HotForex Review

3.737 · 497 REVIEWS
Updated: Jul 9, 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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3.737 · 497 REVIEWS
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Traders Reviews

Dubai, United Arab Emirates,
Apr 15, 2020,
Registered user

CHEATER

Service use: Live

Length of use: 0-3 Months

This broker offers 100% Credit Bonus, doubling your equity but when you reached your deposited amount they will stop you out and wipe your account even you haven’t reach your extra bonus! My leverage is 1:1000
I’ve lost $350 in total with this broker which should turn in profit if they didn’t stop me out.
The chart is going reverse when they stopped me out!
 
Abuja, Nigeria, Nigeria,
Apr 6, 2020,
Registered user

My complaint has been resolved

Service use: Live

Length of use: over 1 Year

My issue has been resolved. I promise myself to come back and let the general public that hotforex are amazing, they have rectify the problem I was facing, I am very gladly to say that hotforex is the best broker in the universe. Their live support is very effective, fast withdrawal, and much concern for their clients. I advised everyone to join this broker, I promise you guys that hotforex will never let you down. I can reassure the general public that this broker is the best, I will forever be with them. Thank you hotforex you have my full support

Apr 3, 2020 - 5 Stars I wish to announce to the general public that my complaints regarding this broker is now being escalated to the relevant department and they're looking into the matter. I had a phone call with one of the managers, he showed much concern and promised to resolve my problem with the best he can. I am amazed to speak to him. I thank hotforex in advance as I await their prompt action.
Yours ever
Abdullahi salisu.

Feb 29, 2020 - 1 Star My name is Abdullahi salisu. Hotforex has been my best broker over the years, in fact ive recommended it to more than five friends of mine, including family members. But here's what happened just last two months or so; i came back from school and so i decided to make a deposit to hotforex since thats the only leisure time i have before i resumed school. i deposited and started trading as usual. One day i decided to remove my fund because i was traveling, but hotforex freezed my withdrawal, and when i contacted the account manager, she said i owed them 42,000 naira, that they mistakenly sent it to me to my wallet due to technical issues, i asked her when and she said it's been like 4months and she sent me an email but i didn't respond, in this case, she might be right because i haardly check my emails while in school, but sincerly speaking i have not withdrawn the money she is talking about neither had i traded with it. I called my account manager again so that she'll clarify to me when i withdrew that money she's talking about and she still insisted that she sent me an email, God knows i didn't see that amount shes talking about. On that day i was highly dissapointed with this broker because i have even been reffering my close ones to trade with them, hence to specify this, i had been going to their office which is in Abuja-nigeria for lessons back in the days, of all the trust i had for them, they freezed my account when i was withdrawing but later on when i told them to clear the debt, they sent me my remaining balance. When i called one of my friends to tell him this, he told me that hotfx actually sent him an email telling him that some amounts have been credited to him due to technical issues, and he told me that it is true they sent him that money and he withdrew it instantly and used it and his account manager told him to refund the money. Now my question is what does this have to do with my own personal account? INFACT MY ACCOUNT AND MY FRIENDS ACCOUNT WASNT CONNECTED THEN WHY ME?? And my account manager was even shouting at me because i asked her this, its already passed anyway and i promise not to go back to this brokerege firm or recommend them to anyone ever again, like i said im truly saddened as an old customer of hotforex, however i still wish them the best
 
Nairobi, Kenya,
Apr 5, 2020,
Registered user

SCAMMERS and Trade manipulaters

Service use: Live

Length of use: over 1 Year

I would like to warn anyone contemplating on joining Hotforex to be very careful and avoid them totally. Last month I had a very dark experience with them during the opening of the London session. I opened a trade and was soon in huge profit. However, when I decided to close the trade and secure my profits, I repeatedly tried to close the trade, but it shockingly took me more than five minutes, frantically tring to do so. They had frozen the platform, making it impossible to save my trade.. By that time, the trade had already turned back against me and lost all the profit I had made, barely escaping from a huge loss into the negative. I had been using their demo account for months, and I can assure you that this had never happened before. Please, by all means, avoid this broker and save yourself from certain destruction of your financial security. So, if it would have been possible to have a rating lower than zero stars, it would be my rating.
 
Durban, South Africa,
Apr 1, 2020,
Registered user

Wirhdrawals

Service use: Live

Length of use: over 1 Year

I traded with them for a year And I've withdrew a lot one day using my FNB CARD CREDIT TRANSACTION METHOD ONE DAY I'VE WITHDREW MORE THAN 150USD AND THEY PROCESSED MY WITHDRAWALS BUT IT DIDN'T REFLECT ON MY BANK ACCOUNT I DON'T KNOW WHY AND THE FOLLOWING DAY I WITHDREW SMALL AMOUNT AND IT DID REFLECT ON MY ACCOUNT I DON'T KNOW MAYBE IT THE METHOD I USED OR THEY STOLE FROM ME OR IT MY FNB I DON'T KNOW.
  1 trader has found this review helpful
Barcelona, Spain,
Mar 12, 2020,
Registered user

Minimal to no problems, decent spreads and fast customer support

Service use: Live

Length of use: 0-3 Months

Traded with them both demo and live.

Positive:
- Good overall service
- Fast customer support
- No problems funding account. Flawless withdrawal in due time (using card).
- Lower commission for major FX pairs, industry average for the rest.
- Decent spreads.
- Excellent range of instruments to trade.
- Have not seen any abnormalities in the price feeds.
- Educative webinars, market analysis and other materials free for everyone.

Negative:
- Had an "Off quotes" error preventing order placement due to technical problems (according to customer support). Solved after a few days.
- Spreads not the lowest.
- High spreads for commodities (300 for platinum).
  1 trader has found this review helpful
Johannesburg, South Africa,
Mar 6, 2020,
Registered user

Their withdrawal transactions are fast and no fees 100% transparent.

Service use: Live

Length of use: 3-6 Months

Their spreads are low and their transactions are quick and fast average 48 hrs maximum time for funds to reflect on your bank account.
  3 traders have found this review helpful
Hien Vo,
Ho Chi Minh, Viet Nam,
Feb 28, 2020,
Guest

Good broker to trade

Service use: Live

Length of use: over 1 Year

I have traded with this broker for about 1 year, a trader friend recommended me this broker because I was looking for an international broker after getting tired with a local broker. This broker offers wide range of assets, variety services and multiple payment method. Customer support is pretty good but it takes me 10 minutes or so to be in touch with them, seems there are many traders so their live chat service takes too long to response. I used CC/Skrill for payment and it's swift. Really a decent one!
 
Philip Da,
Philippines, Philippines,
Feb 6, 2020,
Guest

Good Start

Service use: Live

Length of use: 6-12 Months

My last withdrawal was on December of last year, a total of close to 2000 for the 4th quarter of last year which was enough for the holiday season, I doing this review based on personal experience of close to 1 year trading a live account with hotforex, I do have other accounts with other brokers but my main trading is done on their mt4.

Over all the broker is trust worthy and I do know of others I work with that also trade with this broker and they seem to be doing fine. Platform options are standard they do offer a bunch, spreads are reasonable and I can say they are the lowest but they do work fine for scalping. I like their commitment to withdrawal time and they are spot on, never had an issue with withdrawal.

They do not cater services to US traders I believe, but they are quiet popular in south east asia. Just to be fair I cant say this broker is perfect but from a traders perspective they do get the job done, I wish they had more or physical presence in the region, that would help a lot.

Anyway Im planning my next withdrawal around next month hopefully 2020 is good year for all of us.
 
FLN, Brazil,
Feb 3, 2020,
Registered user

High spreads and long processing times for withdrawals

Service use: Live

Length of use: 6-12 Months

After live trading for several months I had no major issues with this broker. However decided to move my funds to another broker mainly due to high spreads. For example EURNZD has an average spread of more than 6 pips on HotForex, while my other two brokers have 1.1 and 0.5 average spread on the same pair.
Apart from spread, I requested a Bitcoin withdraw which will only be processed the next day, and it will take up to 3 business days for the funds to be credited in my wallet. Anyone with minimum cryptocurrency knowledge knows that 4 days in total is an absolutely unacceptable deadline, when these transactions are processed instantly.
  1 trader has found this review helpful
wiseman jacobs,
Johannesburg, South Africa,
Feb 3, 2020,
Guest

stay away from these scammers

Service use: Live

Length of use: over 1 Year

You got a better chance at the casino then with hotforex... If you are a profitable trader then they will do everything they can to make sure you lose all your money.

They are very underhanded and dirty.

Are there no reliable brokers out there?

Hotforex did me dirty and i just thought i should share a review of my experience with this broker to make others aware of what they are walking into.

Otherwise I'll be looking for another broker, tired of these scammers.

This broker must be reported to the relevant authorities.
  4 traders have 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.