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

Ann,
Auckland, New Zealand,
May 26, 2015,
Guest

I have been with HOTFOREX a few years so far. I do feel they are reliable broker, definitely better than average. Even though I have not made any large amount of withdrawal with them. The only thing I feel bad about is they apply high swap rates on your trades. I hope they will improve that asap. Thanks
 
Joan De Maalihan,
Salawag, Philippines,
Mar 15, 2017,
Guest

This broker in general delivers good services which I have experienced while trading with them. During the last six months of trading, I have found out that account can be opened with small amount. Max leverage is allowed and they have good spreads. The trading platform is easy to initialize trade with no requotes. The withdrawals usually take up to 24 hours to process. I am satisfied so far with the overall services delivered by this broker
 
aruna,
Colombo, Sri Lanka,
Mar 24, 2013,
Guest

Hot Forex is Good .
my first withdrawal is ok.
 
Dada Xia,
New York,
Mar 6, 2011,
Guest

I started with a micro account two months ago. Overall Hoyforex is doing a good job, but there still more room for improvements.
1. Stop Loss or Take Profit set must differ from market price by at least 3 pips.
2. Orders are locked when market price near Stop Loss or Take Profit, (Hotforex wouldn't let you make an order change.)
 
Chaudry Sagheer Ahmed,
Islamabad, Pakistan,
Aug 22, 2016,
Guest

I started my trading career last year on a friends recommendation however the first trading experience wasn't that much good as i thought it would be but after that I started trading again and choose hotforex company and so far nothing to compliant about. The trades are easier to execute however i also wanted to high light that the platform may show requotes on the most busiest days but i think it's acceptable.



The customer services support is quite helpful and their turnaround time is really fast. The spreads are really tight and leverage is also good which really helped me earn good profits while trading on London sessions with GBP. I usually ask for withdrawals at the end of every week and they are usually processed conveniently.



While trading with them i have noticed that my trading skill has been improved as I used to learn more strategies and practicing them on demo account in my free time. I think that a decent broker can be really helpful in earning money as well as developing good trading skills.



I am also planning to get an EA coded and trying it on their platform however i am not sure when i will be able to run it as it is still in compilation stages so i will update my progress here when i finish it. With all the above statement I think I am only able to give them four stars at the moment but I will keep reviewing them in future as well.
 
Felix Fu,
Hong Kong, Hong Kong,
May 4, 2015,
Guest

I refer to my previous review submitted 30 April 2015 and want to update the situation.

The fund deposit issue are resolved now, their manager phoned me to help resolve the issues quickly and I feel highly satisfactory with their customer service and fast response.

Previous Comment made 2015-04-30 as below:

2015-04-30 3Star Hotforex fund deposit and withdrawal handling is a MESS, with is extremely unhelpful, just a very poor sevrice against client!

If you deposit fund with same credit card for several times, suddenly they will block your fund deposit (God! It is only 100 USD) and demand you to submit validation document including your home own bank account statement, a printed form with a lot of blanks to fill (You need to print out yourself, if you don't have printer beside u, don't expect you can continue your trading!!!) which I considered completely unnecessary! They must have u print out, sign and returned the form AFTER you deposited fund (not before, WHY don't ask for that BEFORE your make a deposit?!) although you already tell clearly that you don't have printer now and need to fund the account immediately for trading!

For withdrawal they are also like a MESS, I used more than one credit card to deposit fund before and instructed them clearly withdraw fund to which card, however, although they confirmed with u by email ok, they just do things WRONG and ignore your instruction!

After deposit don't expect your fund will appear instantly, it will bring you great hassle to make your fund really appear in your account and they are one of the most unhelpful broker I ever met.
 
sao paulo, Brazil,
May 6, 2017,
Registered user

problem partialy solved

my issue was resolved and no issue for now

i didn´t withdraw my money back yet but i am happy now

at least the value is in my balance

May 2, 2017 - 1 Star the pamm account seems to be misleading people and investor, small investor

the profit is shown in a high amount but before one month they start to destroy your account , so the equity is very low in minutes

you loose many days seing your profit but suddenly they destroy the account



Apr 27, 2017 - No Rating it´s not a trusted broker , i opened two pamm accounts and all profit simply dissapear , it´s very very strange

i don´t know if he is a scamm, but he number seems to me be very amnipulated

i am changing and closing my account , it´s impossible u trust it
 
Minh Triet,
Can Tho, Viet Nam,
Dec 16, 2014,
Guest

Here is what I get after 8 months trading with hotforex:

Relatively stable spreads close to the numbers stated on their website. Maybe not the tightest but for news trading it is pretty comfortable.
Regulated by financial commission of the charming island I had a chance to visit before.
Claims to have a STP execution what I strongly believe in and seems to get in trading (natural slippages, price changes)
Fast in processing your deposits. Somebody can find this statement jerky, but real traders know how important sometimes to support your positions with extra margin.
Good at withdrawals. Supports the system which is popular in VN (webmoney).

What I DON'T like is half-translated Vietnamese version. It could make some traders feel uneasy, but OK for me as I possess English, moreover trading advantages pretty make up for this drawback.
 
Irfan,
Rawalpindi, Pakistan,
Nov 18, 2018,
Guest

Convenient and easy trading with hotforex

Well, trading demo for more than one year now. I opened live account and funded it with very small amount, rather not to disclose the amount at the moment

The gold position seemed very much appealing this week so I started shorting it between 1218 to 1199.

Luckily I was able to make good funds and ordered my withdrawal too. I found trading with hotforex very easy and convenient.
 
Frankfurt, Germany,
Sep 1, 2020,
Registered user

Little Slippage

Service use: Live

Length of use: over 1 Year

I had traded News Events on 4 difference Broker.
By far the least Slippage was on Hotforex.
Withdraw money from the account was also no problem.
  1 trader has found this review helpful

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.