HotForex Review

3.739 · 508 REVIEWS

Also hfeu.com

Also hfmarkets.co.uk

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

Live discussion

Join live discussion of HotForex.com on our forum

Go to forums

Video

Your company video here? Contact ad sales

3.739 · 508 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

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

Your feedback matters!

Traders Reviews

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.
 
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
 
Sasha,
Kiev, Ukraine,
Aug 14, 2011,
Guest

I trade exotics and indices and their spreads a extremely tight. Also I made a withdrawal and it was fast and easy. The only thing is that they do not offer android trading but one of the managers informed me that it will be available in 1 week
 
Steven Dalos,
Renton WA,
Aug 11, 2011,
Guest

Hot Forex is a good broker! I want to take back my previous bad review of Hot Forex. Apparently, at 08-08@ 07:24 (server time) my EA burned my account dropping my equity below my bonus level. I was admittedly totally naive about forex and did not understand the implications of the S & P downgrade on the money markets. Hot Forex came back to me, and explained these things and how the conditions on the bonus forced them to take action at 08-08@ 07:24 (server time). I no longer hold Hot Forex at fault, and believe them to be honest and upstanding.

2011-08-08 1Star This evening, I was shocked at the loss of my entire $5000 account from 7-27 to 8-8, 8 days and everything lost on the ninth. I had been running Forex Hacked on a demo $5000 FinFX account racking up huge gains every day, but since FinFX charged such high fees to fund a live account, 3% for credit cards or extremely expensive bank wire, I located Hot Forex, which offered a 50% bonus on top of my $5000 deposit! I naively took the bonus, not realizing the trap they had set. From 7-27 to 8-8 Forex Hacked increased my balance-equity from $7500 to ~10,800, then, suddenly, at GMT 08-08@07:24, Hot Forex stopped out all my open positions resulting in the loss of my entire account! Hot Forex explained their theft, "when your equity dropped to the level of the $2500 bonus the bonus was removed and your position was stopped out. This happened at GMT 08-08@ 07:24."
 
George,
Athens, Greece,
Aug 2, 2011,
Guest

thus far i have enjoyed using Hotforex. In addition the customer service has been exemplary.
I would certainly recommend Hotforex to my friends and associates.
 
BRANDON,
FLORIDA USA,
Jul 26, 2011,
Guest

I WAS TRADING WITH OANDA BUT THEY DROPPED THEIR LEVERAGE DUE TO NEW LAWS, THEY NOTIFIED EVERYONE IN WRITING AND PASTED IT ALL OVER THEIR SITE SO I KNEW IT WAS COMING.......
AT FIRST LOOK AT THIS COMPANY HOT FOREX THEY LOOK GREAT BUT I OPENED A LIVE ACCOUNT 3 WEEKS AGO WITH $5,000 THEY GAVE ME $2,500 BONUS WHICH WAS GREAT TOO, I ONLY TRADE GOLD - XAU/USD NOTHING ELSE: THEY JUST DECIDED TO DROP THEIR LEVERAGE TO ZERO ON GOLD WITHOUT INFORMING ANYONE I TRIED TO BUY 60.00 UNITS ON SUNDAY LIKE I HAD FOR THE LAST 2 WEEKS AND IT SAID NOT ENOUGH MONEY SO I CONTACTED LIVE SUPPORT THEY SAID OH WE SENT OUT E-MAILS TO EVERYONE BUT SOME DID NOT GO THROUGH TO CUSTOMERS - 3 OF MY FRIENDS WHO TRADE GOLD ALSO GOT NO E-MAILS FROM THEM, I HAD MADE 2320 UNITS I WAS 180 SHY OF GETTING MY $2500 BONUS THAT WAS 3 TRADES FOR ME IF I HAD KNOW ON FRIDAY THAT THEY WERE GOING TO DO THIS I COULD HAVE DONE 3 MORE QUICK TRADES AND CLOSED THEM AT A LOSS IMMEDIATELY AND LOST THE SPREAD OF ABOUT $50.00 ON EACH 60.00 UNIT TRADE AND HIT MY $2500.00 UNIT BONUS AND THEN BEEN ABLE TO TAKE OUT MY ORIGINAL MONEY AND PROFIT AND THE $2500.00 BONUS BUT THEY SAID TOUGH LUCK YOU DID NOT DO 2500 UNITS OF TRADE SO YOU CAN NOT HAVE ANY BONUS MONEY !!!!!!!!!!!!! THEY DID THIS KNOWING WHAT THEY WERE DOING AND KNOWING I WAS NOT GOING TO CONTINUE ON WITH THEM AT NO LEVERAGE - THEY ARE A SNEEKY COMPANY DO NOT TRUST THEM - I FEEL BAD FOR ANYONE WHO HAD GOLD POSITIONS OPEN OVER THE WEEKEND AND DID NOT KNOW LEVERAGE WAS GOING TO BE DROPPED - THEY WILL GET A MARGIN CALL AND LOOSE A LARGE LOSS BAD COMPANY DON'T USE THEM TRY WINDSOR BROKERS FOR GOLD AND UP TO 400-1 LEVERAGE.
 
Ross Catteral,
London,
Jul 26, 2011,
Guest

I have to admit at being pleasantly surprised at the service I have received ffrom the support staff. John was particularly helpful. The spreads are tight enough for me, execution is fast and although I have difficulty trading the news (which I only do occasionally) I have to rate them highly. Diamond in the making.
 
Alan Titchmarsh,
United Kingdom,
Jul 25, 2011,
Guest

Their live chat was excellent help when I was thinking about opening an account. As with others I was looking to diversify my FX brokerage exposure. My initial deposit went straight into my acount - less than two hours - and I made a test withdrawal for half the amount 2 days later which was returned equally quickly. Spreads are good, service is good and they look as if they are trying to improve the services they offer. I cant really complain.
 
RTRT,
Brooklyn, NY,
Jul 24, 2011,
Guest

CW, use the Netplace option....Moneybookers doesn't think Hotforex is legit...It is a gaming site to them...

Does anybody know what happens when the "bonus" is withdrawn ??Last week my balance went down to the bonus amount then everything shut down, leaving me with a "0" balance...I wrote them to ask what happens now and have not received one reply...It looks on the surface that the bonus gives an artificial balance/equity amounts...Also using Currenex, I think the commision was too high....At least compared to Finfx....
 

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.