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

Abel Garcia,
Bulacan, Philippines,
Dec 30, 2013,
Guest

First of all I would like to apologize for being rude to the person who handled my call, I had a minor dispute with regards some documents submitted by me, the rep was kind enough to take his time and explain where I went wrong and he was very patient. The process of opening an account was easy but I like the level of security that they implement to certain documents which reflects that it’s not just about getting more clients at all. I started trading with a small account, so far the platform is stable and easy execution, I am working on a low risk strategy that should generate a decent amount of return in a span of year. I’ll keep tab and hope that things continue to run smooth. They deserve a 5 star.
 
Ramesh Tondon,
Delhi, India,
Dec 11, 2013,
Guest

I've been using this broker from 2 months and because of the good trading environment that this broker offers, the results as of now are good so far and I would like to say few things about this broker as per my experience

Good stable MT4 platform, even webtrader seems stable
Good responsive support team
The leverage on micro accounts are nice you can trade up to 1:1000 if requested
As an Indian trader only one thing that i`m missing is they dont have office in India but I found many IBs over here which is good.
 
hnewman,
, Canada,
Dec 8, 2013,
Guest

Dear Venelin,

Please be aware that I have no reason to lie about my experience with HotForex. HotForex is the only broker in my book with stipulation on pending order (30 - 40 pips) away from the market price. Can anyone at Forex Peace Army take a look at Hotforex Live platform and verify this please? It seems the representative from HotForex did not take the time to look at their trading platform before she responded to my post. It is a shame...when you hear the same old lame line of defence "We checked our database and could not find any account with similar characteristic as the one you post." We are all trying to make profits but do you really need to rape people to achieve that?

2013-11-29 No Rating HotForex is Hot and there is nothing like it...this is a Casino and you better know what you're doing.

The Good

1. Great platform...does not freeze on micro account
2. Customer service is awesome
3. The grand dady of all...the rebate program (I love it)
4. Fast order execution on micro account...with mini slippage
5. Great deposit and withdrawal process
6. I like the web site with those good looking chics - hot!!!
7. Good leverage...you can actually trade with $10 for fun.

The Bad

1. Terrible spread on micro account....High Way robbery!!!
2. ECN account freezes with lots of slippage
3. Pending Order/Modify Order (Price must be 30 - 40 pips away from market price....High Way robbery on broad day light).

The Ugly

1. Bonus offers...if you don't know how to use it, stay away from it
2. The 100% and 50% bonus offer is a crime...in my book ( They actually steal your money with these offers if you don't know how it works)

I tried to transition to Currenex Account for better spread...boy! that was a mistake. My platform started to freeze and huge delays when I placed my orders...honestly, I was freaking out. And I quickly closed my Currenex Account and went back to Micro Account. HotForex....The best Broker in Asia? Come on!!! Seriously, who regulate this Broker with an approval of 30 - 40 pips stipulation from market price?

Take a look at this transaction:

Price was at 0.81261(NZD/USD) and I placed Buy pending order @ 0.81142...price came down to 0.81122 and my order was not filled. Price went back up and about 45 minutes latter , came back down to 0.81118 and my order did not get filled.

Comment: Added by Venelin Videnov on 2013-12-06
Dear Sir,

We would like to thank you for providing your valuable feedback about our services.

Regarding our Bonus Offerings, please note that we give our clients several Bonus options including a 'No bonus Option'. Furthermore, we clearly and transparently disclose all related Terms and Conditions. We agree with you that all traders should understand how Bonus offerings work before electing them.

Regarding the placing of pending orders please note that the restriction is 3 pips and not 30/40 pips as you state. Dont forget that the last digit in the price represents 1/10th of a pip.

Lastly, regarding the transaction you have posted, note that Buy Limit orders (and all buy orders in general) are triggered at the ASK price. On the chart you see the BID price. So even though the BID price may have went to 0.81122 the ASK price did not go to your entry point. That is why the order has not been triggered. The difference between the BID and the ASK is the spread. This is how the market works and this is not something specific to HotForex.

Also please send us an email to support@hotforex.com with your account number in order for us to investigate the 'Freezes' you mention. We checked our database and could not find any account with similar characteristic as the ones you post. We have thousands of clients and we didint receive any such complains so we are very keen to investigate this matter and reach a successful resolution.

Kind Regards,

Venelin Videnov
Official HotForex Representative
venelin@hotforex.com
 
tony,
wh, China,
Dec 7, 2013,
Guest

Really the best broker! Really as they promise: honesty ,openness and transparency.As i know,they have the best reputation in FPA.
 
Berueda Almasan,
PASIG, Philippines,
Dec 4, 2013,
Guest

I am trading a $350 micro account on a leverage of 1:400. A straight forward broker with good execution, they have a good set of servers that maintain a stable platform, online support is always active, a good process in opening an account.
On the other hand, there is some slippage and spreads tend to get bigger, and personally I am no fan of the conditions that comes with their bonuses. I have gained 30.5% or aprox $107 in the past 6 weeks following basic S&R and rice action on EURUSD, there is much to improve for this broker, but so far I am glad with the results.
 
Asif Iqbal,
Bogra, Bangladesh,
Nov 20, 2013,
Guest

I’ve been running my EA on hotforex for the past 3 months now, and it has been generating small but steady profits, unlike the other two brokers that I tried before. My EA is not a scalping bot, mainly I make use of higher time frames and let it look for opportunities to place a trade, hotforex has a good execution with very rare slippage but it does not affect the results, the spreads are small, but I notice that there are tendencies that It widens during events or news. I will keep monitoring for the next couple of months and hopefully it holds, by the way I run my EA on live. I will come back for an update soon if anything changes.
 
newmember,
india, India,
Nov 9, 2013,
Guest

i am waiting for getting refund from them from march 2013. i got only one third refund till now and that too after posting mine fighting with them in forexpeacearmy forum. they are nice till u deposit money but when u withdraw profit the problem will come then .
i think i should even get some compensation for waiting for so many months. mine posts are in forexpeacearmy forum with username newmember007 .
forexpeacearmy forum is great forum otherwise they would not even listen or accept that there was downtime in march when i could not close the trade in time.
i hope mine review will be posted .
also if u see all posts regrading hot forex u can find more than 30 to 40 customers who has downtime some day or other read all reviews down and u can see it .
 
Shuqi Y,
Singapore, Singapore,
Nov 3, 2013,
Guest

I am very impressed with HotForex and their services really matches their motto.(Honesty,Openness,Transparency). I only wanted to review once I started a withdrawal. I got my withdrawals very prompt back by them without question! I actually had quite a substantial amount and they did without any question to pay my withdrawals. They are the broker where you can rely that your funds are in safe hands and this brokerage is here to stay for good.

They make sure that my doubts were convinced and answered, the manager that handled my account was commendable. Thanks David!
I love their deposit bank charges refunds, they actually pay us on what the bank charge on us. How great can that be?
I really hope HotForex will continue with its honesty and great services to assure their clients, you will definitely get more customers on the very long run.
Only one con would be for day traders or people who keep their positions for long, especially selling a very high interest currency, this is something that will eat most of your profits. (Swaps) But i guess you gotta give something for another great things in return. :)
 
Matej,
Bratislava, Slovakia,
Oct 12, 2013,
Guest

I would like to follow up with my recent review.

I have to admit I was very emotional writing my last 1 star review mainly because I lost a lot of money and I blamed their bonus system which attracted me to take higher risk. No after all I am calm and as I am always fair I have to say that overall they are OK and I still trade with them. Safe deposit banks, good execution, support is very fast, have no complaints at all. I am giving 4 stars only because of liitle high spreads than I am used to. I really like HF.

2013-05-30 1Dtar Well I initially thought they are perfect broker, but it took me long time to understand that in a psychological way, they are NOT.

Just think rationally - this broker offers you a 15%, 50% and 100% funding bonus. If you go for 15%, they credit the bonus to your account and most important thing is that you can lose it. So if you deposit 10.000 USD, they credit you another 1.500 USD and if you lose your whole account it is no problem. But lets do the maths, if they make profit only from part of their spreads how come is it possible they give you 1.500 USD?

If you go for 100% bonus deposit and fund your account with lets say 1.000 USD, they credit you with another 1.000 USD. But in this case you can't lose it, so if your account goes below 1.000 USD, you experience a margin call and account left with zero. So the problem is you may open twice big positions on your account, but your account is acting as twice less, virtually it means that you have an account with 1.000 USD, but your leverage is twice higher which puts you in higher risks.

As many traders lose money this Hot Forex promotion tools only support traders to take higher risk and eventually they lose their money.

When I count 1 + 1 I think that Hot Forex only oncourages their traders to take higher risk and to lose money because - maybe - they are trading against their clients. Something is wrong here with all the bonuses and mainly with 15% bonus which you can LOSE!!! That is just very weird.

If you want to go for a fair broker, go for regulated one, who provides prices directly from banks and to whom you have to pay commissions, because it is their only way how to earn money and not from spread.

That is all, I just deeply thought about the reason of all the bonuses. Good luck in your trading.

2012-07-28 5Star I am with HotForex for more than a year and I had no problems with them. Price execuition is good, slippage very rare. What I like is they try to be helpful and act serious to their customers. I am very happy HotForex is still doing good job and instantly bringing new products and services to us - clients. Deposits are held in Barclays - big and reputable UK bank. I am very confident trading with them and may recommend them to all retail traders. Thank you HotForex being very serious dealing my issues as well.

HotForex is very honest broker!
 
Ankit,
new delhi, India,
Oct 4, 2013,
Guest

Hi This is Ankit, My Account Num: 108649. I received my 1st profit withdrawal by time as committed by Hotforex. It was a wire transfer, Transfer was delayed by the Bank for 3 days. Otherwise it was timely sent by HotForex Peoples. I will keep updating here for the withdrawals so that it will help other peoples to invest some amount without a great risk. Thankyou HOTFOREX once again.

 

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.