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

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.

 
James,
Marbella, Spain,
Sep 30, 2013,
Guest

I have had the VIP account with HotForex for the last 6 months now. Initially with the volume that I was trading, I had a worry that they would not be able to handle it. However, they proved me wrong and I have been very impressed with that. The deposit and withdrawal process has been smooth and their dedicated VIP account management team have been phenomenal! I can't see myself trading with any other broker other than Hotforex.
 
Marc,
Sydney, Australia,
Sep 29, 2013,
Guest

I have been with HotForex live for about one year. So far I haven't had any issues. Software was always responsive, no freezes. Order execution was always prompt with no nasty surprises.

Right now I am withdrawing almost all my funds from the account. It's just a few hundred dollars, but before I go ahead and deposit more money I want to make sure that I can always get my money back without too much difficulties.

As a matter of fact, I have just requested my money for the third time. First two times I wanted to use credit/debit card. Once I was told that there were some problems processing my request. The money was immediately put back into my account with an additional 50% bonus. Nice, but not what was intended. Second time I was told that I cant withdraw the money onto the card because there were no deposits within the last 6 months.
Seriously, that's annoying if I have to deposit money first before I can withdraw it. I dont have any experience with other brokers so I will assume that that's common practice.

Just now I used wire transfer as the withdrawal option. Of course now I will have to pay a fee. But if it goes smoothly from here on I dont see a reason to deposit more money into the account
 
Scott,
Brisbane, Australia,
Sep 24, 2013,
Guest

Update on my original review below:

Well it was nice to see that Hot forex has made contact with me and appreciated how frustrating the process had been for me to set up an account. They also explained the regulations in which they operate under which helped me understand. I have only placed a few trades with them but I now understand that if this broker goes to these lengths during the registration process then their credibility must be extremely high, I appreciate Elan getting in contact with me and I am happy to be a hot forex customer.

2013-09-22 3Star Well I have just signed up to Hot Forex, actually let me correct that I have been trying to sign up. The registration process seems to be over kill and very lengthy and I must admit they have very minimal room to move in what documentation they request. For example: You are required to submit a utility bill for proof of address. Well I live with my parents and my name is not on any utility bills as you can appreciate. I have a company supplied mobile phone so I don't even get a phone bill. I offered to supply my recent car insurance renewal, not good enough. I offered to supply my recent tax return summary sent by the Australian Government which clearly has my address on it, not good enough ( which blew me away because if the tax man can find you surely it is good enough to set up a trading account). My only option was to send my bank statement which I was very uncomfortable with as this is considered a private document and the reality is I am applying for an account not a loan. So after 3 days it looks like I finally may have an account although I am yet to see the $1060 hit my trading account. I hope that their trading service is easier and a lot more less complicated then the set up. I am going to rate them as average for now but am happy to revisit the rating once the trading begins.
 
hicham ,
dubai, United Arab Emirates,
Sep 17, 2013,
Guest

excellent broker and excellent services
very fast mt4 platform ,trades are executed very fast.
they deserve an A+ .
i still trade with them and not planning to leave them
i highly recommend them to any trader who wants to trade.
their margin up to 1:1000 very seducing and plenty of markets to choose from forex ,indices, cfd's shares ...
you may try it yourself in(real account)with small amounts and find yourself.
 
JSR,
Manila, Philippines,
Sep 17, 2013,
Guest

RATE THEM YOURSELVES. HERE'S MY STORY. ACCOUNT 89301. WHILE PREPARING TO FUND FOR THE FIRST TIME, MY ACCOUNT MANAGER RAJIV WAS VERY EAGER TO COMMUNICATE AND EVEN GAVE ME A CALL. I TOLD HIM THAT ALL I HAVE IS A FIREARM LICENSE, PROOF OF BILLING, AND A DRIVER'S LICENSE WITH ERRONEOUS BIRTH DATE. THEN HE SAID EVERYTHING WILL BE FINE. AFTER MAKING 2 DEPOSITS AND HAVING BAD TRADES, I DECIDED TO FUND MY ACCOUNT AGAIN. THIS TIME, A LITTLE HIGHER THAN MY FIRST DEPOSITS. AFTER A FEW HOURS, THE FUND HAS NOT YET REFLECTED ON MY ACCOUNT. MY ACCOUNT MANAGER IS NOW MISSING IN ACTION. HE WOULD REPLY AFTER MANY HOURS OR SOMETIMES 2 DAYS AFTER I HAVE EMAILED HIM. THEN HERE COMES ACCOUNTS OFFICER TINA. SHE ASKED FOR MORE DOCUMENTS: PICTURE OF MY DEBIT CARD FRONT AND BACK, SCREENSHOT OF MY BANK STATEMENT SHOWING MY RECENT DEPOSIT TO THEM, ANOTHER APPLICATION FORM. ALL THESE I SUBMITTED. THEN MY DRIVER'S LICENSE AGAIN. SHE WOULD NOT ACCEPT IT BECAUSE OF THE BIRTH DATE ERROR. I TRIED TO NEGOTIATE IF I COULD JUST PROVIDE MY BIRTH CERTIFICATE, OR I WOULD JUST GET A POSTAL ID OR VOTER'S ID OR SOCIAL SECURITY ID. BUT SHE WOULD NOT ACCEPT ANY OF THOSE. I DON'T UNDERSTAND WHY SHE INSISTS ON MY DRIVER'S LICENSE TO BE CORRECTED, WHEN I TOLD HER THAT HERE IN THE PHILIPPINES THAT WOULD TAKE ME A MONTH TO PROCESS. WHY WOULD THEY LET ME DEPOSIT THE FIRST TIME THEN SCREEN ME INAPPROPRIATELY LATER ON? TO MY DISAPPOINTMENT, I JUST REQUESTED THEM TO SEND THE MONEY BACK INTO MY CARD. THEY DID SO, IN 2-3 DAYS. BUT BECAUSE OF CERTAIN CHARGES WHICH I DONT UNDERSTAND, AN AMOUNT OF 82$ WAS DEDUCTED.
UNDERSTANDING THE ROPES OF FOREX IS VERY CHALLENGING ENOUGH. AND BEING SLASHED OF YOUR FUNDS BECAUSE OF SOMEBODY ELSE'S FAULT IS ANOTHER BURDEN. THIS IS AN HONEST-TO-GOODNESS REVIEW. THANKS.
 
Muhammad Imran Sarwar,
Faisalabad, Pakistan,
Sep 7, 2013,
Guest

Only one word for Hotforex and their Team "Excellent"
I am working with them for the last 6 months.
My account no : 100919 at Hotforex.
Their spreads, leverage and execution is really upto the mark.
Their support team is very much co-operative, I liked their response.
i think new traders must check their demo account for satisfaction.
 
itasterix,
, Italy,
Sep 6, 2013,
Guest

I was not able to open account with them after I have sent all the required documents. Customer support does not respond !
After they have said a lot of good things about their platform they disappeared at the first issue I have found !!
I ask to a friend of mine that had experiencing trouble with them and finally close the account. So dear friend of FPA please stay away from this broker and from all other located in Cyprus.
 
Reply by Venelin Videnov submitted Sep 11, 2013:
Dear itasterix, I tried looking for your account, but I couldn't find it in the system. Please send me your account number to venelin@hotforex.com and I will do my best to resolve any issues you may have with opening an account with HotForex. Kind Regards, Venelin Videnov - Official HotForex Representative venelin@hotforex.com
SEBASTIEN,
FRANCE, France,
Sep 4, 2013,
Guest

Lost or win, that depends entirely on the traders.
Hotforex has best connection even in times of news. Believe me with some brokers, in times of news their platform just cannot handle the loads, but Hotforex platform is fluid. Low spread. I have withdrawn couple of times and within 1 day the fund was there. I can notice that customer supports try their best to respond to you.
 
Oleg,
Tashkent, Uzbekistan,
Sep 3, 2013,
Guest

After much consideration, I decided to open an account with this broker after getting introduced by a friend. Its regulated by FSC and support a lot of payment methods. Good execution and the spread is small, especially in EU… and it rarely has requotes. I have traded with this broker for over 6 months and i am satisfied with the results
 

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.