HotForex Review

3.739 · 508 REVIEWS

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Updated: Jan 18, 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

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
Johnny K,
Hong Kong, Hong Kong,
Aug 29, 2013,
Guest

I've been trading with them for 2+ years. It used to take only 2 to 3 working days to withdraw funds thru debit card. But my last withdrawal took 14 calendar days to reach my bank. On their website, they have updated information about withdrawal saying it could take 10 working days for debit card withdrawal. As a trader, I think 10 working days is way too long for withdrawal and I'm moving to anther brokerage firm.
 
Reply by Venelin Videnov submitted Sep 2, 2013:
Dear Johnny K, The goal of HotForex is to provide its clients with the fastest possible deposits and withdrawals. However, there are times when such procedures can take longer periods due to circumstances beyond the control of the company. Unfortunately I can?t be sure what happened in your case, because I tried searching in our database and I couldn?t find your account number. Please kindly email me with your account number to venelin@hotforex.com , so I can check and find the reason for the delay of your withdrawal. Kind Regards, Venelin Videnov - Official HotForex Representative venelin@hotforex.com
Trader X,
MD, USA,
Jan 10, 2011,
Guest

No longer allows news trading. Don't even think of trying it unless you want to endanger your account! (They will freeze the platform, slip you, requote you, etc). Good otherwise.
 
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.
 
Frankfurt, Germany,
Apr 13, 2018,
Registered user

50/50

Was my first Broker but as you know, first one is not always the best one.

+ immediate Order fill (because they are B Books)
+ Acceptable Support.
+ Wide range of instruments

- B Book Broker: As they offer ECN Accounts they are also a hybrid but that means that they will watch your Account closely and chose whether you are B Book worthy, which means that you lose in the long run or you are going to be A Booked because you are causing them too much risk (you are making too much money). So basically there is a conflict of interest between you and the Broker and you don´t know how they handle that exactly.
- Closing trades takes some seconds ! HF is NOT lightning fast. Also opening trades takes some seconds even though they are B Books which means they normally fill orders immediately.

/ Calls: They called me because I wanted to withdraw all my money. No other Broker did that ever with me. They kind of wanted to know why I wanted to do this. I blocked the number then and only emailed them. That was ok for me. They then stopped calling me or contacting me about those things.

/ Spreads: on the one hand they are low but on instruments like Platinum or Gold sometimes they are sooo high. No comparison to other Brokers. Be careful what you trade.

/ Regulations: They are regulated in Cyprus but it´s actually not that kind of hard to fulfill their requirements. Of course you have to be reliable but Cyprus isn´t what it was but better than no regulation at all. I kind of trusted them.

Conclusion: I would recommend them for Beginners, but if you "have something to lose" go on and use a true A Book Broker. Depends on your Strategy.
 
Ronald,
nottingham, United Kingdom,
Jan 22, 2013,
Guest

well, they seem to have fixed their disconnection issues but i am now blocked from depositing money. It was said that i only had to scan my documents required once and never have to rescan them again and no additional documents were required...unfortunately that was a lie. ive been asked to resubmit some documents and sign a form when i tried to deposit directly into my account (which obviously not having a scanner at home would make it a pain in the crack to do) and after cancelling my deposit and try to deposit into myhotforex (which worked just before this cancellation) my option to deposit via debit card was blocked. shame really.

but overall my time with them was good, customer service etc was all fine.

p.s. hotforex, if you read this, please think about editing the details on this page about no further docs required (http://blog.hotforex.com/hotforex-is-proud-to-announce-a-new-client-area-myhotforex/) because its untrue.

2012-10-16 3 Stars hotforex have given me a phone call i the morning with a guy who was friendly and mentioned about the connection problem i had experienced (which did not allow me to do anything making me having to use other interactive charts) and had offered if he could do anything to help. he reimburst me $200 which to be honest was more than any other broker ever offered and was amazed to hear him offering when most brokers will try avoid giving reimburstments. all in all ill give this 3 stars. will give 5 when I go through a few months with no connection problem since this has happened before and this would be the ideal broker when the issue is fixed.

2012-10-15 1 Star cant say ive been scammed though it feels that way...i made a bad trade and when ive lost about 1/4 of my account...the whole platform froze....my money continued to lose and there was nothing i could do....the support tried to help but failed....then saying they are experienceing some difficulties....also couldnt even tell me if i lost all of my money....i believe a good trading platform is much more important than customer service...sadly this is the opposite. the connection is automatic....the one that failed for me this time is for some reasons connected to china with 1020/10 kb connection and charts froze. will try to withdraw all my money (if i have any left...if not might file a complaint and see what i can get back) and never trade with this broker again unless this really is the only good one out there. This isn't even the worst broker ive had but the platform provided is still not good enough.

2012-10-10 3 Stars good broker, nice customer service but the SL and TP is virtually useless.

i have had a few trades that close after passing stoploss so i lose more than predicted and trades that hit tp dont close....even after a few pips still dont close....im not sure how much difference the trades need before the TP actually activates but from my current experience it doesnt...so with hotforex....never leave your trade on overnight if possible.for me, this is an ok broker...having too keep an eye on trades all day is boring and frustrating having to go have a shower and realise tp did not activate and i end up back in the reds.
 
ForexKelly,
Germany,
Feb 1, 2011,
Guest

Hi all again,

now I want to say that today is the third day I trade with MARKET execution: on 28.01.2011 the INSTANT execution was replaced by MARKET Execution by HotForex.

Now it is really SPT processing with very good spreads (I cannot say more because of trading only the third day under that condition).

I proceed to monitor the performance and other things and will inform all there if necessary.

Apart from that the other trading conditions are good too, first of all the fast deposit via credit card as well as the 20% bonus.

I haven't withdraw anything yet so I cannot rate it today.

Herewith - for the time being - I'm giving HotForex with 3 stars.

After a while of monitoring I hope I'll be able to give 4 or 5 stars.

2011-01-22 1 Star Hi all,

My experience with HotForex are far from rosy. What they do is in my opinion SCAM.

Here is the main reason for this:

HotForex advertises itself as a true STP NDD broker for all accounts.

As you all know, a true STP NDD broker has to offer STP execution, that means "Market Execution".

I opened a LIVE account and got DD with INSTANT execution and all the associated things like infinite big requotes, especially if I had to have TP etc.

I asked HotForex via email (execution@hotforex.com) to change my account to STP with market execution.

A few minutes later a man called Mohamad (or similar) called me at home and said to me that there are nothing to change because INSTANTexecution always means MARKET execution, it is SPT, they have NDD, no requotes etc. and d not profit when the traders loose....

And today? My account is still with "Instant Execution" including more DD deals (I have even the impression that they're now targeting me).

I hope FPA can help with.

The other not nice things:

1. Spreads on live accont are 10 pips or more higher than on demo
2. Swap is always negative, even if it has to be positive (and on DEmo were positiv)
2. Several other things I still want to watch befor I can make ultimate opinion.
 
alfredo,
cdo, Philippines,
Nov 22, 2012,
Guest

i have no problem with the support of this company but, i wonder why it did not close my deal, i put take profit because i closed my computer but when i look at my mt4 the price surpass my set take profit. wow i miss the profit
 
Vinh,
Ho Chi Minh C , Viet Nam,
Oct 16, 2012,
Guest

Read the post of Ronald and that was true when their trading platform had been frozen about 2 - 3 times / today.. But I think when trading, you should put your stoploss to prevent from awkward situations like this.. Try to contact them and I think they can help, I am still trust on them and system error would be very hard to say NEVER!!
 
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.