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

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Traders Reviews

Hu ping,
Shanghai, China,
Jan 25, 2013,

I'd been trading forex for 2 years, and hotforex is my third broker and I stayed with it for about 4 months so far.

My previous broker is another big name, I can not tell it's good or bad, just so so.
I chose to change to hotforex last september just wanna try a new one to compare.

My personal experience of withdrawal in hotforex is quick and convenient, I am happy hotforex had new account platform too.

I am trading frequently, like 10-20 every week, stability and speed really matters. to be frank, there is no perfect broker out there, I had letancy problem in all brokers esp in the volative market, however, hotforex wins in this part and that's why I move to hotforex completely now.

Another point about spreads here is acceptable and not so greedy like other ones.

Anyway, I think it's not a bad choice to me at least now.
TORINO, Italy,
Jan 25, 2013,

HOT FOREX THE WORST the worst for small investors, considering their motto honest transparency and openness can be considered a scammer. Do not use this trading platform their bonus is just an excuse to steal money. 50% bonus clause allows them to lock you any position as soon as the equity is less than the bonus granted only that often comes close when not when it is less caring of your investment. it happened to me so I also found that the checking account was closed when the equity was higher than the bonus.
not to mention the number of lots traded for the bonus, are not even counted. so if you've already invested a number of lots equal to the bonus then you can remove it but if you have not fully achieved as soon as you have the opportunity to steal it.
then you do not believe in this company that offers you a bonus for salvagurdare your investment because it is not so soon have the opportunity to f*** all the money.
nottingham, United Kingdom,
Jan 22, 2013,

well, they seem to have fixed their disconnection issues but i am now blocked from depositing money. It was said that i only had to scan my documents required once and never have to rescan them again and no additional documents were required...unfortunately that was a lie. ive been asked to resubmit some documents and sign a form when i tried to deposit directly into my account (which obviously not having a scanner at home would make it a pain in the crack to do) and after cancelling my deposit and try to deposit into myhotforex (which worked just before this cancellation) my option to deposit via debit card was blocked. shame really.

but overall my time with them was good, customer service etc was all fine.

p.s. hotforex, if you read this, please think about editing the details on this page about no further docs required ( because its untrue.

2012-10-16 3 Stars hotforex have given me a phone call i the morning with a guy who was friendly and mentioned about the connection problem i had experienced (which did not allow me to do anything making me having to use other interactive charts) and had offered if he could do anything to help. he reimburst me $200 which to be honest was more than any other broker ever offered and was amazed to hear him offering when most brokers will try avoid giving reimburstments. all in all ill give this 3 stars. will give 5 when I go through a few months with no connection problem since this has happened before and this would be the ideal broker when the issue is fixed.

2012-10-15 1 Star cant say ive been scammed though it feels that way...i made a bad trade and when ive lost about 1/4 of my account...the whole platform money continued to lose and there was nothing i could do....the support tried to help but failed....then saying they are experienceing some difficulties....also couldnt even tell me if i lost all of my money....i believe a good trading platform is much more important than customer service...sadly this is the opposite. the connection is automatic....the one that failed for me this time is for some reasons connected to china with 1020/10 kb connection and charts froze. will try to withdraw all my money (if i have any left...if not might file a complaint and see what i can get back) and never trade with this broker again unless this really is the only good one out there. This isn't even the worst broker ive had but the platform provided is still not good enough.

2012-10-10 3 Stars good broker, nice customer service but the SL and TP is virtually useless.

i have had a few trades that close after passing stoploss so i lose more than predicted and trades that hit tp dont close....even after a few pips still dont not sure how much difference the trades need before the TP actually activates but from my current experience it with hotforex....never leave your trade on overnight if possible.for me, this is an ok broker...having too keep an eye on trades all day is boring and frustrating having to go have a shower and realise tp did not activate and i end up back in the reds.
chennai, India,
Jan 17, 2013,

im preeth, i saw all reviews..i just wanna know is how abt the withdraw and its trust full broker ? pls let me knw ..coz im decided to open an account with pls guide me anybody
Mian Channu, Pakistan,
Jan 11, 2013,

I am trade with Hotforex from one year. I lose nearly 1000 USD. I deeply reserch for loss reason at the end I found This stupped broker for client. I have screen shot(Photo) Copper contract pip diffrince Bid price 5.5940 Ask price 3.6960. Mean if you buy micro lot with just bellow 15 USD you lose above 60 USD at the time open.
I am strongly advised avioed open account with Hotforex.
India, India,
Jan 10, 2013,

As I said before here that I'm happy with service, fast execution and fast withdrawal. I have completed 17th months with this broker and I`m very happy with them, even they are offering many things to their traders whether it's bonus or some competition. I liked the Bonus offer by them for 2013 its 100% New Year Trading bonus. I would like to say it again that Hotforex is Good Broker and 100% recommended.

2012-11-09 5Star I'm using Hotofrex from last 14th months and its best broker for me.
in-short I'm happy with service, fast execution and fast withdrawal. Good Broker 100% recommended.
chennai, India,
Jan 9, 2013,

They close the position without any notice though price haven't reached the target level.

2011-07-18 2Star hotforex is worst site.payment problem.server is very bad .
so dont open hotforex live account.
anoop ,
india, India,
Jan 6, 2013,

the best broker i had ever trade with in my 4 years of trading experinec.
One eg once there was a system issue which last 3 hrs... and i was unable to trade wen i repostred this to support the compnesated me

Genuine broker i will gve them 5 out of 5
Rawalpindi, Pakistan,
Dec 12, 2012,

Withdrawal via moneybookers is not free. If you withdraw USD 1000/- you will get USD 990.1 in your moneybooker account. Both Hotforex and Moneybooker claim that they are not charging any fee but end result is that client won't get exact amount in his accout. Why.... I don't know myself. I am using this for last two weeks and overall it is a good broker.
Husain Khan,
, India,
Dec 11, 2012,

I’ve been trading with hotforex live for 4 months now, and tried their demo for almost 3 weeks before that, I have just recently left my previous broker due to some scalping issues which I did not do, I’m not even a scalper.
Anyway it was not easy looking for a good broker, it reminds me when I was searching for a broker for the first time a couple of years back, there a lot of reviews and a lot of people have a say let it be good or bad. Things have changed since then and there are a lot of new names in the scene, some of my buddies were already trading with hotforex and they recommended that I check them out, and that’s how I ended up joining.
I did my research, this broker had some small issues in the past, but it was solved through their team, they are regulated and they have been up and running for almost three years now and that’s a good sign, on a more technical aspect, the spreads are quite good, not the tightest out there but given it’s a known broker I think hotforex has a low spreads, the only time it widen is during week liquidity which is a given.
Withdrawal and deposits are easy, there are many methods to withdraw money, and I believe no broker would have issues with deposits. When it comes to their support, their response is quite fast, their online chat is always available, email is a bit slow, and they always call you within minutes of opening an account for verification, they are friendly and they do not force you or bug you to deposit which is a good sign, a very respective support.
Trading has been quite pleasant with them, and they are easy to deal with, I once had a TP that did not hit during a fast market and I thought I was played, but after talking to them they did reimburse me and apologized and thus they gain my respect.

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.