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

Johannesburg, South Africa,
May 15, 2019,

Good fast withdrawal in 3days
Best for fundementals and technicals
Am happy with their service , hope they keep up the good work
  2 traders have found this review helpful
Gagri, Pakistan,
Aug 7, 2019,
Registered user

Introduced by Hotforex IB on demo services but now i am a live trader

Service use: Live

Length of use: over 1 Year

I was introduced through an IB with this broker however this IB guy did helped me a lot in learning forex trading. I did traded sometime on demo along with his instructions however now i have been trading on live for the last one year. The overall trading condition is convenient and sufficient enough to make profit. There are bad times too when i overtrade yet i find its a part of my own faults so nothing bad about the broker side.
  1 trader has found this review helpful
Pretoria, South Africa,
Aug 27, 2019,
Registered user

Price manipulation

Service use: Live

Length of use: over 1 Year

When I woke up on 26/08/2019 I found that my hotforex account had been stopped out because, according to my hotforex mt4 chart, usdtry had spiked to 6.39 and I had small trades open but a spike of that magnitude was enough to clear out my account. When I got my wits back, I started checking and found that the spike only happened on the hotforex chart, every other chart that I could access showed the usdtry going as high as 5.85, well below the 6.39 on the hotforex chart. I did send an email to hfsupport and am waiting on their response. I will submit that when I receive it.
  5 traders have found this review helpful
Johannesburg, South Africa,
Aug 29, 2019,

Hotforex fraud

Service use: Live

Length of use: 3-6 Months

I trade using stop orders and limits, I had buy limit orders set for Eurcad today on my hotforex account and on another account with another broker both at the same price, when I checked later I find that the buy limits have been triggered only for hotforex yet the price didn't even reach my orders. When I checked on my other account the orders were not triggered. Hotforex manipulates charts and their spreads against you.
  5 traders have found this review helpful
Gia Khoi,
Ho Chi Minh, Viet Nam,
Sep 4, 2019,

Popular and credible broker

Service use: Live

Length of use: over 1 Year

I know this broker several years ago and they have been pretty popular and have established a good reputation over time. I have traded this broker for close to two years now and have suggested it to my colleagues. A few quick notes, they offer multiple account types and services, it can be over whelming for new comers. Try to understand the bonuses first before acquiring, i still see many misunderstand how bonuses work. An advantage is crypto payment offered, many can benefit from it. Another thing is regulations, they are regulated by many depending what region you are in just be sure to ask about it if you are a bit picky, on last reminder is to make sure you are fully verified before doing live money transactions, its a rule of thumb with many brokers and they can be strict with documents which is expected. Over all they are good with a good variety of pairs to choose from.
  1 trader has found this review helpful
Naeem Zaman,
Rawalpindi, Pakistan,
Sep 4, 2019,

Hotforex broker is a decent broker

Service use: Live

Length of use: over 1 Year

Hotforex broker is a decent one in my opinion because i have experienced a lot of improvements since i started trading with this broker. Overall my trading involvement includes around three years of using micro account. It comes up with good leverage amount although there are also many other account types too. I am using MT4 which is very responsive platform. What i enjoys a lot is the spreads which are easy to reconcile against profits.
  1 trader has found this review helpful
amman, Jordan,
Sep 18, 2019,
Registered user

an old exprince since 2014 lost over 20k

Service use: Live

they have false scam pam acounts that made me and other 23 traders lose over 23k in 4 hours

Jan 16, 2017 - 1 Star after one year of trying to get som of 27k loses from hotforex company they kicked me out and took 53 active affiliates accounts with no reasonable reson
  5 traders have found this review helpful
Nick M,
Philippines, Philippines,
Nov 27, 2019,

seven months of live trading.

Service use: Live

Length of use: 6-12 Months

over all experience is actually good. But on a personal note here are a couple of points to consider, the broker is well regulated with multiple regulatory bodies depending on what region you are from, popular in southeast asia, africa and mostly eastern europe. In terms of trading environment pretty much good execution, acceptable/manageable spreads, a wide variety of pairs to trade including crypto currencies. Funding does offer a multiple options both in deposits and withdrawal, one thing to note is to make sure account is fully verified before any deposit is made, withdrawal options varies from an in house debit card option, bank wire and most popular i would say are third party ewallets such as skrill and neteller. I use Skrill and it can be processed the next day or up to 48 hours. There is the usual bonuses and contests going every now and then, though i try to focus on my trading more.
Conclusion: Hotforex is a decent broker, might not be perfect but they do get the job done as far as providing the services needed to traded forex.
  1 trader has found this review helpful
waffi, Nigeria,
Jan 20, 2020,

They make your winnings small and your loss big.

Service use: Live

Length of use: 6-12 Months

Kindly do not use this broker they manipulate u. You will find it difficult to win trades if you continue using them. They will cut your wins or increase your loss either ways you will not win as much as you ought to and you will lose as my as you ought not to lose. I set an instant execution with hot forex and i noticed on my other account with another broker it was already in profit but in huge lose in hotforex broking platform. My instant execution wasnt executed immediately it was executed as though it was a buy order and meanwhile i was running at losS. Price has to reach 100 pips before my instant execution is filled by then price has reversed against me.
  2 traders have found this review helpful
Khanh Quang,
Ho Chi Minh, Viet Nam,
Jan 20, 2020,

10 years broker, decent to trade with

Service use: Live

Length of use: over 1 Year

A friend introduced me to try HotForex about 2 years ago. Before that, I know Forex only a little. After opening demo and exploded dozen accounts, I decided to open a real account with this broker, it's a Premium one with no commission. This broker has wide asset and currency choices to choose for trading. It also supports MT4/MT5 and mobile trading. I lost for a year and made some profits and withdrew for a few times in 2019, they always process your withdrawal requests in 24 hours or lessen without any hassle. According to my research, this broker has been operating from 2010, so I trusted it and last 2 years I don't encounter any critical issues. I can recommend this broker to any new trader.
  1 trader has found this review helpful

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.