Fresh HotForex review that helps Forex Peace Army traders invest safely

3.719 · 527 REVIEWS

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Updated: Nov 18, 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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3.719 · 527 REVIEWS
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Traders Reviews

Dubai, United Arab Emirates,
Apr 15, 2020,
Registered user

CHEATER

Service use: Live

Length of use: 0-3 Months

This broker offers 100% Credit Bonus, doubling your equity but when you reached your deposited amount they will stop you out and wipe your account even you haven’t reach your extra bonus! My leverage is 1:1000
I’ve lost $350 in total with this broker which should turn in profit if they didn’t stop me out.
The chart is going reverse when they stopped me out!
  1 trader has found this review helpful
Jehlum, Pakistan,
Apr 20, 2020,
Registered user

1 year satisfactory results

Service use: Live

Length of use: 6-12 Months

Joined the trading back in 2016 on a friend's recommendation but didn't trade till 2019. The account was approved so last year I opened a demo account and practiced it for another several months. Initially all went above my head and it took me a lot of patience learning and repeating on MT4 demo. Honestly, while watching video lessons it came in mind that i had learned everything while sitting on demo it seems i knew nothing. However long story short! time keep rolling and with the passage of time i evolved with the skills required to make money. So i move on to live account to test my skills back in November 2019.

Here are some of the details i wish to share while i traded with the hotforex live account. Although i had small funds approx 600usd, i had managed to withdraw partial of this amount in profits which was processed last week. I am mainly trading GBPUSD and Gold is also my favorites. I did shorted last month and then i shorted GBP last Wednesday too. The overall trading is convenient. Spreads are average above all with no slippage or requotes. I withdraw last week which was satisfactory.
  1 trader has found this review helpful
Ljubljana, Slovenia,
Apr 21, 2020,
Registered user

Update of review: Archived account

Service use: Live

Length of use: 3-6 Months

After 9 days of waiting I got my money back from HotForex back office. They sent me an email with info that my wallet is credited with money from my archived account.

I am satisfied with the result and with communication.

I still think that they should at least warn me before archiving an account in order to remove my money from trading account to main wallet.

Apr 17, 2020 - 1 Star I' ve opened trading account and made a deposit to real account. Then I started to test trading strategy on DEMO account. Because I did not use my real account they moved it to ARCHIVED ACCOUNTS and also my money. When I contacted them through help desk I just receive answer that my request is forwarded to another department and that I have to wait for my money be recovered. And that takes days, days, days.... :(
I really can not believe that takes so long to coordinate between departments and recover my money and return it back to my wallet.
 
Didi,
Tashkent, Uzbekistan,
Apr 21, 2020,
Guest

Seems to be legit place to try online trading.

Service use: Live

Length of use: 0-3 Months

I'm relatively new to trading, especially FX (had some short experience playing stocks) and I opened account with this broker to try currency trading. Got credit bonus from them but I don't use it. Made some money trading on oil. After 2 weeks I requested a withdrawal from them and they processed my payment in the same day, no withdrawal fee, the money was in my Skrill account in next day. Can't say nothing more about them but I rate them 5 for now.
 
Khoi Huynh,
Ho Chi Minh, Viet Nam,
May 13, 2020,
Guest

Good support broker

Service use: Live

Length of use: over 1 Year

I have been trading with HotForex in last 2 years and got lot of support from opening account, document verification and trading consulation. If the spread is larger and it was not as promised, they reimbure with the spread charged or widened, funding and withdrawing are smooth without and hassles... Overall a decent broker and good support.
 
uk, United Kingdom,
May 19, 2020,
Registered user

Not a bad broker

Service use: Live

Length of use: 0-3 Months

Plenty of tradable instruments, including cryptocurrencies. Pretty good leverages. Good for newbies as they let you deposit as little as $5. A varied choice of deposit options. Support available 24/7 but only for 5 days a week.
 
Sargodhaa, Pakistan,
May 29, 2020,
Registered user

Hotforex cancelled my all profits and disable my account

Service use: Live

Length of use: over 1 Year

Hot Forex is one of best broker but i didn't expect this from broker. Hotforex cancell my all profits clos my trades automatically and terminate my account and just giving me offer to withdraw only my initial deposit.
With a lot of hard work i gained profit but when i requested withdraw Of 12000$ broker disable my account and cancel my all profits without any reason. This is reality hotforex is no more reliable so stop using it and withdraw your all funds
Regards
  6 traders have found this review helpful
South Africa, South Africa,
Jun 16, 2020,
Registered user

Unreceived Withdrawal

Service use: Live

Length of use: 0-3 Months

I made a withdrawal request which was processed on 20 May 2020. I still have not received my money. I contacted support and withdrawals department 12 days ago, still issue is not solved.

They keep replying with automated emails and not solving the problem.
  4 traders have found this review helpful
Khushab, Pakistan,
Jun 16, 2020,
Registered user

Hot Forex Scam

Service use: Live

Length of use: over 1 Year

greeting,
Hello everyone today i am sharing my first time bad experience in this digital market. i had work with hot Forex since past three yours and more. i was good confident and trusted in this broker. don't know the reason but last few weeks i heard something bad and cheapest things of hot Forex. i didn't believe but once they did it with me i was scared and shocked how it could happen with this.. HF team sent me an email that you account will be closed due to "Clause 36.2" company account agreement. you can withdraw all your fund within two days. i shocked and withdraw but they deduct my balance and did't refund me...i have evidence about it..this is the experience of my one account. in other account they deduct my all profit and remove my accounts without any reason.
so i advice to all my friends and friends of friends that be aware and don't trust on HOTFOREX and their team. other wise you will loss all you profit and balance
  3 traders have found this review helpful
Lahore, Pakistan,
Jun 19, 2020,
Registered user

Binary options trader switched to forex trading

Service use: Live

Length of use: over 1 Year

I was first introduced in binary option trading, later I moved to forex trading due to the binary site closed by the broker. Since I am trading with hotforex. They have smooth trading software mt4 which execute limit orders on time. Initially it was hard to take long or sell but with the passage of time I had concluded trading setups which occur during the week. I am not an intraday trader so i only wait and sit for these occasional trading setups which helps me boost my earnings from trading them. My total trading experience is 3 years now trading with live funds and it is satisfactory.
  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: 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.