HotForex Review

3.74 · 506 REVIEWS
Updated: Nov 25, 2020 · 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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3.74 · 506 REVIEWS
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Traders Reviews

Milan,
CZE,
Oct 6, 2011,
Guest

Please do not consider this review negative, you only deserve to know all about this broker's dark side, to avoid surprise. I am still trading with them, so it means they are still over average.

Pros:
- Micro accounts without limits.
- Good leverage.
- Easy registration, easy funding
- I never had problem with contacting support (sometimes you must repeat you problem to be solved, of course)
- They usually call you if you have an open order and some issue happens.
- They refund trades that appear to be influenced by a broker issue.
- I did 3 withdrawals, all of them proceeded within a single day.

Cons:
There are technical issues, not personal.
- You never learn the European trading hours in advance. It changes day after day for the European indices.
- Occasionally, the data stream drops down for 1-3 minutes, then it comes back and redraws a few M1 candles that were already charted before the data drop. Differently, of course. Positive is, they refund you a loss suffered from the data drop if any.
- I spotted some false 10-pip data jumps, that were not at any other broker's chart. Luckily they were not placed into the extremes and it did not happen in the last 3 months.
- The average execution time is about 1.0 sec for indices, 2.5 sec for forex. Definitely not instant. I have stable 25ms ping to their server and I am logging times and slippages.
- There is lack of slippage control. I am often receiving up to 7 pip slippage but the parameter limiting the slippage is not functional. However, the slippage does not seem to appear unbalanced.
- Even if they do not care about the slippage, you may be still disabled to enter the trade with the "off quotes" message. It applies not only to placing the market orders, but also to placing stop orders or changing the SL and TP, which is weird. So forget about placing or moving the stop order several seconds before the news.
- They freeze all pending orders in range of 15 pips 1 minute prior the news. No idea why.
 
Jahangir Alam,
Dhaka,
Oct 5, 2011,
Guest

I've been trading on hotforex mt4 for last couple of weeks. I must admit its a very honest broker with low spreads, good bonus and very helpful customer support. just withdrew my profit via liberty reserve which was quite fast.
 
Milen,
Bulgaria,
Sep 30, 2011,
Guest

I am a client of HotForex for almost a month. There was a problem with their platform few days ago and I wasn't able to close 4 of my trades which costed me a loss. On the next day I contacted their support regarding the issue and for my surprise I was reimbursed for the losses. That is the first time a forex broker reimbursing me. I am very pleased with their customer support and I want to give them five stars for being honest and not hiding thier heads in the ground when there is a problem.
 
Alastair Squair,
White Rock--Canada,
Sep 28, 2011,
Guest

HotForex has been verry, very helpful in getting me started and used to the trading platform. I am looking forward to continuing my experiences with them.
 
Barry,
US,
Sep 27, 2011,
Guest

Trading platform is completely down, and website is down also. Trade execution is terrible, with slippage on fills. Right now, I'm not feeling very comfortable trading with this brokerage house.

2011-09-27 1Star I have had my account with Hot Forex about 3 weeks. Today, September 27, 2011 at about 22:00 GMT their servers went down for at least an hour. No website, no trade server. In the 3 weeks I have been trading with them, this isn't the only time the trade server has gone out. I am wondering what their problem is, as down time to a trader is a recipe for huge losses.

I find that their customer service chat is a complete joke. Only the simplest of questions will get an answer, and their response time is very slow..Getting some kind of answer to a question is very hard, as they don't really want to answer anything.

Although their spreads are reasonably tight, slippage in volatile markets is a nightmare. I have been filled in the Euro as far away as 3 pips from when I hit the execute button. So, beware.

I haven't withdrawn any money yet, so I will reserve judgement on that. How people can give this brokerage house 4 stars or higher is a mystery to me. I don't see anything special about this place, and if I had to do it over, my opinion now is that I would find another place to trade. Fact is, I can't depend on this house to even have it's server running, or get a decent fill, let alone trying to concentrate on making money from trading.

So far, I rate their performance as terrible. From what I have seen in 3 weeks of trading with them, they don't deserve my business. Maybe they will change in the future, but I'm not holding my breath waiting for that to happen.

Very disappointed.
 
Aaron,
Texas, USA,
Sep 27, 2011,
Guest

Broker is a complete POS. MT4 platform goes down in the middle of the NY session, and their website goes with it. No way to contact them.

You're "Home Alone" with these jokers. Removing my deposit. Hopefully they didn't go & blow it in Vegas...

2011-07-22 No Rating Looks like my 1* review may have been too hasty. A couple days after I was having all those problems using & getting quotes on USDSGD, it and a bunch of others simply disappeared from my platform! Then when I went back & actually looked at the pairs they offer, it wasn't offered. More optimistically, they've launched additional pairs including this one effective next Monday. It would have been better though had they just said that rather than giving me the runaround & wasting my time. I've been using them for the 3 other pairs I do trade & things seem to work. Their commissions are a bit on the high side compared with others, but not totally outrageous. Leverage policies more flexible than most. I did a small ($2200) wire from my account & they processed it with lightning speed & it showed up posted in my B of A account in a single business day (record for any broker foreign or domestic). After seeing the posts about "off quotes" from others, I combed through my journals to see if I ever had such a thing & I did, though very infrequently (1 or 2 times in a week). Still at an STP for a market order (what I was doing) something like that should NEVER happen. You could get a lousy fill with big slippage, but shouldn't find an "off quotes". Still, it may be possible given the overall picture I'm seeing this is more consistent with a new broker having growing pains & technological challenges rather than dishonesty. I wish I could withdraw the 1* & just go back to "no rating" as I continue to gather experience. That's my rating now. I suspect 1* is low, but I don't know how low.

2011-07-12 1Star Tried using them to diversify my holdings with finfx. I had immediate problems with data delivery in their MT4 platform on minor pairs that I trade (USDSGD, in particular). Spent hours in online chat with them over the course of 2 successive nights getting the run-around. Uninstalled. Reinstalled. Was told I'd have an answer by email on the chat one night within 1-2 hours. Email never came. Next night, instructed to email their mt4 address, which I did. No answer. Still no data. Finally, was told that they were getting data on their end, and could see what I was receiving. I told them all well & good, but they aren't trading my account so it's irrelevant. I have finfx, vantagefx, forex.com platforms running on the same server both demo & live without problems. These guys are atrocious and their customer service is totally & completely inadequate. Am wiring funds back to my bank account tomorrow two days after they arrived there. Will update this to communicate whether I can at least get my money back from these jokers.
 
Suel F.,
Dubai,
Sep 27, 2011,
Guest

This is a follow up to my review on 2011 - 09 - 26 :
I've received a call from another of their representatives the next day and finally there were able to understand and help me with a conclusion to what happened. They were very helpful and kind, and now they going to accredit to the account an extra $200 from their side as a help and that is really appreciated. Im going to keep using them as a broker for now. Seems like there was a misunderstanding btw me and the representative while we were chatting the last time and so i take back what i wrote in my previous review.

2011-09-26 1Star Read my experience with HotForex:
I opened a new account on 20 th September 2011 and within 6 days my whole account was wiped out. I went to chat with them and i the representative would answer each question i ask after 15 - 20 minutes although i said to him it's an emergency he wouldn't reply whatsoever leaving me waiting and wasting my time and money. The $500 bonus was removed as well like if it was never in the account which is really ridiculous, basically they it's a theft and even if i claim it back they won't give it to me. Their support is the worst ever, i have experience in forex for more than 5 years and i have accounts with many brokers and never ever experienced such a horrible experience. In the end i asked them to call me coz i needed to speak to my account manger urgently regarding the sudden loss of my account and i haven;t received a reply not until after 30 minutes, then the representative said there is no one who can call you which left me puzzled thinking. Then the chat was disconnected just like that. This happened twice.
In summary HotForex is a terrible broker and their representatives don;t even understand English which made hard for to communicate with them. NO ONE SHOULD USE THIS BROKER AT ALL!!!!
 
Jorge,
Spain,
Sep 7, 2011,
Guest

Joined hotforex 2 months ago and i am very happy so far. Their execution is fast and the platform is reliable. Their spanish support is really good and their rep Diego offers very good support. I am now taking part in their traders competition so i am hoping that with the good execution i will be able to win the award.
 
Stan,
Florida,
Sep 1, 2011,
Guest

Review update: I have been with Hotforex.com for a few weeks now and I want to state that their customer support is swift and exemplary. John is the person in charge of USA clients and he seems to want to do the right thing for us..I was unhappy with something that was not part of hotforex and he intervened to my satisfaction. John informed me that next week or so their website will list fund managers and their records to choose from and I am very anxious to review them and be able to select one of them to manage my money. I give hotforex.com a 5 star rating because it is rare that any broker would offer the kind of accomodation that he offered me to keep me happy...Hotforex is a rare breed foreign forex broker and I would not hesitate to recommend them to my friends or to anyone else needing a foreign broker..They are one of the few foreign brokers that is open for USA clients. So if you are looking for better leverage then Hotforex brokerage is in my opinion the place to be..PS. I forgot to tell you, I just purchased a new EA and the developer said he has a couple accounts with hotforex and so far and is very happy with them.

2011-08-27 No RatingI just recently placed 10,000 with hotforex. They partner with tradesignals.com who offers managed trades and signals. I opted for managed trades. They began trading on 8/23. The first day I had a profit of 265.00 then during the week I was in a draw-down of about 1300.00, on friday 8/26 I was in a draw down of 775.00.We shall see what happens next week Their results claims are phenomenal and I hope true...Their bank is barclays. They said my money is in a segregated account. If they should shut their doors, would I not be able to get to my money?? anyone know?. Does anyone know about www.tradesignals.com?
 
Billy M,
USA,
Aug 23, 2011,
Guest

I am in the USA and have been trading a $50K account with HotForex for about three months. Everything has gone very smoothly and as expected.

Deposits: The initial deposit was quick and accurate. I used both Credit Card deposits and Bank Wires. I’d recommend deposits by credit card, if that works for your situation. There is a maximum deposit of $5,000 USD (per deposit) for credit cards, but they go through very quickly (same day) without any fees. I realize HotForex is paying a merchant fee on the back-end for those credit card transactions, but they don’t pass on those fees to their customers. I consider that an excellent business decision. Depending on your credit card (CC) company, your first CC deposit will probably get declined. Most CC companies are going to flag this as a fraudulent/suspicious transaction. I had to specifically call and authorize the transactions to HotForex. The charge went through as a purchase and didn’t incur any additional fees from the CC company. I’d recommend making a small CC deposit as your first deposit to make sure everything goes smoothly before making larger deposits. The deposit bonus is not really a factor for me, but it works just as they describe it on the website. Read the disclaimers on the deposit bonus’ thoroughly. The leverage on their accounts (300:1) is outstanding.

Withdrawals: I have made two withdrawals and they were very quick and accurate.

Customer Service: I haven’t had to contact customer service much, but the few times I did, they were knowledgeable and quick to respond. As another person noted, it’s obvious that English isn’t their first language, but it hasn’t been a problem for me.

Spreads: The spreads are reasonably good and are generally stable. However, they do spike at times (news events/low liquidity) so be careful when you or your EA opens a trade. The variance in spreads is typical of a STP/ECN broker. They have recently made some changes to their liquidity providers that seem to have made the spreads very stable.

Execution: The majority of my trades are executed quickly (1-2 seconds), but I have had some that took 10+ seconds. This wasn’t during high volume times, but it didn’t adversely impact my trades. I am trading from a well connected VPS, so it’s unlikely the delays were due to my MT4 setup or Internet connection. I have been seeing more slow executions and 1-3 minute disconnections at random times with the server lately. HotForex has been saying they are working on the issues with their Internet provider, but I haven’t seen any improvements yet. It hasn’t really impacted me as I am a position trader, but it might be an issue for a scalper. For what it’s worth, my impression is that the issue is with their ISP and HotForex is working hard to improve the situation. Most of my trades have had very little or no slippage, but about 10% of my trades have had what I consider significant slippage (2-20 pips).

Platforms: I’d like to see an Android based way to monitor/manage my account. HotForex has said that it will offer that option soon.

Overall, I’d highly recommend HotForex. It’s an especially good option for USA traders. I’d like to rate them a 4.5, but since that’s not possible, I’ll choose a 4 since there are some network and execution issues where they can make improvements.

I am planning on continuing to trade with HotForex with one of my accounts. I also manage several client forex trading accounts and now feel comfortable enough to move a few accounts over to HotForex once they clear up these random server disconnects and infrequent slow execution issues.
 

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.