HotForex Review

3.739 · 508 REVIEWS

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Updated: Jan 26, 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

Mark Smith,
UK,
May 17, 2011,
Guest

Hotforex is the best broker i have been with. I trade forex full time and have alot of money in hotforex. I have been trading live with them for 2 months now and i can see that they are a non dealing desk stp broker. All of my withdrawals were done the next day as promised and the support is fantastic, i will be with them for a very long time!
 
Daniel Luhat Wan,
Malaysia,
May 1, 2011,
Guest

This is the best broker so far after after letting my real money run in it for 3 weeks now. This fabulous broker doesn't disturbing my EA to performed well, at all! Shocking differences compares to the previous broker that kills my money and EA. Hotforex is friendly to me.
 
Sotiris ,
Thessaloniki, Greece,
Apr 8, 2011,
Guest

I opened an account with Hotforex and i am glad i did. No requotes, good spreads and very good support. Hope they keep it up.
 
Tim,
Oklahoma,
Mar 28, 2011,
Guest

After writing a letter to HotForex explaining how I didn't feel they should charge me for trades that went bad due to the server upgrades, they promptly wrote back and told me they would credit my account those trades to zero loss.
I'm bumping these guys up to 4 stars. Should the upgrades go through fine and they get the bugs worked out, I may bump them up to five. I've really been impressed with their customer service.

2011-03-25 2Star I run robots on my account and know what the ranges are they use before they take a stop-loss or t/p. I can count at least three instances in which I came in to look at my account running and noticed some of my trade losing money way beyond their stop-loss and would notice that the server time on the Marketwatch was frozen even though the platform seemed to be working otherwise. I have never had this happen to any other broker. ODDLY, I have the SAME EAs running on demos of theirs I am also running and the server time freeze was NOT happening. It is my understanding that many EAs rely partially on the server time to be running in order to function correctly.
I chatted with the chat service and they were more than helpful and told me they had server problems and that they were having it looked at. When it happened today I requested a refund for those lost trades. They gave me an email to request that. I haven't heard back from them yet.
The online chat is pretty quick and they are helpful and knowledgeable but I'm really feeling something is just not right here. I cannot fathom how only my LIVE account would have their server time-clock freeze yet I'm still getting tick data in my charts. I also cannot fathom how none of five demos I also have running with HotForex are not experiencing server time freezes like my live account. I'm not saying there are shenanigans going as i will be the first to admit that I am not an expert on the inner workings of server technology, but a problem like this could have blown my account if I had not been there to catch the problem early and close the trades!
If this happens one more time I'm going to withdraw my money which will be a major disappointment for they had a nice joining bonus and I joined through cashback and get money from that too plus they had the kind of account I wanted.
 
Michael G,
NC,
Mar 14, 2011,
Guest

I opened two seperate account with Hotforex around a month ago and so far so good. Trade execution is fast, never saw a requote and I made my first withdrawl today and it was painless and without fees (well alertpay did charge me 50 cents!! hah).

Love this broker so far, their chat support can be iffy from time to time but I was assigned an account manager who is quick to answer any and all questions.

Michael

 
chathura,
sri lanka,
Mar 10, 2011,
Guest

Hot Forex(HF market) is best STP NDD broker in Forex world...i start my account from $25 now my account balance was $110...its amazing...i suggest this broker for who like to trade in genuine 100% transparency.. EXCELLENT customer care representative (Mr: john, Patrice,Shams ) very good, Hot Forex not a market maker bcoz trades can make profit ..((.i remind to all forex traders DON'T try to trade with Market maker )) and TODAY I GOT MY WITHDRAWAL TO MY BANK ACCOUNT...hot forex is totally genuine and pure STP NDD broker ....again again i thank to HOT FOREX and their STAFF
this is my first profit of forex before i have lost $500 in FXOPEN.COM becoz they are market maker totaly market maker ....if you have any idea to trade forex go on with STP NDD BROKER
 
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.)
 
jackpot,
japan,
Feb 19, 2011,
Guest

I thought at the starting to trade,it is good broker,because of very fast reaction of staff,nice traders site.But its problem is excutin of oder.Unfair losscut were often occured,third times in a week.if I claim it,they repair it.But we need to watch each trades if unfair oder is there or not.It exhaust me.they say our profit is their profit,because they are stp broker.But I can not think so perfectly.
 
Hery Barata,
Indonesia,
Feb 17, 2011,
Guest

3rd review. at least Hotforex return my bonus as per their calculation.
And my balance now up more than double with them.
Low spread, fast and flexible withdrawal, fast execution.
I can get a lot of pips during news release.
I hope that they keep maintain they good service.

2010-12-23 2star Unfortunately, I have to reduce my rating review.
Since they are in small country, I need to test their integrity before I invest bigger.
That's why I closed my live account and withdraw all the balance. I have traded 60 lots. But they deducted my first bonus (20%!) before transfer to me. I was deposit USD 5,000 and the bonus was USD 1,000. For fair threatment, they should at least pay me USD 500 for 60 lots, but nonsense.
Their advertisement seems lie.
Slow to response withdraw, also many requoted, especially during news release.

2010-10-20 5star Good brokers. Very fast execution on my demo account.They don't trade against their clients. Good customers services and very helpful.
One of recommended broker.
 
Norsaiful,
Malaysia,
Feb 12, 2011,
Guest

I've been playing this forex HF was 2 months .. I like to play during the news broadcast by using the EA pending order. At first Hotforex very satisfactory, but if this recent orders pending I do not want to go. I did this not once but many times the senses. I was really disappointed with Hotforex.But the withdrawal of customer service are very fast and rapid.
 
Ozzy,
New York City,
Feb 2, 2011,
Guest

Hello,
My Experience with HotForez met my expectations, provides promptly great service, fast technical support, fast order execution time.
 
ForexKelly,
Germany,
Feb 1, 2011,
Guest

Hi all again,

now I want to say that today is the third day I trade with MARKET execution: on 28.01.2011 the INSTANT execution was replaced by MARKET Execution by HotForex.

Now it is really SPT processing with very good spreads (I cannot say more because of trading only the third day under that condition).

I proceed to monitor the performance and other things and will inform all there if necessary.

Apart from that the other trading conditions are good too, first of all the fast deposit via credit card as well as the 20% bonus.

I haven't withdraw anything yet so I cannot rate it today.

Herewith - for the time being - I'm giving HotForex with 3 stars.

After a while of monitoring I hope I'll be able to give 4 or 5 stars.

2011-01-22 1 Star Hi all,

My experience with HotForex are far from rosy. What they do is in my opinion SCAM.

Here is the main reason for this:

HotForex advertises itself as a true STP NDD broker for all accounts.

As you all know, a true STP NDD broker has to offer STP execution, that means "Market Execution".

I opened a LIVE account and got DD with INSTANT execution and all the associated things like infinite big requotes, especially if I had to have TP etc.

I asked HotForex via email (execution@hotforex.com) to change my account to STP with market execution.

A few minutes later a man called Mohamad (or similar) called me at home and said to me that there are nothing to change because INSTANTexecution always means MARKET execution, it is SPT, they have NDD, no requotes etc. and d not profit when the traders loose....

And today? My account is still with "Instant Execution" including more DD deals (I have even the impression that they're now targeting me).

I hope FPA can help with.

The other not nice things:

1. Spreads on live accont are 10 pips or more higher than on demo
2. Swap is always negative, even if it has to be positive (and on DEmo were positiv)
2. Several other things I still want to watch befor I can make ultimate opinion.
 
Daniel,
Bulgaria,
Jan 25, 2011,
Guest

Hello,

I just checked the reviews today again and I can't believe there are such reviews here... I have sent a withdrawal request of $400 to my Debit card yesterday, because I need to pay some bills here and money already showed up today... so I'm not 100% sure that the people making the previous posts are honest!
The spreads at HotForex are nothing like 10 pips from what I have seen... It might be on some weird pairs, but eur/usd stays under 3 pips most of the time... I have seen it going to 4 pips during the asian session, but this can happen on non-manipulated feed.
My experience so far has been great with HotForex so I really don't think peope who have posted the bad comments are honest at all...
I hope I am not acting like a cheerleader of HotForex, but I want to tell the truth.
P.S. I can talk with a friend of mine from Bulgaria who is my introducing broker there to give you a live account investor password, cause I think he has one for his future clients if you want to monitor the spreads and see that everything there is fine.

2011-01-10 5stars I have found HotForex in the middle of December as suggested broker by a friend of mine who is their Introducing Broker. I have never traded on a better broker. I have standard account with them and spreads and execution have been great so far. The customer support at HotForex have been also great. My IB connected me with Irina and she has been giving me enormous amount of help on everything that my IB was not able to help or answer promptly. I have also noticed that their demo feed is 1:1 with their live feed wich I believe says more than enough. I want to point that spreads during the Asian session might get a big wider(nothing too bad), but I guess that's normal for an ECN broker, because of the low liquidity during that period.

I will definately continue to use hotforex as my prime brokerage company, because I have never seen such kind of personal touch in everything - even with the communication with the client. I can safely recommend it to the other traders.
 
Trader X,
MD, USA,
Jan 10, 2011,
Guest

No longer allows news trading. Don't even think of trying it unless you want to endanger your account! (They will freeze the platform, slip you, requote you, etc). Good otherwise.
 
Nick,
USA,
Jan 9, 2011,
Guest

Solid brokerage, easy trading fast execution, flexible and very trasparent.......will be the words to descripe HotForex.......their affiliate/IB program is amazing just got my first commission payment......so far so good
 
Dirk D.,
Nevada, USA,
Jan 7, 2011,
Guest

A friend trader mentioned HotForex to me! Beside the good reviews in some of the big forums, I was very skeptical in the beginning since they are new broker and because of their jurisdiction.
I tested them with 500 USD and I was amazed with their service and support when I opened and funded my account. Even when I tried to withdrawal some of my profits they sent me a receipt that my credit card was refunded.
The same goes with their trading conditions, leverage up to 1:500, low spreads (EUR/USD: 1.1-1.8) and super fast execution! I am trading Forex for the last 6 years so I have been around with many brokers and HotForex makes trading very easy. On trading news you do get some slippage and since they are STP on times with low liquidity the spreads tend to widen and that proves their existence as STP brokers and not market makers!

Last week I have refunded my account, this time with 5K and I am using their CurrenX feed with super low spreads (EUR/USD:0.6-0.9). Even when I had a problem with my internet provider (ComCast) and I wanted to close one of my positions, I spoke with George (manager) and immediately closed my position.
After speaking with some of the managers I realized that the people behind this young brokerage are very experienced and tend to find time to assist traders.

I will continue trading with HotForex and I will recommend this brokerage to other traders.
 
Anonymous,
Canada,
Jan 4, 2011,
Guest

Hello Hery Barata,

I trade with hotforex.com and the reason why you didn't receive your bonus after your withdrawal was that you did not meet the volume requirements. For every 5$ bonus, you must trade 1 lot. In order to receive your bonus, you had to trade $1000/$5 = 200 lots. You didn't think you actually could get the bonus and just run away with it, did you?
 
Rich,
USA,
Jan 3, 2011,
Guest

I am changing my review.
Lately there has been significant slippage, they freeze account at news reports and now they up the stop loss, take profit minimum to 15 pips at news reports.
Also there are many loss of signal events.
Too bad the spreads are good.

2010-11-21 5star So far So good. Very low spread. Fast execution, no slippage so far. Hope it keeps up.
 
Mahesh Kumara,
Sri lanka,
Dec 1, 2010,
Guest

Good brokers in the forex market. Low spread,grade online support,
 
J Kiley,
USA,
Nov 28, 2010,
Guest

Excellent tight spread and service.
 
christian,
berlin,
Nov 25, 2010,
Guest

very tight spread, perfect for scalping and news trading wth free profitable signaling services
 
K. Athens,
Northern California,
Nov 24, 2010,
Guest

I am glad that I have come across Hot Forex. They have an exceptionally strong technical support team and their overall business approach is superb. As a a relative neophyte in this, I am so glad that I have been using Hot Forex.
 
Ahmed Aman,
Egypt,
Nov 12, 2010,
Guest

Hot Forex has a very strong technical support. And speed in responding to customer
 
Andrea Chan,
New York, NY,
Oct 3, 2010,
Guest

I'm glad that I've registered with HotForex. They promptly responded to all of my requests, showed friendly and professional attitude and provided quick and nice service. I'll definitely stay with HotForex.
 
bang Nur,
bandung, Indonesia,
Sep 28, 2010,
Guest

this broker...instan exsecution, low spread...i like It
 

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.