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

Menchu,
Rizal, Philippines,
Aug 14, 2020,
Guest

So far so good

Service use: Live

Length of use: 6-12 Months

They allow 5usd deposits (good for testing), in some cases its 50usd min deposit depending or location which is still good in my opinion, I hit my return of investment last may and got my first full profit withdrawal. excellent tradable instruments and fair spreads.
  1 trader has found this review helpful
Pakistan, Pakistan,
Aug 14, 2020,
Registered user

HotForex IB Scam

Service use: Live

Length of use: 0-3 Months

I made a deposit using HotForex Local IB in Pakistan.
Now I made withdrawal, I never received the money and when I contacted their support, they started making excuses that I did some thing wrong and the manager will contact me to discuss.
it is a withdrawal not a war accord that you need discussions.
I am sure I have been scammed by these guys.
myHF ID: 895330
 
Kano, Nigeria,
Aug 3, 2020,
Registered user

Biggest scam broker.

Service use: Live

They withdrew fund from my trading account and widened the spread at the same time them blew up my account.
I will see you in court
  1 trader has found this review helpful
Xuan Truong,
Ho Chi Minh, Viet Nam,
Jul 9, 2020,
Guest

FCA trustful broker

Service use: Live

Length of use: over 1 Year

I know this broker a long time ago and it's totally genuine because it's regulated by FCA. After Payoneer crisis with Wirecard, I recommend all FCA licensed brokers . I also did many withdrawal from hotforex to my Neteller account within last 2 years and never get any problem. Currently I have stopped trading for other investment but still recommend hotforex.
 
Lagos, Nigeria,
Jul 1, 2020,
Registered user

Widening spread and automatic trade placement

Service use: Live

Length of use: 0-3 Months

I sold GJ which has a spread of 2.7pips and set my tp to 133.75 but hotforex increased spread to 24pips during the Tokyo session and when price was at 133.71 my tp was not triggered. As if that wasnt enough, I had a sell trade with entry at 133.45 and manually closed it at 133.48 but hotforex recorded it as 133.79 and automatically added a buy of 0.00 lot at 133.79 and minused $15.82 from my account.
I complained and I was told its normal for spread to widening during such hours which I admit but by 24pips is damn too much. The maximum I have seen is 4pips but hotforex increased theirs to 24pips. For the second issue, I didnt get a reply
  3 traders have found this review helpful
Lahore, Pakistan,
Jun 19, 2020,
Registered user

Binary options trader switched to forex trading

Service use: Live

Length of use: over 1 Year

I was first introduced in binary option trading, later I moved to forex trading due to the binary site closed by the broker. Since I am trading with hotforex. They have smooth trading software mt4 which execute limit orders on time. Initially it was hard to take long or sell but with the passage of time I had concluded trading setups which occur during the week. I am not an intraday trader so i only wait and sit for these occasional trading setups which helps me boost my earnings from trading them. My total trading experience is 3 years now trading with live funds and it is satisfactory.
  1 trader has found this review helpful
Khushab, Pakistan,
Jun 16, 2020,
Registered user

Hot Forex Scam

Service use: Live

Length of use: over 1 Year

greeting,
Hello everyone today i am sharing my first time bad experience in this digital market. i had work with hot Forex since past three yours and more. i was good confident and trusted in this broker. don't know the reason but last few weeks i heard something bad and cheapest things of hot Forex. i didn't believe but once they did it with me i was scared and shocked how it could happen with this.. HF team sent me an email that you account will be closed due to "Clause 36.2" company account agreement. you can withdraw all your fund within two days. i shocked and withdraw but they deduct my balance and did't refund me...i have evidence about it..this is the experience of my one account. in other account they deduct my all profit and remove my accounts without any reason.
so i advice to all my friends and friends of friends that be aware and don't trust on HOTFOREX and their team. other wise you will loss all you profit and balance
  2 traders have found this review helpful
South Africa, South Africa,
Jun 16, 2020,
Registered user

Unreceived Withdrawal

Service use: Live

Length of use: 0-3 Months

I made a withdrawal request which was processed on 20 May 2020. I still have not received my money. I contacted support and withdrawals department 12 days ago, still issue is not solved.

They keep replying with automated emails and not solving the problem.
  3 traders have found this review helpful
Sargodhaa, Pakistan,
May 29, 2020,
Registered user

Hotforex cancelled my all profits and disable my account

Service use: Live

Length of use: over 1 Year

Hot Forex is one of best broker but i didn't expect this from broker. Hotforex cancell my all profits clos my trades automatically and terminate my account and just giving me offer to withdraw only my initial deposit.
With a lot of hard work i gained profit but when i requested withdraw Of 12000$ broker disable my account and cancel my all profits without any reason. This is reality hotforex is no more reliable so stop using it and withdraw your all funds
Regards
  4 traders have found this review helpful
uk, United Kingdom,
May 19, 2020,
Registered user

Not a bad broker

Service use: Live

Length of use: 0-3 Months

Plenty of tradable instruments, including cryptocurrencies. Pretty good leverages. Good for newbies as they let you deposit as little as $5. A varied choice of deposit options. Support available 24/7 but only for 5 days a week.
 

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.