HotForex Review

3.739 · 508 REVIEWS



Updated: Jan 26, 2021 ·  · Is this your company?

HotForex is a forex broker. Hot Forex offers the MT4 and MT5 trading currency platforms. offers over 45 currency pairs, cryptocurrencies including bitcoin, indices, shares, bonds, gold, silver, energies, commodities and cfds for your personal investment and trading options.

Part of HF Markets. Other websites include

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:, +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
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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Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Minh Tien,
Tien Vu, Viet Nam,
Nov 25, 2018,

Decent forex broker

Hotforex has a decent platform over with good set of option and service, just the right amount to cater to different traders need, mainly currency trading, crypto trading as well as commodities. There are bonuses but i suggest understanding them first. stability of platform is very good. Fast execution and spreads are manageable, scalping is possible but i mostly swing, havent had much had interaction with support aside feom opening the account 4 months ago. So far no complaint and all withdrawals are processed in a timely manner. I hope they would open more offices in Asia for ease of access and convenience but i have no complaints. Good work by them!
Dec 5, 2018,
Registered user

You will never profit with this me,,
They freze when you in winning potition,and hunting your stop loss

Benjamin S.,
Batangas, Philippines,
Dec 11, 2018,

Good experience

The whole experience is pleasing. the trading is with in expectation, solid platform good execution, spreads are manageable still room for scalping. withdrawals are spot on, always with in the allotted time. a solid decent broker. Last withdrawal made was in the first week of Dec making a total of 1200 in profits. A good way to welcome the holidays.
Penza, Russian Federation,
Dec 13, 2018,

Decent choice

I trade with this company for two months, I was complete newbie in trading so basically started from a scratch (learned what "forex" means after opening demo account, haha). So basically I'm testing waters with this broker, placing trades based on combination of hunch and some basic technical rules, like S/R, MACD etc. It's so funny and captivating, sometimes I spent 6-7 hours studying extensively every bit of theory of trading. What I can say regarding Hotforex it looks and acts as a trustworthy company, at least I didn't noticed any fishy actions from their side, everything is clear and transparent. You trade they earn spreads and commissions, simple as ABC. MT4 platform is really amazing so many tools and capabilities, I guess its used by professional trade guys too.

I read dozens of examples about bad experience on real accounts, so trade in a very discreet manner, placing 0.01-0.05 lot trades, 3-4 times a day. What I can say that execution is lighting fast and spreads look always tight. Great broker.
Kashif Bahtti,
Pind Dadan Khan, Pakistan,
Dec 31, 2018,

4 stars rating

I am trading with hotforex broker for around one year now. Mt4 platform is quite easier to initiate the trades. Trades are also executed when reaching the desired stop loss and take profits. The leverage is good on micro account which is 1:1000 and spreads are like very cheap. I believe that they have good services as compared to the rest so i wull rate them 4 stars.
Nairobi, Kenya,
Jan 8, 2019,
Registered user


Two days trading with hotforex and so far so good... Timely executions, timely deposits, tight spreads, prompt customer support.
I'v give a 4 star because am yet to make a withdrawal..
I will update this review once I request for a withdrawal...
Its so far out of the 4 brokers that I use the best on the above mentioned issues...
Sang Thai,
Ho Chi Minh, Viet Nam,
Jan 25, 2019,

Good broker for forex trading

My major is not involving to economic or trading but a friend adviced me to try forex trading. He recommended me this broker and I have lost money for first several months. After learning from mistakes time by time, I now earn steadily profit. I withdrew several times and the CS was very helpful in resolving my issues as account verification and how to withdraw my profit. I think this broker is pretty decent and good for forex trading.
Mujeeb Arif,
Larkana, Pakistan,
Feb 2, 2019,

This is my secondary broker that I am testing for consecutive three months. I have a micro account with small amount. The trading software has multiple options to enter points where the trades automatically initiates and upon reaching the desired take profit input, trades are closed with no hassles. I had withdrawn only once and it was processed easily. So I am considering their services and continue trading for more time. Once I get more confidence and money then I will permanently shift my business to this broker as my primary.
PH, Philippines,
Feb 14, 2019,


So far, I have traded with this broker for roughly 1 year, overall it's good and here is my experience:
+ Reputable broker, I know this broker for a long time at Forum also Social Media. I did register a demo account there and someone from EU called me for consulting me opening live account there.
+ Multiple accounts and assets for trading. Hotforex supports both MT4 and MT5 platform and you can trade Forex and CFDs, Bonds, Stocks,... I tried several broker before and their services are not various like hotforex.
+ Fast payment: I used Skrill/Neteller and CC for deposit and withdraw. Both are good to use at this broker, you normally have your fund credited within a few mins and withdraw within 24 hours without any hassles.
+ Good CS
+ They offer many things and as a beginner, it's not easy to pick a right thing for you at the beginning. I at first prefer Zero account for tight spreads but then I turned out switching to Premium for 0 commission.
+ Slippage during volatile time, it's common at most brokers but it should be considered if you're FA trader.
Feb 22, 2019,
Registered user

Update on account 51027087.


Details: In my previous review, the withdrawal finally registered in my account after 15 days. But the impossible thing happen, HOTFOREX TOOK IT BACK FROM MY BANK ACCOUNT! YES ITS IN MY BANK ACCOUNT ALREADY AND HOTFOREX REVERSED IT! I was assured by its country representative that its impossible to do but they actually did it. ITS VERY SCARY BECAUSE THEY CAN TAKE BACK WHAT THEY DEPOSITED.

Imagine the implication of what they are doing. Trade with Hotforex at your own risk.

Feb 20, 2019 - No Rating Account number: 51027087

I already got my money. Their country manager took an effort to call twice to make sure I got it already. I also talked to my bank.

The issue lies in the intermediary of Hotforex. Hotforex may have processed it quickly but the intermediary is very slow. Advised them to address that.

Great customer service. I hope they would fix their intermediary issue. I wish I could take the initial post down to give them a chance but system won't allow it. Hopefully this explanation will help.

Feb 15, 2019 - 1 Star Account number: 51027087

Hotforex is a black hole broker. They do not expect you to profit so wire transfer would take forever. It is now 2 weeks and I still don't have my money. They would give a bogus ARN number which is useless when you talk to your bank's remittance department because no money was actually sent. It happened to me twice. I gave them the benefit of the doubt the first time and it happened again. It is already their business practice.

You will not realize the problem until you withdraw money. Once you withdraw, that is time they will give you a merry go around where you could get your money after a month (assuming you could still get it).

Jul 26, 2018 - 1 Star Account number 411753

This company has a thick face. Soooo difficuuuuuuult to ask for withdrawal. Its been 17 days already and they still haven't deposited it yet. Stating a lot of excuses. The amount is not even much.

The worst part is that if you are going to follow up for their failure to process withdrawal, they will ask for your bank statements and a lot of documents. INconveniencing us for their incompetence as a company.

It is very likely that they do not expect us to withdraw money after we deposited. This company is a blackhole of our money or Hotel California of deposits. Once you have deposited, it will be extremely difficult to withdraw.

It happened twice already.
  1 trader has found this review helpful

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:

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:

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.