HotForex Review

3.739 · 525 REVIEWS

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Updated: Aug 19, 2021 · HotForex.com  · 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.

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, 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
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 · 525 REVIEWS
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Traders Reviews

Larry Perez,
Tagaytay, Philippines,
Feb 7, 2014,
Guest

Trade with hotforex about 6 month. Good and stable platform but when withdrawing large profits there is some hassle with identification documents. Good measure from the one hand (no chance for hackers) but on the other too meticilous. No other issues so far. Planning to stay there more.
 
Alex,
, Germany,
Feb 6, 2014,
Guest

Warning!! This is a true Scam broker!!! Removed all profits of the last half year!!!! If you still trade there you should request a withdrawal asap.
 
Bumbacher Andreas,
Untersiggenthal, Switzerland,
Feb 6, 2014,
Guest

hotforex just cancelled all my trades and put balance to 0. Is that a good broker??? They offer Currenex-Trading, in fact is just scamming customers. Very, very bad experience wit hotforex. STAY FAR AWAY!!! They even cancelled my initial deposit, how bad is that.
 
Benjamin,
, Slovakia,
Feb 6, 2014,
Guest

Everything perfect , extremely fast services , and high leverage , micro accounts have maybe bigger spread but I think Hotforex is the best Broker now .
 
SunMan,
Australia, Australia,
Jan 12, 2014,
Guest

I'd just like to also warn people about "bonus" schemes. If you do not understand EXACTLY how they work - and your account's real status - STAY AWAY. Like another reviewer mentioned - these schemes are a way to take your money relying on your ignorance and "terms and conditions". Hot forex makes out to be 'honest' - I think that is definitely arguable. They are predators just like the rest of the worst.
 
tonny,
shenzhen, China,
Jan 12, 2014,
Guest

I have to admit Hotforex is the best forex firm ,they are really honest and transparent ,never cheat us,never play tricks,never delay withdrawal ,never lie !
 
Alejandro,
Buenos Aires, Argentina,
Jan 7, 2014,
Guest

Pay attention! the minimum quantity you can fund the acct is USD 5, but if you want to us a Signal you must have USD 500 in your account.
 
Abel Garcia,
Bulacan, Philippines,
Dec 30, 2013,
Guest

First of all I would like to apologize for being rude to the person who handled my call, I had a minor dispute with regards some documents submitted by me, the rep was kind enough to take his time and explain where I went wrong and he was very patient. The process of opening an account was easy but I like the level of security that they implement to certain documents which reflects that it’s not just about getting more clients at all. I started trading with a small account, so far the platform is stable and easy execution, I am working on a low risk strategy that should generate a decent amount of return in a span of year. I’ll keep tab and hope that things continue to run smooth. They deserve a 5 star.
 
Ramesh Tondon,
Delhi, India,
Dec 11, 2013,
Guest

I've been using this broker from 2 months and because of the good trading environment that this broker offers, the results as of now are good so far and I would like to say few things about this broker as per my experience

Good stable MT4 platform, even webtrader seems stable
Good responsive support team
The leverage on micro accounts are nice you can trade up to 1:1000 if requested
As an Indian trader only one thing that i`m missing is they dont have office in India but I found many IBs over here which is good.
 
hnewman,
, Canada,
Dec 8, 2013,
Guest

Dear Venelin,

Please be aware that I have no reason to lie about my experience with HotForex. HotForex is the only broker in my book with stipulation on pending order (30 - 40 pips) away from the market price. Can anyone at Forex Peace Army take a look at Hotforex Live platform and verify this please? It seems the representative from HotForex did not take the time to look at their trading platform before she responded to my post. It is a shame...when you hear the same old lame line of defence "We checked our database and could not find any account with similar characteristic as the one you post." We are all trying to make profits but do you really need to rape people to achieve that?

2013-11-29 No Rating HotForex is Hot and there is nothing like it...this is a Casino and you better know what you're doing.

The Good

1. Great platform...does not freeze on micro account
2. Customer service is awesome
3. The grand dady of all...the rebate program (I love it)
4. Fast order execution on micro account...with mini slippage
5. Great deposit and withdrawal process
6. I like the web site with those good looking chics - hot!!!
7. Good leverage...you can actually trade with $10 for fun.

The Bad

1. Terrible spread on micro account....High Way robbery!!!
2. ECN account freezes with lots of slippage
3. Pending Order/Modify Order (Price must be 30 - 40 pips away from market price....High Way robbery on broad day light).

The Ugly

1. Bonus offers...if you don't know how to use it, stay away from it
2. The 100% and 50% bonus offer is a crime...in my book ( They actually steal your money with these offers if you don't know how it works)

I tried to transition to Currenex Account for better spread...boy! that was a mistake. My platform started to freeze and huge delays when I placed my orders...honestly, I was freaking out. And I quickly closed my Currenex Account and went back to Micro Account. HotForex....The best Broker in Asia? Come on!!! Seriously, who regulate this Broker with an approval of 30 - 40 pips stipulation from market price?

Take a look at this transaction:

Price was at 0.81261(NZD/USD) and I placed Buy pending order @ 0.81142...price came down to 0.81122 and my order was not filled. Price went back up and about 45 minutes latter , came back down to 0.81118 and my order did not get filled.

Comment: Added by Venelin Videnov on 2013-12-06
Dear Sir,

We would like to thank you for providing your valuable feedback about our services.

Regarding our Bonus Offerings, please note that we give our clients several Bonus options including a 'No bonus Option'. Furthermore, we clearly and transparently disclose all related Terms and Conditions. We agree with you that all traders should understand how Bonus offerings work before electing them.

Regarding the placing of pending orders please note that the restriction is 3 pips and not 30/40 pips as you state. Dont forget that the last digit in the price represents 1/10th of a pip.

Lastly, regarding the transaction you have posted, note that Buy Limit orders (and all buy orders in general) are triggered at the ASK price. On the chart you see the BID price. So even though the BID price may have went to 0.81122 the ASK price did not go to your entry point. That is why the order has not been triggered. The difference between the BID and the ASK is the spread. This is how the market works and this is not something specific to HotForex.

Also please send us an email to support@hotforex.com with your account number in order for us to investigate the 'Freezes' you mention. We checked our database and could not find any account with similar characteristic as the ones you post. We have thousands of clients and we didint receive any such complains so we are very keen to investigate this matter and reach a successful resolution.

Kind Regards,

Venelin Videnov
Official HotForex Representative
venelin@hotforex.com
 

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.