HotForex Review

3.739 · 525 REVIEWS



Updated: Aug 19, 2021 ·  · Is this your company?

HotForex is a MetaTrader broker founded in 2010 and is regulated by FCA, SySEC, and other regulators. It offers 47 currency pairs, cryptocurrencies, and access to over 1,000 securities including precious metals, commodities, stocks, bonds, and stock indexes.  Mobile trading is offered with MT4, MT5 mobile apps as well as proprietary HF App (in development).

HotForex offers a social copy-trading platform HF Copy. Traders also get access to the client sentiment data, in-house produced market analytics, and educational materials including training videos, books, and articles.

Please read HotForex Reviews below and share live trading experiences with this broker.

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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, FCA #801701
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 · 525 REVIEWS
Forex Peace Army

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

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Traders Reviews

ghana, Ghana,
Nov 23, 2020,
Registered user

Deposit issue.

Service use: Live

Length of use: 3-6 Months

I would like to draw people attention on the deposit method offered by hotforex called flutterwave, I made deposit a couple of time through it but about 2 weeks ago my funds were deducted from my mobilemoney account but it never reached my hotforex wallet. I wrote several emails to customer service , they asked for screenshots of the transaction, I provided, then no news. I contacted flutterwave support, even worst after sending proof of payment, they told me the funds was not received though I was deducted, they are asking me to contact my bank, mobilemoney is not managed by bank and the fact that they waited for 2 weeks to tell me that so I couldn't recover my funds is really show their bad faith. I am disapointed with hotforex and I post my experience so that no one else will lose their funds.
  3 traders have found this review helpful
Gia Phu,
Ho Chi Minh, Viet Nam,
Oct 16, 2020,

Small deposit broker and easy to start

Service use: Live

Length of use: over 1 Year

One year ago I was new with Forex and roaming around to pick a broker to trade with small deposit. HotForex offers variety account options, start from $5-50, execution is fast and flexible withdrawal. It also allows EA in MT4 platform and has a low/fixed/raw spread accounts available. A good broker for starter!
  1 trader has found this review helpful
Auckland, New Zealand,
Sep 23, 2020,
Registered user

Fund transfer issue resolved

Service use: Live

Length of use: 0-3 Months

Since my last review here, the acknowledgment of fund transfer issue has been resolved with the help of the product specialist and after sending through all the email correspondence I had with my bank's customer care department showing money was wired to HotForex's bank account. If your bank does not provide Swift Copy the way HF expects, I don't recommend using Wire Transfer. I am not going to rate this review but wanted to let others know, the issue has been resolved.

Sep 17, 2020 - 1 Star Opened the account few days back and verification process went through fine. As they don't offer credit card as an option for my account (not sure if it's regional / country limitation or what), I sent through 1040 USD via Bank Wire Transfer. I sent through the confirmation email I had received from my bank for the International Transfer that has their bank account number, the reference number they'd see on their account and my name as the person transferring the amount as well as a screenshot from my online banking showing the same information. they email back asking for Swift Copy, I call up my bank and it was past 10 pm in New Zealand due to time zone as you can imagine, so outside normal hours for NZ, my bank rep said that the confirmation email should suffice as my name and the reference number should be showing on their bank account anyway so they should be able to verify that easily if they check at their end and If I need anything more to contact my branch during business hours. Anyway I email HotForex account manager and their deposit a couple of times explaining the situation - what do I get, complete radio silence, not even a courtesy to reply to my emails any longer, their product specialist/account manager was calling me every day to make sure I transfer funds, now that I have, nothing not even a reply to try to resolve the issue or check their end if they have received the funds yet or not as it should have the reference numbers - I'll give them today and if I don't hear anything from them, I will call my bank and see if the money wired can be reverted back due to fraud.
Bagh, Pakistan,
Sep 10, 2020,
Registered user

Convenient trading

Service use: Live

Length of use: 6-12 Months

I never had any regrets choosing this broker. I am ten month into live trading with this broker and never missed out my withdrawal neither got into trouble with them. The only thing which took little longer than i expected was the verification process which took more than three days as i remember now. Rest all is good and the trading is convenient.
  1 trader has found this review helpful
Frankfurt, Germany,
Sep 1, 2020,
Registered user

Little Slippage

Service use: Live

Length of use: over 1 Year

I had traded News Events on 4 difference Broker.
By far the least Slippage was on Hotforex.
Withdraw money from the account was also no problem.
  1 trader has found this review helpful
Peshawar, Pakistan,
Aug 21, 2020,
Registered user

Best suited broker for full time trading

Service use: Live

Length of use: over 1 Year

Trading lately from 2018, while doing primary full time job I kept my trading activities in part time. However with the covid pandemic when everything came under lock down. Our company allowed us to work remotely from home. During my stay at home I got the opportunity of trading as a full time trader. Shorted many assets and also did some long. Trading is more profitable than any other business in my opinion. So i am planning to shift permenantly to trading because it has helped me earn more during the entire lock down. Hotforex broker also helped me withdrawing money as and when required.
Seoul, Korea, Republic of,
Aug 17, 2020,

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.
Rizal, Philippines,
Aug 14, 2020,

So far so good

Service use: Live

Length of use: 6-12 Months

They allow 5usd deposits (good for testing), in some cases its 50usd min deposit depending or location which is still good in my opinion, I hit my return of investment last may and got my first full profit withdrawal. excellent tradable instruments and fair spreads.
  1 trader has found this review helpful
Pakistan, Pakistan,
Aug 14, 2020,
Registered user

HotForex IB Scam

Service use: Live

Length of use: 0-3 Months

I made a deposit using HotForex Local IB in Pakistan.
Now I made withdrawal, I never received the money and when I contacted their support, they started making excuses that I did some thing wrong and the manager will contact me to discuss.
it is a withdrawal not a war accord that you need discussions.
I am sure I have been scammed by these guys.
myHF ID: 895330
  2 traders have found this review helpful
Kano, Nigeria,
Aug 3, 2020,
Registered user

Biggest scam broker.

Service use: Live

They withdrew fund from my trading account and widened the spread at the same time them blew up my account.
I will see you in court
  4 traders have 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.