HotForex Review

3.731 · 509 REVIEWS

Also hfeu.com

Also hfmarkets.co.uk

Updated: Jan 27, 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

3.731 · 509 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

Nhat Nam,
Vietnam, Viet Nam,
Oct 2, 2016,
Guest

Fast support in resolving withdrawal issue

I encountered a withdrawal problem with hotforex, my Skrill email is not same with my hotforex email and they denied my withdrawal request. After contacting the CS, an employee explained to me and they agreed to change my hotforex email after I proved the the new Skrill email is mine. It's my experience but everything was done in day and the support was very dedicated in resolving my problem. It's a reliable broker!
 
M. Anwar ul Haq,
Rawalpindi , Pakistan,
Sep 29, 2016,
Guest

I started trading with hotforex a few months ago and still had a great time with them and I guess here are some of the reasons that I have been trading with them: they have good numbers of pairs to trade, extra bonuses option, timely withdrawals and good execution of orders.

I did faced with some problems initially which were related to my documentation however it was explained and sorted out. I think they might be the best brokers service I ever availed.
 
Karup J, Denmark,
Sep 22, 2016,
Registered user

You can easily open account by them and deposit funds but you can now withdraw you money once they received them if regardless if you made a profit or

There are no problems when you want to deposit funds to hotforex but when you want them out the money disappear in excuses. First one is you need to prove how you made your money. I personally had to provide documentation on how i earned my money 10 years back. then i need to provide bank statements from each and every money transfer i have made from that account. I hade to give them this on from what account I moved money to where they arrived and then to next account and next all the way up till today to be allowed to withdraw funds. I had more then half i million usd by them. Now I am removing the remaining 7500 usd I have by them and again I had to prove who I am even tho i went to them for meetings a few months ago. I have been trying to withdraw from 2 different accounts and i have problems with both. First I needed to resend documents proving who I am and after several days of talking to them and getting them to accept the withdrawal it finally went through. this is now more than 10 days ago and right now they don't know where my money went. Normally it takes less then 3 days for me to send money anywhere in the world. When i send the money to Hotforex it took 3 days to arrive. When I withdraw all kinds of things seem to happen to delay funds in being withdrawn. I talked to employees when i went to Cyprus both a few months ago and last month. They both left the company due to them scamming clients and having a hard time with the moral in delaying transfers out already at a profit of I think it was 50 usd you will be experiencing delays and misshabs when you try to withdraw. If you trade Binaries and are succesful you will experience slippage or not being able to close trades in profits. If you still are profitable they will close the pairs telling you they no longer have this "option" available for you to trade. The liquidity provider they use is a partner of Hotforex with whom they share the profits ( your loss ) and if you have a profit it is becoming increasingly harder to withdraw funds.
 
Jef Ebrio,
Laguna, Philippines,
Sep 22, 2016,
Guest

I think the quick withdrawals is a common thing with this broker, the platform is good, the server seems stable and the execution is fast, even during Yellen's announcement on the 21st scalping was not much of a problem. I have traded this broker for close to a year now and no complaints on my end.
 
bhubneswar, India,
Sep 17, 2016,
Registered user

hfmarkets is genuine 100% and brand name in fx indutry

i am trading with hf markets last two years no problem at all. genuine broker
hf markets is a brand name in fx industry. superb client support.actualy when people loose money they directly blame to broker like hf markets. i am telling u practical experience.. 
 
Adis,
Saudi Arabia,
Sep 15, 2016,
Registered user

Sorry,there for typo-errors.By the said date it would be three years rather that I started operating a live account with HotForex.

Sep 13, 2016 - 4 Stars By 28/11/2016 it would be two years since I opened my first funded live with HF.It has been extremely challenging becoming a consistent profitable trader.It has been both a painful and exciting experience.As some of the trading wise men have said,"you do not trade the market;you trade your attitudes".Indeed,to trade consistently and successfully I say learn trading,know your character flaws and strengths and adopt the higher metaphysics of success.Then implement all these and you "will" succeed,God-willing.



I would have rated HF as excellent but for only one withdrawal that I still await,God-willing.Though I have lost about $30,000 trading live account with HF,I believe it was all my fault.Finally about two weeks ago,I funded my account with $1,495 and it the same week I closed all my trades with over $10,000 in my balance.Then I requested for withdrawal of $7,250 in total..I have since received $3,400 via my credit card in two withdrawals with each reaching my credit card account by the third day after my filing the withdrawal requests.They asked me to expect it withing 2-10 working days.They both came on the third day.Before this I had withdrawn $100 in the past as my first withdrawal request and it reached my credit card account at about the third day too.great,I would say.



Of my $7,250 request above I was told that I need to request the balance of about $3,850 through pother withdrawal options.I chose bank wired withdrawal.I was alerted that my request has been processed and it should reach my account within 2-10 working days too,depending on my bank.That I am still awaiting God-willing and this is the only reason I am yet to rate HF 5 star.My live account number is 319373.



 
PAMM manager,
United Kingdom,
Sep 13, 2016,
Guest

The law was broken and Hot Forex is responsible for damages caused to European businesses

HAVE THE TOP PERFORMING EUROPEAN MONEY MANAGERS BEEN COVERTLY BULLIED AND DISCRIMINATED BY THE HOT FOREX?

Mauritius broker HOT FOREX CUT OFF ALL EUROPEAN MONEY MANAGERS while refusing to state reason!

Hot Forex failed to provide services the company agreed to provide and caused damages to number of European businesses.

Email we received:

"Dear Valued Client,

We would like to inform you that HotForex will be no longer offering PAMM accounts service in your region.

We recognize the importance of this decision to you and we apologize for any inconvenience this development may cause, regrettably it is a decision that we have no choice but to roll out.

In light of the above, you are kindly requested to proceed with withdrawing your investment from your PAMM account by Friday 30th September 2016.
In addition to the above by Friday 30th September 2016 and no later than 23:59 midnight server time (GMT+3) all open positions and pending orders in PAMM Manager accounts will need to be closed. Any positions left open will be automatically closed at the prevailing market price at that time and all pending orders will be deleted.

In the event that you have a PAMM Manager account(s) with zero balance and/or account(s) with no open trades at the time this email is sent, they will be placed to inactive mode with immediate effect. This means that only funds withdrawal option will be available on these accounts.

Please be advised that HotForex is already working on alternative solution for all clients willing to invest and follow successful traders.

If you have any further questions, please do not hesitate to contact us at pamm@hotforex.com or via Live Chat.


Best Regards,

The HotForex Management"



Transcript of Skype communication following receiving of the letter we mentioned:

"Client: hello there. I would like some information about opening pamm account with your company if you are available?
PAMM HotForex: Hello, is 238111 your myHotforex ID number?
Client: yes it is. does it really matter?
PAMM HotForex: yes, please note that PAMM Program has been discontinued to European clients
Client: that's shocking. was this decision based on change in regulation or was in internal decision of hot forex company?
PAMM HotForex: it is a change of internal policy
Client: is this information stated on your website?
PAMM HotForex: no, clinets have been informed personally
Client: is this decision valid for EU clients or European clients (for example Switzerland is not part of EU though it is Europe).
PAMM HotForex: the policy include all European region not only European Union contries
Client: What about investors who are European and want to invest or invested into pamm account which is managed by non European fund manager?
PAMM HotForex: as per above PAMM Program, for both Managers and Investors, is no longer available
Client: hot forex have currently 317 active pamm accounts. how many of them will be affected? approximately. Will it be 50% of those accounts or more?
PAMM HotForex: we can only provide you with the information regarding your own account
Client: what if fund manager decided to relocate to different non European region till the end of the September. Would it save his pamm account?
PAMM HotForex: if the place of residence of the clinet chnages he/she is obligated to submit the updated Proof of Address documents to our back office department and request to change the registration country
Client: Are you still providing ordinary trading accounts for European clients?
PAMM HotForex: yes, you can open live trading account in your CySec part of the myHotForex
Client: Thank you for your time and have a good day
PAMM HotForex: Thank you too
Client: just last question: Would you mind if I ask you yor name?
PAMM HotForex: my name is XXXXXX
Client: thank you. it is just for my reference
PAMM HotForex: your welcome"
 
Kenneth Cruz,
Cebu, Philippines,
Sep 6, 2016,
Guest

this is a live account im trading, not my first broker but pleased with the results

the broker is good, I just received my 1st withdrawal from them, amounting to 615usd, processed in time that's a total of 500 initial deposit and 115 profit. I'm looking forward for more withdrawals in the future, its only been 3 months. will keep an update if needed but so far so good.
 
Netherlands,
Sep 2, 2016,
Registered user

requotes

I like hotforex professional approach but unfortunately before news its a disaster to open orders. Only get awful requotes with vps near there server with low latency. I have a micro account.
 
India,
Sep 1, 2016,
Registered user

nice job

thanks to hotforex, my issue got resolved and got my money in my account..........................................

Aug 29, 2016 - 1 Star i have been with hotforex for 2-3 years but this is the first time i'm not getting my withdrawal. yesterday on 28 august 2016 , i requested for withdrawal of $100 , but now its monday 29th august , after 24 hours i hv not got my withdrawal.. i have contacted them via quick chat but they are telling me that i did not do any withdrawal on that date...i have sent them all the proofs ...even then if they dont send me my money to neteller then i will do public all the proofs..my id is 114632 and the mt4 account for withdrawal is 1107554
 

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.