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

Mike Chong,
Makati, Philippines,
Aug 13, 2018,
Guest

Its working just fine

This is my take on my hotforex experience. I do use their services as a secondary broker with a decent sized account. Pls do note this is based on personal experience and by no means a standardized form with dealing with them. My account set up with most brokers I deal with (I do trade with 3 brokers) is simple, manual trading, mostly technical, widely around the USD pairs (USDJPY, AUDUSD, EURUSD etc). The broker is standard in terms of opening an account, documentations are required, account verification is a must before anything else, and for first time forex traders, do use demo. The platform is mt4, response time is good, not perfect but I would still say its good. spreads are not my favorite, they are good enough to allow scalping though that's a plus. modes of withdrawal are many, there is skrill neteller and other third party e-wallets, they do have their own hotforex debit card and there is the good old (not so popular) bank wire. withdrawals take up 48 hours and at times even faster except bank wire I think its 10 working days. total time spent using my hotforex account is roughly 2 years and its doing well.
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.
 
Littlepony,
Tambov, Russian Federation,
Aug 20, 2018,
Guest

Btcusd rocks!

Really really nice spreads on BTCUSD, one of the most tightest in industry. Checked dozens of them, some charge weird 120 bucks per BTC. Hotforex live BTCUSD spread is about 25 bucks, what is pretty tight and 1:5 margin as standard offer.

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.
 
South Africa,
Sep 14, 2018,
Registered user

Bad customer service

Worst 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
 
Jason Lao,
Batangas, Philippines,
Sep 25, 2018,
Guest

Good work

hotforex is decent, after two withdrawals and 90days of live trading this is what i got. execution and platform are stable, fast and acceptable. threads are okay, scalping is doable, the addition of crypto is a major plus, from the looks of it its what the madket maybe leaning towards in the future, my last withdrawal amounting to usd1150 wasprocessed to my skrill in less than 48hous. level of security is very acceptable and yes theycan be strict with account verification which is good.
 
San Salvador, El Salvador,
Sep 27, 2018,
Registered user

Is a excellent Broker, but I think that he can be better if add Epayments as method of payment
 
Gensan, Philippines,
Oct 20, 2018,
Registered user

HotForex.com has some great customer support.

HotForex.com has some great customer support. Thought it might be nice for them to have a trading platform themselves cause MT4's UI is so not good for me. I'm from FOREX.com though and their great platform's nice.
 
South Africa,
Oct 31, 2018,
Registered user

Atrocious Chat Service

They have an 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.
 
Vyacheslav,
Khimki, Russian Federation,
Nov 6, 2018,
Guest

Good job HF

Been trading with this broker for three years, everything is fine, no complaints so far. Pretty good conditions on some exotic pairs, especially USDRUB where swaps are quite lucrative.

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+
 
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.
 
South Africa,
Nov 20, 2018,
Registered user

Hotforex 100% Credit Bonus

The 100% Credit Bonus on 1st deposits is false advertising by Hotforex.
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
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.