HotForex Review – is HotForex Scam or Legit Broker?

HotForex

3.7

Rating

3.7/5

Pros

  • Full law and licensing with Numerous government (FCA, FSB, BAFIN, CYSEC, and so on )
  • Low-cost trading, low spreads and commissions with 0 Mark-Ups
  • 17 trading applications, 8 accounts kinds, 150 trading tools, 14 financing Techniques, 8 trading programs etc..
  • 27 supported languages
  • Demo trading accounts

Cons

  • Social networking reports aren't regularly updated
  • Bonuses are missing
  • is a little confusing with too many account types

HotForex is seen being a multi-asset brokerage where traders may benefit from indices, stocks, energies, cryptocurrencies, commodities, stocks, bonds, and Forex trading. This top Forex broker is completely licensed by CySEC, both the FCA, BaFin, FSC, and also the FSB to provide a real income trading on financial devices to customers. It functions in accordance with all the Markets of Financial Instruments Directive (MiFID) of this EU. Like a multi-award-winning brokerage, HotForex sets claim to 20 industry awards through time, using some 500,000 live reports, 200 employees, along with complete security features agreed to Forex traders. At profits available to customers ‘ are liberated financing options, 8 trading accounts type s, full coverage on all client funding, cheap binary options, low commissions, and raw spreads with 0 markups.

Overview/ desktop

HotForex was set in 2010, also it has claimed itself among the primary providers of Forex trading products and services. It functions the multi-award-winning MetaTrader 4 stage for Forex traders. The business is a registered make of another investment business called HF Markets (Europe) Limited. The business ‘s registration number is: HE 277582. It’s completely licensed and governed by the Cyprus Securities and Exchange Commission (CySEC) using permit #183/12. This Forex brokerage operates underneath the EU’s MIFID protocol to make sure its services is found in line with the equal standards throughout Europe.

HotForex is targeted towards institutional customers and retail customers. It’s excellent for traders using EAs (expert advisors), in addition to scalpers. Multiple account types are provided, to allow it to be effortless for retail and institutional customers to trade money pairs on line. A vast assortment of CFD (contracts for difference) trading options will be available, together with varying spreads, and higher liquidity. The financial tools which are supported by HotForex comprise: cryptocurrencies (Ripple, Litecoin, Ethereum, Dash, Bitcoin), Forex with 0 pips and non-spreads, metals such as silver, gold, leading indices like the USA 100, stocks of leading bourses from multiple states, energy assets such as petrol and petroleum, bonds, as well as other commodities.

Account Types

HotForex now offers 7 accounts type s for traders around the spectrum. Like a Forex trader, it’s crucial that you own options open, also that’s why HotForex goes out using customized accounts to the requirements. Live account and demonstration accounts are offered for several trading options. These contain the Auto Account, the Islamic Account, the FIX Account, the Premium Account, the VIP Account, and also the Micro Account. We researched every one of these accounts forms and their suitability to allow traders of distinct kinds:

  • The Micro Account – the absolute minimum deposit of 50 with a maximum leverage of 1:500 with varying pips and spreads as little as 1. You might possess 150 orders that are open.
  • The Premium Account – the absolute minimum deposit of 500 is demanded, with the greatest leverage of 1:400, also spreads out of only 1 pip. You may take a max of 300 open requests simultaneously.
  • Zero Account – that the deposit to the zero accounts is $100. The highest leverage of 1:200 is acquired and also there are changeable spread types. The minimal spreads out of volatility is 0and also you may start 500/*60 standard lots on each and every position.
  • The Fixed Account – that the deposit onto a predetermined accounts is $500. A maximum leverage of 1:400 is acquired and also there are mended spreads. The best simultaneous open orders which is potential is 300.
  • The VIP Account – that the deposit onto a VIP accounts is 18,500 roughly $20,000. You like maximum leverage of 1:300 with varying propagate 0 and types spreads out of volatility. The utmost simultaneous quantity of orders that are open which you could get is 400.
  • Auto Account – that the deposit on an automobile accounts is 500. Maximum leverage on those balances is 1:400 and the spreads are somewhat changeable. Spreads from volatility are just 1, and you also may have up to 300 open orders simultaneously.
  • HF Copy (HotForex Copy) – that the deposit for this particular account is 1000 for a method provider. If you’re a follower, then the deposit is merely 300. The most leverage with this particular account is bound by 1:100 and the spreads are only 1 pip. You might consume around 300 maximum open requests simultaneously.
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Trading Platform/ applications

The trading system utilized by HotForex is currently MetaTrader 4. This may be the golden standard for Forex traders around the entire world. It’s available for downloading Windows, Mac and Linux apparatus. To obtain going doing the downloading, click on the various button from the available options. HotForex is now important to come up with a userfriendly trading platform using rapid executions of trades, low spreads, and greatest responsiveness. Together with your trading, CFD or Forex, MT4 is excellent for trading purposes. It might be set up in your Mac os through Wine. As stated by HotForex, you can find lots of analytical tools included from the MetaTrader 4 applications, including trend analysis, entry/exit points, 50 applications and indexes, quotation dynamics and much more.

Deposit options

As a Forex trader, it is possible to readily deposit funds in your account with the following deposit options: cable transfer (the least 250 ), Maestro, MasterCard, Visa, Visa Electron minimum deposit of $50 for everybody, with a max deposit total of $15,000. HF MasterCard having a minimum deposit of $50 and no more than $10,000, and respective online payment options like NETELLER ($50 and $10,000 minimum/maximum) along with Skrill ($50 and $10,000 minimum/maximum). The residue processing times for some options is upto ten minutes, however, cable transfers may take medially two – 7 trading days. There are not any fees levied on deposits on bank cards, including HF MasterCard, or internet payment options. Yet cable transfers are at the mercy of penalties in the event the deposit amount hasn’t yet been met.

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Markets

There are a lot of broad types of trading tools offered by HotForex. These generally include bonds, cryptocurrencies, commodities, indices, stocks, bricks & metals, and Forex. We’ll briefly explore each of those groups with several options that are accessible:

  • Bonds – EU bonds, UK Gilt, US 10 year treasury
  • Cryptocurrencies – BTC/USD, BTC/EUR, ETH/EUR, ETH/USD, LTC/USD, LTC/EUR, DSH/BTC
  • Commodities – cherry, aluminum, coffee, sugar, platinum, palladium, and cotton
  • Shares – Anglo American, Barclays, Volkswagen AG, Daimler AG, HSBC Holdings, Rolls-Royce, Apple, Cisco Systems, Google, Netflix, Boeing Company, Chevron Corporation, MasterCard, IBM, Hilton, Goldman Sachs, McDonald’s, Pfizer, Twitter along with others. There are a few 5 3 stocks contracts which is readily available.
  • Indices – Australian 200, France 40, Germany 30, Japan 225, Netherlands 25, Spain 3-5, UK 100, SPX500, US Tech 100, Switzerland 20 along with others.
  • Metals and Energies – silver, gold, US crude oil, UK Brent crude oil
  • Forex – You will find a few 50 money pairs readily available to traders including majors, minors and exotic monies. These contain the USD/ZAR, USD/SEK, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, NZD/CAD, GBP/JPY, EUR/ZAR, EUR/NOK, EUR/GBP, CHF/JPY, AUD/JPY, AUD/CAD and heaps others.

Bonuses

HotForex provides a HF MasterCard, and assorted advantages to traders. The HF MasterCard is a value-added-added service readily available to registered traders. Additionally, there are various advantages available such as for instance HotForex Gadget Giveaways, and HotForex Merchandise.

Customer Support

HotForex support is found through various channels including an internet contact form. There are numerous other touch options for customers from Germany, Spain, the UK, Poland etc.. The contact info is as follows:

  • Customer service – [emailprotected]
  • Telephone number for client service – 357-24-400165
  • Trading table assistance – [emailprotected]/ 357-24-400572 medially 8 AM and 11:59 PM
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The Tollfree and Global amounts are recorded as follows:

  • Global assistance – 44-203-318-8569
  • Germany – 0800-182-2677
  • Spain – 900-808571

For additional particulars about HotForex Touch options, go on here.

Safety

HotForex is 100% safe and sound to use. There are demonstration trading balances along with a real income trading account. This enables you to rehearse your trading plans before you deposit and also trade to get real. In addition, this Forex brokerage is fully regulated and licensed by multiple governments round the world, ensuring its own lending anyplace. It sports CySEC law and licensing, is compliant with the European Union’s MiFID directives, also is Financial Conduct Authority (FCA) governed. Other licensing comprises FSC, BaFin, as well as the FSB. Safety is further enriched by segregated client balances, together with major banks, and also that which is supervised by authorities. The ICF (Investor Compensation Fund) is a Helpful safety as a result of its Cyprus Securities and Exchange Commission. The stage also provides negative balance safety.

Ease of Use

HotForex is amongst the simplest Forex brokerages touse. That which is set out neatly and obviously to FX traders. There are many account types to pick from, and also the demonstration trading option will be always offered. In addition, you’ve got 4 dozen Forex pairs to choose, scores of goods, indices, assets and also cryptocurrencies to match your own Forex trading actions. Click on the demonstration or live accounts option on the top of your screen to obtain going.

Final Thoughts

HotForex dove-tails as the perfect Forex Currency brokerage, also all trading platform that is round. It gives heaps of world-class Forex, metals stocks, assets and indices. Low spreads are ensured, and there’s not any slippage. Overall a fantastic Forex brokerage touse, also it’s good to realize there is, therefore, a lot of regulatory supervision for traders.

Internet Site:
www.hotforex.com
Telephone:
44-2033185978
Legislation:
Not Regulated
Pairs provided:
USD/ZAR, USD/SEK, USD/RUB, USD/JPY, USD/CHF, USD/CAD, NZD/USD, NZD/CAD, GBP/JPY, EUR/ZAR, EUR/NOK, EUR/GBP, CHF/JPY, AUD/JPY, AUD/CAD
Minimum Deposit:
$100
Spreads From:
1 PIPs
Max Leverage:
400:1
Markets:
Forex, Cryptocurrency, indices, stocks, bonds, energies and metals