Fresh HotForex review that helps Forex Peace Army traders invest safely

3.732 · 528 REVIEWS

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Updated: Jan 10, 2022 · 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 (Bank Transfer), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney
Withdrawal Methods: Bank Wire (Bank Transfer), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney

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3.732 · 528 REVIEWS
Forex Peace Army
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Traders Reviews

Lahore, Pakistan,
Feb 24, 2019,
Registered user

Still waiting hotforex response

Lahhotrid but hotforex representative who asked for account if, didn’t give his response, as i staes earlier, they think they have too big now to solve their clients issue, instead some other people are contacting me and telling they have the same issues, anywaYs lets wait and see.

Feb 12, 2019 - 1 Star Myhotforexid: 696525
Well, Well, Well, here we go again, I never thought that I would write review about hotforex again after 4 years but things are getting worst with them.
ECN Broker-Complete Lie
B Booking- going on full time
Stop Hunting
Execution issue 7/10
Customer support -Pathetic
Arrogant behavior- this one is added recently

I had account with hotforex 4 years back and when I started to make money, I faced all above issues, after reviewing it on forexpeacearmy, they resolved some of the issue, but my relationship with hotforex ended with some of the continuous issue, changing instrument timing without informing clients etc.
I opened account again due to personal relation with their Manager Mr. Sohail Khan( who also resigned due to issues with hotforex) who promised me that there would be no issues and my account will directly be connected to market and there is no B Booking involved, if some of you don’t know what B booking is, its market making, they trade against you rather than sending your trades to markets.

Last weekend they stop hunted me on 2 of my positions with sudden spike and after that price went to normal. I have deposited more than 10k usd in last 2 months, but greed is curse and they just stop hunted me for 216 usd. I sent them email immediately and there was no reply from them when market was open and they most probably enjoying their beers. I would say that’s an arrogant behavior.
After multiple emails, they took more than 16 working hours to solve the issue. Their trading desk is pathetic and they opened and closed my positions multiple times, they can’t even understand simple math, how to add and subtract. But big question is that how an ECN broker can change positions when time has passed, only a market maker can do that. There was also a weekend between this and those 2-3 days was full of mental stress and tension for me but they don’t care, because they think that they have grown too big to provide good customer support to their clients and resolve their issues. They opened my positions again when market was against me, if they would have stored it earlier, I would have made good money, but why they should have done it, they don’t want you to succeed. In the end after multiple emails, they reimbursed me 216 usd after I sent email to their MD, Mr. Aristos. so I started to trade again.

Then one fine morning, I received email from their client audit team that they are closing my account under clause 35.2 , that clause just say that they can close account, nothing else, and I won’t able to open any new positions, that day I lost many opportunities to make money, we need to understand that leverage trading is big risk and reward, so they have deprived me opportunities to trade in the open market. Giving trading opportunities to the clients should be the first and foremost objective of the broker but they have denied me that opportunity. I tried to contact all known people in hotforex but there was no reply till today from them, why they were closing my account.

I have caught them red handed for stop hunting me, that’s the only reason I think, they have decided to close my account. They would have thought this client will keep an eye on us and will catch us again.
As I mentioned earlier that greed is curse, my trade volume is very high, even if they would have just relied on commission, it would be a lot for them but no, they want to rip you off each and every penny of you.
They did not reply to a single email till now, I contacted one of their managers by getting his number from somewhere and he told me that in past I caused damage to hotforex reputation and that’s why they are closing my account. Now here are two questions, why they have approved my account at first place when they knew that I am the same client, and if they didn’t know, how useless they are. I have deposited more than 10k usd and now when they have closed my account, they denied me the opportunity to recover my loss. Second, they only close my account, after I raise my voice for stop hunting me and ripping me of my money, giving me mental stress, tension, wasted my time.,

So guys, making and losing money is part of business but if you don’t want to have mental stress, tension, wastage of time and want to avoid pathetic customer service, avoid this broker, they are scam.
They will stop hunt you, there will be execution issues, because they are market maker, they will never want you to make money.
I have proof of each and everything which I stated above and if anyone is interested, they can contact me to see the proof, I can’t post snapshot here. I will show how they are stop hunting with spiking the price, how they are changing positons without informing clients.
My email is Arshad.usman@live.com
Yesterday I sent them an email and I gave them a fair chance to resolve the issues and was expecting call from their management but they opted to ignore.

Hotforex is a bucket shop, market maker, they will rip you each and every penny of you.

I will also send this review to them and ask them to defend it on forexpeacearmy as I continue to give them a chance to step forward and communicate with me.
  3 traders have found this review helpful
Kamranishfaq,
Rawalpindi, Pakistan,
Mar 3, 2019,
Guest

I opened my account in October 2016. I provided a scanned copy of my ID card and personal bank statement for verification. After my account was validated I keep on demo account for quite some months before funding my live account.

My live trading journey started a year later when I funded my micro account and started trading cable for sometime.

My account was small but I made nice profits every week because of good leverage and lower spreads. Now I have two accounts with this broker, one is big one and another is the one I opened to start trading with them.

I am trading with confidence because I have seen that the services are good. I withdraw my money back to my bank account most of the times and it's easy.
 
motherlover,
Manila, Philippines,
Mar 23, 2019,
Guest

look for other broker if u are micro only cos of high spreads

Micro account has high spreads like average is 15-18 pips for other currencies only currency that has reasonable spread is eurusd which is 10-15pips. this broker is a market maker and will look to beat you in your trades. prepare a trading system that will beat them and you can be profitable otherwise look for another broker
  1 trader has found this review helpful
Lam Quang,
Vietnam, Viet Nam,
Mar 27, 2019,
Guest

Decent choice for SEA traders

I have traded multiple brokers for years because I always diversified my funds. But after trading for 2 years, I see hotforex is much better than local brokers I tried. Another international brokers I was trading had the same quality but hotforex has a local IB that contacted me to support me any issue, it's reason I choose to keep trading with this broker. He has helped me a lot to withdraw / deposit my local bank account. Hotforex is quite popular in my region, South East Asia, with many offices. They offer various account options with minimal deposit from only $ 50. Highly recommend!
 
Viet Nam,
Apr 7, 2019,
Registered user

Hi traders,
I was a trader have been a customer at Hotforex in the past 10 months and I completely failed and my mood collapsed due to my losses on 2018 July and 2018 August

On 2019 Jan I started to make a list in my trading history dates to learn by myself from my mistakes to improve my trading. I had unexpected lesson in trading history at Hoforex.

I wrote down about my trading story and complaints to man power in Syces on 2019 Mar 18 but I have not yet received their response.

Iam still waiting to their response about my issues

Traders please read my story in trading the past 10 months..
I hope that traders could learn from my mistake lesson to ovoid the evil men in the world

I would like to learn how the power in the world to of the law court this time

Hotforex is worse than war-time

1. https://www.youtube.com/watch?v=BtrSx5IJtMA
 
Min Yang,
Kuala Lumpur, Malaysia,
Apr 13, 2019,
Guest

Advanced, Fast and Credible broker

I have been trading with this broker since 2018. Withdrew many times and withdrawals are processed the same day or the next day (under 24 hours). This broker offers most of Forex trading services, CFDs or Bitcoin payment, Spread / No spread and Commission / No Commission. I think every trader can find their preferences here. So I highly recommend this broker for new or intermediate trader. I give them 4 stars!
 
Indonesia,
Apr 19, 2019,
Registered user

Bad Terrible Broker..!!!

Hotforex is practicing unfair and scammy trading services to its clients. They manipulate their spreads that widen to more than 5 pips (during normal market conditions), contradicting their claims that they have the best spread service compared to other brokers as stated by their spreads comparison table in their website. They claim that most pairs have no more than 2 pips as shown in their table, but not true in current live trading. I have the screenshot proofs! STAY AWAY from this broker ..... !!!
  3 traders have found this review helpful
Duy Nguyen,
Ho Chi Minh, Viet Nam,
Apr 28, 2019,
Guest

Good broker for Asian trader

I participated this broker's seminar held in a hotel, I also claimed $50 bonus, this bonus is tradeable only. Payment is pretty fast (deposit in a few minutes by CC and withdraw in 24 hours - processed ). Have been using them for over 1 year from early 2018... Customer support is also good, live chat takes 5-10 mins for response and phone call is instant but only for proficient English trader because they have EU accent (I cannot catch their voice). The main advantage is various account and assets options to trade, I am from South East Asia and no problem in using their services.
 
Toni Alvarez,
Cebu, Philippines,
Apr 29, 2019,
Guest

Positive Impression

the broker is well know and good over all. spreads aren't the smallest I have seen, but the over all package the broker offers definitely is better than most, and scalping is doable. No complaints with withdrawals, fast and easy, and they do provide options. the number of instruments offered are really good, tradeable currencies are very decent, they do offer crypto though I do not trade them. sticking to eur and usd pairs is my way to go to. support is available, I guess they do offer live chat email and phone support, I do get calls at time when withdrawin just for verification i guess. I give them a 4/5 based on a five months live trading account. make sure you understand the bonuses first and keep leverage at a manageable range.
 
Malaysia,
May 14, 2019,
Registered user

Solved

Hotforex regional Team leader, name Fun has solved the issue. Hopefully they can do thing like this at first hand next time.

May 8, 2019 - 1 Star My account number is 51045893, i have requested their server location to their customer service thru chat so i can setup my vps but she sound so skeptical. This really worried me. Is hotforex really a legit company ? I tell her so many times that i am asking to setup a vps but nothing happen. If hotforex rep is here contact me at email i registered with your comapny.
 

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.