HotForex Review

3.74 · 508 REVIEWS

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Updated: Jan 27, 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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3.74 · 508 REVIEWS
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Traders Reviews

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.
 
rafat darwish,
jordan, Jordan,
Aug 25, 2015,
Guest

false informtions, no instant deposits, unsecured pamm acounts, unsecure wallet and after tow years from providing customers to them they kcicked me out cuz i asked for my own money which i lost cuz of their entire false lagging system
 
Sarwar Halim,
Dhaka, Bangladesh,
Aug 20, 2015,
Guest

In Bangladesh recently Hotforex open their education center.I m very happy with their service.They are helping me even after the office hour.Their behave is very nice.I dont know about other branch but i m satisfied with Bangladesh service. Every week getting training if i need.Moreover their platform is very fast.One problem Swap free account only for 7 days.I will request to extend this .As a muslim i m facing problem on this.
I wish best of luck for them.
 
Bheverlyn Santiago,
Las Pinas, Philippines,
Aug 12, 2015,
Guest

I’m writing this review after 3 months of trading with Hotforex. I opened micro account with them spreads are good on some pairs on others are a bit high so check before starting to trade with them. In regard to platform and execution - no price gaps or platform freezes noticed, but making entry on 40-50 or more pip candle you may get 1-2 pip slippage so I’d advice to avoid trading in times of volatility.  Connection ping is 40ms what’s much better than with other platforms (around 55-60ms), MT4 connects to the server with lowest ping what’s also a plus. 
The site’s design looks a bit obsolete and old but I get used to it after a couple of weeks as it have all necessary features. Fund management inside broker is pretty easy and comfy you can segregate trading balance and broker funds (called MyWallet) and keep them separated withdrawing and topping up instantly.  First withdrawal were made two weeks ago, no words, it was processed the same day. Hope they will retain that tradition for future. 
My overall mark is 4 they have plenty ways to improve. Will keep account there as a secondary to place some hedging trades.
 
Tariq khan,
Multan, Pakistan,
Aug 4, 2015,
Guest

First point seems to be valid below. You can't place order between bid and ask price and also orders can't be placed one minute before news. Thats not true behaviour of ecn/sto broker.
And rather market maker.
Will appreciate if hotforex representative come out and explain it.
 
Andrey Petrenko,
Russia, Russian Federation,
Aug 4, 2015,
Guest

I have acct with Hot Forex they are very profesiona they give me good spreads on EUR/USD. I trade everyday with them first week was loss but last week was gread I made 200 dolar profit. They pay me in my bank account all money.very good.
 
rafat,
amman, Jordan,
Jul 20, 2015,
Guest

salaam, hotforex has alot of interesting Islamic account with no hiding adsor spread or anything might get it out Islam reputation and arabic languge with english maylisian aand alot other languages and online advisers

2014-09-23 5Star i was thinking they are as bad as other brokers but after what i face and after thy calling me and solved all my issue with all loses all i can say is that i think they are one of best brokers to be trade with acording to me and my own experince with them and i did correctedt all issues i posed aginst them and again tyvm hotforex and ty dear mr basel i really respect hotforex and its fact and no one paying me to say so
rafat darwish

2014-09-01 1Star most bad experment after dealing with them, no custmercare warning or advicing,totaly frustred system spically 100% bounse
 
Alexander Galpin,
, United Kingdom,
Jul 20, 2015,
Guest

Hotforex make the top three of the brokers which successfully passed my high-frequency Limit Orders EA test. I ran the trial on 12 brokers and major requirements were low server load,  fast response (ping), adequate spreads and good liquidity.
Using “zero spread” account  in combination with their free VPS fell short of expected results because of 18 ms. ping which seemingly were leaving me no way to reduce it. Spreads on EUR/USD hovered in between 0.0-0.1 pip, sometimes it was raising to 0.2. After putting heads together with HF’s support decision were made to move on paid VPS (25$/mo) with a ping shrunk to 4 ms. respectively. What I like most in HF is that they server with lowest ping match the server of the lowest load, so MT4 picks fastest server automatically, without need of its manual correction.
So trading platform were perfectly set up, substantial ping reduction allowed to lower slippage as well. First week were closed with 26% profit, I’m so excited with my trading performance and warmly thank Hotforex for their good job. Hope they will keep up with their line of great service.
 
Farhan,
Lahore, Pakistan,
Jul 19, 2015,
Guest

I want to report something I came across today while opening a DEMO account with HotForex.

When I tried to open an account by providing every information correctly which somehow, wasn't good for HF in my opinion, there was a "500" error every time I tried. It happened around 5 times with me. To my luck, I filled with postgraduate degree, profession as accountancy, have contacts with public/political authorities, know forex etc.

Later on, when I tried with providing false information like no education, no contacts with politics or public figures and doesn't work in accountancy, my account was created on the first attempt.

Now, I have reached to a conclusion that HF only wants traders who are naive and they are afraid of people who know everything and/or have contacts with authorities they might be afraid of.

I would like if any representative from HF can shed some light on this matter as to me it is very disturbing and will be keeping me away from this broker.

Note: I will change the rating accordingly after being satisfied with the answers.
 

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.