customers from the US, North Korea, Canada, Syria, and Sudan.