Fresh HotForex review that helps Forex Peace Army traders invest safely

3.719 · 527 REVIEWS



Updated: Nov 18, 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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3.719 · 527 REVIEWS
Forex Peace Army

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

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Traders Reviews

Kostakis Gianakopoulou,
Jul 20, 2011,

Very hard to find a good broker...and i think i found one...

I tried to sumbit a review 2mins ago but i dont know if it went throught due to my internet connection.
Jul 18, 2011,

hotforex is worst site.payment problem.server is very bad .
so dont open hotforex live account.
Jul 18, 2011,

if you are trading for instant execution, it is ok.. but, from my experience, if want to trade news, your PO will be deleted. they said it was due to volatility (hell yeah,news sure got volatility)..sigh.. I also face hard time if use script.. i would say, 3/5 is the rating for them..
Jul 15, 2011,


A war story for you, i deposited $1000USD got the fancy $500 deposit bonus, lost $400 of that deposit in one bad with Voodoo V2 EA, and then some other bad trades which saw me under $1000USD.

I then came across MillionDollarPips EA and have to take my hat off as it fully recovered my balance actually was as high as $1600, then it happened.

I woke up next morning to see a floating trade over -$100 thinking to myself thats strange as MDP closes bad trades very quickly.

I went to the trusty old journal tab (A traders best friend and a brokers worst nightmare) and guess what i found, MDP was frantically trying to do its job and my old friend OFF QUOTES reappeared in my life, flashing me back to my horror days at FXCM where it was OFF QUOTES city and i lost thousands.

I disabled MDP withdrew my initial $1000 and was out of there like jumping jack flash!

Now i'm one of the lucky ones to have walked away even steven, warning for all you newbies out there you have the right to buy and sell whenever you want when the market is open, if someone is gonna tell me no cash in a trillion dollar market, im gonna tell them to shove it and put my cash into one of my other 4 broker accounts, of which i can handle the odd old tick, but off quotes kills me. I may as well trade baseball cards for a living i'm done.

04:24:09 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:10 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:10 '17335': request was accepted by server
04:24:10 '17335': request in process
04:24:11 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:12 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:12 '17335': request was accepted by server
04:24:13 '17335': request in process
04:24:13 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]

Review Moderation Team Note: We've trimmed out much of the log file. Please post it in the forums thread that's linked from this review page.

04:26:30 '17335': modify order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875
04:26:30 '17335': request was accepted by server
04:26:31 '17335': request in process
04:26:31 '17335': modification of order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875 failed [Off quotes]
04:26:31 '17335': close order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 at price 0.00000
04:26:31 '17335': request was accepted by server
04:26:32 '17335': request in process

And thats right you can see my account number Hotforex and no i dont feel like discussing OFF QUOTES=BYE BYE HARD EARNED CASH! NEXT!!
Hery Barata,
Jakarta, South East Asia,
Jul 14, 2011,

Been trading for 6 months now with Hotforex. Overall their service are better than average broker.
- customer service are superb
- fast deposit+ withdrawal via wire transfer (only 2-3 working days),
- good bonus 50% !
- tight spreads, etc
Unfortunately, still have one weakness :
- when I attached some indicators + trading system templates, their platform become slowly both open charts and execute trades.
Compare with other brokers : Alpari, Thinkforex, Forexoma, FXCM, they all don't have problems when I attached basket of indicators.
I only hope Hotforex will improve their server in my country area.
G. Krastew,
Jul 13, 2011,

Great broker!!! I have been trading a standard account at hotforex for almost 6 months and I am very happy with their service. Customer support has been always quick and accurate to every single issue or question I had. I have never seen that on another brokerage and I am trading for almost 4 years now. I just made my 3rd withdrawal via MB and it has been done in less than 2 hours!!!!! I will be recommending hotforex to all of my friends here!
Filippo Dasaro,
San Francisco, CA,
Jul 8, 2011,

I have had an account with Hotforex for about 2 weeks now. I will hold off on a rating until I have some more experience with the broker. But from what I can judge now, the platform is very good. Execution is fast (a lot faster than my previous broker), no commission, spreads are good, and first deposit was relatively quick. The 50% deposit bonus was awesome. The support could be a little better as I could tell many are non-native English speakers but I haven't had to use them for anything major. Overall I have had a good experience with this broker and will certainly be staying with them in the future as long as things stay the way they are.
Ian Robertson,
Jul 7, 2011,

Great broker, best customer service in the business! Execution is great with large positions and had my withdrawals proccessed on time as promised! Looking forward to trading with Hotforex for years to come!
Balazs Lendvai,
Budapest, Hungary,
Jul 5, 2011,

One of the best forex broker i ever tried. Low spread,very good online support...
R. Mann,
Jun 30, 2011,

I opened a live account with HotForex over 6 months ago. I've been very happy with HotForex so far! It's an excellent broker with good customer service, fast execution, and good spreads. I also got my first $5,000 withdrawal from HotForex the other day. There was a "minor" mix-up at first (I don't want to go into any more details than that), but the HotForex team and Vinny (my IB) came through for me and got everything taken care of to my satisfaction. Thanks for all your hard work guys!

idaho, usa,
Jun 23, 2011,

i made a deposit for 90 on my micro, during their instant deposit hours. because it said it went through, but did not actually add the balance to my account yet, i lost almost all of the money in my micro account with them because.
Jun 11, 2011,

It is all about trust, so far I am happy with HotForex in both Execution and Financial terms
Jun 6, 2011,

First I opened a Demo account with HotForex it was really easy to start trading. Now I am trading on Live account: excellent support and service, low spreads, fast execution, no re quotes and I like the new web trade room.
Eleni Diomidous,
New York, New York,
Jun 5, 2011,

Good broker with tight spreads and lots of products such as their new webtrader.

Having read all the negative reviews about different brokers i was skeptical of opening an account with a retail broker.

Opening the account with them and funding by Web Money was executed within 10 minutes. and the support that i needed thus far was exellent.

I haven't had any execution problems and I also enjoyed their Trading Signals
Sri lanka,
Jun 4, 2011,

a good broker.customer service and every things in a great higher level.
New York,
Jun 3, 2011,

I am glad i signed up with HotForex. No requotes, good spreads and great live support. Keep up the good work.
Jun 3, 2011,

if wanna make hot profit lets try hotforex...its always hot..i have no problem with hotforex since i use them somewhere january this year...thier customer service is hotforex is my prime broker....
Jun 1, 2011,

Fast open account, funding, good spread, huge bonus
Slow reply email (maybe in some reason), no gold or silver trading, not suitable for news trade, slow website
They promise to provide free myfx platform if fund USD2000 and above but when my account is in profiting i email them regarding the platform but no reply until i contacted live chat 2 times then they get back to me by email but that time i'm losing and balance below USD1000 and they said "your account with HotForex must have a balance of minimum $2000" then eligible to get a free myfx platform!

Sound what?? You all judge! Anywhere the platform only worth USD249 and still have plenty brooker is provide free if open a live account with them and i almost blow my account with them within a month so decided to leave it! Good Luck traders!
United States of America,
May 23, 2011,

I went with Hot after reading all the good reviews. Bad idea. Inconsistent customer support and too many requotes. Switched brokers after 2 months. They did allow withdrawal without too much problems.
Mark Smith,
May 17, 2011,

Hotforex is the best broker i have been with. I trade forex full time and have alot of money in hotforex. I have been trading live with them for 2 months now and i can see that they are a non dealing desk stp broker. All of my withdrawals were done the next day as promised and the support is fantastic, i will be with them for a very long time!
Daniel Luhat Wan,
May 1, 2011,

This is the best broker so far after after letting my real money run in it for 3 weeks now. This fabulous broker doesn't disturbing my EA to performed well, at all! Shocking differences compares to the previous broker that kills my money and EA. Hotforex is friendly to me.
Sotiris ,
Thessaloniki, Greece,
Apr 8, 2011,

I opened an account with Hotforex and i am glad i did. No requotes, good spreads and very good support. Hope they keep it up.
Mar 28, 2011,

After writing a letter to HotForex explaining how I didn't feel they should charge me for trades that went bad due to the server upgrades, they promptly wrote back and told me they would credit my account those trades to zero loss.
I'm bumping these guys up to 4 stars. Should the upgrades go through fine and they get the bugs worked out, I may bump them up to five. I've really been impressed with their customer service.

2011-03-25 2Star I run robots on my account and know what the ranges are they use before they take a stop-loss or t/p. I can count at least three instances in which I came in to look at my account running and noticed some of my trade losing money way beyond their stop-loss and would notice that the server time on the Marketwatch was frozen even though the platform seemed to be working otherwise. I have never had this happen to any other broker. ODDLY, I have the SAME EAs running on demos of theirs I am also running and the server time freeze was NOT happening. It is my understanding that many EAs rely partially on the server time to be running in order to function correctly.
I chatted with the chat service and they were more than helpful and told me they had server problems and that they were having it looked at. When it happened today I requested a refund for those lost trades. They gave me an email to request that. I haven't heard back from them yet.
The online chat is pretty quick and they are helpful and knowledgeable but I'm really feeling something is just not right here. I cannot fathom how only my LIVE account would have their server time-clock freeze yet I'm still getting tick data in my charts. I also cannot fathom how none of five demos I also have running with HotForex are not experiencing server time freezes like my live account. I'm not saying there are shenanigans going as i will be the first to admit that I am not an expert on the inner workings of server technology, but a problem like this could have blown my account if I had not been there to catch the problem early and close the trades!
If this happens one more time I'm going to withdraw my money which will be a major disappointment for they had a nice joining bonus and I joined through cashback and get money from that too plus they had the kind of account I wanted.
Michael G,
Mar 14, 2011,

I opened two seperate account with Hotforex around a month ago and so far so good. Trade execution is fast, never saw a requote and I made my first withdrawl today and it was painless and without fees (well alertpay did charge me 50 cents!! hah).

Love this broker so far, their chat support can be iffy from time to time but I was assigned an account manager who is quick to answer any and all questions.


sri lanka,
Mar 10, 2011,

Hot Forex(HF market) is best STP NDD broker in Forex world...i start my account from $25 now my account balance was $110...its amazing...i suggest this broker for who like to trade in genuine 100% transparency.. EXCELLENT customer care representative (Mr: john, Patrice,Shams ) very good, Hot Forex not a market maker bcoz trades can make profit ..((.i remind to all forex traders DON'T try to trade with Market maker )) and TODAY I GOT MY WITHDRAWAL TO MY BANK forex is totally genuine and pure STP NDD broker ....again again i thank to HOT FOREX and their STAFF
this is my first profit of forex before i have lost $500 in FXOPEN.COM becoz they are market maker totaly market maker ....if you have any idea to trade forex go on with STP NDD BROKER
Dada Xia,
New York,
Mar 6, 2011,

I started with a micro account two months ago. Overall Hoyforex is doing a good job, but there still more room for improvements.
1. Stop Loss or Take Profit set must differ from market price by at least 3 pips.
2. Orders are locked when market price near Stop Loss or Take Profit, (Hotforex wouldn't let you make an order change.)
Feb 19, 2011,

I thought at the starting to trade,it is good broker,because of very fast reaction of staff,nice traders site.But its problem is excutin of oder.Unfair losscut were often occured,third times in a week.if I claim it,they repair it.But we need to watch each trades if unfair oder is there or not.It exhaust me.they say our profit is their profit,because they are stp broker.But I can not think so perfectly.
Hery Barata,
Feb 17, 2011,

3rd review. at least Hotforex return my bonus as per their calculation.
And my balance now up more than double with them.
Low spread, fast and flexible withdrawal, fast execution.
I can get a lot of pips during news release.
I hope that they keep maintain they good service.

2010-12-23 2star Unfortunately, I have to reduce my rating review.
Since they are in small country, I need to test their integrity before I invest bigger.
That's why I closed my live account and withdraw all the balance. I have traded 60 lots. But they deducted my first bonus (20%!) before transfer to me. I was deposit USD 5,000 and the bonus was USD 1,000. For fair threatment, they should at least pay me USD 500 for 60 lots, but nonsense.
Their advertisement seems lie.
Slow to response withdraw, also many requoted, especially during news release.

2010-10-20 5star Good brokers. Very fast execution on my demo account.They don't trade against their clients. Good customers services and very helpful.
One of recommended broker.
Feb 12, 2011,

I've been playing this forex HF was 2 months .. I like to play during the news broadcast by using the EA pending order. At first Hotforex very satisfactory, but if this recent orders pending I do not want to go. I did this not once but many times the senses. I was really disappointed with Hotforex.But the withdrawal of customer service are very fast and rapid.
New York City,
Feb 2, 2011,

My Experience with HotForez met my expectations, provides promptly great service, fast technical support, fast order execution time.
Feb 1, 2011,

Hi all again,

now I want to say that today is the third day I trade with MARKET execution: on 28.01.2011 the INSTANT execution was replaced by MARKET Execution by HotForex.

Now it is really SPT processing with very good spreads (I cannot say more because of trading only the third day under that condition).

I proceed to monitor the performance and other things and will inform all there if necessary.

Apart from that the other trading conditions are good too, first of all the fast deposit via credit card as well as the 20% bonus.

I haven't withdraw anything yet so I cannot rate it today.

Herewith - for the time being - I'm giving HotForex with 3 stars.

After a while of monitoring I hope I'll be able to give 4 or 5 stars.

2011-01-22 1 Star Hi all,

My experience with HotForex are far from rosy. What they do is in my opinion SCAM.

Here is the main reason for this:

HotForex advertises itself as a true STP NDD broker for all accounts.

As you all know, a true STP NDD broker has to offer STP execution, that means "Market Execution".

I opened a LIVE account and got DD with INSTANT execution and all the associated things like infinite big requotes, especially if I had to have TP etc.

I asked HotForex via email ( to change my account to STP with market execution.

A few minutes later a man called Mohamad (or similar) called me at home and said to me that there are nothing to change because INSTANTexecution always means MARKET execution, it is SPT, they have NDD, no requotes etc. and d not profit when the traders loose....

And today? My account is still with "Instant Execution" including more DD deals (I have even the impression that they're now targeting me).

I hope FPA can help with.

The other not nice things:

1. Spreads on live accont are 10 pips or more higher than on demo
2. Swap is always negative, even if it has to be positive (and on DEmo were positiv)
2. Several other things I still want to watch befor I can make ultimate opinion.
Jan 25, 2011,


I just checked the reviews today again and I can't believe there are such reviews here... I have sent a withdrawal request of $400 to my Debit card yesterday, because I need to pay some bills here and money already showed up today... so I'm not 100% sure that the people making the previous posts are honest!
The spreads at HotForex are nothing like 10 pips from what I have seen... It might be on some weird pairs, but eur/usd stays under 3 pips most of the time... I have seen it going to 4 pips during the asian session, but this can happen on non-manipulated feed.
My experience so far has been great with HotForex so I really don't think peope who have posted the bad comments are honest at all...
I hope I am not acting like a cheerleader of HotForex, but I want to tell the truth.
P.S. I can talk with a friend of mine from Bulgaria who is my introducing broker there to give you a live account investor password, cause I think he has one for his future clients if you want to monitor the spreads and see that everything there is fine.

2011-01-10 5stars I have found HotForex in the middle of December as suggested broker by a friend of mine who is their Introducing Broker. I have never traded on a better broker. I have standard account with them and spreads and execution have been great so far. The customer support at HotForex have been also great. My IB connected me with Irina and she has been giving me enormous amount of help on everything that my IB was not able to help or answer promptly. I have also noticed that their demo feed is 1:1 with their live feed wich I believe says more than enough. I want to point that spreads during the Asian session might get a big wider(nothing too bad), but I guess that's normal for an ECN broker, because of the low liquidity during that period.

I will definately continue to use hotforex as my prime brokerage company, because I have never seen such kind of personal touch in everything - even with the communication with the client. I can safely recommend it to the other traders.
Trader X,
Jan 10, 2011,

No longer allows news trading. Don't even think of trying it unless you want to endanger your account! (They will freeze the platform, slip you, requote you, etc). Good otherwise.
Jan 9, 2011,

Solid brokerage, easy trading fast execution, flexible and very trasparent.......will be the words to descripe HotForex.......their affiliate/IB program is amazing just got my first commission far so good
Dirk D.,
Nevada, USA,
Jan 7, 2011,

A friend trader mentioned HotForex to me! Beside the good reviews in some of the big forums, I was very skeptical in the beginning since they are new broker and because of their jurisdiction.
I tested them with 500 USD and I was amazed with their service and support when I opened and funded my account. Even when I tried to withdrawal some of my profits they sent me a receipt that my credit card was refunded.
The same goes with their trading conditions, leverage up to 1:500, low spreads (EUR/USD: 1.1-1.8) and super fast execution! I am trading Forex for the last 6 years so I have been around with many brokers and HotForex makes trading very easy. On trading news you do get some slippage and since they are STP on times with low liquidity the spreads tend to widen and that proves their existence as STP brokers and not market makers!

Last week I have refunded my account, this time with 5K and I am using their CurrenX feed with super low spreads (EUR/USD:0.6-0.9). Even when I had a problem with my internet provider (ComCast) and I wanted to close one of my positions, I spoke with George (manager) and immediately closed my position.
After speaking with some of the managers I realized that the people behind this young brokerage are very experienced and tend to find time to assist traders.

I will continue trading with HotForex and I will recommend this brokerage to other traders.
Jan 4, 2011,

Hello Hery Barata,

I trade with and the reason why you didn't receive your bonus after your withdrawal was that you did not meet the volume requirements. For every 5$ bonus, you must trade 1 lot. In order to receive your bonus, you had to trade $1000/$5 = 200 lots. You didn't think you actually could get the bonus and just run away with it, did you?
Jan 3, 2011,

I am changing my review.
Lately there has been significant slippage, they freeze account at news reports and now they up the stop loss, take profit minimum to 15 pips at news reports.
Also there are many loss of signal events.
Too bad the spreads are good.

2010-11-21 5star So far So good. Very low spread. Fast execution, no slippage so far. Hope it keeps up.
Mahesh Kumara,
Sri lanka,
Dec 1, 2010,

Good brokers in the forex market. Low spread,grade online support,
J Kiley,
Nov 28, 2010,

Excellent tight spread and service.
Nov 25, 2010,

very tight spread, perfect for scalping and news trading wth free profitable signaling services
K. Athens,
Northern California,
Nov 24, 2010,

I am glad that I have come across Hot Forex. They have an exceptionally strong technical support team and their overall business approach is superb. As a a relative neophyte in this, I am so glad that I have been using Hot Forex.
Ahmed Aman,
Nov 12, 2010,

Hot Forex has a very strong technical support. And speed in responding to customer
Andrea Chan,
New York, NY,
Oct 3, 2010,

I'm glad that I've registered with HotForex. They promptly responded to all of my requests, showed friendly and professional attitude and provided quick and nice service. I'll definitely stay with HotForex.
bang Nur,
bandung, Indonesia,
Sep 28, 2010,

this broker...instan exsecution, low spread...i like It

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.