Broker Details
| Minimum Trade Size: | 0.01 |
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| Maximum Leverage: | 1000:1 |
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| Minimum to Open Live: | $5 |
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| 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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Traders Reviews
Btcusd rocks!
Catching falling knife on BTC became part of my routine, thanks various shocks from SEC and other regulators which promote heavy sell-off, although profitable for me as Hotforex allow short selling without coverage. Withdrawals requested in morning usually processed same day, though I prefer to use their card for ATM and purchases.
What I would really to see in HF is extended hours for weekend since other exchanges operate this days and I love tiny liquidity that times which create sharp 100+ spikes, i.e. easy profit for short sellers. Decreasing spreads or introducing fixed commission would be also appreaciated. Hope HF reps are here and read reviews and listen to their customers. AAA broker.
Bad customer service
I tried to open a joint account here and the agents kept emailing me and calling me, asking for me to repeatedly submit the same documents (ID copy and proof of residence).
I sent them the same email about 3 times and would call to check if they have received the documents, Every-time I called the assistant said the documents are on the system and would be reviewed by the relevant department. 10 minutes later a different agent would call/email me asking me to submit the documents as if i never did before and every-time I would respond to their emails saying I have submitted the documents they would not respond to my emails.
Ended up closing the account
Good work
HotForex.com has some great customer support.
Atrocious Chat Service
I wanted to ask a simple question if they have an MT4 version for the MAC computer.
Before the chat can start you have to give your name, your e-mail address and even your telephone number and say if you have an account or not as well as type in your question. This info you have to give EVERY time you use the chat.
Then when the chat start you have to type in your question the second time and the agent will ask you again about your account number (which I do not have since I am trying to open an account)
The first time I waited 10 minutes for an agent and then gave up.
A couple of days later I tried again after about 3 minutes an agent started typing. I asked the same question again. Then the agent asked me about my account again. Then after that he wanted to know which country I am from. And all I wanted was a simple YES or No on my question!!
By now I was so exasperated that I just gave up and will look for another broker.
Good job HF
Support does extremely good job in handling my requests, usually response time is 3-4 hours. Guess it's because of Premium account and Personal Manager option. One of them had extensive knowledge in setting up EA for work as I got qualified support free, probably more than anybody would expect. So strongly recommend Premium account for traders who run EA's
Regarding withdrawals I've done not to much, my average monthly ROE is 5-7% percent, that's how I keep risks low and managed. Can't say anything about aggressive styles of trading, probably you have to be more cautious when trying their services with high speed EA's or other styles, because spreads may be the issue. Although for medium speed robots Hotforex showed excellent support
Overall rating is 4+
Convenient and easy trading with hotforex
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.
Hotforex 100% Credit Bonus
They will credit your account but remove it the moment your 1st deposit is finished.
Hotforex closed my orders in a losing position without notifying me. I could have added money to my MT4 trading account to control my risks. My account records can prove what I claim.
This 100% Credit Bonus is the greatest scam in the brokerage industry.
Regulators, such as the FSCA of South Africa, allow Hotforex to gain an advantage over other brokers.
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
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
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.
Note: I have to reiterate, this is my trading we are talking about and on my end its pretty straight forward, simple and manageable. I can not talk for everyone else and to be honest some claims are out of this world.