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HotForex review and ratings

Established 2007
Location Cyprus South Africa Saint Vincent and the Grenadines
Regulation CySEC, FSCA
Offices Larnaca, Johannesburg, Kingstown
Broker type STP | ECN
Leverage up to 1:1000 (1:30 for EU clients)
Deposit from 5 USD
Spreads low  low
Platforms Web MetaTrader 4 MetaTrader 5
Instruments Currencies Crypto Indices Metals Energies Softs Bonds
Funding methods Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Bitcoin Bitсoin Cash

Company information

HotForex group includes 3 related companies.

HotForex CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
HotForex SA - located in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).
HotForex SVG - legally registered entity located in Saint Vincent and the Grenadines, but not regulated by any government agency.

Be aware, CY company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.

Availability

HotForex group accepts clients from all over the world, excluding USA, Canada, Sudan, Syria and North Korea.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
8 Crypto Pairs Based on Bitcoin, Ethereum, Litecoin, Ripple, Dash.
11 Indice CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
4 Metal Spot CFDs Based on Gold and Silver.
2 Metal Futures Based on Palladium and Platinum.
2 Energy Spot CFDs Based on Crude Oil (WTI, Brent).
3 Energy Futures Based on Crude Oil (WTI, Brent) and Natural Gas.
4 Soft Futures Based on Cocoa, Coffee, Cotton and Sugar.
3 Bond Futures Based on US, UK and German government securities.
50+ Stock CFDs Based on shares of US, UK and EU companies.

Comprehensive review

HotForex is a brokerage brand under HF Markets (SV) Ltd, an offshore company based out of St. Vincent & the Grenadines. The HF Markets Group has subsidiaries registered in a range of locations for their worldwide operations, with European operations based out Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.

With a website offered in 27 languages, HotForex is the broker of choice for a truly global audience. The broker offers its services to nationals of all countries, with the usual exception of USA, Canada, Sudan, Syria, and North Korea.

The broker has previously won several awards for its services in areas such as best forex analysis provider, best customer service, and best overall forex broker in regions like South Africa, the Middle East, China, and Western Europe.

The daily market analysis from this broker stands out as particularly good, with the additional weekly live webinars and Q&A sessions offering extra value to traders interested in hearing the perspective of the experts at HotForex.

The minimum deposit to start trading with HotForex is USD 5, or the equivalent amount in another currency. However, for a deposit of only USD 100, traders will get access to the exclusive HotForex ZERO Spread Account. This account offers traders access to very tight spreads directly from the major liquidity providers, without any mark-up added by the broker. The account is instead commission-based, with commissions starting at USD 0.04 per 1K lot.

HotForex further offers a wide range of CFD-based instruments for trading, including several cryptocurrencies, forex, precious metals, stock indices, stocks, commodities, and bonds - all with fairly tight spreads on the most popular instruments.

For traders who are lucky enough to be based outside of the EU, leverage with this broker can be very high at up to 1:1,000. EU residents, however, are limited to a 1:30 leverage on their trading accounts.

In terms of trading platforms, HotForex offers two main solutions: the popular and reliable MetaTrader 4 for download or the cloud-based MetaTrader 4 Web Terminal, in addition to the same platform for iPhone, iPad, and Android. For more advanced users, the broker also has an option known as the RapidTrader API, developed by Integral, that offers direct market access using the FIX protocol.

Withdrawals are never a problem with HotForex and are carried out as you would expect from any reliable broker, with withdrawals normally processed within the same business day. There are no withdrawal fees to withdraw funds to major credit cards, but a USD 5 minimum withdrawal amount applies. A nice extra benefit offered by HotForex is the option of withdrawing funds in bitcoin via bitpay or mybitwallet.

Deposits can also be done using major credit cards like Visa and MasterCard, in addition to bitcoin (BTC) or bitcoin cash (BCH), a nice feature some cryptocurrency traders in particular might want to take advantage of.

HotForex offers local customer support phone numbers in 10 countries, including major countries like China, Russia, and South Africa. In addition, designated phone numbers and email addresses have been set up for speakers of Arabic, Chinese, and Farsi. Although some past users of HotForex have reported difficulties dealing with the customer support of this broker, most customers report a positive experience without any major issues.

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