HotForex Review

3.731 · 509 REVIEWS

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Updated: Jan 27, 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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3.731 · 509 REVIEWS
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Traders Reviews

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Does anybody know what happens when the "bonus" is withdrawn ??Last week my balance went down to the bonus amount then everything shut down, leaving me with a "0" balance...I wrote them to ask what happens now and have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....
 
CW,
Redding, CA,
Jul 23, 2011,
Guest

I have made numerous attempts to deposit funds using multiple credit cards, all transactions fail. American Express - fail, Visa - fail, Money Bookers - fail. Tech support is unable to provide an explaination or the ability to fix the issue.
 
Kostakis Gianakopoulou,
Paros,
Jul 20, 2011,
Guest

Very hard to find a good broker...and i think i found one...

PS
I tried to sumbit a review 2mins ago but i dont know if it went throught due to my internet connection.
 
kumar,
india,
Jul 18, 2011,
Guest

hotforex is worst site.payment problem.server is very bad .
so dont open hotforex live account.
 
ariel,
malaysia,
Jul 18, 2011,
Guest

if you are trading for instant execution, it is ok.. but, from my experience, if want to trade news, your PO will be deleted. they said it was due to volatility (hell yeah,news sure got volatility)..sigh.. I also face hard time if use script.. i would say, 3/5 is the rating for them..
 
2stylsh,
PNG,
Jul 15, 2011,
Guest

Ok,

A war story for you, i deposited $1000USD got the fancy $500 deposit bonus, lost $400 of that deposit in one bad with Voodoo V2 EA, and then some other bad trades which saw me under $1000USD.

I then came across MillionDollarPips EA and have to take my hat off as it fully recovered my balance actually was as high as $1600, then it happened.

I woke up next morning to see a floating trade over -$100 thinking to myself thats strange as MDP closes bad trades very quickly.

I went to the trusty old journal tab (A traders best friend and a brokers worst nightmare) and guess what i found, MDP was frantically trying to do its job and my old friend OFF QUOTES reappeared in my life, flashing me back to my horror days at FXCM where it was OFF QUOTES city and i lost thousands.

I disabled MDP withdrew my initial $1000 and was out of there like jumping jack flash!

Now i'm one of the lucky ones to have walked away even steven, warning for all you newbies out there you have the right to buy and sell whenever you want when the market is open, if someone is gonna tell me no cash in a trillion dollar market, im gonna tell them to shove it and put my cash into one of my other 4 broker accounts, of which i can handle the odd old tick, but off quotes kills me. I may as well trade baseball cards for a living i'm done.


04:24:09 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:10 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:10 '17335': request was accepted by server
04:24:10 '17335': request in process
04:24:11 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:12 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:12 '17335': request was accepted by server
04:24:13 '17335': request in process
04:24:13 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]

Review Moderation Team Note: We've trimmed out much of the log file. Please post it in the forums thread that's linked from this review page.

04:26:30 '17335': modify order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875
04:26:30 '17335': request was accepted by server
04:26:31 '17335': request in process
04:26:31 '17335': modification of order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875 failed [Off quotes]
04:26:31 '17335': close order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 at price 0.00000
04:26:31 '17335': request was accepted by server
04:26:32 '17335': request in process

And thats right you can see my account number Hotforex and no i dont feel like discussing OFF QUOTES=BYE BYE HARD EARNED CASH! NEXT!!
 
Hery Barata,
Jakarta, South East Asia,
Jul 14, 2011,
Guest

Been trading for 6 months now with Hotforex. Overall their service are better than average broker.
- customer service are superb
- fast deposit+ withdrawal via wire transfer (only 2-3 working days),
- good bonus 50% !
- tight spreads, etc
Unfortunately, still have one weakness :
- when I attached some indicators + trading system templates, their platform become slowly both open charts and execute trades.
Compare with other brokers : Alpari, Thinkforex, Forexoma, FXCM, they all don't have problems when I attached basket of indicators.
I only hope Hotforex will improve their server in my country area.
 
G. Krastew,
Bulgaria,
Jul 13, 2011,
Guest

Great broker!!! I have been trading a standard account at hotforex for almost 6 months and I am very happy with their service. Customer support has been always quick and accurate to every single issue or question I had. I have never seen that on another brokerage and I am trading for almost 4 years now. I just made my 3rd withdrawal via MB and it has been done in less than 2 hours!!!!! I will be recommending hotforex to all of my friends here!
 
Filippo Dasaro,
San Francisco, CA,
Jul 8, 2011,
Guest

I have had an account with Hotforex for about 2 weeks now. I will hold off on a rating until I have some more experience with the broker. But from what I can judge now, the platform is very good. Execution is fast (a lot faster than my previous broker), no commission, spreads are good, and first deposit was relatively quick. The 50% deposit bonus was awesome. The support could be a little better as I could tell many are non-native English speakers but I haven't had to use them for anything major. Overall I have had a good experience with this broker and will certainly be staying with them in the future as long as things stay the way they are.
 
Ian Robertson,
UK,
Jul 7, 2011,
Guest

Great broker, best customer service in the business! Execution is great with large positions and had my withdrawals proccessed on time as promised! Looking forward to trading with Hotforex for years to come!
 

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.