HotForex Review

3.739 · 508 REVIEWS

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Updated: Jan 18, 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

OPX,
, Malaysia,
Feb 4, 2013,
Guest

what i want to say is...it is no problem with withdrawing ur profit. Of cause for the case to confirm you are eligible for tading forex, you will required to submit some documents. i did as they asked. and now, i already withdraw my profit for two times. It is no problem at all...Love this broker....
 
Khang,
Seoul, Korea, Republic of,
Aug 17, 2020,
Guest

Good place to try CFD trading

Service use: Live

Length of use: 0-3 Months

I like this broker, used them for 3 months to try currency trading. Execution of orders is pretty fast at least in manual trading also they charge small commissions. Note that they offer CFD trading it is a special type of trading instrument which is the best option if you want to profit from price fluctuations. Overall I would rate this broker 4 from 5.
 
James Paris,
Bristol, United Kingdom,
Nov 25, 2011,
Guest

I have been trading for a year or so, but before I started trading live accounts, I did like any other newbie trader would do and did some research. Hotforex is my second brokerage, and I was really overwhelmed with all the good feedback I got, from fellow trades and in the web. I might not have enough experience to judge a brokerage, but hotforex been improving a lot since I first joined them, I mean execution are a lot faster, I guess they will be adding some new servers as well (not sure), I have no problems in depositing or withdrawing money. Actually it only takes a couple of hours for me to receive mine and their support team is always there and very professional. I give them 5 stars and I don't think I’ll be transferring anytime soon. All the best!
 
sultan altamish,
abbottabad, Pakistan,
Feb 5, 2015,
Guest

I got the money thank you hotforex.
Spread is good and platform is fast.
Best forex company

2015-02-03 No Rating hey hi
i m sultan i made withdraw request of 60 usd on 16 jan and i dint get it my account number is 131431.i contacted my bank when they send me arn which is 5 ARN NUMBER
ARN: 74929275019001060003207
ARN: 74929275019001060003215
ARN: 74929275019001060004296
ARN: 74929275019001060004262
ARN: 74929275019001060003249
I DINT KNOW THAT ONE TRANSACTION CAN HAVE 5 ARN CODE .but my bank told me that there system cant support and its wrong and gave me contact number of my bank which i gave it to hotforex they asked for then hotforex asked for bank statment and i send them bank statment as well as contact information.so i contact back hotforex about this matter now they told me to write an offical letter about account statment of ubl bank and also that those arn number are wrong.so i contacted my ubl bank and send them email about offical letter and now waiting and waiting i m stuck in the middle.and bank also asked for refrence number or transaction number or recpit of 60 usd. which i asked from hotforex they will contact me soon.
till then cant give any stars when i get money i will give stars.and sorry for my bad english guys
 
M. Anwar ul Haq,
Rawalpindi , Pakistan,
Sep 29, 2016,
Guest

I started trading with hotforex a few months ago and still had a great time with them and I guess here are some of the reasons that I have been trading with them: they have good numbers of pairs to trade, extra bonuses option, timely withdrawals and good execution of orders.

I did faced with some problems initially which were related to my documentation however it was explained and sorted out. I think they might be the best brokers service I ever availed.
 
South Africa,
Nov 6, 2017,
Registered user

HotForex Is The Shizzle.

No problems withdrawing money. No withdrawal fees. Offer a very convenient ewallet for managing funds. Credit card provided at request. Excellent customer service. Low spreads. What more could you ask for.
 
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.
 
Alberto Uy,
Philippines, Philippines,
Apr 30, 2012,
Guest

They have good spread, and it’s really good for scalping especially during the asian session, execution can be improved though I think it’s better than other brokers out there, withdrawing to money bookers is easy, it takes a couple of hours as long as you pass the form during office hours. There are times when spreads widen during major news I guess, but that’s normal. I have plans on trying out their pamm accounts, I’ll post another review after a do so, for now I’m pretty much happy earning with hotforex.
 
Scott Wang,
USA,
Aug 20, 2011,
Guest

I would like to reply to Brandon from Florida below, and offer my own review:

First - HotForex did not lower the leverage to "zero". They acquired a new liquidity provider for Metals in late July and the leverage was lowered to 100:1 instead of 300:1/500:1.


Second - You were not trading "standard lots". In early 2011 HotForex changed their gold and silver lot sizing policy. Originally they were the same as all other brokers: 1 lot = 100 ounces of gold. However, some of their clients were accidentally trading standard lots on gold and freaking out because of the fast-moving prices (gold can easily move over 2,000 pips a day).

So HotForex changed the lot sizing so that 1 lot was actually a micro lot (1 ounce). This was to protect their clients from accidental losses.

You may have traded 2,320 units, but those were micro lots. You actually only traded 23.2 standard lots and HotForex owes you no more than $23.20 of that bonus money. That's why your request for $2,500 was rejected, not because of "tough luck".

HotForex's bonus program is great, but don't expect to earn all of the bonus money in just a few months. The average trader will need to trade for 2-3 years to earn the bonus. Their bonus program offers short-term trading volume for your account while encouraging long-time loyalty and responsible trading activities.

Third - they did send out two emails a week before the policy change, and they sent messages through the Metatrader 4 platform. Their website was also updated to reflect the new policies. The reason you cannot place a trade now is because you're still trying to trade "60.0 lots" and you don't have enough leverage to support a 6,000 ounce position. Try .06 instead.

My Review: I love HotForex. I've been using them since January 2011 and have had a great experience. I currently have 3 live accounts.

Their silver pricing is fantastic (10-cents-per-pip on 1 micro lot) and perfect for our Heavy Metal grid-trading EA (see our Heavy Metal EA live performance test here at FPA).

All of the staff here at Forex Verified have live HotForex accounts and we've all had good experiences. Many of our clients also use HotForex and their experience has been good too.

It is obvious that English is not the first language of their support staff, but they have done a good job overcoming the communication barrier. Don't expect long and detailed replies (such as my reply to Brandon) - they usually respond to inquiries with brief answers and not a lot of details.

For that reason alone, I would rate them 4.5 stars instead of 5. But since "4.5" isn't an option, it is a definite 5-star rating for me. I can deal with a small language barrier to trade at a good broker.

Scott Wang
 
MFO,
KL, Malaysia,
Sep 23, 2012,
Guest

Excellent broker! I trade with HotForex 1 year. Very good support. Now HotForex IB can give their client rebate. Such as HotForex Malaysia (hotforexmy.com), they give their client rebate up to 90%. Really good offer!
 

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.