Review of HotForex
Operated by HF Markets (SV) Ltd, HotForex is a broker that is based in the St. Vincent and the Grenadines and regulated and authorized by the Securities and Exchange Commission (CySEC) under license number 183/12. The broker HotForex is also regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.
HotForex is a Broker that also offers Contracts for Difference (CFD’s) and trades in stocks, commodities, and indices. This is one of the fastest growing and largest brokers in the forex industry and they have almost one million clients.
HotForex is a leading online forex platform that has been recognized for providing traders with a dynamic and potentially highly profitable trading experience. HotForex employs a number of experienced IT and financial market specialists, and they have designed their platform from the very beginning to the very end.
It is very fast and easy to withdraw your profits with HotForex. You do not need to pay any fees for transferring the funds to your bank or eWallet. Unlike some brokers, HotForex does not impose any commission, or hidden fees on its traders. If you are trading with this broker, you keep 100% of your profits.
HotForex Review – Trading Platforms
HotForex offers a simple, easy to operate trading platform, with no complexities; designed for both beginners and professionals alike. The advanced HotForex trading platform was developed to fulfill the needs and necessities of all traders.
HotForex offers the well-known MetaTrader 4 platform to its traders. This is available in a downloadable version and is also accessible through desktop computers and all mobile devices including; iPhones and Android phones. The MT4 platform was developed by MetaQuotes Software Corporation in 2000 and quickly became the most popular trading platform in the financial industry. The dynamic and user-friendly platform provides traders with a powerful range of features and tools that are fully customizable to the individual trader.
In addition to MT4, this broker also offers its clients access to the HotForex Web-Terminal. The HotForex Web-Terminal platform is at the forefront of online trading. HotForex’s platforms are specially designed for its traders to offer unique and fastest execution opportunities under any market conditions. It is possible to switch from one version to another without any difficulty.
No Information Overload
HotForex has been able to achieve a significant market share just because they keep everything very simple. There is no “excess information” here, as there is with other forex brokers. No need to switch between browser tabs looking for information. This is an advantage for beginners in Forex trading who may certainly be confused by all the different terms.
HotForex Trading Accounts
HotForex offers nine (9) different type of trading accounts. The account types, which are determined by the; deposit amount, spreads, trader’s experience and other trading conditions. Furthermore, the company offers an unlimited free demo account so that beginners can sharpen their skills without risking their own funds, and is something of a rarity among even some of the most popular Forex brokers.
HotForex’s nine trading account types are;
a) Micro Account: Traders can start trading Forex market with a minimum deposit of only $5 with this Micro account. This account also comes with a maximum leverage of 1:1000 and ‘Variable’ spreads that starts from as low as 1 pips.
b) Premium Account: This account is for traders who can start their forex trading career with a minimum amount of $500. In this account, traders are eligible to trade the forex market using the maximum leverage of 1:400, and enjoy the feature of Variable spreads that starts from as low as 1pips.
c) Zero Account: With a minimum deposit of $100, traders can trade the forex market with ZERO spreads under this account.
d) Currenex account: The next HotForex account type is the Currenex account. This account requires a minimum deposit of $500. Traders at this level will receive Variable spreads that start from 0.2, and a maximum leverage of 1:400.
e) Fixed Account: The highest of the HotForex account types is the Fixed account, for those who want to trade under ‘Fixed Spread’ trading conditions.
f) VIP Account: In order to be eligible for a VIP account, a minimum deposit amount of $20,000 is required. Spreads are variable, starting from 0.2 pips and the maximum leverage is 1:400 under this trading account. For traders interested in opening a Fixed account, it is recommended that they contact the ForexGator.com support team for; special trade lot sizes, spreads, commissions, margin calls and instant withdrawals.
Each account comes with a personal account manager, instant execution, flexible deposit options, 50+ tradeable assets including currency pairs, indices, and commodities. Of course, all accounts have 24/7 customer service in multiple languages by; email, phone, or live chat.
The practice account is the demo account. This is a risk-free practice account, which allows traders to practice forex trading without having to deposit any funds. Traders are eligible to use this account to try out the broker’s; web platform, mobile platform and desktop platform. With this account, traders are able to experience trading the forex market with a $100,000 virtual balance.
Commissions and Spreads
HotForex charges no commissions to deposit and withdraw your funds. However, their spreads are as low as 0.5 pips on the majors, for trades they undertake on behalf of their clients.
While trading with this welcoming broker, traders have nothing to be worried about since the broker is regulated by the CySEC; in addition, HotForex is registered with the Cypriot Investment Firm (CIF). With its simple trading platforms and secure trading environment, investors grow confident when dealing with HotForex.
Moreover, the broker HotForex is absolutely safe, using SSL encryption to keep all of your personal information safe during all transactions. As soon as you register and make your initial deposit with HotForex, you will immediately get a call from your personal broker who will help and guide you to maximize your profits.
Education and Training
This broker dedicated part of their staff to making useful and advanced educational materials available to their traders; providing guidance in the process of turning their beginning traders into professional traders in a short amount of time. HotForex has a wealth of information available in their Education Section including; free video tutorials, webinars, 1-on-1 training, forex courses and a well-organized FAQ. This way you will be able to understand the market like a professional and take advantage of fluctuations, because in the forex trading world, knowledge really matters.
Their customer service is praiseworthy. HotForex’s website supports twenty-five different languages. Our HotForex review revealed that the broker has a standard set of online contact options. Contact phone numbers and E-mail addresses are displayed along with a contact form.
In addition, a live chat system is also available on their website. Dedicated phone numbers are accessible for clients from all over the world. Other than these, HotForex provides ‘Toll-Free’ numbers for international traders, which is definitely a plus. No matter where you are located, it is easy and free to contact HotForex. Overall, we found the customer support at HotForex excellent, with many different contact methods and no hold times once connected.
HotForex Review – Regulation
As for trustworthiness, when you are choosing a broker it is important to check if they are regulated, and if so, by whom. In this case, HotForex is regulated by the CySEC in Cyprus, which is one of the most respected financial regulatory bodies and by the Cypriot Investment Firm (CIF) in Europe. These are very prominent organizations. Traders may rest assured knowing their funds are secure with HotForex.
Banking Options: Deposit and Withdrawal
When it comes to funding your account, HotForex has many different payment options including; debit and credit cards, wire transfer, Skrill, UnionPay, WebMoney, and Neteller. Sorry to say, PayPal is not supported.
Deposits can be done through a wide selection of safe and trusted payment methods, in a number of different currencies. When you request for a withdrawal, funds are simply transferred to your preferred account in the currency of your preference and through the process most suitable to you. This makes the process safe, simple, and quick. HotForex is dedicated to the highest level of security when sending out your payments.
There are hundreds of brokers out there in the Forex industry today. What is shocking is that many make no effort to become regulated by the strong financial authorities, which does create some question marks about their reliability. However, it is always reassuring when you deal with a broker such as HotForex which is regulated by some of the highest authorities in the world.
We were extremely happy with the withdrawal process at HotForex. The process was quick and easy. As soon as our review team provided the necessary documents, the withdrawal was completed within 24 hours. So, go ahead, open an account with HotForex – this is one of the best brokers in the forex industry, no doubt about that.