HotForex Review

3.74 · 506 REVIEWS
Updated: Nov 25, 2020 · 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

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3.74 · 506 REVIEWS
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Traders Reviews

Vasily,
Tashkent, Uzbekistan,
Aug 22, 2016,
Guest

good broker, cheap CFDs

I have premium account there its quite flexible comparing to US stock broker I use for futures, you can set up leverage, combine raw spreads and commission and even use fixed spread (which I haven't tested yet). My experience with them limits to one month but its quite pleasing, though I haven't withdrawn any profit yet. Some CFD contracts on currencies which they offer is much cheaper than respective futures so I will probably increase my exposure with this broker soon. For now I rate them 5.

Thanks.

Vasily.
 
Ötzi,
Adana, Turkey,
Aug 21, 2016,
Guest

A sure way to get scammed by irresponsible @^#%'s doing everything to get your money

I made a post before telling about HotForex criminals.

Now I'm on vocation and reading this: atozforex.com/news/breaking-cysec-fined-hotforex-for-misleading-investors/



I can tell that HotForex is involved in way more worse things than described in this article. And like before, that is why I know many positive reviews on FPA are fake.

I have reason to believe HotForex is using 1) an IP changer to submit fake positive reviews or 2) they bought positive review package/service somewhere. Maybe they even do both.



I URGE PEOPLE TO STAY AWAY FROM HOTFOREX. DON'T BE FOOLISH. RESEARCH BROKERS IN-DEAPTH BEFORE PUTTING YOUR HARD-EARNED MONEY WITH THEM.

More than 95% of the brokers out there, including the big names, are scamming their clients in various ways that rookie traders don't even know how to detect.



CySec regulation is worth nothing. don't fall for it. UK and Australian regulations are the least worst of all. U.S. regulation is also okay, but be aware that even one of the biggest U.S. brokers is also doing nasty things under the eyes of the U.S. authorities.



I don't want to recommend alternative brokers as a good broker today can start doign nasty things in the future. So there is no guarantee. The safest way to trade is via a large local bank. Many brokers have offshore subsidiaries that are used for money loundering and to protect them from you getting your money back when they scam you. You CAN'T get your money back.



 
kharkov, Ukraine,
Aug 11, 2016,
Registered user

terrible customer service

My account id is 54210. Last week i found out that i could not withdraw from my account anymore. I asked why and i was told i need to provide POA documents again which i already provided couple of years ago when i opened my account. I sent document and got no reply for almost a week. i had to write the customer service and i was told they don't work with Ukrainians anymore and i should take my money back and close my account. I asked for the withdrawal of my affiliate profit which i got no reply for days. I wrote them again and then they decided to tell me to wait couple of days and they will take Ukrainians again. This broker seems like a broker against customers making profit and I'm already totally scared of their fast decisions of not taking and taking clients back when it turns to getting your money back.
 
Anand,
, India,
Aug 3, 2016,
Guest

HF's Indian representative, Partibha from Gurgaon, told me to get me a solution. But neither she could get the money nor she ensured about trading platform. It means, They will keep freezing platform during news. You cannot close or open trades , neither you can place/delete any pending order.

Jul 20, 2016 - 1 Star Again HotForex did not allow placing of sell stop orders of GBP/USD in both accounts , account no. 1101204 (shailesh kumar) and 1101199 (Raju Kumar) at 4:29:04 AM(hh:mm:ss) (Newyork Time) because there was a news named ad 'Claimant Count Change' at 4:30AM . I have attached screenshots of both accounts in my reply in the related thread, in which I have highlighted expert(EA) logs. Go to http://www.forexpeacearmy.com/community/threads/hotforex-freezed-platfrom-during-news.46293/ to view the thread where i have filed case. Or go to Forums -> forex scam warning & trders court -> Scam Alerts -> HotForex Freezed Platfrom during news (name of my thread)

2016-07-18 1Star They froze platform last week and thus they restrict clients from placing pending orders. Details of email which i wrote them : Buy stop of GBP/USD was placed in each broker (each account of clients in various brokers) at 1.32450 thirty seven seconds before UK Interes rate deciiosn 7AM (NY time) Thursday , July 14, 2016. It was executed at 1.32465 and closed at 1.33972 in Roboforex with positive slippage in closing price because TP was 1.3345 (honest broker) It was executed at 1.32472 and closed at 1.34074 in M trading (honest broker too) It was executed at 1.32441 (positive slippage in execution) and closed at 1.34078 in ADS securities (honest broker) This Buy Stop could not be placed because your platform was freezed before 6:59:23 (hr:m:sec). So I am gonna tell what could be gained which was not gained just because of four unethical freezing. In HF Sv account.1101204 (of Shailesh kumar), order size was 0.1, if it was executed even at the worst price 1.32472 (execution of M Trading) and closed at worst price 1.33972 (closing price of M Trading , profit would be $150 . In HF Sv account.1101199 (of Raju kumar), order size was 0.1, if it was executed even at the worst price 1.32472 (execution of M Trading) and closed at worst price 1.33972 (closing price of M Trading , profit would be $150 . Either you add $150 in each of these two accounts or we will close account. You should not only just reimburse, but also fix the freezing problem. They neither reimbursed the money nor they told to fix the problem. They finally told that they have right to restrict clients from placing stop order. Initially they fooled me saying that it happened due to off quotes but we all know off quotes does not affect placement of stop order specially when stop order is being placed 20 pips far from current market price I am gonna file a case here at FPA with all log files and screenshots.

2011-07-19 No Rating Same problem with me But they are STP and they promised to fix it. Sometimes it happens. I have been trading in HotForex for last 4 months. And i had this problem just once a time . And they have promised to solve . So i think i should stay with the company and you should also . They have solved my all issues of past. And personally i believe that they are gonna solve this issue as they promised. 2011.07.19 09:00:17 '13367': order #1911405 buy 0.25 EURUSD at 1.41500 was modified -> sl: 1.41500 tp: 1.42000 2011.07.19 09:00:17 '13367': request in process 2011.07.19 09:00:16 '13367': request was accepted by server 2011.07.19 09:00:16 '13367': modify order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000

Review Moderation Team Note: We've trimmed out much of the log file. Please post it in the forums thread that's linked from this review page. 2011.07.19 08:57:59 '13367': modification of order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000 failed [Off quotes] 2011.07.19 08:57:59 '13367': request in process 2011.07.19 08:57:59 '13367': request was accepted by server 2011.07.19 08:57:58 '13367': modify order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000

2011-04-07 No Rating HotForex is a real STP who provides real liquidity. Customer service is awesome. I am more than happy with HotForex.
 
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.
 

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.