Fresh HotForex review that helps Forex Peace Army traders invest safely

3.732 · 528 REVIEWS



Updated: Jan 10, 2022 ·  · 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 (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

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.
Khanh Nguyen,
Ha Noi, Viet Nam,
Aug 27, 2013,

After trading with this broker over 10 months, I have made the profit consistently. This is a good broker with lower spread than other brokers. Payment process is fast and on time, withdrawal via debit cards takes 2-3 days, not so bad but with other payment methods, it's about 12 hours. It rarely has slippage so everything is good with this broker. I give them 5 stars.
Rawalpindi, Pakistan,
Mar 3, 2019,

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.
Dwi Forex,
Auckland, New Zealand,
Feb 9, 2012,

The best forex broker I ever had. After trading for 4 / 5 years.
After experiencing more than 10 brokers - yes more than 10 brokers according to my broker list on cashbackforex.

fast deposit, fast withdrawal, fast system - what else do we want?

2011-10-13 4Star
Credit card - Fast
Wire Transfer - Fast

Credit card - Fast
Wire Transfer - TOO SLOW - 7 working days

I am sure they can improve this - other brokers can do it better.

General Trading experience: 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.
Mohammed Jabir Younus,
London, United Kingdom,
Jul 30, 2016,

My HotForex wallet ID is 197219 and I been with Hotforex Team Bangladesh over a year now. I was struggling to stay and walk in the FX market and loss good balance due to not maintaining and getting support from anyone.

Everyone give education and support even Hotforex does it also but the reason why I have Choosen Obidur Rahman and his team is because he is clearly a Good guy with his excellent talent and experience not only he cool me down and pointed out my mistakes but also have not seen any better Broker who allow almost every trading style then Hotforex. So I feel and it's true that Hotforex is one of the best Broker and Obidur Rahman is exceptional.

I have seen many people complaining about platform doesn't work etc and complaining about services, we all know when it comes to something that doesn't work in our favour we try to fine issues and asking for returns but my question is when you guys make profits do you give any support for them? I guess no is you answer. I have never faced any issue and if there was any that was dealt thoroughly.

The amount of support people can get from Hotforex Bangladesh team will never get anywhere. They are the best team at present I believe and with their inspiration I want to Go further in Forex Market.

So with my personal experience I can only say don't look another broker who might be good company but without support and help none of them can give you a clear path.

Anyone have any question please do let me know and I have happy to communicate and give them right direction.

Many Thanks
Moris J,
Leicester, United Kingdom,
Nov 7, 2011,

Well, I've been with Hotforex since early this year, I never had any issue yet but one of the my friend said that he had one issue but it handled well by their support team. Highly recommended Hotforex, 5star from my side.
Joan Pineda,
Philippines, Philippines,
Apr 29, 2013,

A straight forward broker with good services, good spreads mostly with very minimal slippage during news outbreak, I have no complaints, my first withdrawal was on time and was easy, I keep a small account on a low leverage with hotforex, its only been 3 months with this broker but I’ satisfied so far.
Thy Le,
, Viet Nam,
Jul 30, 2013,

This is my first international broker and the third broker after I lost two accounts by local brokers. I have opened demo account first to test the system for several months, then I went live. This broker's platform is very good, I rarely see requote or slippage. Fast payment within 2-3 days and their CS was very friendly to help me in solving the payment problem. Good broker, I give them 5 stars.
Trong Phuc,
Ho Chi Minh, Viet Nam,
Oct 25, 2017,

Popular and reliable broker

I was referred to this broker by a friend who had already have good experience in forex trading. I opened account with this broker back in 2016. I have been trading with this broker since then and did managed to double the invested capital over one year. I often withdraw and sometimes leaves the amount within my account to improve equity. I also had tested the PAMM account and am glad that I am making some extra funds from this service.

The platform is very stable, good response from MT4, which is much popular among the traders. So i never misses any take profit opportunity with this MT4. The trading pairs are sufficient. The order execution is fast, usually no requotes even during the busy time. For spreads and commissions, i think that they can safely be considered fair, I also had found them quick at processing withdrawals. I can safely recommend trading with this broker because they provide very good services.

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.