HotForex Review

3.739 · 508 REVIEWS

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Updated: Jan 15, 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

Harmony,
, Australia,
Jun 21, 2014,
Guest

I've been monitoring Hotforex almost 3 years now since its launch around 2010

>Regulated: 10/10 FSC & CySEC
>The customer service is average 8/10
>The website + mobile MT4 is 7/10 (Good speed, Up-time)
(A few issues with placing orders*) CAUTION
>Withdrawal is excellent 9/10 - I used e-Wallet (Secure*Fast*Email Conformation*)
>Assets & product range 8/10

Having traded with them 1 month now even after checking reviews, monitoring company since its founding I would say Hotforex is definitely a reliable broker. If you've had problems with them take the matter up to the highest level before you post a negative review which could tarnish the image of a great broker. We all want the money but lets at least help each other with spreading correct info. Sometimes it takes just one customer service rep or manager to b*sh*t around yet company performance is top notch !

Give them a 2nd try !

Overall Rating: 9/10
ps: John is a really great HFX rep !!
 
Tom chen,
zhejiang, China,
Jun 21, 2014,
Guest

This broker has become more and more dishonest now. They begins to play tricks on trading---limit clients' order executed and enlarge spreads.i tried several times before news release,they always use [off quotes] to stop me from trading market price while the quotes are still ticking normally.If [off quotes] sometimes appears,it may be normal,but it appears every time I buy or sell before news---- so i believe they begin to play tricks.They don't want clients to trade news.As a broker ,they should be open and fair to their clients,they should permit clients to buy or sell at any time .Limitations on trading time is a mean way and disgusting.
 
Reply by Venelin Videnov submitted Jun 25, 2014:
Dear Mr. Chen, We at HotForex always strive to provide the best services for our clients. I am very sorry to read that you have execution issues with us. Please email me at venelin@hotforex.com with your account number, so we can investigate what is causing the execution problems with your account. Looking forward for your email! Kind Regards, Venelin Videnov Official HotForex Representative venelin@hotforex.com
Clayton Veivers,
, Australia,
Jun 18, 2014,
Guest

I am updating my star rating of 1 star on 13/6/14. Hot Forex are reimbursing the swap fee, thankyou. I will make another rating in a few months

2014-06-13 1Star Hot Forex Acct : 128175
I have 5 years experience in trading Forex. At the moment I deal with four brokers, all claiming to be STP no dealing desk. I closed a UK100 trade mid week with a $50 profit. Hot Forex charged me a swap fee of $18.45 USD and commission of $2.00....ie over 40% of the profit in fees.....This is way over their advertised swap fees...I got the following email back from Hot Forex:

"Dear Client,

Please note that we are not charging commissions for FOREX currencies. For the indices and the shares commissions are apply.

Kindly note that: Triple Swaps is applied on Friday. Swaps may be adjusted daily based on market conditions and are applicable to all open positions. The rates are provided by our Liquidity Providers and are adjusted for corporate actions such as dividends payout.

Please note that Vodafone was paying dividends yesterday and that why the charges were high!

The swaps were correctly calculated!

Do not hesitate to contact us if you have further inquiries.

Kind Regards,

Execution Department"
________________________________________

THE TRADE WAS ONLY OPEN 2 DAYS MID WEEK NOWHERE NEAR FRIDAY IN ANY TIME ZONE!!!!!!! And you can guess what else I did not like about their response ( Vodaphone dividends??)
....I mirrored the trade with ICMarkets and Think Forex, got a similar profit with 40% less fees........I am currently seeking to withdraw all funds from Hot Forex but the online message I got was "low deposit or Error"? .....I will do another review after the withdrawal process. I am providing screen shots as evidence to the traders court (which I cant attach here):
Hot Forex Advertised swap rates for UK100 at the time of the trade
UK100 1 -0.5 -1.34 4 100 $1USD * GBPUSD 1
 
denwood,
fujian, China,
Jun 4, 2014,
Guest

A big problem.the slowest speed broker.the delay is often more than 4--8 seconds,most of the time i can not stand it.the execution is too slow.after i clik the button,only at least 4-5 seconds later can i see my orders appear. hope this broker enhance the speed of execution.
 
Jason Esteban,
Sta Cruz, Philippines,
May 28, 2014,
Guest

Comparing Hotforex with second broker I trade I should say that Hotforex greatly surpassed it in terms of order execution – I noticed almost 7 pips slippage on my second broker, meanwhile HF showed only 1 pip slippage - during my trades on 15 may ECB monthly bulletin News release. There were abrupt price depression EUR/USD almost 50 pips down, I used 5.00 lot to catch high-probability trend, sell orders was automatically opened but logs shows that slippages are considerably different between brokers as I mentioned above. Hotforex has really great execution system, because of slippage second broker showed profit 2 times less than on HF. Too sad to see that my famous second broker can let me down so easily in such crucial moment. Now I really 100% sure that HF is fast STP and decided to finally move there.
 
Sundaravadiveal TV,
Coimbatore, India,
May 27, 2014,
Guest

I am trading with HF since 1 year with 1118 trades. when compared to many brokers HF is far good. Their leverage is good. They pay the IB commission on time automatically. Withdrawal from trading account happens in 24 hrs sharp. Their bonus scheme is good provided trader meets their requirement. Main point is no requotes, no limitation to any EAs, good live support. Withdrawal options are like any brokers. They don't hold any of your profit money. Trust worthy broker
 
Khanh Nguyen,
Da Nang, Viet Nam,
May 22, 2014,
Guest

So many brokers out of there… Really have no clue where to start… Just created account with that broker today, put 500 $ (can’t afford more), still on verification process. Now trying my luck with demo, it goes quite good, looking forward to earn on live…
 
moneyforexboy,
bombay, India,
May 21, 2014,
Guest

DONT POST against Hotforexthey will disable accounts.

just post in public if u have any problem with them they will politely asked what is mine trading account number and then u will be told posting problems on forums is unacceptable and then u will be told to take all amount from the account (profits they will keep themselves) and get account terminated even they will close the positions if the trade is in profit before terminating the account.
it happened to me i posted mine problems they said u are not allowed to trade
so if u post against HotForex on forums u will be asked to pack the bags and leave without assurance of profits will be paid or not.

Review Moderation Team Note: 1 Star rating removed.

This reviewer made similar allegations in the FPA's forums. He then ignored all direct questions and requests for evidence.

The FPA takes allegations like this very seriously. The FPA emailed him directly and there was no response.

Based on this, we recommend treating this review with a great deal of scepticism.

 
malay trader,
ipoh, Malaysia,
May 20, 2014,
Guest

this broker think they are the best..i want give money for them and they are denied..they dont know so many broker outside there waiting and welcome me to deposit for them..so stupid and arrogant broker..read this chat me and support.................................................................................................................................................................................... Please wait for a HotForex operator to respond.
You are now chatting with 'galyna'
galyna: Welcome to Hotforex, how may I help you?
jamaludin baharom: i have an account type currenex last time..why i can log in my mt4?there invaklid account appears
jamaludin baharom: account number 101011
galyna: Hello
galyna: Please wait while I check for you
galyna: Your account 101011 is not accessible because it has been archived for not being used for more than 45 days, if you would like to restore it please send request to email support@hotforex.com
jamaludin baharom: yeapp..i want to restore it..one more question?
galyna: yes please
jamaludin baharom: minimum deposit is 500usd for first deposit right,if i RE-DEPOSIT?the amount is belong to me?any amount right?
galyna: for what kind of account type Sir ?
jamaludin baharom: currenex..my last account.
galyna: yes Sir for currenex account 500 usd
jamaludin baharom: for second deposit?
galyna: we need first restore your account
galyna: and check if you have any funds on it
jamaludin baharom: ok..let i clear my word..i have account type currenex last time,i have make deposit 1700 past ago but i loss all them.after that my account disable because not active for 45 day period.now i want to trade with HF again and want to make another deposit..should i deposit minimum 500usd or i can deposit any amount?because this is for second deposit..
galyna: Please wait while I check for you
galyna: yes Sir you need to deposit minimum 500 usd
jamaludin baharom: in that case,i dont have 500usd now..i think i can re-deposit for second time below it,if that rules tied like this,i should change to another broker..TQ
galyna: your account archived Sir ,so you need to deposit 500 usd in order to activate it again
galyna: and after you can make smaller deposits
jamaludin baharom: ok thanks..there more broker i can choose..i only have 450usd in my neteller.so sad.,i cant continue trade with HF family..but there many broker so welcome me to give them money..hope HF success 4 ever..thanks for info..
galyna: You are very welcome.
galyna: have a nice day Sir
 
Jordan,
Ipoh, Malaysia,
May 8, 2014,
Guest

Good broker, seriously. high leverage, withdrawal and deposit went through fast and without hassle. Good bonus being rewarded and whats good, it stays in your account if you are withdrawing ur initial deposit. However, the mt4 execution tend to be quite laggy at some time. Delay for 1 second or more in execution , or buy and sell stop adjustment. Needs some improvement on that. Other than that, its all good. No serious slippage on news trading and good lvie chat support.
 

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.