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.

Part of HF Markets. Other websites include

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

Hangzhou, China,
Apr 22, 2012,

I feel so great trading with hotforex since half a year and I guess I have made my choice now by staying with them, I would even try their managed account for a while when I will have to do some personal and professional projects in the next months, I would like to invest my funds instead of letting them on a bank account, this just because I trust hotforex and they have gained my trust through their excellent communication, their customer support and account managers are so friendly, they have been there when I had troubles with disconnections earlier this year, I have noticed that they have got a very tight spreads eurusd on currenex, one thing else they have gave me a good advice about what kind of account I should open.
Alberto Uy,
Philippines, Philippines,
Apr 30, 2012,

They have good spread, and it’s really good for scalping especially during the asian session, execution can be improved though I think it’s better than other brokers out there, withdrawing to money bookers is easy, it takes a couple of hours as long as you pass the form during office hours. There are times when spreads widen during major news I guess, but that’s normal. I have plans on trying out their pamm accounts, I’ll post another review after a do so, for now I’m pretty much happy earning with hotforex.
May 5, 2012,

Hot Forex PAMM programs-same experience as Felix,London, 2012-02-22. The trader "Forex Power Club #45547" in two months had grown my acct. from $2500 to $3500. Great results with very few losses. Then a few days ago in two trading days the master account went from $144966 to $7971-95% LOSS! The same thing happend two months ago with their PAMM trader Forex Watch Tower/#56125. In two days blew total account-I lost $1000. It almost looks like the losses were on purpose! Could a 10 yr old kid clicking buy/sell every 30 minutes acheve 20 losses in a row?? I don't think so. I have 6 other PAMM acounts trading with them and I am concerned, I welcome any feedback and understanding.
John Harris,
Larnaca, Cyprus,
May 6, 2012,

WARNING: The FPA has solid evidence that "John Harris" is not telling the truth. We recommend disregarding his statements regarding PAMM accounts and any official investigation.

HotForex Runs The PAMM accounts within the Company, Most of the PAMM managers working for HotForex, They Grow accounts and then once the Master account goes to 200.000 + the intentionally lose all The Investors money, HotForex claims STP/ECN but in fact they are Market Makers , They trade against their clients.
Beware of HotForex as they are running from the Law in Cyprus and The USA Government after them as well, if your money was stolen by HotForex Please report this to the Authorities United States Commodity Futures Trading Commission ...
And Cyprus Securities and Exchange Commission these Two Governments Looking at HotForex for massive violations of the Forex Markets, Also a Grand Jury In a
USA Federal Court will be in session in the next few days to issue and order by a Federal Judge to shut down HotForex website .
Please Traders Be Careful and make sure you get your funds before their website shuts down.
Official HotForex Representative,
Ebene, Mauritius,
May 7, 2012,

Dear John Harris and our valued clients,

Very creative statements I must say, but also very false. We were also unable to locate an account with such a name so if you have any issues or concerns do not hesitate to contact us at and we will do our best to assist you. Please also include your account number.

We support all of our clients right to post any review as they see fit about our company. We even applaud negative reviews as they enable us to improve our offering but we will not yield to aggressive and malicious attacks.

Kind Regards,
Elan Joseph
Official HotForex representative
, India,
May 7, 2012,

My name is Arhan and I am from India!!! I am satisfied hotforex trader, I am trading with Hotforex from last 8 months and I am very happy with their services and especially fast customer care, today I am very sad! The reason is only one that Hotforex does not accept US customers any more. I was also running and IB program with them and it's a sad time, because I had some people from the USA that were doing good volume. Too bad the US government does not allow US traders to trade offshore anymore.
Algiers, Algeria,
May 7, 2012,

Since January I am trying a couple of brokers that I heard a lot of good things about them in order to determine with which one I will open my main account one of those brokers is hotforex and I really think that I am almost gonna stop the trial period and put bigger deposits I have contacted their customer support (a bit like a test) I really did that a lot and was annoying sometimes with my issues and all of that but I always found a nice agent, added to that they have got a nice features and many different platforms I read many review saying that their execution speed is perfect, but I am still trying them to be sure of my choice as I also heard they had connection issues at the end of 2011.
John Harris,
Larnaca, Cyprus,
May 8, 2012,

WARNING: The FPA has solid evidence that "John Harris" is not telling the truth. We recommend disregarding his statements regarding PAMM accounts and any official investigation.

This review came from the offices of Samir Beool.

With All Due Respect To Official HotForex Representative Elan Joseph, I had Three Accounts were wiped put using your PAMM system, I lost over 25k before I found the Truth of HotForex as SCAM, I am sure many investors out there agree with me, also Traders HotForex allows anyone to be a PAMM manager , they do not care if the person has the experience in trading or not, Why?
The answer simple YOUR LOSES ARE THEIR WINS.
Beware of HotForex As it is SCAM .
Out Law Forex Broker.

colombo, Sri Lanka,
May 9, 2012,

I am glad that I have come across Hot Forex & hotforex affiliates . i must say this is the #1 affiliate program in forex......on time withdrawal ,fast commission approval,maximum commission,many more affiliate tools, They have an exceptionally strong technical support team and their overall business approach is superb. affiliate department head Mr john,& other all hotforex staff mr dominic,mona,louise,lynn,patrice,sarah doing their best for us when we need thanking for them always...they solve my every quiz as soon as possible..hotforex is a leading & best broker for everyone who try to get real profit in forex.....real STP ECN brokers, hotforex is not a market maker like other worst brokers I am so glad that I have been using Hot Forex. thanks you very much
Houston, USA,
May 15, 2012,

I traded with HotForex from Jan. 8, 2012 - May 5, 2012.

I was forced to close my account as they no longer serve U.S. residents.

I deposited $11,000 via 2 separate deposits into a Micro account and walked away with $12,743.19.
I was very happy with HotForex for the short time I was there.
They were the first broker I went live with.

I had only one issue:

On December 19th 2011 I sent $2,500 via Wire Transfer to HotForex.
I sent an Email to the account manager, Muhammad Sohail, with the wire transfer form attached as he instructed me to.
I also sent the same Email to
I then contacted The HotForex Live Chat and was assured that there would be no trouble.
A total of 15 days went by with no contact from HotForex and no deposit.
I Emailed Muhammad Sohail on January 3rd requesting information on the status of my funds.
After 24 hours and no reply I contacted Live Chat and was reassured that 'yes' my money had been received and that the matter would be resolved when the offices open.
After another 24 hours I contacted Live Chat again. I was told by ‘Lynn’ that the person I talked to the day before had taken no action and that I would be contacted within 24 hours by ‘Lynn’ as nothing could be done unless the office was open.
After 24 hours I had still not been contacted.
I then sent what you just read to and with the wire transfer scan attached as soon as their office opened (7am GMT) asking for help.
I received an automated Email with an email/ticket reference number stating that they would contact me.
I then got a call From 'Rita' on Sunday morning, Jan. 8, 2012, from the Deposit Office.
She apologized on behalf of HotForex and informed me that my account had been funded.
It took 14 buisness days to fund the account.
If communication had been better I would not be mentioning it.

My second deposit of $8,500 was made on Feb.9, 2012.
I had no issues, as they were very prompt after the previous issue.

I would recommend HotForex.

kennel, Zimbabwe,
May 16, 2012,

I just wanted to let people know...they need to understand the 50% bonus thing CLEARLY !!

The bonus creates an ILLUSION that you have money in your that is not there! You will then get an unexpected margin call when hotforex unexpectedly removes your bonus from your account.

I did my best to make sure I understood it....apparently I was not prudent enough....I just don't want to see other traders lose all of their savings as I have.

The following is a transcript of me trying to understand how it works...I hope somebody will benefit from it.


Please wait. A representative will be with you shortly.
One moment please...
Brian says:
  Hello dogbreath. My name is Brian how can I help you?
dogbreath says:
  Hi more question.
dogbreath says:
  I just want to be absolutely clear on the bonus program....I do not get a margin call until the "free margin" hits zero? Correct?
Brian says:
  what account do you have
dogbreath says:
  2**** not sure which bonus program it is on.
Brian says:
  the free margin is what have left to open a new position when you have another open position
Brian says:
  your margin call is 50 %
Brian says:
  of your margin
dogbreath says:
  so on mt4 if my "Margin level" gets to 50% then the server closes all my open trades?
Brian says:
  no this is a warning then when your trade goes to your stop out level then at 20% then you trade will close
dogbreath says:
  Hmmm....I dont understand.....what should I be watching on my avoid a margin call and the closing of all my open trades?
Brian says:
  use your stop loss option
Brian says:
  so you can limit your loss
dogbreath says:
  hehehe....yeah.....but if I do not have any stoplosses on any of my trades....what should I be watching on my mt4 to show me when it is going to close all the trades?
Brian says:
  if your margin is 1000 usd then your stop out will be 200
dogbreath says:
  how are you calculating that? On other brokers if my "free margin" get to closes all the trades.
Brian says:
  your free margin tells you the margin you have left over to open another trade
dogbreath says: what tells you that all your trades are going to close?
Brian says:
  what platform have you used with other brokers
dogbreath says:
Brian says:
  our MT4 is the same
Brian says:
  i think your getting confused between free margin and margin
dogbreath says:
  well.....then when "free margin" gets to will close all the trades...correct?
Brian says:
  when your margin get to 20% you will be closed
dogbreath says:
  ok.....where do I see the 20%
Brian says:
  you dont
Brian says:
  it is a simple calculation
dogbreath says:
  so how do I know when they are going to close?
Brian says:
  the margin call warns you at 50%
Brian says:
  then you close your position then if you want
dogbreath says:
  where would I see the do I calculate the 50% and the 20%
Diego says:
  You calculate from your balance
Diego says:
  you will see a warning on the platform
dogbreath says:
  how would I calculate from my balance?
Diego says:
  what you mean?
Diego says:
  you take your total balance and deduce 20% from it
dogbreath says: if I had $1000 in my account and the loss on my open trades amounts to $200 (20%) then all my trades will close?
Diego says:
  if you have 1000 and your trade is a minus of 800
Diego says:
  our account will be stoped
dogbreath says: lets say....I deposit 2000 and get a 1000 acount bal = 3000....then alll my trades will close is my open trades are showing a loss of 2400....the bal being 600 (20%)
Diego says:
  you can not use the 50% bonus for trade
Diego says:
  only after you reach the required levels
Diego says:
  please read the terms and conditions for the 50% bonus
dogbreath says: what would be the numbers in that case for a margin call?
dogbreath says:
  would it be 20% of the 2000?
Diego says:
  the margin call is at 50% sir
Diego says:
  50% of your actual balance
dogbreath says:
  so 3000 -1500 ?
Diego says:
dogbreath says:
  so if i have trades open and they lose 1500 of the 3000 original bal...then all the trades will close?
Diego says:
  no sit
Diego says:
  Margin call
Diego says:
  is 50%
Diego says:
  and is just a warning
Diego says:
  and stop out level
Diego says:
  is 20%
Diego says:
  when you got stoped
dogbreath says: using the same numbers.....when my open trades show a loss of 2400.....then they all close?
Diego says:
dogbreath says:
  does that change after I have traded more than 50 lots?
dogbreath says:
  in other words...does the bonus become part of MY bal anfter I have traded 50 lots
Diego says:
  not 50 lots
Diego says:
  if you deposit 2000
Diego says:
  you have 1000 bonus
Diego says:
  so will be yours after you trade 1000 lots
dogbreath says:
  ok...lets back track a sec
dogbreath says:
  lets say no bonus account and I deposit 2000.....when my losses on open trades = 2000 the account stops out? correct?
Diego says:
  no sir
Diego says:
  20% of 2000
dogbreath says:
  k.......what does the "free margin" field in mt4 show for that amount.....would it be 400?
dogbreath says:
  or would it be the equity field?
Diego says:
dogbreath says:
  so the field to be watching would be the free margin.....because....Bal minus loss = equity minus margin = free margin
Diego says:
dogbreath says:
  ok....we are making progress......
dogbreath says:
  my question then is because I started with 2000 and I have a 1000 bonus.....when the free marging gets below 1000 then the account will be stopped out...correct?
Diego says:
  the free margin is the equity - the margin
Diego says:
  so you have to calculate that when you open a position
dogbreath says:
  you are making it confusing again.....if I had no bonus on the account and my free margin went down to zero the account would be stopped out right?
Diego says:
Diego says:
  did you read the terms and conditions for the 50% bonus?
Diego says:
  There you will see that you can not use as margin
Diego says:
  so you have to cancel that from your account
dogbreath says:
  yes....look at the last paragraph....and do you have an mt4 screen in front of you to see the fields I am talking about?
Diego says:
  Yes sir
Diego says:
  I do have
dogbreath says:
  my point is not just the equity. you cannot lose more than you have put into the account right?
Diego says:
  That is correct
dogbreath says:
  the last paragraph is an example of when there are no trades open
dogbreath says:
  if you had a trade running at a loss....the margin that that trade was taking would also have to be deducted from the equity....coz it is also a loss.....that amount is reflected in the free actually if the free margin gets below 1000 trade closes....not just the equity going below 1000
dogbreath says:
  otherwise you could lose more than you have put into the account
dogbreath says:
  look at the fields on the mt4 screen and add them up... bal equity margin and free margin
Diego says:
  Sir what is your account number?
dogbreath says:
dogbreath says:
Diego says:
  So do you have any problems with the account?
dogbreath says:
  no....I just want to be sure I understand when a margin stop out is coming.....the bonus gives the illusion that you have more money than is actually available....I want to be sure i understand it completely.
dogbreath says:
  in my estimation....on my account as it is currently....I need to watch the free margin field does not go below 1000 otherwise I will get all my open trades closed on a margin stop out.
Diego says:
  please read this documents
Diego says:
Diego says:
Diego says:
  you can go to the margin calls paragraph
dogbreath says:
  yes that is standard stuff...that does not effect our conversation here
Diego says:
  So what you need to know exactly?
dogbreath says:
  I would like you to confirm that as a trader I should be watching the free margin to make sure it does not go below 1000 on my account or I will have a margin stop out.
Diego says:
dogbreath says:
  so what amount would it stop out at?
Diego says:
  let me confirm for you
Diego says:
  this will help you a lot
Diego says:
Diego says:
dogbreath says:
  so what would be the "required margin" on my account?
Diego says:
  required margin?
Diego says:
  it depends on the trade sir
dogbreath says:
  would that be the "margin level" field on mt4 that is reflected as a %
Diego says:
Diego says:
  that is your real money
Diego says:
  so to calculate that
Diego says:
  you need to get the equity
dogbreath says:
  I am looking for something on my screen that I can watch to make sure I do not get to a stop out situation?? What do I watch?
Diego says:
  reduce your bonus
Diego says:
  that is what I'm telling you now
Diego says:
  get your equity and reduce your bonus from it
Diego says:
  and add your margin 20%
dogbreath says:
  so the free margin doesn't matter?
Diego says:
  reduce that also from the total sum
Diego says:
  and you have your stop out lever
Diego says:
  not at this time
Diego says:
  but also can work
Diego says:
  if you reduce the bonus from the free margin
Diego says:
  you know that you can go as far as 56.00
dogbreath says:
  so ok.....I have 3700 - 1000 = 2700 x 20%= 540 + 2700 = 3240 for the stop out?
Diego says:
  no sir
Diego says:
  3383 is your equity
Diego says:
  less 1000 bonus
Diego says:
  than you make your margin that is 56.49 + 20%
Diego says:
  and reduce that also
Diego says:
  so you are looking for something about 2320
dogbreath says:
  I dont understand.....and it would be to difficult to sit here with a calculator calculating it while the markets are moving
Diego says:
  is easy sir
Diego says:
  get your free margin
Diego says:
  reduce the bonus
dogbreath says:
  tyhats it?
Diego says:
  and also reduce your magin
dogbreath says:
  so lets margin = 2000. subrtract 1000 for bonus = 1000 x 50% = 500.....subtract 500 from bal of 1000 = 500 for margin call....then stop out of 20% would be at 200??
Diego says:
  why * 50%?
Diego says:
  free margin
Diego says:
  3000 less bonus 1000 = 200
Diego says:
  sorry 2000
dogbreath says:
  for the margin call of 50%
Diego says:
  aaa ok i see
Diego says:
  so yes that is correct
Diego says:
  for the margin call
Diego says:
  not for the stop out lever
dogbreath says:
  stop out is 20%....lemme do difernet numbers.....
dogbreath says:
  free margin = 3000
dogbreath says:
  - 1000 for bonus
dogbreath says:
  bal = 2000 minus 50% = 1000 for margin call
dogbreath says:
  bal = 2000 20% of 2000 = 400 for stop out
dogbreath says:
  if I removed the bonus would the free margin amount stop out at 0
dogbreath says:
  i mean removed the bonus from the whole bonus options
dogbreath says:
  it is just to dificult to fgigure out when I am going to get stopped out.
dogbreath says:
  that number of the stop out needs to be exact and on my mt4 screen somewhere
dogbreath says:
  does your server close out one trade at a time....or does it close ALL trades on a stop out?
Diego says:
  one at the time
Diego says:
  it goes closing as the margin goes dropping
dogbreath says:
  well....I have taken enough of your time today.....another time maybe.
dogbreath says:
  1 trader has found this review helpful
HotForex Official Representative,
CyberCity, Mauritius,
May 17, 2012,

Dear Gary,

We would like to thank you for your feedback.

Please note that under the terms and conditions of the 50% Bonus Program the bonus will be removed when the equity reaches the level of the bonus.

To view the terms and conditions please go to the following link

As a result if the equity drops to the level of the bonus the bonus is removed and any open positions are stopped out.

Please note that for you to be able to use the bonus as real cash the volume requirements have to be met. When sufficient volume is traded then the bonus is released as ‘real cash’

The benefits of the 50% Bonus are the following:

• Bonus can be used as increased leverage
• Bonus can be withdrawn and lost with no restriction if Volume Requirements are met. Please note that there is no time limit in completing the volume requirements. The reason of the absence of any time limit is that HotForex would like to promote prudent trading instead of ‘pushing’ clients to trade under pressure.
• Stop Out on the Original deposit (excluding bonus) is effectively zero percent

We would also like to let you know that we give our clients the option to opt for the 15% Rescue Bonus. Under this program the bonus can be used and lost with no volume requirements attached to it.

Again we do apologize if we were not clear on the live chat. We will take action to ensure that this does not happen again.

In the meantime if you have any further question do not hesitate to contact us at

Best Regards,
HotForex Official Representative
East Coast, USA,
May 29, 2012,

As a follow up to my review. I would like to add that I did receive my funds. It took longer than expected and they claim that they emailed me in regards to stopping USA accounts.

At the end of the day I wish I could keep them as my broker. I never did have any problem with them before and now they have fixed everything .

It was nice that they wanted to straighten everything out even though I won't be there client anymore so kudos to hf your back on my Christmas card list

2012-05-24 1Star I am giving them 1 star. First off there execution has always been a little c***py but I dealt with it because of there affiliate program and low ecn spreads.

Now they have given US clients the boot which is fine we all know how that goes. Anyway here's my problem..

It has taken me over a month to get my money out of them! First they made me get a letter from the bank, Then I had to sign and fax at least two different forms (one form is the norm not two!)

Than they made me refax my id over. It's like they are trying to get out of paying me!!!!! Than finally they say they will process my wire transfer and that will take 3-5 days. Well that was nearly two weeks ago and still nothing!!!!!!

Finally I would add that there little 50% bonus sucks and is a con. It is designed to make you feel like you have more money in your account than you really do thereby getting you to risk more than what you would normaly. We all know what poor money management leads to. Lets say you were risk 5% (which is high) In reality you would be risking 7.5% which is unacceptable to most! So be careful, it really is to good to be true.
Devang Surti,
India, India,
May 30, 2012,


I already inform all traders here that Online Forex Brokers - HotForex - will face tough time in INDIA.
Please refer my thread on 21-05-2012 Alarming Thread for INDIAN traders and

I filled a public petition in INDIA and today honorable courts pass a verdict to stop Online Forex Brokers - HotForex - to operate in INDIA and instruct them to give balance back to Indian Citizen by 15-06-2012.After mention date, company cannot operate in India and not authorize to open any kind of account of Indian citizen in future.

Nutshell of the verdict “Hotforex websites and its all software will not available for trade in India after 15-06-2012.

Hope in this case none of Indian traders lost their money and wish that Online Forex Brokers - HotForex - allow them to withdraw money without any prejudice.
Edwin Caytuiro,
Abancay, Peru,
May 31, 2012,

I opened an account with them this month, May.
I made a wire transfer the 23th...
And today, being the 31th... It is not in my account yet... The told me that this type of deposit take a week to Mauritius... this is insane...
I have another accounts in Alpari, Fxdd and IFC Markets... and they at least took 3 working days...
I am very worried about this... I will inform what happens from today...
Edgar Suarez,
Philippines, Philippines,
Jun 1, 2012,

I Like this brokers, I trade with hotforex with a couple of friend, everything is easy, my questions are answered quickly and professionally, even though I have a small account but im treated fairly good, execution is more stable and improving a lot, I am a position trader so I do not face any problems with slippage, withdrawals is my biggest concern and im happy to say that I have no problems at all, my withdrawals are processed with in the day so it’s all good, I can safely recommend this broker
Anderson ,
Sao Paulo, Brazil,
Jun 5, 2012,

I've been trading with HotForex over 7 months now and we had some execution problems on the past but all resolved by the IT team and execution has been pretty consistent lately

Fast response by support team and my account manager and very reliable finance department

Very hard to find honest broker as is HotForex now a days

Recomendo aos Brasileiros por terem otimo suporte em portugues.

Keep On the good Job
Zhao Hong,
Shanghai, China,
Jun 5, 2012,

I'm from Shanghai and been trading forex for 3 years, i'm happy with Hotforex after using it since last October,

I admit that selecting a suitable broker for asian traders is not an easy job. I had the same trouble with many of my friends confronting with slippage, poor server connection and slow withdrawal when I stay with my previous brokers. and this is always a headache.

Earning money in the forex market is not easy, however,I became more confident now when there are not more troubles with the platform. the customer support in hotforex helps a lot when i have any questions. I am grateful for their helps.

I'd withdrawn money once from them and i got the money the same day, it's good.
, China,
Jun 9, 2012,

Too simple for account opening, almost do not need any proof will be able to open an account, let a person feel not formal, in addition to the website backstage is too simple, although there are many kinds of credit cards into gold, in fact is not in use, the last only transfer a choice, finally give up into gold, TT fee is high, is not suitable for Young Money attempt to.
KARACHI, Pakistan,
Jun 22, 2012,


Today on 22nd June, 2012, I was contacted by them on my cellular phone and apologetically told me that they are sorry for the inconvenience caused to me by them.

Also there saying about the matter was that They had done all this for my own benefit.

Account is activated and is functional now.

They have not sent me any apologetic e-mail but contacted me on phone. Buts its not a problem the matter was of account activation and they have activated it.

I will keep you all inform about any thing Good or Bad that happens in the future.


2012-06-20 No Rating If you deposit money by credit cards a very long and lengthy process of verification. I made my first deposit with them by my credit card. I send them copy of my credit card statement and my passport copy. Then they said to me they need photo of both sides of my credit card, plus three months statements of that card.

This is the email i received from them.

Dear Sir,

Please note that our Compliance Department requires from you the following documents:

1. Copy of Credit/Debit Card (front & back) - document should contain the last 4 digits only, expiry date and your name (you may cover the rest of the information).
2. Bank Statement of credit/debit card which you used for depositing funds for the last three months (please note that we do not need to view your statement history, however Bank Statement must include your name, your bank account number, your bank name and date)
3. Your Valid Passport

Once we receive required documents from you they will be verified and your account will be activated for trading.

Should you need any further assistance please do not hesitate to contact us.

Kind Regards,

Andria Adamou
BackOffice Department

I do not know if they need that much documents what will they need when i should make a request for withdrawal.

I think then they will ask me to visit there head office in Mauritius and collect my payment from there.

Lets see what happens next I will update you.
  1 trader has found this review helpful
Sofiane Nadir,
Algiers, Algeria,
Jul 4, 2012,

I started trading with hotforex again last 2 months after quitting for a while as I had some studies related to my actual job, and for now I guess that the company has taken a new path towards the top, they are heavily promoting their products with an amazing contests, programs and competition, its crazy but I joined all of them, I more count on their referral program because if you bring in serious traders you can earn some referral fees and thats what am doing. I had no problems so far for now and I would like just to let you know that sometimes it takes time to find an agent for Arabic support but its ok since I am comfortable enough with English, thanks.
Manila, Philippines,
Jul 7, 2012,

I have opened an account with this broker with a very small amount but yet they are still able to treat me as if i have opened thousand of dollars in their firm. they are one honest broker when there was this one time i had a problem with one of my trades they have given me back the money that i have lost in less than 12 hours. I am happy with this broker and i will be starting to open an account here with bigger capital soon.
Ontario, Canada,
Jul 12, 2012,

Hotforex has always been an excellent brokerage with the best customer service of any brokerage!

They are terrific!
delta, Nigeria,
Jul 20, 2012,

very honest broker. i opened an account with this broker and funded with liberty reserve. immediately it reflected but i was unable to get to them my proof of address and because of this my login was disabled so i cud not trade. i got frustrated and asked them to send back my money and to my surprise in less than 12 hours i got my money back.
PW Prinsloo,
, South Africa,
Aug 6, 2012,

Been with them for more than a year now and I have to say they are excellent. Keep it up HF
Bryan B.,
Davao, Philippines,
Aug 9, 2012,

I would like to commend hotforex for an excellent job, I had an issue with price and my position was liquidated, I contacted execution and the manager was kind enough to attend to my concern and reimbursed the amount that I’ve lost, and it was faster than I expected. What can I say, They are very professional and I am very pleased.
Barcelona, Spain,
Aug 9, 2012,

Today, HotForex team phoned me and we have fixed the problem. They've refunded the order. All is okay right now. They have proven to be an honest Broker. Recommended 100%.

2012-08-07 1 Star Be aware with this broker. If you have any execution problem at any time, the response of HotForex will be "We can not find anything from our end" or "Everything looks fine on both orders" or "Most probably was your Internet connection". They are based on probabilities not facts. Luckily for me, only had an account to test systems and keep my main account in a regulated broker with a correct refund policy.

2011-06-08 5 Stars Excellent broker, fast execution, good customer service, fast deposit, no requotes, tight spreads. I can not say anything wrong about this broker, is a real STP/NDD Broker.
Parana, Argentina,
Aug 22, 2012,

I have been informed that hotforex now got listed by Gbot and I really appreciate that news, it made me proud somehow, I have been with this broker since a while and they always achieve new progress and I think they have set limitless challenges for the future, I have always been a bit sad when my friends and people on forums told me that hotforex was not really the best choice and they cant be trusted, but I have always been thinking differently and I found out that this broker is most caring about traders and they always improve their company .
Munich, Germany,
Sep 3, 2012,

I am trading with hotforex currently since over one year. Execution time could be improved (esp. in news times) and slippage is also sometimes a problem. But if slippage is to high and you have a sound reason to complain they always reimbursed me. Customer support is super and due to there quite big CFD offering I can also trade commodities, indices and shares. Up to now I haven't found a forex broker with mt4 who is offering such a broad product portfolio. for scalpers and speed traders hotforex is maybe not the best selection but for normal traders I can clearly recommend them.
Ronnarit Vannapram,
Pattaya City,Thailand, Thailand,
Sep 7, 2012,

Wow! so,nice to come and talk again with my satisfications.
The excellent brokerage as still very nice services.I would like to say" the highness grade itself of HT"help me have the life!

2012-09-045Star I would say,The IS THE BEST broker in the world,because I have had more more and more with the others before,since I started with them I'm feeling very much worm and HAPPY same as this is my way or my home and they do very fast for any helping (Supports)when I have some questions.For me this is my best forex broker in my life!.....What's about you? ....Thanks for all of the team works of the,Best Regards,
Nimrod Dsouza,
Mumbai, India,
Sep 8, 2012,

Joining Hotforex today with deposit.

Looks like a top notch broker.
Good Spreads on FX, Gold, Oil, USDDKK, Commodities and Indices.
Even good spreads with no commissions on Shares CFDs.
Leverage 1:500 which is good.

Can deposit via any means they offer and withdrawal too with any means. I like this feature as was using forex4you broker just for this reason, but the conditions for trading on hot forex can really be said as potentially HOT.

Will leave a 4 star with them since just starting and for the trading conditions and deposit.withdraw options.

Will leave 5 star when i have traded and found them comfortable and off-course i dont believe i do not need to doubt about the withdrawals part.

Best Regards from India,
Nick aka Mr,Nims
pakistan, Pakistan,
Sep 14, 2012,

Well i heard of this broker and joined but their Bonus program is against the traders newbie like us and did not works during DD, moreover their execution is not very good its normal. (3) they have now introduced very strict withdrawl policy signoff and then scan the documents and resend to HOTFOREX, it is pertinent to mention that they verify all documents before opening of accounts and whats the need for again get the print of documents at the time of withdrawls signoff and again send . It is only malafied intentions of broker as when you order withdraw your amount got minus from your account and came into transition till withdrawls time and they use this money and u even cant trade. i will never recommend this broker to new traders.
Chennai, India,
Sep 14, 2012,

What I really liked about them is

1. Speed of execution
2. very few slippages
3. ON the call 24 hour CHAT Support. They are always there to clear all your queries

Thuan Le Duc,
Ho Chi Minh City, Viet Nam,
Sep 19, 2012,

There was a mixed emotion when I first started with hotforex, for new comers its really hard to decide on what broker to join, everyone claims to be number one, I went for hotforex after doing some research and I’ve read some good reviews about them. I did their demo it was ok, but as we all know demo and live are different, when I went live I started with only a micro small account, everything up to now is really smooth and I have no complaints what so ever, spreads widen during big movements but I also read that its really normal with brokers, I consider hotforex a good broker.
KL, Malaysia,
Sep 23, 2012,

Excellent broker! I trade with HotForex 1 year. Very good support. Now HotForex IB can give their client rebate. Such as HotForex Malaysia (, they give their client rebate up to 90%. Really good offer!
Guwahati, India,
Sep 24, 2012,

My problem as I have said in my earlier review is fixed by one of their executive who is calling me twice to solve the problem. They apologize for the delay in funding which is actually happens due to payment processor error not their fault. Everything is now fine and smooth. I like their support team very much they are very fast & friendly so leaving 5 star to them.

2012-09-20 1Star My first impression with hotforex is very bad. On sept. 14 I opened live account with hotforex. Same day one of their customer care executive call me and I deposit for micro account and send documents for activation. They fully activate my live account but do not fund my live account. So, I contact with my account manager and on 17 sept. she replied deposit dept. is working on new deposit received and your account will be funded soon. Its about six days passed........ still don't get......... I have live Forex account with other brokers, their funding is happen in real time. I do not have such terrible experience like before. I fear to deposit more........ One more thing is that their order execution is not real time.
Jakarta, Indonesia,
Oct 5, 2012,

I encountered a problem a couple of days ago with hotforex, I was trying to withdraw my earnings through liberty reserve and it took more than a week for me to get it, I admit I was furious and it was my first withdrawal, I contacted support and the guy was trying to explain but I was so angry to even listen, to make a long story short, the problem was a pending verification in my LR account, it was something I overlooked. I sorted the issue and got my withdrawal, the guy from support even called me after getting my money as a follow up call, I think I owe him an apology. The broker is all good, and I feel more confident about them.
Hery Barata,
Jakarta, Indonesia,
Oct 8, 2012,

Hotforex did quick action by return the slippage compensation to my trading account. So, I change my review, considering they have giving good services since 2 years ago

2012-10-04 This broker strarts not good to be a partner of online trading. Why ? On Oct 04, 2012 I requested pending order buy Gold at 1792 (10 minutes before news), but they executed it at 1794.18. The same case when I use Tadawul, they executed it at 1792.75 (still acceptable). Hotforex slippage is really unfair. It looks like I have to withdraw all of my money from Hotforex, waiting the closing of my floating transactions. FPA, please post my review. Thanks
Ho Chi Minh C , Viet Nam,
Oct 16, 2012,

Read the post of Ronald and that was true when their trading platform had been frozen about 2 - 3 times / today.. But I think when trading, you should put your stoploss to prevent from awkward situations like this.. Try to contact them and I think they can help, I am still trust on them and system error would be very hard to say NEVER!!
alger, Algeria,
Oct 18, 2012,

im trying to open new account with them but im confused. please traders call the FSC and confirm about that.

Please wait for a HotForex operator to respond.
You are now chatting with 'Diego'
Diego: Welcome to Hotforex, how may I help you?
imad: hello
imad: are u regulated with FSC?
Diego: yes
imad: can you please send me link of your company from FSC website
imad: because i cant find your company there
imad: Category 1 Global Business, not found any company named HF Markets or Hotforex
imad: no, i mean FSC official website
Diego: They don't have it there
Diego: not all companies are listed there
imad: Last updated 12 October 2012
imad: Management Companies - Last updated 12 October 2012
Diego: is not listed in there sir
imad: what category u listed
imad: List of Investment Advisers (Restricted / Unrestricted) - Last Updated 9 August 2012 not here too
Diego: Diego: They don't have it there
Diego: Diego: not all companies are listed there
Diego: Diego: is not listed in there sir
imad: liste Of cis managers?
imad: i downloaded al the listes and all are updates
imad: but i cant find your company
Diego: Mr Imad please understand. Is not on their website.
Diego: Is no listed
imad: why?
Diego: Diego: Diego: not all companies are listed there
Diego: You can get in contact with them
Diego: and ask
imad: ok tomorrow i will call them
Diego: ok
Diego: Can I help you with anything else?
imad: i cant put my money on a company there support cant find there company link
Diego: There is not link
Diego: Any way
Diego: I can not repeat the same question all the time
Diego: Can I help you with anything else?
imad: ok, i will put this conversation on FPA forum to let all trader get there investication about that
Diego: Sir
imad: thank you
Diego: we are in the market for a long time
Diego: We would not be the fastest growing broker
imad: yes i know, but we need approval
Diego: if we had any problem with our regulations
Diego: Is on our link
Diego: Is there a image
Diego: stamped
Diego: by the autorities
Diego: we have very big clients
Diego: from all over the world
Diego: and we are a serious brokers
Diego: very transparent
Diego: WE have one of the highest rates of any broker in the FPA
Diego: you can check
imad: yes i know about that, but we need more confermations about that.
Diego: lots of people talk good about our broker there
imad: please be helpful
Diego: FPA readers love our broker
Diego: YOu can go and check
imad: i dont want to lost more than 25000$
Diego: I'm trying to
Diego: You don't loose money
Diego: we have one of the safest system for clients funds out there
Diego: 100% safe
imad: so can please go into FSC website and find your company
Diego: even in case something happen to the company you get 100% money back
Diego: here you can see how it works
imad: ok, tomorrow i will call them
Diego: Please do so
Diego: you will get the confirmation you need
imad: ok
Diego: Can I help you with anything else?
imad: no thank you,
Diego: You are very welcome.
Diego: If you require further assistance please come back to support. I will now close the chat.
Chat session has been terminated by the site operator.
Shailesh Patel,
Gujarat, India,
Oct 18, 2012,

I would like to update my review as I faced problem yesterday and it solved by support very quickly.

I had an issue with them that caused me 60 dollars, I guess it has to do with the platform, i contacted support and they explained it to me and gave me back my lose, I`m very pleased with hotforex and the way the handle problems.

2012-10-12 No Rating I opened a Zulu account with hotforex after reading about SPs doing well and the positive feedback about this company here. It’s only been three weeks trading a live micro account with them, I like what I see so far, no issues at all, but I think its too early to tell, even if the broker is regulated it really takes time to really say how good they are.I will post an update after I get a clear picture.
Ahmed Nawaz,
Islamabad, Pakistan,
Oct 20, 2012,

I agree with the comments of imad, alger, Algeria. Although the Hotforex claims to be registered with FSC in the name of HF MARKETS LTD, and for evidence they provide FCS licence No C110008214 registered under INVESTMENT DEALER (FULL SERVICE DEALER, EXCLUDING UNDERWRITING) LICENCE.
But in fact HF Markets Ltd is not registered in FSC under this category. When I scroll through the list of companies, HF Markets Ltd name is not available.
Moin Naqvi,
Oct 22, 2012,

I`m writing this review from India bu I`m am proper from Pakistan, I have a long experience with hotforex. From trading with them for almost 2 years I can say that I had some issues with the company... disconnections of the platform and a few times their phone lines were down. Everything seems to be resolved now and all of these cases are in the history so I cant brag about it. I think all brokers have issues so that was fine with me in the years. As long as my profits are growing and they fix the cases properly I will stay in the business with them. As of the deposits and withdrawals I can not say anything bad as they process both quickly and I never had any issue. What I like about this company is that they seem to care more about their clients then some of the other brokers our there.
Francis Lim,
Quezon City, Philippines,
Oct 26, 2012,

A very reliable broker, very easy to deal with, I have been trading for half a year now and at one time there was an execution problem and I got reimbursed, and im pleased it did not happen again, platform is as stable as it gets, I never had issue with withdrawals though I want to try out their ewallet if its faster than moneybookers, spreads on majors are tight, scalping is decent. I give them 5 stars for giving me a good trading experience for the past 6 month and hopefully they will continue to grow.
Singapore, Singapore,
Oct 27, 2012,

I am not sure why these reviewers were having connectivity issues. FYI, I have been a HF customer for 2yrs now and so far I DID NOT encountered any connectivity issues, perhaps is the issue on connectivity as a whole in a particular region/area. HF customer staff are very friendly, I LOVE them, and very helpful. Eg After I signup for VPS, I dont know how to load up an EA. The customer support told me that she will call me back once she had the details from tech dept. About 10mins later she did, (not forgetting it is an overseas call for her) and told me how to do so. What I didnt expect was, 30mins later she called again to ask whether I am still having problems with loading the EA! Outstanding with the follow thru!

I had never encountered any issues with withdrawals SO FAR, but ya its a pain the neck to keep track of deposits method and amt, as they will refund the amt via the same method. Eg I deposited USD10,000 by bank wire, additional USD2,000 by credit card. So when I asked for withdrawal had to issue a USD2000 by credit card and a USD3000 by bank wire. See what I meant?

But I cant fault them as ALL brokerages I have dealt from does the same thing. Its a regulation procedure and so far my funds have ALWAYS arrived on time between 5-7days by bank wire as stated in their websites.

FYI, there was 1 mth whereby my balance was below USD5K just before my monthly VPS fees, (HF will charged USD35/mth if your balance is below USD5K by your month's subscription date), But HF did not charged me when I notied them I did a bank wire, and the bank wire was credited 2days AFTER the subscription date, and still NO CHARGES!

I feel confused about the comments regarding connectivity, but glad that some found their customer services good. I am NOT their affiliate, but HF is one of the very ethical, efficient, friendly and award winning brokerages that are the REAL DEAL. Hope all those having issues are able to iron them out soon!
Gdańsk, Poland,
Nov 2, 2012,

They shouldn't function - no proper certifications.
Terrible broker froze account all the time....

forex peace academy should delete post written by hot forex employees

Review Moderation Team Note: We go to great efforts to screen reviews. Some fake ones will slip through. Some real ones will accidentally be considered fake and be deleted. Review moderation is not a perfect process. When we catch companies leaving fake reviews for themselves, we take steps to keep it from happening again.
Rawalpindi, Pakistan,
Nov 4, 2012,

Refer my previous review as detailed below.


Review: I am trading with hot forex for few months. I opened my account about 2 years before but started trading later. I deposited twice with my VISA debit card.
Today i deposited by the same card and instead of getting my account replenished, i got an email from the hotforex to submit the credit card validation form. Before posting any rating I need some company affiliates to respond to my following queries.
1. Why i authorized hotforex to proceed with all the payments from my credit card. They ask me to sign the documents that i will not chargeback if hotforex use my card for any transactions without my consent through my card.
2. I already submitted my docs and my account is verified. Why i submit more documents on their wish????
3. It seems that the intentions are to delay the account replenishment.


After my post, 2 different representative from Hot Forex call me on my mobile and clarify the situation regarding the requirement of Credit Card Acceptance Form. Although i was convinced by the details, but still I was not willing to deposit the form and documents again. So, they apologize and ask me for refund of my deposit amount to my account.

Today i received the whole amount back in my Credit Card. I am really impressed by the fair deal of Hot Forex. Now I am more confident to post my review that Hot Forex is really a genuine Forex Broker. I will strongly recommend others to join and trade with Hot Forex. I am also planning to deposit my account by using some alternate methods like MONEYBOOKERS.
Japan, Japan,
Nov 8, 2012,

I'm here to say that as my problem with HOTFOREX losses were readily resolved, Diego, contacted me after I posted my review and expleined that the Broker is making improvements on the system!
because of this, I will update my rating!

2012-11-06 2Star Hey Folks.... I am trader with HotForex since 2011, so in the beginning all its good, very good, including the server, thse two months(october/november) i had some bad issues on chart, last month 5X as all down, no price, 30 minutes after returning to the chart all weird, with / gaps, candles in wrong way, I Understand that we can have technical problems, but we need have to fix to!
kulim, Malaysia,
Nov 17, 2012,

not an issue in registration as I believe that is only a one time deal even with any other brokers. daily transaction in MT4 is ok but need an improvement in execution and closing as it is kind of slow meaning not accurate enough. The rest should be good.
, Indonesia,
Nov 20, 2012,

still had account with them, helpful support and fast withdrawal also

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.