HotForex Review

3.731 · 509 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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3.731 · 509 REVIEWS
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Traders Reviews

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.
 
Zamokwakhe khumalo,
Durban, South Africa,
Apr 22, 2014,
Guest

very good broker, good support, fast withdrawal I use the hotforex debit card.
 
Ilyaz,
toshkent, Uzbekistan,
Apr 11, 2014,
Guest

Don’t know if somebody practice what I do, but I change my broker every month. 13 month= 13 brokers so far. It is not for fun, not a rite but important part of my trading strategy. Banal write-ups around the net, “spreads are tight, fast execution, blah blah blah” don’t make a sense to read, cuz IMO, they don’t give an idea how good is the broker you analyze. I prefer empirical way to stay near the mark. So now I’m with HF. And I have to say that MORE than one month passed working with that broker. And that’s why I decided to post there. Don’t know why but my trading is unusually profitable and some higher than before. It doesn’t show some trading inefficacies or they are significantly slighter. I am really confused. It is a really good outset with as low as $300 deposit but I still keep myself away from rush and not going to invest more. Last month was 18% profit, while in the previous months there were 3-5% profit, 2 deposits lost. Still can’t say something definite but I certainly like it and planning to prolong my experiment with them..
 
Tran Tai,
Ho Chi Minh, Viet Nam,
Mar 27, 2014,
Guest

I have lost money with a fraud local broker here, so i decided to go offshore. I jopind hotforex in 2013 for the fixed spread offer, so far the trading is doing good and the rebate options given for this broker is excellent. i only trade the EURUSD and GBPUSD and been making a decent number of pips each month. Im quiet satisfied.
 
eric st-yves,
canada, Canada,
Mar 19, 2014,
Guest

It was a good broker . But they closed my account after one year of trading because i live in canada . they change their own rules after a while .
 
emily,
kuala lumpur, Malaysia,
Mar 16, 2014,
Guest

I'd been trading forex for 3.5 years, and hotforex is my third broker and I stayed with hotforex about 1 year so far.

I made several withdrawal, took about 2 hours- 3 working days, the staffs have been responsive attending my inquiries. I realky like the fast response and quick withdrawal without any trouble.

I am happy and satisfy so far. Hotforex has very active support, they even follow up on issues that I had in the past to insure satisfaction, I doubt other brokers would go to that extent, I`m very pleased.

Hotforex is a good broker, (:
 
Otash,
Tashkent, Uzbekistan,
Mar 7, 2014,
Guest

A stable platform with good execution, documents verification is a bit strict. I am trading a micro account and scalping the M15 and M30, I wouldn’t recommend any lower time frames for scalping in general, there is a noticeable slight difference between demo and live, and I have encountered slight slippage but over all its been doing good.
 
Izu,
Lagos, Nigeria,
Mar 6, 2014,
Guest

I will start by saying that my account number is 184236. Hotforex is terrible. How they have a 4 star ave rating is reprehensible. These guys have continuously screwed me on my trades over and over. I do not have a problem with slippage, that's not my issue. My issue is the constant manipulation of my EA. Trades not being set at the right price, offquotes, just plain thieves. STAY AWAY FROM THIS BROKER. In the long run, they will screw you. IGNORE THEIR RATING. ITS BS. Im closing my account next week.

2013-12-18 1Star Long story short. First few months, things were fine. My strategy was working and the account was growing slowly.About 5 months in, i begun to notice problems. Execution related problems. My EA began to behave erratically. Slippage is not a problem. Its part of the game. A fast market as a result of news releases can induce a price gap which in turn can cause massive slippages on trades. I am fine with that. What doesn't sit well with me is the manipulation of my EA. My EA begins setting orders at price levels that are over 2000-3000 pips away from current market prices. In some cases, the pending orders aren't even set at all, an outcome which is detrimental to my trading strategy and my ability to profit. In respect to the details outlined above, I am strongly considering closing my account with this brokerage. I'm no longer able to trade profitably with this firm due to systematic issues designed to make me loose.Simply put, i can't a battle the FX Market (which is challenging in itself) and the brokerage firm. More than likely, i will be taking my business elsewhere.

I expect a response from a HF representative but as usual, they will point the finger at me and my trading system.

Comment: Added by Venelin Videnov on 2013-12-19
Dear Izu,

I tried searching our database and I couldn’t find your account number. Please kindly email me with your account number to venelin@hotforex.com

Kind Regards,
Venelin Videnov
venelin@hotforex.com
 
Balakrishnan Krishnan,
Melbourne, Australia,
Mar 5, 2014,
Guest

They have solved my issue and I'm happy with the staff called Diego who has done an excellent job.

I will continue to fund my account and trade with them.

2014-02-27 2Star Got call from a staff to rectify the problem for my problem I have highlighted on the 25/Feb/2014.

The staff told me I will get a email but I have still not received the email to send my documents.

Please send me your email to my email address.

Thank you.

P.S: if the problem is solve in a satisfactory way, I will post it here.

2014-02-25 2Star firstly, Bad explanation given on their 100% bonus account as I didn't know that the whole account it be wipe out as there is no margin call.

Secondly, I incurred a international transfer fee for deposit which was told will be refunded but I traded and lost all my money because of no margin call for 100% bonus account and they always give reasons for reimbursing my fee for the transfer.
I got a letter from the bank to state that the fee incurred was for the hotforex transfer but they keep requesting for more proof which the bank does not provide. but the funny thing is for my first deposit they did refund my fee incurred and also for the second but for the third and forth ones, they keep asking for more proof which I find very suspicious.

This company is not as good as the reviews given here:(
 
Arnab,
, India,
Mar 4, 2014,
Guest

Execution is stable, in terms of slippage hotforex has one of the lowest even during economic events, I like the automated withdrawal process though it takes a day or so but its better than the scan thing they used to do a couple months back. Over all this broker is doing fairly good compared to other big names in the market. Highly recommended. If there is one thing I’d like to point out to it’s the translations on their website, but that’s minor anyway.
 

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.