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

DaveW,
UK,
Oct 25, 2011,
Guest

I feel it's only fair to update the review below while the situation is being worked out. Hotforex have been very good in communicating with me and are adamant that it is my bank that has messed up (or at least that Hotforex received the funds already converted in to USD). The issue I have is that my bank have assured me that they sent the funds in GBP with no instruction to convert. Apparently the funds were routed through a clearing bank in London and it is possible they converted the funds when they should not have done. I would have delayed this update for when the issue has been resolved but it is taking too long and I think reflects unfairly on Hotforex at this time.

Samir - my account manager has been very helpful and clearly doesn't like that I am unhappy & wants to do whatever he can to sort the situation out.

I will give a further update and rating when the situation is sorted out. I would give 5 stars for customer service so far.
 
DaveW,
UK,
Oct 21, 2011,
Guest

I can't comment on performance yet but I haven't had a good start. They hold accounts in Euro or USD and, being in the UK, I specifically asked via email to support what happens when I transfer GBP to a USD account - what rate do I get? how does the process work? etc.

I received a phone call pretty quickly, good start. They told me that the transfer would be subject to conversion at the current xe.com rates and that they charge no fees. I was pretty happy with that.

I then opened a live account and made a deposit. When it arrived I found the xe.com rate was around 1.59 USD/GBP and I received around 1.53!! I asked my "account manager" what rate was applied etc and was told "no idea - it would have been applied by your sending bank". Obviously not happy as I specifically transferred from my bank in GBP (I had a choice of currencies at the time and chose GBP as I knew my bank would get anywhere near xe.com rates if I chose USD).

I will let you know how they respond to my email where I have told them I am very unhappy. Obviously as they called me I do not have the confirmation of xe.com rates etc in writing. Very naive and probably costly in hindsight - around $500-$600.

I will review performance separately when I can comment and update the rating based on performance and their response.
 
fareshmd,
Algiers, Algeria,
Oct 16, 2011,
Guest

I have been trading with HotForex for 3 weeks now and I'm very happy with the service offered. Spreads are tight and their deposits are really fast. It took them less than 15 minutes to put a deposi t in my account. I hope they continue to keep the good service in the future.
 
EC,
Hong Kong,
Oct 16, 2011,
Guest

Good broker, No-requotes, fast withdrawal. Fast email response

Spread is so-so, system response is a little slow. I hope they can improve on that.

Keep up the good work!

 
Puppy Lady,
Shanghai,China,
Oct 14, 2011,
Guest

I am trading with Hot Forex for a few months now. I am real happy with their service so far. Spread is really good and customer support is over the top. There were a few issues, but their support helped me very quickly each time. I love the brokerage.
 
Tim Needham,
USA NC,
Oct 13, 2011,
Guest

I'm really impressed with this broker. Fast deposit posted in seconds and the trades are executed very promptly with very low spreads and I love the 500:1 Leverage. And they only charge one leg of a hedge to your margin. And with a 50% bonus option the margin requirements are very low (I know that means you are risking more but it also means you have to mess up more to lose it.) With the bonus the margin requirement for your initial deposit is effectivly 0%
 
Peter,
Canada,
Oct 7, 2011,
Guest

This is an updated of the review I posted 2011-10-06

Elan from HotForex actually called me personally to discuss the issue. I was not able to pick up, so he e-mailed me to say the issue has been resolved. They fully reimbursed me, and recommend wire transfer to avoid exchange rate fees in the future. Just curious if anyone in the US has an account with HotForex, do you suffer from these fees when depositing by VISA?

I will continue doing business with HotForex.

2011-10-06 No Rating I am going to withhold my rating pending the decision regarding a complaint I filed.

I've been with HotForex for two weeks now, after spending a couple of months researching different Forex brokers. They do offer tight spreads and seem to be a legitimate ECN broker.

My concern now is I've made a deposit using my credit card, and they added on a whooping service charge (from my $750 deposit, they charged my credit card $815!) Firstly, they state there is no service charge on their end for credit card deposits. I contacted Brain at their live support, and he said this is the charge from the bank. I've never heard of a credit card company charging me for using my credit card, its doesn't make any sense. It doesn't even make sense in terms of exchanging CAD to USD. This seems very close to a scam to me, but I will withhold further judgment until they get back to me...
 
DAVID,
THAILAND,
Oct 6, 2011,
Guest

HELLO EVERYONE, I JUST WANT TO TELL YOU ALL THAT, HOT FOREX IS A REAL SCAM, & I TELL YOU WHY ... THEY WILL SHUT DOWN THEIR PLATFORM , SERVERS , WEBSITE & TELEPHONE WHEN THERE IS A BIG TRADE , THEY DO IT ALMOST EVERY WEEK, I HAD AN ACCOUNT WITH THEM & I LOST OVER 2000 $ BECAUSE OF THIS... FIRST TIME WAS ON FRIDAY BUT I COULD NOT REMEMBER THE DATE, IT WAS A FAST MOVING TRADE OF LONDON MARKET & I OPENED A TRADE AND THEY SHUT DOWN EVERYTHING , PLATFORM, SERVERS, WEBSITE ,EVEN THEIR PHONE , EVERYTHING WAS DOWN UNTIL SATURDAY AFTERNOON FOR ALMOST 1 DAY.... THAT TIME I HAVE LOST ABOUT 400 $ , BUT I GAVE THEM ANOTHER SHOT , BUT THEY DID IT AGAIN AND AGAIN AND I LOST ALL MY MONEY.... THEY DO IT EVERY WEEK PEOPLE ..... YOU WILL LOOSE ALL YOUR MONEY IF YOU TRADE WITH HOT FOREX .........
 
Denika,
Indonesia,
Oct 6, 2011,
Guest

They Don't Care About Clients' Privacy Details. I’m none of Hotforex employee but on 30/09/2011 John Watson asked me to contact one of their client in Indonesia becuse they wondering if credit card used by that client to made deposit was a stolen CC. To contact the client of course he gave me that client’s detail. Regarding to privacy concern, is that what good broker does?

They Reimbursed Some of Clients' Fund Just To Keep Their Rating On Some Forum HIGH. We read on some forums that in some cases like their MT4 server down they reimbursed clients’ fund. Did they reimburse all of clients or just them whom made a bad reviews/complaints in wellknown forums?

If they really STP/ECN such order must already went through interbank/liquidity, how come they reimbursed such losing trade?
 
Milan,
CZE,
Oct 6, 2011,
Guest

Please do not consider this review negative, you only deserve to know all about this broker's dark side, to avoid surprise. I am still trading with them, so it means they are still over average.

Pros:
- Micro accounts without limits.
- Good leverage.
- Easy registration, easy funding
- I never had problem with contacting support (sometimes you must repeat you problem to be solved, of course)
- They usually call you if you have an open order and some issue happens.
- They refund trades that appear to be influenced by a broker issue.
- I did 3 withdrawals, all of them proceeded within a single day.

Cons:
There are technical issues, not personal.
- You never learn the European trading hours in advance. It changes day after day for the European indices.
- Occasionally, the data stream drops down for 1-3 minutes, then it comes back and redraws a few M1 candles that were already charted before the data drop. Differently, of course. Positive is, they refund you a loss suffered from the data drop if any.
- I spotted some false 10-pip data jumps, that were not at any other broker's chart. Luckily they were not placed into the extremes and it did not happen in the last 3 months.
- The average execution time is about 1.0 sec for indices, 2.5 sec for forex. Definitely not instant. I have stable 25ms ping to their server and I am logging times and slippages.
- There is lack of slippage control. I am often receiving up to 7 pip slippage but the parameter limiting the slippage is not functional. However, the slippage does not seem to appear unbalanced.
- Even if they do not care about the slippage, you may be still disabled to enter the trade with the "off quotes" message. It applies not only to placing the market orders, but also to placing stop orders or changing the SL and TP, which is weird. So forget about placing or moving the stop order several seconds before the news.
- They freeze all pending orders in range of 15 pips 1 minute prior the news. No idea why.
 

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.