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

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

 
Ankit,
Mumbai, India,
Apr 26, 2016,
Guest

Trading since 2013 with them. Well, i would like to say that All the issues are always resolved quickly in this three year tour with them. My losses are always my part but whenever i placed the withdrawal requests, its completed on the same day and in the most convenient way. I don't know people says that we should not go long with Cysec brokers and all but still in past three years after seeing their behavior specially in resolving issues with their clients is the best customer support in comparison to others. I will keep update my withdrawals and other important things about them. I would like to give them 5 stars now. Thankyou HF Markets Ltd. Best Regards
 
Minh Vu,
HCM, Viet Nam,
Apr 19, 2016,
Guest

Well, so far everything going smooth and I like the withdrawal speed most. Its arrived same day in my skrill account which is I like most. I would like to give them 4 stars now and will test them more to give 5 stars. Will update review soon as per experience.

2016-04-12 No Rating Came to this broker because its bonus program, hotforex offers various bonus programs and webinar regularly. I then deposit to start trading with Zero account type. Its spread in E/U pair was very low about 0.2 - 0.5 pip, gold is higher but not too much. Fast execution and no requotes. Totally satisfied with this broker.
 
Unicorn_Madness,
, Netherlands,
Apr 15, 2016,
Guest

People should be aware that reviews can be bought as a package. I don't believe any of the positive reviews here. First of all, HotForex has a Binary Options division as well. Dumb new traders don't know that Binary Option are BY DEFINITION a scam. Binary Options are no financial instrument. These fake/scam brokers make people think that Binary Options = trading. It is 100% gambling against the broker. Please don't be a stupid beginner and try to research the facts I mention first. So, no way that HotForex is a legit broker while their subsidiary is selling 100% fake made up financial product. I also noticed manipulation of trades on their BO division. Later on I studied HotForex as well and found many abnormal things happening. That is why I am certain I can not trust HotForex. Don't be stupid with your hard earned cash and first learn a bit about the realities of how this nasty Forex scene is working. My advice,... go with a broker which is NOT regulated by CySec or some offshore Island. Find a broker with good regulation. And don't rely on the awards brokers get from their friends. Most awards are given to brokers by their own friends or whatever. Unfortunately many new traders fall for these nasty manipulative things. I'm not evne refering to HotForex, but talking in general. It is painfull to hear quite often beginners end up being scammed by their broker.
 
Andrey. N,
Russia, Pskov, Russian Federation,
Apr 11, 2016,
Guest

Good broker, opened premium account with supercharged bonus, though I don't use it just receive rebates instantly. Execution is pretty fast during London spreads are narrow enough for scalping though I doubt they'll tolerate algorithm or similar kind of trading style. Know some hedge funds in Russia use their feed I think they are big enough to provide decent service. So for now I rate them 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.