HotForex Review

3.739 · 508 REVIEWS

Also hfeu.com

Also hfmarkets.co.uk

Updated: Jan 18, 2021 · HotForex.com  · Is this your company?

HotForex is a forex broker. Hot Forex offers the MT4 and MT5 trading currency platforms. HotForex.com offers over 45 currency pairs, cryptocurrencies including bitcoin, indices, shares, bonds, gold, silver, energies, commodities and cfds for your personal investment and trading options.

HotForex
Part of HF Markets. Other websites include HFEU.com

HotForex's representative requests that anyone having issues please include the account number in the review.  This should result in many issues being addressed more quickly.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $5
Established: 2010
Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent And Grenadines
Contact: support@hotforex.com, +44-2033185978
Regional offices:
Regulators: CySEC #183/12, FSC Mauritius #C110008214 , SVGFSA #22747 IBC 2015, FSA-S #SD015, FSCA #46632, DFSA # F004885
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (45+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney

Live discussion

Join live discussion of HotForex.com on our forum

Go to forums

Video

Your company video here? Contact ad sales

3.739 · 508 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

Ngoc Bao,
Ho Chi Minh, Viet Nam,
Jan 6, 2021,
Guest

Good PAMM broker

Service use: Other

Length of use: over 1 Year

I have been trading with this Broker since 2018. After 2 years, I decided to switch to PAMM because I don't have time to keep watching charts. HotForex PAMM is easy to use and I don't need to ask CS for any guidance. I picked some good PAMM and invest the minimal amount ($250-500). There were drawdowns but overall, I am making steady profit with HotForex PAMM. Recommended!
 
Karachi, Pakistan,
Jan 5, 2021,
Registered user

Trading for a long time with decent broker

Service use: Live

Length of use: over 1 Year

My account was opened back in 2019 through a local IB with 100usd initial deposit. Verification process was simple yet it took me around one week time to get my application processed. After that i did deposited few times and now i haven't had deposited anything to them. I am making small but consistent money which helps me pay my kitchen grocery and bills etc. My last withdrawal was processed a day before the xmas. Skrill is my primary ewallet and it usually takes 2 business days to collect the withdraws made from hotforex broker. I can safely say that I haven't had any issues with this broker so far and it is a decent broker in my opinion.
 
Gaza, Palestinian Territory, Occupied,
Jan 3, 2021,
Registered user

Hotforex closed my account without given me the money about 9000 $

Service use: Live

Length of use: over 1 Year

HotForex closed my account without prior notice, because as they told me that I traded on BTCEUR with its erratic prices, and the question is how do I know that the price is wrong or correct that I am trading on an electronic platform when you give me the approval, this is not my fault, but their problem is that if I took the approval for a price, that is True .
Let us go back to their conditions in the company. This is correct. They can deduct the profits resulting from the wrong prices
But here they closed the account and took all the money, as there was in my wallet about $ 5700 and there is in the platform $ 3243 the total is about $ 9000
The account was closed without recovering any amount and any account.
myHF 171532

More. Community discussion of this issue >>

  1 trader has found this review helpful
ghana, Ghana,
Nov 23, 2020,
Registered user

Deposit issue.

Service use: Live

Length of use: 3-6 Months

I would like to draw people attention on the deposit method offered by hotforex called flutterwave, I made deposit a couple of time through it but about 2 weeks ago my funds were deducted from my mobilemoney account but it never reached my hotforex wallet. I wrote several emails to customer service , they asked for screenshots of the transaction, I provided, then no news. I contacted flutterwave support, even worst after sending proof of payment, they told me the funds was not received though I was deducted, they are asking me to contact my bank, mobilemoney is not managed by bank and the fact that they waited for 2 weeks to tell me that so I couldn't recover my funds is really show their bad faith. I am disapointed with hotforex and I post my experience so that no one else will lose their funds.
 
Gia Phu,
Ho Chi Minh, Viet Nam,
Oct 16, 2020,
Guest

Small deposit broker and easy to start

Service use: Live

Length of use: over 1 Year

One year ago I was new with Forex and roaming around to pick a broker to trade with small deposit. HotForex offers variety account options, start from $5-50, execution is fast and flexible withdrawal. It also allows EA in MT4 platform and has a low/fixed/raw spread accounts available. A good broker for starter!
  1 trader has found this review helpful
Auckland, New Zealand,
Sep 23, 2020,
Registered user

Fund transfer issue resolved

Service use: Live

Length of use: 0-3 Months

Since my last review here, the acknowledgment of fund transfer issue has been resolved with the help of the product specialist and after sending through all the email correspondence I had with my bank's customer care department showing money was wired to HotForex's bank account. If your bank does not provide Swift Copy the way HF expects, I don't recommend using Wire Transfer. I am not going to rate this review but wanted to let others know, the issue has been resolved.

Sep 17, 2020 - 1 Star Opened the account few days back and verification process went through fine. As they don't offer credit card as an option for my account (not sure if it's regional / country limitation or what), I sent through 1040 USD via Bank Wire Transfer. I sent through the confirmation email I had received from my bank for the International Transfer that has their bank account number, the reference number they'd see on their account and my name as the person transferring the amount as well as a screenshot from my online banking showing the same information. they email back asking for Swift Copy, I call up my bank and it was past 10 pm in New Zealand due to time zone as you can imagine, so outside normal hours for NZ, my bank rep said that the confirmation email should suffice as my name and the reference number should be showing on their bank account anyway so they should be able to verify that easily if they check at their end and If I need anything more to contact my branch during business hours. Anyway I email HotForex account manager and their deposit a couple of times explaining the situation - what do I get, complete radio silence, not even a courtesy to reply to my emails any longer, their product specialist/account manager was calling me every day to make sure I transfer funds, now that I have, nothing not even a reply to try to resolve the issue or check their end if they have received the funds yet or not as it should have the reference numbers - I'll give them today and if I don't hear anything from them, I will call my bank and see if the money wired can be reverted back due to fraud.
 
Bagh, Pakistan,
Sep 10, 2020,
Registered user

Convenient trading

Service use: Live

Length of use: 6-12 Months

I never had any regrets choosing this broker. I am ten month into live trading with this broker and never missed out my withdrawal neither got into trouble with them. The only thing which took little longer than i expected was the verification process which took more than three days as i remember now. Rest all is good and the trading is convenient.
  1 trader has found this review helpful
Frankfurt, Germany,
Sep 1, 2020,
Registered user

Little Slippage

Service use: Live

Length of use: over 1 Year

I had traded News Events on 4 difference Broker.
By far the least Slippage was on Hotforex.
Withdraw money from the account was also no problem.
  1 trader has found this review helpful
Peshawar, Pakistan,
Aug 21, 2020,
Registered user

Best suited broker for full time trading

Service use: Live

Length of use: over 1 Year

Trading lately from 2018, while doing primary full time job I kept my trading activities in part time. However with the covid pandemic when everything came under lock down. Our company allowed us to work remotely from home. During my stay at home I got the opportunity of trading as a full time trader. Shorted many assets and also did some long. Trading is more profitable than any other business in my opinion. So i am planning to shift permenantly to trading because it has helped me earn more during the entire lock down. Hotforex broker also helped me withdrawing money as and when required.
 
Khang,
Seoul, Korea, Republic of,
Aug 17, 2020,
Guest

Good place to try CFD trading

Service use: Live

Length of use: 0-3 Months

I like this broker, used them for 3 months to try currency trading. Execution of orders is pretty fast at least in manual trading also they charge small commissions. Note that they offer CFD trading it is a special type of trading instrument which is the best option if you want to profit from price fluctuations. Overall I would rate this broker 4 from 5.
 

Frequently Asked Questions

Is HotForex legit?

The the best way to answer if HotForex a legit broker is to read the unbiased traders reviews on ForexPeaceArmy: https://www.forexpeacearmy.com/forex-reviews/6884/hotforex-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we recommend that you check recent HotForex community discussions: https://www.forexpeacearmy.com/community/tags/hotforexcom/

What is the minimum deposit for HotForex?

To activate a live account on HotForex, the minimum initial deposit is $5 for a micro account.

Other Hot Forex account minimums vary by type, with most being in the $100-$250 range.

Is HotForex regulated?

HotForex is registered with the regulators in a number of countries. These include:

  • CYSEC in Cyprus
  • the FSC of Mauritius
  • the Seychelles FSA
  • the FSCA of South Africa
  • and the DFSA of the UAE
HotForex is also registered with the SVGFSA.

What is HotForex?

HotForex is a forex and commodities trading broker.

Hot Forex offers a wide range of currency pairs along with cryptocurrencies, stock indexes, precious metals, and other commodities.

How do I withdraw money from HotForex?

HotForex offers a variety of withdrawal methods, including:

  • Bank Wire
  • Credit Cards
  • Neteller
  • Skrill
  • FasaPay
  • VLoad
  • Webmoney
  • CryptoPayments
You can initiate a withdrawal by logging into the client area on the website.

How long does HotForex withdrawal take?

HotForex withdrawals submitted before 10:00 am server time are nearly always processed the same business day. Withdrawal later in the day are processed the next business day.

The time for a processed withdrawal to be received varies from nearly instant to as much as 10 days, depending on the withdrawal method.

How do I apply for a HotForex MasterCard?

HotForex does offer it's own MasterCard which allows you to easily withdraw your profits to the card.

Applications can be submitted directly from Hot Forex's website after your account is approved and funded.

Does HotForex allow hedging?

HotForex permits hedging as well as scalping, news trading, and the use of EAs.

How do I get a HotForex card?

Applications for the HotForex MasterCard debit card can be made directly from HotForex's website.

Once approved, it is mailed to you for free. With Hot Forex card, you can easily withdraw your funds directly to this card.

Is HotForex regulated in South Africa?

HotForex holds a license from the South African Financial Sector Conduct Authority (FSCA License #46632) in addition to other regulatory licenses from around the world.