Fresh HotForex review that helps Forex Peace Army traders invest safely

3.72 · 526 REVIEWS



Updated: Oct 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.

Part of HF Markets. Other websites include

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

Live discussion

Join live discussion of on our forum

Go to forums


Your company video here? Contact ad sales

3.72 · 526 REVIEWS
Forex Peace Army

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

Your feedback matters!

Traders Reviews

Algiers, Algeria,
Nov 23, 2011,


I am Kamel from Algeria I started trading with forex since 3 years and I tried Hotforex 8 months ago, and you know what ? have left down two other companies because in half a year I have made profits that I used to do in a whole year with other companies, I am pretty satisfied with hotforex and I think its the best company for me and for many others + I see that its getting more clients in Africa and Asisa in particular because Hotfrex cares about the clients more than other companies .. I am talking regarding my experience last 3 years. and I must say that Hotforex has got a remarkable costumer support service, I have had to contact them sevral times and I got an answer pretty fast with the right solutions and the requested information.
I wrote this review because I really want to give something back to the company that gave me the opportunity to trade feeling that the broker does not wanna take money from you but wanna help you to gain more profits, personally I have advised a couple of traders to join hotforex. so this way I want to say thank you Hotforex !
bandung, Indonesia,
Nov 22, 2011,

bullshit broker, bullshit review my account was disabled. they closed my account after make over 10X from deposit. this really scam broker. be carefull
England, United Kingdom,
Nov 21, 2011,

I decided to create a review for hotforex since I’ve been with this company for almost a year now, just to be fair this review is based on a 4 years of total trading experience with 9 months demo.
I have joined hotforex December of 2010, It was recommended to me by a close friend of mine after some problems that I have encountered with my last brokerage, I decided it to start hotforex with a demo account and it lasted till January of 2011, then I opened a micro account just to get a feel on the live accounts. There were some problems at first with platform disconnections a couple of months ago, but now its fixed, and honestly speaking it’s a lot smoother than what I expected it to be.
I can be a bit annoying when it comes to details, I always end up contacting their support team, but they were really patient and friendly. And there was this one time that I lost some money during a disconnection but they refunded it to my after validating my claim. Best support team I have encountered so far. I give their support team a grade of 9 out 10.
Hot forex uses different platforms from MT4, webtrader, even the iphone and android platforms, I’ve tried their android platform, it comes pretty handy but most of my trades are done on the webtrader, I rate their platforms 8 out of 10.
Withdrawing money from hotforex is unexpectedly easy, I usually use moneybookers. After downloading and filling a withdrawal form, it only takes 12 – 14 hours for my money to reach my bank account. That’s the fastest process I have ever had with a brokerage company I give them a 9 out 10.

All in all, hotforex exceeds my expectations, and I’ve decided to invest more in this company, I can safely say that this company is highly recommended, good feedbacks can be found although out the internet. though I am still trading with other companies but hotforex would be my main source of income.
BP, U.S.,
, USA,
Nov 18, 2011,

I can't believe all these good reviews. Execution times are horrible, even for manual trading. There are periods when you keep getting offquotes error messages, even when volatility is not very high. Last week I had trades that were executed at prices that were not even on the chart at the time, and they blame their liquidity provider and slippage. Probably the worst broker I've had so far.
, South Africa,
Nov 10, 2011,

I am new to trading and after some investigating decided on Hotforex. First demo for a while and the opened a live account. Service is good and all questions by e-mail or live chat immediatly sorted out. I can highly recomend them.
, Sweden,
Nov 7, 2011,

Hotforex is a really good broker. I started with a private account and 9 months later I am a PAMM manager.

The execution and spread is very good for my type of trading. Support is also excellent and if I have a problem I basically get instant help.

I can basically just agree with all what Desmond Leong have written below even if he is a competitor to me ;) No hard feelings Desmond...
Moris J,
Leicester, United Kingdom,
Nov 7, 2011,

Well, I've been with Hotforex since early this year, I never had any issue yet but one of the my friend said that he had one issue but it handled well by their support team. Highly recommended Hotforex, 5star from my side.
Shocked - RUN!,
United States,
Nov 3, 2011,

I was attempting to open an account with these people and they charged my charge $5000.00 US when I only attempted a $250.00 deposit. Thank GOD my bank caught it and flagged it as fraud, otherwise these crooks would have gotten $5000.00US out of my account. PLEASE STAY AWAY!
I am posting a video on Youtube about it titled Hot Forex Review
Desmond Leong,
Oct 30, 2011,

I believe Hotforex deserves a review from me after I've used it for 6 months.

I am very satisfied and even delighted with the service there, the customer service is unrivalled for one reason, they are the only broker who gets one of the top management, Dominic, to call me when I am making a huge enquiry about any of my trades.

I am a PAMM manager there managing over $86,000 worth of funds, and everything has been transacted smoothly time and time again. No hiccups here and there. The only qualm I have is their PAMM system is still a little premature, but they are doing everything they can to improve it, and I have seen very good improvements recently. They listen a lot to your advice, as I suggested a change in the PAMM system and they changed it within the next week, amazing customer service.

As for withdrawals, not a single complain so far. My commission account is earning well and the withdrawals are lightning fast, it is scary how they do that sometimes, haha.

I have to say, I am thoroughly satisfied with the experience I had with Hotforex so far. I mean, I guess there are benefits of painstakingly going through 30 brokers just to find the best one, and after picking Hotforex 6 months ago, I have to say, I don't regret this one bit.

Cheers to Hotforex, keep up the good work.

Best regards,
Desmond Leong
Msab Boul,
Jordan (really Cyprus),
Oct 27, 2011,

I Really Can Say HotForex Is The Best Online Broker I Ever Dealt With Since I Started Trading 10 Years Ago, Fast, Reliable, Tight Spreads, Excellent Customer Service And Support .
Thank You Very Much For Your Good Work, For Your Honesty, Transparency and Openness.
Spacial Thanks To My Account Manager : Samir
Excellent Work , Professional, Organized , Reliable and Super Fast.
Keep Up The Good Work And A Lot Of Clients From My Side Will Join Your Great Company.

Review Moderation Team Note: 5 Star rating removed. This review came from the offices of Samir Beool. At the time, he apparently was either an employee or an IB for HotForex. In April and May of 2012, new reviews from a "John Harris" attacking HotForex and RebateArmy came from the same location.

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.