HotForex Review

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!

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in this case, she might be right because i haardly check my emails while in school, but sincerly speaking i have not withdrawn the money she is talking about neither had i traded with it.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

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.

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.

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).

Their spreads are low and their transactions are quick and fast average 48 hrs maximum time for funds to reflect on your bank account.

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!

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.

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.

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.