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.

Your feedback matters!

Traders Reviews

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
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 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.
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.
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 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.
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 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.
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.)
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

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.