HotForex.com Review Visit site

Updated: Jun 2, 2020
3.769 · 493 REVIEWS
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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.

About HotForex.com

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.com

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

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3.769 · 493 REVIEWS
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Consumer Reviews

Mohammed Jabir Younus,
London, United Kingdom,
Jul 30, 2016,
Guest

My HotForex wallet ID is 197219 and I been with Hotforex Team Bangladesh over a year now. I was struggling to stay and walk in the FX market and loss good balance due to not maintaining and getting support from anyone.

Everyone give education and support even Hotforex does it also but the reason why I have Choosen Obidur Rahman and his team is because he is clearly a Good guy with his excellent talent and experience not only he cool me down and pointed out my mistakes but also have not seen any better Broker who allow almost every trading style then Hotforex. So I feel and it's true that Hotforex is one of the best Broker and Obidur Rahman is exceptional.

I have seen many people complaining about platform doesn't work etc and complaining about services, we all know when it comes to something that doesn't work in our favour we try to fine issues and asking for returns but my question is when you guys make profits do you give any support for them? I guess no is you answer. I have never faced any issue and if there was any that was dealt thoroughly.

The amount of support people can get from Hotforex Bangladesh team will never get anywhere. They are the best team at present I believe and with their inspiration I want to Go further in Forex Market.

So with my personal experience I can only say don't look another broker who might be good company but without support and help none of them can give you a clear path.

Anyone have any question please do let me know and I have happy to communicate and give them right direction.

Many Thanks
Jabir
 
Sheikh Waqar ,
Lahore, Pakistan,
Jul 20, 2016,
Guest

My overall six months experience with hotforex is good. I usually do not trade much yet I make extra money every month while buying and selling popular currencies. They have low spreads and I get my payments every week whenever I request. They really worth giving a try.
 
J Ogsinar,
Bulacan, Philippines,
Jul 11, 2016,
Guest

After further research I decided to give this broker a shot since they are popular in my region and most south east Asian countries. execution wise the broker is doing fine, stable with very minimal slippage. in terms of trading instruments I would say they provide what traders need, no more no less. withdrawals are processed based on note/reminder, it will be processed with in the day as long as the submission is before working hours. they are strict with the documents submitted, even during opening an account, gov IDs, bank statements etc, on this case I don't mind, though It can be a bit tough for a trader from an Asian country, but it only shows the good level of security. I give this broker a 4/5 since I have only been trading for a couple of months now, but so far the results seems to be promising.
 
Steven Eruthiaraj,
seremban, Malaysia,
Jul 1, 2016,
Guest

my problem with hot forex is i lost my credit card and i got a new card replacement with last 4 digit changed due to security reasons now hot forex want me to get a letter from the bank and the bank will not give me this letter that my card has been lost and will not be in used in international transactions,i have talk to customer service and the matter cannot be settle they are hard and want the letter luckily i have a very small amount if it was big then the broker will have a big meal . beware of this broker they are just waiting you make a small mistake and never let you withdraw your money . i will be submitting a case on the matter with all doc attracted , feeling very frustrated .
 
Niloy Mahmud,
Dhaka, Bangladesh,
Jun 12, 2016,
Guest

Best broker current time . Tight spread.. Last nz rate news i traded on hotforex and other broker , i was gace sell on nzjpy but when nz rate was not changed nzjpy in hotforex took my stop loss of 30 pip but other broker did not take my stop loss of 30 pip rater took 110 pips by slippage.this is one example how good hotforex during volatile market .other issue of deposit withdraw no problem .i dont know why other ppl give low rate of this broker.i am in forex trade 4 year now and Dhaka support team very helpful.
 
Vinod Nadar,
Mumbai, India,
May 29, 2016,
Guest

I've been using hotforex for the past 3 years. Depositings and Withdrawals are quite easy and fast.Customer service is excellent.Daily withdrawals are smooth,user-friendly and are done on the same day.I would recommend everyone to try out Hotforex.
 
Hohoho,
Sydney, Australia,
May 25, 2016,
Guest

Be careful with karaosmith@gmail.com which is supported by hot forex. This is my second bad experience with forex trading.

All my deposit has been wiped out in 1 night.
 
Behzad Bazian,
Kuala Lumpur , Malaysia,
May 18, 2016,
Guest

I have posted a review on 2016/05/10 regarding my experience with Hotforex. So following my previous post, I would like to mention that my withdrawal was completed and my profit has arrived.

2016-05-10 No Rating I have been trading with Hotforex for a few months now. At first, the customer service was really good and they used to solve my issues really fast. So, I decided to open an account with them.

However, unfortunately slowly things got weird after I traded a news which resulted in a bit over than 10k profit for me. Immediately, I received an email that my account has been flagged by their system and my bonus will be taken away. Well, my bonus got removed from my account with no explanation even though I emailed them. Following that, on the next day I traded with my usual strategy, but this time my positions was executed with no profit or lost. But, again i received an email from them that my leverage will be decreased from 1:400 fixed spread account to 1:100 without any explanation which I found very frustrating.

However, I carried on and did another trade with them and as I am a news trader I opened two positions following US-Unemployment rate and I experienced terrible slippage. In addition, it took more than 30 seconds for my position which was on profit to be closed. Anyway, my position ended up from positive 1000+ to negative 1840 hitting my stop-loss.
During these few months of trading, I have never experienced such a huge slippage and slow execution with them. Luckily I have recorded my trades and have it available.
I would be more than happy to give to anyone of you if you wish to have a look.
Now I am waiting on my withdrawal request, and the worst part is that they have sent me three emils so far cancelling all three of my withdrawal requests and in their last email they came up with this excuse that i need to submit my passport again as a proof of identity which i found very unnecessary. So I would like to tell all of you out there base on my experience that surly HotForex did not act as a true ECN broker and they are not happy with the clients those who profit.
I really hope i get my Money back from them and I don't wanna judge too early but my pervious withdrawal requests were completed immediately. Now my only choice is to wait.

I will keep ya all posted regarding my withdrawal request.
 
Charli,
Moscow, Russian Federation,
May 18, 2016,
Guest

Great broker for scalping, fill orders with pretty tight spreads on majors, I try to avoid Asian sessions, so don't know how good are spreads in this times. Had only 3-4 requotes in 200+ orders, what's very impressive for retail brokerage. Support is fast and qualified though I had only a couple of things to ask them about. Withdrawal fee on web-money is s bit high so I switched to skrill. Overall I'm pleased to trade with HF
 
MIssV,
, Germany,
May 15, 2016,
Guest

I have been trading with Hotforex for months and I have experienced that deposit and withdrawals got more difficult for me as European client since September 2015.
At that time they changed their deposit/withdrawal system by forcing Euro-clients to convert all amount into US dollars. This is probably due to the fact that their finances are not based in Europe.
This results for example in conversions fees and higher bank wire fees for withdrawals.
My experience:
I was charged with 40 € fees for a withdrawal of 2000 €
I was charged with high conversion fees for withdrawal on a neteller account, because the amount was converted from Euro to US dollars and then from US dollars to Euro
Depositing through "Sofort Banking" (which should be credited immediately) was credited to my account 2 working days after depositing

 

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.