HotForex Review

3.739 · 525 REVIEWS

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Updated: Aug 19, 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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3.739 · 525 REVIEWS
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Traders Reviews

Huynh Duy,
HCM, Viet Nam,
Aug 18, 2021,
Guest

Safely recommended broker

Service use: Live

Length of use: 3-6 Months

After 6 months with this broker in total 5 years of forex trading, I can safely recommend this broker for everyone. Good spread and fast support (even live chat). They have attracted bonus programs but not easy to claim so please read bonus terms carefully before opt-in. Various trading assets and payment methods, overall a decent broker!
 
Haider Ali,
Faroqabad, Pakistan,
Aug 17, 2021,
Guest

Decent trading partner

Service use: Live

Length of use: over 1 Year

As per my trading experience with this company I have came to a conclusion that they are very decent trading partner when I rate their services like order executions, spreads, profit withdrawal etc. I am using the micro account for two years and the leverage is also perfect.
 
Gamboa,
Laguna, Philippines,
Aug 12, 2021,
Guest

first withdrawal

Service use: Live

Length of use: 3-6 Months

I just made my first withdrawal Aug on 11 2021, amounting to 1500 usd via neteller, it was processed yesterday aug 12 2021 and was in my account at 6:00pm (+8GMT), total live trading is 4 months with this broker, over all I think they are pretty decent, they do offer a pleasant experience, active support, Im yet to hit my roi, hopefully in a couple of month and then i shall update my review when that happens.
 
Rustenburg, South Africa,
Aug 10, 2021,
Registered user

Price manipulation.

Service use: Live

Length of use: over 1 Year

Early on 10/08/2021 at 9 am (GMT+2), I checked Hot Forex charts to see if I can deposit a few dollars to take a position on my favorite pair (EUR/USD), when I opened the chart I saw a huge spike to the downside on the H1 and H4 charts, and I just thought to myself that it was a news driven move and then I decided to wait and let price break above a descending trend-line.

In the evening at 8 pm (GMT+2) I checked the charts again to see if price had broken my descending trend line only to discover that the spike had been removed on H4, here is the proof https://i.postimg.cc/0Nxqw9wd/Screenshot-20210810-200726.png and other time frames except on the H1, here is the proof https://i.postimg.cc/vTDyZX6J/Screenshot-20210810-200713.png .

I got suspicious and went on to check charts from other brokers, specifically FXCM and Exness respectively and such spikes did not exist, I'm glad I saw this activity from HotForex early and I was not in a trade when they commited this fraudulent act. My account number is 430797. I am heartbroken, scared and swear to never work with this broker again.
  1 trader has found this review helpful
pahang, Malaysia,
Jul 28, 2021,
Registered user

Willing to hear client's voice

Service use: Live

Length of use: 0-3 Months

Previously had issue with trades where there is a huge gap between current price and executed opening price. After file a report to them, their staff call me to figure out the issues that I'm facing and willing to give a good solution. Overall not bad, recommended.

Jul 23, 2021 - 1 Star When I place a trade sell somehow the entry place is like 20 pips below the current market place, making me lose 20pips instantly.
At times when I see I'm having profit and I chose to close my trade, the closing price is hell so far away from the actual current trading price, ends up to be a losing trade. Hello?!?!?! Are you serious, it's a winning trade but when I click close it turned out to be negative trade. No way this kind of broker is regulated, they are manipulating your trade in any ways they want just to rob your money from you!
 
Burgersdorp,
Eastern Cape, South Africa,
Jul 16, 2021,
Guest

Compliment

Service use: Live

Length of use: 6-12 Months

HotForex to me has been super cool on everything according to my personal experience with them. I would highly recommend it!!!
 
elbehira, Egypt,
Jul 8, 2021,
Registered user

A perfect broker

Service use: Live

Length of use: over 1 Year

Actually , i have a real trading account in Hotforex, numbered 66020332.
In fact, HOT FOREX is the BEST BROKER I HAVE EVER SEEN......
everything is perfect, MT4 is very accurate, very fast executions, True and very accurate candle sticks, no slippages, no elevation of spreads at times of important news.
withdraw is very fast.
the client area (my HF ID PAGE) is too reliable and everything is clear and very uniformed
supporting team and live chat are very helpfull......Actually, an excellent broker
 
Sang Do,
HCM, Viet Nam,
Jun 26, 2021,
Guest

FCA broker choice

Service use: Live

Length of use: over 1 Year

I knew this broker through a friend and I researched carefully before opening an account (my ID is 2xx75). Through years, this broker keeps acquiring licenses (also FCA) and I haven't seen any hassles with my trading, fund and withdrawal except my trading ability. I believe any forex traders can find this broker reliable to trade. Recommended!
  1 trader has found this review helpful
elangakurichi, India,
May 4, 2021,
Registered user

Hotforex scam my fund

Service use: Live

Length of use: 0-3 Months

Today i deposit fund 100 usd via Perfect money.. but fund not loaded my account.. i live chat person.. he asked proof my account.. I send two time.. but fund not loaded my account.. and no more action.. hotforex scam my fund..Beware of hotforex..

My HF ID 21061
  5 traders have found this review helpful
Josephtamayo,
Sta Rosa, Philippines,
Apr 15, 2021,
Guest

a good forex broker

Service use: Live

Length of use: over 1 Year

total forex trading experience is 3 years, 1 year and two month with hotforex, over all experience is good, good options to choose from, from crypto to currency pairs, very active support with good marketing materials, its not a secret they are very competitive in the field on forex trading. im pretty pleased with the service they provide, but as the saying goes dont put all ur eggs in one basket just to be on the safe side. Hotforex is relatively reliable never the less. charting can be done through the platform of through other means, doesnt matter, im sticking to mt4 and response time is very good, order execution is reliable. good for scalping, swings and long term trading, do keep leverage at a manageable range, I wont recommend high leverage to any one anyway. and good luck everyone.
 
Japan, Japan,
Apr 5, 2021,
Registered user

Close account nit paying.

Service use: Live

Length of use: 0-3 Months

I want to close the account and do not want to pay, the minimum withdrawal is 20 USD at another broker I had the same problem, but it was closing the account, they paid, hotforex is scam
  2 traders have found this review helpful
Hung Tran,
HCM, Viet Nam,
Apr 3, 2021,
Guest

Credible international forex broker

Service use: Live

Length of use: over 1 Year

I've started trading with this broker from 2019, after taking part in their VIP Contest. Overall, this FCA regulated broker is pretty reliable, they provide you most basic things an international forex broker normally have as various account options, payment method also advanced serviced as VPS or VIP account manager. Besides, this broker also has daily insights on markets and regular contest, don't try their demo contest, it's impossible to take any prize. The bonus program is optional that I don't recommend for new traders, that would affect your trading decision. I rated 4.5/5 star for this broker.
 
WaqasHafeez,
Pind Malka, Pakistan,
Feb 18, 2021,
Guest

Swift withdrawal and fast trading

Service use: Live

Length of use: over 1 Year

Trading for the past one year with hotforex broker. The server execution is good in my opinion and i usually use limit orders for my trades. Overall performance is satisfactory and withdrawals are processed on time. The ast trade i took was on Tuesday shorted gbp and eur in New York session and it went very well. It is a good broker in my opinion
 
Colombia, Colombia,
Feb 14, 2021,
Registered user

ASSAULT BY ARMED HAND

Service use: Live

Length of use: 0-3 Months

Why dont you people gather a gang with pistols and start to rob?

30 pips of gap?

they change the gap frquently, you cannot leave open operations and go to sleep with peace, they will increase gaps to make you lose
  4 traders have found this review helpful
Den Sinas,
Batangas, Philippines,
Feb 2, 2021,
Guest

Positive

Service use: Live

Length of use: over 1 Year

its a retail trader friendly if i may say, good spreads on eurusd and gbp pairs. good number of pairs to choose from, deposit and withdrawals are easy, havent had any trouble in my 1 year trading live with hotforex, I made a good sum on btcusd as of late and was able to withdraw with no problems, its a good start for 2021.
 
Grodno, Belarus,
Feb 1, 2021,
Registered user

Previous review UPDATE

Service use: Live

Length of use: over 1 Year

I was contacted by HotForex representative. With his help the issue was resolved and money deposited successfully in about 30 min.

Jan 28, 2021 - 1 Star I am an old HotForex client dating back to 2016 or so. Haven`t used their service for some time and was attracted back by many new instruments.
First of all let us see HotForex information about Bank Deposit:
"Important instructions before making the payment
To avoid any delays with your transaction processing, please send a scanned copy of the bank transfer payment receipt to deposit@hotforex.com
Make sure your myHF Account ID, Name and Surname are included in the Bank Transfer description."
So to make a deposit faster you just need to send info to deposit@hotforex.com. And if you are not, know what? They take your money to themselves!!! I made a transfer on Jan 05 and still no money. The support there is just to make standard answers NO problem solving.
  2 traders have found this review helpful
Philippine, Philippines,
Jan 26, 2021,
Registered user

Manipulating all may entry in eurusd

Service use: Live

Length of use: over 1 Year

Please fixed this kind of modus.. I am a trader and i know what kind of this broker.. Dont let your account blow.. Keep away in this broker..
  2 traders have found this review helpful
Ngoc Bao,
Ho Chi Minh, Viet Nam,
Jan 6, 2021,
Guest

Good PAMM broker

Service use: Other

Length of use: over 1 Year

I have been trading with this Broker since 2018. After 2 years, I decided to switch to PAMM because I don't have time to keep watching charts. HotForex PAMM is easy to use and I don't need to ask CS for any guidance. I picked some good PAMM and invest the minimal amount ($250-500). There were drawdowns but overall, I am making steady profit with HotForex PAMM. Recommended!
 
Karachi, Pakistan,
Jan 5, 2021,
Registered user

Trading for a long time with decent broker

Service use: Live

Length of use: over 1 Year

My account was opened back in 2019 through a local IB with 100usd initial deposit. Verification process was simple yet it took me around one week time to get my application processed. After that i did deposited few times and now i haven't had deposited anything to them. I am making small but consistent money which helps me pay my kitchen grocery and bills etc. My last withdrawal was processed a day before the xmas. Skrill is my primary ewallet and it usually takes 2 business days to collect the withdraws made from hotforex broker. I can safely say that I haven't had any issues with this broker so far and it is a decent broker in my opinion.
 
Gaza, Palestinian Territory, Occupied,
Jan 3, 2021,
Registered user

Hotforex closed my account without given me the money about 9000 $

Service use: Live

Length of use: over 1 Year

HotForex closed my account without prior notice, because as they told me that I traded on BTCEUR with its erratic prices, and the question is how do I know that the price is wrong or correct that I am trading on an electronic platform when you give me the approval, this is not my fault, but their problem is that if I took the approval for a price, that is True .
Let us go back to their conditions in the company. This is correct. They can deduct the profits resulting from the wrong prices
But here they closed the account and took all the money, as there was in my wallet about $ 5700 and there is in the platform $ 3243 the total is about $ 9000
The account was closed without recovering any amount and any account.
myHF 171532

More. Community discussion of this issue >>

  7 traders have found this review helpful
ghana, Ghana,
Nov 23, 2020,
Registered user

Deposit issue.

Service use: Live

Length of use: 3-6 Months

I would like to draw people attention on the deposit method offered by hotforex called flutterwave, I made deposit a couple of time through it but about 2 weeks ago my funds were deducted from my mobilemoney account but it never reached my hotforex wallet. I wrote several emails to customer service , they asked for screenshots of the transaction, I provided, then no news. I contacted flutterwave support, even worst after sending proof of payment, they told me the funds was not received though I was deducted, they are asking me to contact my bank, mobilemoney is not managed by bank and the fact that they waited for 2 weeks to tell me that so I couldn't recover my funds is really show their bad faith. I am disapointed with hotforex and I post my experience so that no one else will lose their funds.
  3 traders have found this review helpful
Gia Phu,
Ho Chi Minh, Viet Nam,
Oct 16, 2020,
Guest

Small deposit broker and easy to start

Service use: Live

Length of use: over 1 Year

One year ago I was new with Forex and roaming around to pick a broker to trade with small deposit. HotForex offers variety account options, start from $5-50, execution is fast and flexible withdrawal. It also allows EA in MT4 platform and has a low/fixed/raw spread accounts available. A good broker for starter!
  1 trader has found this review helpful
Auckland, New Zealand,
Sep 23, 2020,
Registered user

Fund transfer issue resolved

Service use: Live

Length of use: 0-3 Months

Since my last review here, the acknowledgment of fund transfer issue has been resolved with the help of the product specialist and after sending through all the email correspondence I had with my bank's customer care department showing money was wired to HotForex's bank account. If your bank does not provide Swift Copy the way HF expects, I don't recommend using Wire Transfer. I am not going to rate this review but wanted to let others know, the issue has been resolved.

Sep 17, 2020 - 1 Star Opened the account few days back and verification process went through fine. As they don't offer credit card as an option for my account (not sure if it's regional / country limitation or what), I sent through 1040 USD via Bank Wire Transfer. I sent through the confirmation email I had received from my bank for the International Transfer that has their bank account number, the reference number they'd see on their account and my name as the person transferring the amount as well as a screenshot from my online banking showing the same information. they email back asking for Swift Copy, I call up my bank and it was past 10 pm in New Zealand due to time zone as you can imagine, so outside normal hours for NZ, my bank rep said that the confirmation email should suffice as my name and the reference number should be showing on their bank account anyway so they should be able to verify that easily if they check at their end and If I need anything more to contact my branch during business hours. Anyway I email HotForex account manager and their deposit a couple of times explaining the situation - what do I get, complete radio silence, not even a courtesy to reply to my emails any longer, their product specialist/account manager was calling me every day to make sure I transfer funds, now that I have, nothing not even a reply to try to resolve the issue or check their end if they have received the funds yet or not as it should have the reference numbers - I'll give them today and if I don't hear anything from them, I will call my bank and see if the money wired can be reverted back due to fraud.
 
Bagh, Pakistan,
Sep 10, 2020,
Registered user

Convenient trading

Service use: Live

Length of use: 6-12 Months

I never had any regrets choosing this broker. I am ten month into live trading with this broker and never missed out my withdrawal neither got into trouble with them. The only thing which took little longer than i expected was the verification process which took more than three days as i remember now. Rest all is good and the trading is convenient.
  1 trader has found this review helpful
Frankfurt, Germany,
Sep 1, 2020,
Registered user

Little Slippage

Service use: Live

Length of use: over 1 Year

I had traded News Events on 4 difference Broker.
By far the least Slippage was on Hotforex.
Withdraw money from the account was also no problem.
  1 trader has found this review helpful
Peshawar, Pakistan,
Aug 21, 2020,
Registered user

Best suited broker for full time trading

Service use: Live

Length of use: over 1 Year

Trading lately from 2018, while doing primary full time job I kept my trading activities in part time. However with the covid pandemic when everything came under lock down. Our company allowed us to work remotely from home. During my stay at home I got the opportunity of trading as a full time trader. Shorted many assets and also did some long. Trading is more profitable than any other business in my opinion. So i am planning to shift permenantly to trading because it has helped me earn more during the entire lock down. Hotforex broker also helped me withdrawing money as and when required.
 
Khang,
Seoul, Korea, Republic of,
Aug 17, 2020,
Guest

Good place to try CFD trading

Service use: Live

Length of use: 0-3 Months

I like this broker, used them for 3 months to try currency trading. Execution of orders is pretty fast at least in manual trading also they charge small commissions. Note that they offer CFD trading it is a special type of trading instrument which is the best option if you want to profit from price fluctuations. Overall I would rate this broker 4 from 5.
 
Menchu,
Rizal, Philippines,
Aug 14, 2020,
Guest

So far so good

Service use: Live

Length of use: 6-12 Months

They allow 5usd deposits (good for testing), in some cases its 50usd min deposit depending or location which is still good in my opinion, I hit my return of investment last may and got my first full profit withdrawal. excellent tradable instruments and fair spreads.
  1 trader has found this review helpful
Pakistan, Pakistan,
Aug 14, 2020,
Registered user

HotForex IB Scam

Service use: Live

Length of use: 0-3 Months

I made a deposit using HotForex Local IB in Pakistan.
Now I made withdrawal, I never received the money and when I contacted their support, they started making excuses that I did some thing wrong and the manager will contact me to discuss.
it is a withdrawal not a war accord that you need discussions.
I am sure I have been scammed by these guys.
myHF ID: 895330
  2 traders have found this review helpful
Kano, Nigeria,
Aug 3, 2020,
Registered user

Biggest scam broker.

Service use: Live

They withdrew fund from my trading account and widened the spread at the same time them blew up my account.
I will see you in court
  4 traders have found this review helpful
Xuan Truong,
Ho Chi Minh, Viet Nam,
Jul 9, 2020,
Guest

FCA trustful broker

Service use: Live

Length of use: over 1 Year

I know this broker a long time ago and it's totally genuine because it's regulated by FCA. After Payoneer crisis with Wirecard, I recommend all FCA licensed brokers . I also did many withdrawal from hotforex to my Neteller account within last 2 years and never get any problem. Currently I have stopped trading for other investment but still recommend hotforex.
 
Lagos, Nigeria,
Jul 1, 2020,
Registered user

Widening spread and automatic trade placement

Service use: Live

Length of use: 0-3 Months

I sold GJ which has a spread of 2.7pips and set my tp to 133.75 but hotforex increased spread to 24pips during the Tokyo session and when price was at 133.71 my tp was not triggered. As if that wasnt enough, I had a sell trade with entry at 133.45 and manually closed it at 133.48 but hotforex recorded it as 133.79 and automatically added a buy of 0.00 lot at 133.79 and minused $15.82 from my account.
I complained and I was told its normal for spread to widening during such hours which I admit but by 24pips is damn too much. The maximum I have seen is 4pips but hotforex increased theirs to 24pips. For the second issue, I didnt get a reply
  6 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
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
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
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
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.
 
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.
 
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.
 
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.
 
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
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
Abuja, Nigeria, Nigeria,
Apr 6, 2020,
Registered user

My complaint has been resolved

Service use: Live

Length of use: over 1 Year

My issue has been resolved. I promise myself to come back and let the general public that hotforex are amazing, they have rectify the problem I was facing, I am very gladly to say that hotforex is the best broker in the universe. Their live support is very effective, fast withdrawal, and much concern for their clients. I advised everyone to join this broker, I promise you guys that hotforex will never let you down. I can reassure the general public that this broker is the best, I will forever be with them. Thank you hotforex you have my full support

Apr 3, 2020 - 5 Stars I wish to announce to the general public that my complaints regarding this broker is now being escalated to the relevant department and they're looking into the matter. I had a phone call with one of the managers, he showed much concern and promised to resolve my problem with the best he can. I am amazed to speak to him. I thank hotforex in advance as I await their prompt action.
Yours ever
Abdullahi salisu.

Feb 29, 2020 - 1 Star My name is Abdullahi salisu. Hotforex has been my best broker over the years, in fact ive recommended it to more than five friends of mine, including family members. But here's what happened just last two months or so; i came back from school and so i decided to make a deposit to hotforex since thats the only leisure time i have before i resumed school. i deposited and started trading as usual. One day i decided to remove my fund because i was traveling, but hotforex freezed my withdrawal, and when i contacted the account manager, she said i owed them 42,000 naira, that they mistakenly sent it to me to my wallet due to technical issues, i asked her when and she said it's been like 4months and she sent me an email but i didn't respond, in this case, she might be right because i haardly check my emails while in school, but sincerly speaking i have not withdrawn the money she is talking about neither had i traded with it. I called my account manager again so that she'll clarify to me when i withdrew that money she's talking about and she still insisted that she sent me an email, God knows i didn't see that amount shes talking about. On that day i was highly dissapointed with this broker because i have even been reffering my close ones to trade with them, hence to specify this, i had been going to their office which is in Abuja-nigeria for lessons back in the days, of all the trust i had for them, they freezed my account when i was withdrawing but later on when i told them to clear the debt, they sent me my remaining balance. When i called one of my friends to tell him this, he told me that hotfx actually sent him an email telling him that some amounts have been credited to him due to technical issues, and he told me that it is true they sent him that money and he withdrew it instantly and used it and his account manager told him to refund the money. Now my question is what does this have to do with my own personal account? INFACT MY ACCOUNT AND MY FRIENDS ACCOUNT WASNT CONNECTED THEN WHY ME?? And my account manager was even shouting at me because i asked her this, its already passed anyway and i promise not to go back to this brokerege firm or recommend them to anyone ever again, like i said im truly saddened as an old customer of hotforex, however i still wish them the best
 
Nairobi, Kenya,
Apr 5, 2020,
Registered user

SCAMMERS and Trade manipulaters

Service use: Live

Length of use: over 1 Year

I would like to warn anyone contemplating on joining Hotforex to be very careful and avoid them totally. Last month I had a very dark experience with them during the opening of the London session. I opened a trade and was soon in huge profit. However, when I decided to close the trade and secure my profits, I repeatedly tried to close the trade, but it shockingly took me more than five minutes, frantically tring to do so. They had frozen the platform, making it impossible to save my trade.. By that time, the trade had already turned back against me and lost all the profit I had made, barely escaping from a huge loss into the negative. I had been using their demo account for months, and I can assure you that this had never happened before. Please, by all means, avoid this broker and save yourself from certain destruction of your financial security. So, if it would have been possible to have a rating lower than zero stars, it would be my rating.
  1 trader has found this review helpful
Durban, South Africa,
Apr 1, 2020,
Registered user

Wirhdrawals

Service use: Live

Length of use: over 1 Year

I traded with them for a year And I've withdrew a lot one day using my FNB CARD CREDIT TRANSACTION METHOD ONE DAY I'VE WITHDREW MORE THAN 150USD AND THEY PROCESSED MY WITHDRAWALS BUT IT DIDN'T REFLECT ON MY BANK ACCOUNT I DON'T KNOW WHY AND THE FOLLOWING DAY I WITHDREW SMALL AMOUNT AND IT DID REFLECT ON MY ACCOUNT I DON'T KNOW MAYBE IT THE METHOD I USED OR THEY STOLE FROM ME OR IT MY FNB I DON'T KNOW.
  4 traders have found this review helpful
Barcelona, Spain,
Mar 12, 2020,
Registered user

Minimal to no problems, decent spreads and fast customer support

Service use: Live

Length of use: 0-3 Months

Traded with them both demo and live.

Positive:
- Good overall service
- Fast customer support
- No problems funding account. Flawless withdrawal in due time (using card).
- Lower commission for major FX pairs, industry average for the rest.
- Decent spreads.
- Excellent range of instruments to trade.
- Have not seen any abnormalities in the price feeds.
- Educative webinars, market analysis and other materials free for everyone.

Negative:
- Had an "Off quotes" error preventing order placement due to technical problems (according to customer support). Solved after a few days.
- Spreads not the lowest.
- High spreads for commodities (300 for platinum).
  1 trader has found this review helpful
Johannesburg, South Africa,
Mar 6, 2020,
Registered user

Their withdrawal transactions are fast and no fees 100% transparent.

Service use: Live

Length of use: 3-6 Months

Their spreads are low and their transactions are quick and fast average 48 hrs maximum time for funds to reflect on your bank account.
  3 traders have found this review helpful
Hien Vo,
Ho Chi Minh, Viet Nam,
Feb 28, 2020,
Guest

Good broker to trade

Service use: Live

Length of use: over 1 Year

I have traded with this broker for about 1 year, a trader friend recommended me this broker because I was looking for an international broker after getting tired with a local broker. This broker offers wide range of assets, variety services and multiple payment method. Customer support is pretty good but it takes me 10 minutes or so to be in touch with them, seems there are many traders so their live chat service takes too long to response. I used CC/Skrill for payment and it's swift. Really a decent one!
 
Philip Da,
Philippines, Philippines,
Feb 6, 2020,
Guest

Good Start

Service use: Live

Length of use: 6-12 Months

My last withdrawal was on December of last year, a total of close to 2000 for the 4th quarter of last year which was enough for the holiday season, I doing this review based on personal experience of close to 1 year trading a live account with hotforex, I do have other accounts with other brokers but my main trading is done on their mt4.

Over all the broker is trust worthy and I do know of others I work with that also trade with this broker and they seem to be doing fine. Platform options are standard they do offer a bunch, spreads are reasonable and I can say they are the lowest but they do work fine for scalping. I like their commitment to withdrawal time and they are spot on, never had an issue with withdrawal.

They do not cater services to US traders I believe, but they are quiet popular in south east asia. Just to be fair I cant say this broker is perfect but from a traders perspective they do get the job done, I wish they had more or physical presence in the region, that would help a lot.

Anyway Im planning my next withdrawal around next month hopefully 2020 is good year for all of us.
 
FLN, Brazil,
Feb 3, 2020,
Registered user

High spreads and long processing times for withdrawals

Service use: Live

Length of use: 6-12 Months

After live trading for several months I had no major issues with this broker. However decided to move my funds to another broker mainly due to high spreads. For example EURNZD has an average spread of more than 6 pips on HotForex, while my other two brokers have 1.1 and 0.5 average spread on the same pair.
Apart from spread, I requested a Bitcoin withdraw which will only be processed the next day, and it will take up to 3 business days for the funds to be credited in my wallet. Anyone with minimum cryptocurrency knowledge knows that 4 days in total is an absolutely unacceptable deadline, when these transactions are processed instantly.
  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.