HotForex Review

3.74 · 506 REVIEWS
Updated: Nov 25, 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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3.74 · 506 REVIEWS
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Traders Reviews

Nayeem Tanvir,
Dhaka, Bangladesh,
Nov 15, 2015,
Guest

I do forex trade last three year with all brokers in market but at last satisfied with hot forex for their trade execution speed and honesty of big deposit/withdraw transaction. Local bangla support also made me satisfied for educational support and account problem solution.obviously i will rate it one of the best broker on current time.
 
Igor,
, Brazil,
Oct 31, 2015,
Guest

It is a good broker with good PAMM accounts and assertive support. I recommend it.
 
Sebastien,
vendome, France,
Oct 15, 2015,
Guest

Hi everyone, for now my experience with hotforex its good and mostly perfect. i will continue to update if some problem coming but fo now 6 month im there and all is ok. i have deposit 250 $ and make around 350$ more .... im safety trader and small amount and i withdrawl 10$ just for try how long that will take to get it into my bank account and its take 3 days.

wish the best to everyone .... cheers
 
Usman Arshad,
Kuala lumpur, Malaysia,
Oct 5, 2015,
Guest

My Account number is 279642.
I took postion in apple Share and market was closed 5 minutes earlier.
Hotforex did not inform for changing their instruments timing. they used to close US equity shares when it gets closed in US, not 5 minutes earlier. They changed the timing and did not inform their clients. This is not an ethical practice. I was not able to close my position as i am day trader. I have to suffer a loss of 1000 USD due to this issue.
I would appreciate if hotforex representative reply to this.

2015-08-11 1 StarAs expected Hotforex did not contact me, even I sent their representatives link to this complaint.
It has proved that they really don’t care about their clients anymore. May be they have grown too big and now they think they are above of clients satisfaction.
My account is also closed as per my request.
I am happy that other people are also noticing it about their biggest lie about being ECN/STP.
I would also request other traders, let’s ask hotforex to come clean. Venelin??
They should reply that why they don’t allow orders between bid and ask price. Why they have stop level=30, and why they don’t allow send orders one minute before news. Anyone can check this simple thing and know about if they are market maker or ECN/STP?
So a brokers who is not honest about their business with you, this is the basic thing they are lying about, would you dare to put your money with them?

2015-07-22 1Star Hi Fellow traders
I am trading with hotforex from 3 years. I thought to give my reviews again, during my trading with hotforex, i used to have issues with them,every broker has issues but good thing with hotforex was that they used to care for their clients and always step up to sort out this issues but this is not the case anymore. It looks like they have made much money and don't care for their customers anymore.
My review, observation and personal experience is as follows:
1: Let me start with their claims of being ECN/Stp broker which they are clearly not. They are market makers, another bucket shop to rip your money. What i recently found out that you can't place orders one minute before news, An ECN/STP broker will never put restriction on it. They give you real market conditions.
Secondly you cant place orders between bid and ask price, which is example of market makers not STP/ECN, A market maker will never want you to success, your success is their loss. So decision is yours. :)
2: I always have issues of spillage with them, whenever you close your trade, one or 2 pips goes against you. Sometimes there were big spillages in price, which they fixed it. But even one or 2 pips are enough to less your profit or increase your loss.
3: On one side hotforex claim for so many awards from this industry but on the other hand, they are total failure to provide real market conditions to their clients. Their equity market close 5 mintues before bells rings in USA. So they are nigthmare for day traders like me. When I asked about it, they said, they do it for clients to protect from bad reputation. This is not professional approach as there are all different type of clients, day trader, long term, etc. In this market, even a single second is matter, when they close feed 5 minutes before market close in actual.
4: in past, they also suspended my account when i tried to withdrew money because amount was big, and they used dirty tricks. That matte was solved, but i know how i spent a week in full tension. So they are good, as long as you lost money but when you make money, so there will be many issues. Be aware of it.
5: They dont care for their loyal customers anymore, its very difficult to get hold of their managers or directors who are the decision makers. Companies downfall start when they start to loose their clients, today they are loosing me, i did trading of thousands of lots with them and just in commission, they make 350K plus. But they dont care anymore.
6: They require a lot of paper work when you deposit money with new card, I did deposit very large sum of money with them, but recently they hold my funds for hours at critical time when i need to do trading,due to paper work. They did not care that how much money i deposited and still doubt on my credibility. Thats ridiculous.

I would advise you guys not to open account with them or trade with them, only do if you want to lose your money.

I am going to close my account and not to keep any relation with them because they are proving to be another bucket shop now, who only wants to take your money.

2013-06-28 4Star Update:
Today, i got money back into my account of value 23400 USD.
What we can say it was result f miss-communication of one of their financial instituation Compliance dept After the investigation everything was clear( i also did investigation on my end and World Check has confirmed me that it was totally misunderstanding whoever did a check) HotForex activated my account since yesterday and reimbursed my loss and i started trading again.I am glad to be able to continue the relationship with HotForex. I have to admit that Hotforex manager Sohail Khan made lot of efforts and helped to resolve this issue, though there was very awful 3-4 days i spend, but hopefully it will be recovered soon and i will be back on track.

2013-06-27 No Rating Update:
Hoeforex AML manager called me and told me that was a mistake and apologised for all this mess.
I also got an email from World Check and they have told me that my name is not in their database,
Hotforex has whitelisted my account, unfreeze my funds, and promised me that they will revert the positions which were closed at the time of freezing my account and 23440 USD wil return to my account tomorrow. I will keep it updated.

Here i would really like to appreciate Hotforex Manager Sohail Khan efforts to resolve this case, he took personal interest and keep updating me about the situation. Thanks Sohail.
Venelin/John didnt contact me at all at this time of trouble, still waiting to here from them, may be an apology would be sufficient.

2013-06-25 1Star Update:
I sent hotforex email to send me the proof of below: I will keep you guys updated.
1: To send me the proof of attempted transaction of 15000 USD which as per they said was blocked by their bank, if transaction has been attempted, it must have first gone through from their account. Every transaction has a receipt.
2: Their must be some kind communication between hotforex and authorities when they had hit on my name, i asked them to send me the proof. Lets see what do they reply.

Regarding wire transaction:
When they initially informed me that State bank of Mariutus(SBM) has rejected my transaction, i asked them to send through Barclays, John Watson(VIP account Manager) told me that its not possible, as i deposited into SBM, and its against their money laundring policy, they cant send me through other bank,when i told him that i never deposited into SBM, he changed the story and told me that its still not possible and it will go through their regulators, dont you guys think all these are excuses. email trail is below,
---------- Forwarded message ----------
From: John Watson
Date: Tue, Jun 25, 2013 at 9:09 AM
Subject: Re: Closing of account 221212(28169 my hotforex) on Monday [HotForex#2304420]
To: usman arshad ,venelin@hotforex.com, "sohail@hotforex.com"

Hi Usman,

Unfortunately it is not as it still has to go through our Regulators.

Please provide me with the criminal record report from the Pakistani embassy over there and we should be able to process the transfer.

Kind Regards,
John Watson
VIP Account Manager
+44-2033185978
+44-2033188569
john@hotforex.com
www.hotforex.com
John.Hotforex

FOLLOW US

HotForex is an award-winning, fully regulated and licensed worldwide broker.

Offers various accounts, trading software and trading tools to trade Forex, Indices,

Commodities and Equity CFDs for individuals and institutional customers.

Best Broker in Asia 2012 & 2013 Best Broker in Eastern Europe 2013

From: "usman arshad"
Sent: Tue Jun 25 2013 09:45:15 GMT+0300 (EEST)
To: "John Watson" ; venelin@hotforex.com; "sohail@hotforex.com"

Subject: Re: Closing of account 221212(28169 my hotforex) on Monday [HotForex#2304420]

Hi John
Please update regarding withdrawal through Barclays.
Thanks

On Mon, Jun 24, 2013 at 6:16 PM, Usman wrote:
Hi John
Please update. Is transfer through barclays is possible? As per your email, i confirm that i never transferred through Sbm, and all of these is my profit, so its clearly not a money laundring.

Sent from my iPhone

On 24-Jun-2013, at 5:20 PM, usman arshad wrote:

Hi John
I never deposited wire transfer, i always deposited through debit cards which are already bank into my account. I never did a wire transfer. Please check again.
Thanks

On Mon, Jun 24, 2013 at 5:17 PM, John Watson wrote:
Hi Usman,

Due to the fact that you deposited to SBM, we must refund the money from SBM. This is in accordance to our Anti Money Laundering policy that we follow.

Kind Regards,
John Watson
VIP Account Manager

+44-2033185978
+44-2033188569
john@hotforex.com
www.hotforex.com
John.Hotforex

FOLLOW US

HotForex is an award-winning, fully regulated and licensed worldwide broker.

Offers various accounts, trading software and trading tools to trade Forex, Indices,

Commodities and Equity CFDs for individuals and institutional customers.

Best Broker in Asia 2012 & 2013 Best Broker in Eastern Europe 2013

From: "usman arshad"
Sent: Mon Jun 24 2013 18:15:27 GMT+0300 (EEST)
To: "John Watson" venelin@hotforex.com

Subject: Re: Closing of account 221212(28169 my hotforex) on Monday [HotForex#2304420]

Hi John/Venelin
I can see on your website, you guys also use Barclays bank other than bank of mariutus, can you guys try through Barclays, i hope there wont be any problem, as it is international bank.
Please note that this is totally inconvenience for me. And i said earlier, i need those funds urgently.
Thanks

I also strongly believe that Hotforex is a market maker and not STP/ECN like they claim.
I have a proof to prove that.
How can stp broker change order price on 5 days old position when you make a complaint that you wanted to clear the position on some other price but due to the fact that, hotforex platform was hanged up that time, and it was not possible for you to close the position, everyone knows over here for hotforex disconnections and platform hang up. they changed the order price to my desired price, only a market maker can do that, If STP broker, wants to return that money, it should be as reimbursment not changing the price of 5 days old position. So a marker maker cant see you winning money.

2013-06-25 1Star The situation has got worst.
My account has been blocked, i have been labelled as terrorist, to my shock. The same bank account i use for my salary transfer, and other funds transfer. No issue at all.They are not giving me any proof that what authorities are telling them, its top secret and its only their words for me which i have to believe.
I have been forced to close my open positions 80 standard lot on AUDUSD, Otherwise execution would have closed it, no time has been given, i had to suffered a loss of 25k. If those positions have been there, i had made a lot of profit.
Now they are asking certificate from embassy for clearance, which i can provide, but who will responsible for my loss, and all the tension has been given to me. The whole story started when i made a request for withdrawal of 15k.
Please please stay away from them, its good as long as you loose money, but when you start to make money, you will be in trouble, especially when you ask for withdrawal. You are not gona get anything, only trouble and tension. Totally scam.

2013-06-24 No rating I had very good experience with Hotforex untill today when i was totally shocked, when their finance dept calle dme and told me that my withdrawal of 15000 USD can not be processed and it is rejected by their bank as they hit on my name, and they require clearance certificates. Does anyone of you had faced this problem. I can recive funds into my account from al over the world, but not from mariutus, Is it a tactics of delaying withdrawal. Please share your experience.

2013-06-24 No Rating I sent a withdrawal request for 15 k for wire transfer which they told me that their bank has rejected because they have a hit on my name. That is totally ridicolous. State bank of mariutus. Why they dont try with Barclays bank. I am having total equity of 52000 with them. And they are asking me now for clean criminal record. Why they dont try with Barclays which is international bank and then there will be no excuse. I hope this one gets solved quickly as they are good team, i was totally shocked after today's call.

2013-01-08 No rating I am trading with hotforex for 9 months now, and this is the second time i am facing big issue on price, first time they accepted their fault and returned my losses. Last night one of my position was liquidated when price wasn't reached at that level, i sent an email with proof from xe.com, forexpros.com, investing.com the levels to their managers, execution, backoffice, support, spoke to them on the live chat, but only got an inconclusive response and when i replied back to the email, no one ahs contacted me yet, i think they stopped calling their customer anymore, so becasue of this experince i would say pathetic customer service, dont care about their customer well being, stay away from them.

2012-06-18 5 Stars I would like to give Hotforex 5 star for their wonderful service, quick response. My position was liquidated today but i had some concern on the price, i contacted Backoffice and their business manager Pushma, and told them my concern, they took interest into the issue and reembursed me the amount which i have lost. Quick reponse, wonderful customer service. Thumbs up to hotforex.
  1 trader has found this review helpful
Jalil,
singapore, Singapore,
Oct 3, 2015,
Guest

I'm with Hotforex since 2013. They are good brokers. At times there are slippage. Which broker doesn't have? But overall my experience with them is good. Withdrawal and deposits are easy via credit card. Withdrawal just take 3 days. Within 3 days the funds are in your account. Customer support is excellent. They will respond to you within hours.
 
amr shahin,
cairo, Egypt,
Sep 29, 2015,
Guest

i would like to say that i recieved my money today on my bank account through wire transfer.

2015-09-10 4Star update now i recieved my120 usd back in my account and the support agent been truely helpful with me and i decieded that i would like to withdraw my120 usd through bank wire and i told them that so and they responed that they will cover the bank fees from their side and there wont be any dedution from the orignal amount of money which are 120 usd.

i will keep you updated guys

2015-09-09 No Rating update

one of the support department just called me and aplogized for this mess and told me to choose the payment method that i would prefer so i can recieve my120 usd back either by neteller or webmoney or skrill moneybooker , so i told him i will search today and see what suits me the best and i will call them tomorrow in the morning and tell them the payment method i prefer.

i will keep you updated guys as i promised

2015-09-08 1Star my account number is 164057

i did a 5 withdraws with a total amount of 120 USD i did a withdraw on august 11 with an amount of 5 usd and i recieved a conformation email from hotforex that the 5 usd will be refunded with 5-10 business days, on august 12 i did a withdraw with 90 usd also got the conformation email from hotforex on august 12 that the 90 usd will be refunded with 5- 10 businuess days,on august 13 i did a withdraw on with 10 USD and got an email from hotforex that the 10 usd will be refunded through 5-10 working days, on august 14 i did a withdraw with 5 usd then i did a withdraw with 10 usd on same day and got the comformation email from hotforex that the amount of 10 usd and 5 usd will be refunded with 5 - 10 business days.

so at the moment i still didnt receive a penny from of my 120 usd withdraw and 28 days have passed and still struggling with the company to get my money back or even get a proper support!

they asked for a bank statement on my prepaid mastercard and i issued one which wasn't easy to get from the bank but i got itafter spending over an hour in bank and of course it confirmes that no refunds from 'hotforex' has been recieved on my prepiad master card.

so today one of the support team not from the withdrawal team called me and telling me to wait for september 14, so when i asked him why exactly september 14 he told so it could one month since the withdraw order been made which is a total of nonsense. beacuse i did my first withdraw on july 11 and still didn't recieve my refunds. Then he told me to get another bank statment on this day which i stated before it was very hard to issue last time plus he told me that the withdrawal department asks me to remove the Complaint i reported to the bank that a refunds equal a total amount of 120 usd aren't recievd from the company/merchant "hotforex mauritius london' so with their unreasonable and illogical thinking!!! they are asking me to remove the report i flaged to bank and tell the bank to stop investgiting on this stituion while i still didnt recieve a single penny of my refunds, what kind of logic is that ?!!!

i will keep you updated everday guys
 
nila78,
Colombo, Sri Lanka,
Sep 13, 2015,
Guest

They are Stop Loss Hunters.. I have an experience with them. When I was in a trade that was on lost, finally I decided a stop loss limit. Then placed it. Just after few minutes the price went up just below the Stop loss level. I checked that with few other MT4 platforms of other brokers and live chart web sites too. The closing price was just below my stop loss value. But only Hot Forex has run up and eat up my stop loss margin and closed my deal. No any other broker has exceeded my stop loss level. Only Hot Forex did.
 
Adrian Constantin,
Suceava, Romania,
Sep 7, 2015,
Guest

Huge stop loss hunters, price manipulators and your spreads will be far bigger than what they claim, just put the ASK on your charts and you'll see
 
Sajjad khan sun ,
Dhaka , Bangladesh,
Sep 6, 2015,
Guest

I use their zero account and it's good though their commission is bit high. Everything is good about them except withdrawal time. Which usually they takes more time then they said.
 
Li Jie,
Shanghai, China,
Sep 2, 2015,
Guest

Shanghai stock composite index very good innovation,sometime i like spread very much. China liquidity is very good and no price gap in London session. Other service are good.
 

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.