HotForex Review

3.739 · 508 REVIEWS

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Updated: Jan 26, 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

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3.739 · 508 REVIEWS
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Traders Reviews

Gary,
kennel, Zimbabwe,
May 16, 2012,
Guest

I just wanted to let people know...they need to understand the 50% bonus thing CLEARLY !!

The bonus creates an ILLUSION that you have money in your account....money that is not there! You will then get an unexpected margin call when hotforex unexpectedly removes your bonus from your account.

I did my best to make sure I understood it....apparently I was not prudent enough....I just don't want to see other traders lose all of their savings as I have.

The following is a transcript of me trying to understand how it works...I hope somebody will benefit from it.

___________________

Please wait. A representative will be with you shortly.
One moment please...
Brian says:
  Hello dogbreath. My name is Brian how can I help you?
dogbreath says:
  Hi Brian...one more question.
dogbreath says:
  I just want to be absolutely clear on the bonus program....I do not get a margin call until the "free margin" hits zero? Correct?
Brian says:
  what account do you have
dogbreath says:
  2**** not sure which bonus program it is on.
Brian says:
  the free margin is what have left to open a new position when you have another open position
Brian says:
  your margin call is 50 %
Brian says:
  of your margin
dogbreath says:
  so on mt4 if my "Margin level" gets to 50% then the server closes all my open trades?
Brian says:
  no this is a warning then when your trade goes to your stop out level then at 20% then you trade will close
dogbreath says:
  Hmmm....I dont understand.....what should I be watching on my screen....to avoid a margin call and the closing of all my open trades?
Brian says:
  use your stop loss option
Brian says:
  so you can limit your loss
dogbreath says:
  hehehe....yeah.....but if I do not have any stoplosses on any of my trades....what should I be watching on my mt4 to show me when it is going to close all the trades?
Brian says:
  if your margin is 1000 usd then your stop out will be 200
dogbreath says:
  how are you calculating that? On other brokers if my "free margin" get to zero...it closes all the trades.
Brian says:
  your free margin tells you the margin you have left over to open another trade
dogbreath says:
  ok....so what tells you that all your trades are going to close?
Brian says:
  what platform have you used with other brokers
dogbreath says:
  mt4
Brian says:
  our MT4 is the same
Brian says:
  i think your getting confused between free margin and margin
dogbreath says:
  well.....then when "free margin" gets to zero.....it will close all the trades...correct?
Brian says:
  when your margin get to 20% you will be closed
dogbreath says:
  ok.....where do I see the 20%
Brian says:
  you dont
Brian says:
  it is a simple calculation
dogbreath says:
  so how do I know when they are going to close?
Brian says:
  the margin call warns you at 50%
Brian says:
  then you close your position then if you want
dogbreath says:
  where would I see the warning....how do I calculate the 50% and the 20%
Diego says:
  You calculate from your balance
Diego says:
  you will see a warning on the platform
dogbreath says:
  how would I calculate from my balance?
Diego says:
  what you mean?
Diego says:
  you take your total balance and deduce 20% from it
dogbreath says:
  ok.....so if I had $1000 in my account and the loss on my open trades amounts to $200 (20%) then all my trades will close?
Diego says:
  if you have 1000 and your trade is a minus of 800
Diego says:
  our account will be stoped
dogbreath says:
  k.....now lets say....I deposit 2000 and get a 1000 bonus....total acount bal = 3000....then alll my trades will close is my open trades are showing a loss of 2400....the bal being 600 (20%)
Diego says:
  you can not use the 50% bonus for trade
Diego says:
  only after you reach the required levels
Diego says:
  please read the terms and conditions for the 50% bonus
dogbreath says:
  ok....so what would be the numbers in that case for a margin call?
dogbreath says:
  would it be 20% of the 2000?
Diego says:
  the margin call is at 50% sir
Diego says:
  50% of your actual balance
dogbreath says:
  so 3000 -1500 ?
Diego says:
  yes
dogbreath says:
  so if i have trades open and they lose 1500 of the 3000 original bal...then all the trades will close?
Diego says:
  no sit
Diego says:
  Margin call
Diego says:
  is 50%
Diego says:
  and is just a warning
Diego says:
  and stop out level
Diego says:
  is 20%
Diego says:
  when you got stoped
dogbreath says:
  ok.....so using the same numbers.....when my open trades show a loss of 2400.....then they all close?
Diego says:
  Yes
dogbreath says:
  does that change after I have traded more than 50 lots?
dogbreath says:
  in other words...does the bonus become part of MY bal anfter I have traded 50 lots
Diego says:
  not 50 lots
Diego says:
  if you deposit 2000
Diego says:
  you have 1000 bonus
Diego says:
  so will be yours after you trade 1000 lots
dogbreath says:
  ok...lets back track a sec
dogbreath says:
  lets say no bonus account and I deposit 2000.....when my losses on open trades = 2000 the account stops out? correct?
Diego says:
  no sir
Diego says:
  20% of 2000
dogbreath says:
  k.......what does the "free margin" field in mt4 show for that amount.....would it be 400?
dogbreath says:
  or would it be the equity field?
Diego says:
  yes
dogbreath says:
  so the field to be watching would be the free margin.....because....Bal minus loss = equity minus margin = free margin
Diego says:
  yes
dogbreath says:
  ok....we are making progress......
dogbreath says:
  my question then is because I started with 2000 and I have a 1000 bonus.....when the free marging gets below 1000 then the account will be stopped out...correct?
Diego says:
  the free margin is the equity - the margin
Diego says:
  so you have to calculate that when you open a position
dogbreath says:
  you are making it confusing again.....if I had no bonus on the account and my free margin went down to zero the account would be stopped out right?
Diego says:
  Sir
Diego says:
  did you read the terms and conditions for the 50% bonus?
Diego says:
  There you will see that you can not use as margin
Diego says:
  so you have to cancel that from your account
dogbreath says:
  yes....look at the last paragraph....and do you have an mt4 screen in front of you to see the fields I am talking about?
Diego says:
  Yes sir
Diego says:
  I do have
dogbreath says:
  my point is.....it is not just the equity. you cannot lose more than you have put into the account right?
Diego says:
  That is correct
dogbreath says:
  the last paragraph is an example of when there are no trades open
dogbreath says:
  if you had a trade running at a loss....the margin that that trade was taking would also have to be deducted from the equity....coz it is also a loss.....that amount is reflected in the free margin.....so actually if the free margin gets below 1000 trade closes....not just the equity going below 1000
dogbreath says:
  otherwise you could lose more than you have put into the account
dogbreath says:
  look at the fields on the mt4 screen and add them up... bal equity margin and free margin
Diego says:
  Sir what is your account number?
dogbreath says:
  2****
dogbreath says:
  2****
Diego says:
  So do you have any problems with the account?
dogbreath says:
  no....I just want to be sure I understand when a margin stop out is coming.....the bonus gives the illusion that you have more money than is actually available....I want to be sure i understand it completely.
dogbreath says:
  in my estimation....on my account as it is currently....I need to watch the free margin field does not go below 1000 otherwise I will get all my open trades closed on a margin stop out.
Diego says:
  please read this documents
Diego says:
  http://hotforex.com/documents/Trading_and_Execution_Risks.pdf
Diego says:
  http://hotforex.com/documents/Trading_and_Execution_Risks.pdf
Diego says:
  you can go to the margin calls paragraph
dogbreath says:
  yes that is standard stuff...that does not effect our conversation here
Diego says:
  So what you need to know exactly?
dogbreath says:
  I would like you to confirm that as a trader I should be watching the free margin to make sure it does not go below 1000 on my account or I will have a margin stop out.
Diego says:
  no
dogbreath says:
  so what amount would it stop out at?
Diego says:
  let me confirm for you
Diego says:
  this will help you a lot
Diego says:
  http://www.100forexbrokers.com/margin-call-vs-stop-out
Diego says:
  http://www.100forexbrokers.com/margin-call-vs-stop-out
dogbreath says:
  so what would be the "required margin" on my account?
Diego says:
  required margin?
Diego says:
  it depends on the trade sir
dogbreath says:
  would that be the "margin level" field on mt4 that is reflected as a %
Diego says:
  no
Diego says:
  that is your real money
Diego says:
  so to calculate that
Diego says:
  you need to get the equity
dogbreath says:
  I am looking for something on my screen that I can watch to make sure I do not get to a stop out situation?? What do I watch?
Diego says:
  reduce your bonus
Diego says:
  that is what I'm telling you now
Diego says:
  get your equity and reduce your bonus from it
Diego says:
  and add your margin 20%
dogbreath says:
  so the free margin doesn't matter?
Diego says:
  reduce that also from the total sum
Diego says:
  and you have your stop out lever
Diego says:
  not at this time
Diego says:
  but also can work
Diego says:
  if you reduce the bonus from the free margin
Diego says:
  you know that you can go as far as 56.00
dogbreath says:
  so ok.....I have 3700 - 1000 = 2700 x 20%= 540 + 2700 = 3240 for the stop out?
Diego says:
  no sir
Diego says:
  3383 is your equity
Diego says:
  less 1000 bonus
Diego says:
  than you make your margin that is 56.49 + 20%
Diego says:
  and reduce that also
Diego says:
  so you are looking for something about 2320
dogbreath says:
  I dont understand.....and it would be to difficult to sit here with a calculator calculating it while the markets are moving
Diego says:
  is easy sir
Diego says:
  get your free margin
Diego says:
  reduce the bonus
dogbreath says:
  tyhats it?
Diego says:
  and also reduce your magin
dogbreath says:
  so lets say....free margin = 2000. subrtract 1000 for bonus = 1000 x 50% = 500.....subtract 500 from bal of 1000 = 500 for margin call....then stop out of 20% would be at 200??
Diego says:
  why * 50%?
Diego says:
  free margin
Diego says:
  3000 less bonus 1000 = 200
Diego says:
  sorry 2000
dogbreath says:
  for the margin call of 50%
Diego says:
  aaa ok i see
Diego says:
  so yes that is correct
Diego says:
  for the margin call
Diego says:
  not for the stop out lever
dogbreath says:
  stop out is 20%....lemme do difernet numbers.....
dogbreath says:
  free margin = 3000
dogbreath says:
  - 1000 for bonus
dogbreath says:
  bal = 2000 minus 50% = 1000 for margin call
dogbreath says:
  bal = 2000 20% of 2000 = 400 for stop out
dogbreath says:
  if I removed the bonus would the free margin amount stop out at 0
dogbreath says:
  i mean removed the bonus from the whole account....no bonus options
dogbreath says:
  it is just to dificult to fgigure out when I am going to get stopped out.
dogbreath says:
  that number of the stop out needs to be exact and on my mt4 screen somewhere
dogbreath says:
  does your server close out one trade at a time....or does it close ALL trades on a stop out?
Diego says:
  one at the time
Diego says:
  it goes closing as the margin goes dropping
dogbreath says:
  well....I have taken enough of your time today.....another time maybe.
dogbreath says:
  thxs
  1 trader has found this review helpful
HotForex Official Representative,
CyberCity, Mauritius,
May 17, 2012,
Guest

Dear Gary,

We would like to thank you for your feedback.

Please note that under the terms and conditions of the 50% Bonus Program the bonus will be removed when the equity reaches the level of the bonus.

To view the terms and conditions please go to the following link

http://www.hotforex.com/en/deposit-withdraw/bonus-offerings.html

As a result if the equity drops to the level of the bonus the bonus is removed and any open positions are stopped out.

Please note that for you to be able to use the bonus as real cash the volume requirements have to be met. When sufficient volume is traded then the bonus is released as ‘real cash’

The benefits of the 50% Bonus are the following:

• Bonus can be used as increased leverage
• Bonus can be withdrawn and lost with no restriction if Volume Requirements are met. Please note that there is no time limit in completing the volume requirements. The reason of the absence of any time limit is that HotForex would like to promote prudent trading instead of ‘pushing’ clients to trade under pressure.
• Stop Out on the Original deposit (excluding bonus) is effectively zero percent

We would also like to let you know that we give our clients the option to opt for the 15% Rescue Bonus. Under this program the bonus can be used and lost with no volume requirements attached to it.

Again we do apologize if we were not clear on the live chat. We will take action to ensure that this does not happen again.

In the meantime if you have any further question do not hesitate to contact us at support@hotforex.com.

Best Regards,
HotForex Official Representative
 
Johnnykanoo,
East Coast, USA,
May 29, 2012,
Guest

As a follow up to my review. I would like to add that I did receive my funds. It took longer than expected and they claim that they emailed me in regards to stopping USA accounts.

At the end of the day I wish I could keep them as my broker. I never did have any problem with them before and now they have fixed everything .

It was nice that they wanted to straighten everything out even though I won't be there client anymore so kudos to hf your back on my Christmas card list

2012-05-24 1Star I am giving them 1 star. First off there execution has always been a little c***py but I dealt with it because of there affiliate program and low ecn spreads.

Now they have given US clients the boot which is fine we all know how that goes. Anyway here's my problem..

It has taken me over a month to get my money out of them! First they made me get a letter from the bank, Then I had to sign and fax at least two different forms (one form is the norm not two!)

Than they made me refax my id over. It's like they are trying to get out of paying me!!!!! Than finally they say they will process my wire transfer and that will take 3-5 days. Well that was nearly two weeks ago and still nothing!!!!!!

Finally I would add that there little 50% bonus sucks and is a con. It is designed to make you feel like you have more money in your account than you really do thereby getting you to risk more than what you would normaly. We all know what poor money management leads to. Lets say you were risk 5% (which is high) In reality you would be risking 7.5% which is unacceptable to most! So be careful, it really is to good to be true.
 
Devang Surti,
India, India,
May 30, 2012,
Guest

FPA Members and HF MARKETS LTD,

I already inform all traders here that Online Forex Brokers - HotForex - will face tough time in INDIA.
Please refer my thread on 21-05-2012 Alarming Thread for INDIAN traders and www.hotforex.com.

I filled a public petition in INDIA and today honorable courts pass a verdict to stop Online Forex Brokers - HotForex - to operate in INDIA and instruct them to give balance back to Indian Citizen by 15-06-2012.After mention date, company cannot operate in India and not authorize to open any kind of account of Indian citizen in future.

Nutshell of the verdict “Hotforex websites and its all software will not available for trade in India after 15-06-2012.

Hope in this case none of Indian traders lost their money and wish that Online Forex Brokers - HotForex - allow them to withdraw money without any prejudice.
 
Edwin Caytuiro,
Abancay, Peru,
May 31, 2012,
Guest

I opened an account with them this month, May.
I made a wire transfer the 23th...
And today, being the 31th... It is not in my account yet... The told me that this type of deposit take a week to Mauritius... this is insane...
I have another accounts in Alpari, Fxdd and IFC Markets... and they at least took 3 working days...
I am very worried about this... I will inform what happens from today...
 
Edgar Suarez,
Philippines, Philippines,
Jun 1, 2012,
Guest

I Like this brokers, I trade with hotforex with a couple of friend, everything is easy, my questions are answered quickly and professionally, even though I have a small account but im treated fairly good, execution is more stable and improving a lot, I am a position trader so I do not face any problems with slippage, withdrawals is my biggest concern and im happy to say that I have no problems at all, my withdrawals are processed with in the day so it’s all good, I can safely recommend this broker
 
Anderson ,
Sao Paulo, Brazil,
Jun 5, 2012,
Guest

I've been trading with HotForex over 7 months now and we had some execution problems on the past but all resolved by the IT team and execution has been pretty consistent lately

Fast response by support team and my account manager and very reliable finance department

Very hard to find honest broker as is HotForex now a days

Recomendo aos Brasileiros por terem otimo suporte em portugues.

Keep On the good Job
 
Zhao Hong,
Shanghai, China,
Jun 5, 2012,
Guest

I'm from Shanghai and been trading forex for 3 years, i'm happy with Hotforex after using it since last October,

I admit that selecting a suitable broker for asian traders is not an easy job. I had the same trouble with many of my friends confronting with slippage, poor server connection and slow withdrawal when I stay with my previous brokers. and this is always a headache.

Earning money in the forex market is not easy, however,I became more confident now when there are not more troubles with the platform. the customer support in hotforex helps a lot when i have any questions. I am grateful for their helps.

I'd withdrawn money once from them and i got the money the same day, it's good.
 
thomas,
, China,
Jun 9, 2012,
Guest

Too simple for account opening, almost do not need any proof will be able to open an account, let a person feel not formal, in addition to the website backstage is too simple, although there are many kinds of credit cards into gold, in fact is not in use, the last only transfer a choice, finally give up into gold, TT fee is high, is not suitable for Young Money attempt to.
 
HANIF AKBAR MARWAT,
KARACHI, Pakistan,
Jun 22, 2012,
Guest

HELLO READERS

Today on 22nd June, 2012, I was contacted by them on my cellular phone and apologetically told me that they are sorry for the inconvenience caused to me by them.

Also there saying about the matter was that They had done all this for my own benefit.

Account is activated and is functional now.

They have not sent me any apologetic e-mail but contacted me on phone. Buts its not a problem the matter was of account activation and they have activated it.

I will keep you all inform about any thing Good or Bad that happens in the future.

Thanks

2012-06-20 No Rating If you deposit money by credit cards a very long and lengthy process of verification. I made my first deposit with them by my credit card. I send them copy of my credit card statement and my passport copy. Then they said to me they need photo of both sides of my credit card, plus three months statements of that card.

This is the email i received from them.

Dear Sir,

Please note that our Compliance Department requires from you the following documents:

1. Copy of Credit/Debit Card (front & back) - document should contain the last 4 digits only, expiry date and your name (you may cover the rest of the information).
2. Bank Statement of credit/debit card which you used for depositing funds for the last three months (please note that we do not need to view your statement history, however Bank Statement must include your name, your bank account number, your bank name and date)
3. Your Valid Passport

Once we receive required documents from you they will be verified and your account will be activated for trading.

Should you need any further assistance please do not hesitate to contact us.

Kind Regards,

Andria Adamou
BackOffice Department

I do not know if they need that much documents what will they need when i should make a request for withdrawal.

I think then they will ask me to visit there head office in Mauritius and collect my payment from there.

Lets see what happens next I will update you.
  1 trader has found this review helpful

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.