Fresh HotForex review that helps Forex Peace Army traders invest safely

3.719 · 527 REVIEWS

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Updated: Nov 18, 2021 · HotForex.com  · Is this your company?

HotForex is a MetaTrader broker founded in 2010 and is regulated by FCA, SySEC, and other regulators. It offers 47 currency pairs, cryptocurrencies, and access to over 1,000 securities including precious metals, commodities, stocks, bonds, and stock indexes.  Mobile trading is offered with MT4, MT5 mobile apps as well as proprietary HF App (in development).

HotForex offers a social copy-trading platform HF Copy. Traders also get access to the client sentiment data, in-house produced market analytics, and educational materials including training videos, books, and articles.

Please read HotForex Reviews below and share live trading experiences with this broker.

HotForex
Part of HF Markets. Other websites include HFEU.com

HotForex's representative requests that anyone having issues please include the account number in the review.  This should result in many issues being addressed more quickly.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $5
Established: 2010
Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent And Grenadines
Contact: support@hotforex.com, +44-2033185978
Regional offices:
Regulators: CySEC #183/12, FSC Mauritius #C110008214 , SVGFSA #22747 IBC 2015, FSA-S #SD015, FSCA #46632, DFSA #F004885, FCA #801701
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (45+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
PAMM: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney

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3.719 · 527 REVIEWS
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Traders Reviews

2stylsh,
PNG,
Jul 15, 2011,
Guest

Ok,

A war story for you, i deposited $1000USD got the fancy $500 deposit bonus, lost $400 of that deposit in one bad with Voodoo V2 EA, and then some other bad trades which saw me under $1000USD.

I then came across MillionDollarPips EA and have to take my hat off as it fully recovered my balance actually was as high as $1600, then it happened.

I woke up next morning to see a floating trade over -$100 thinking to myself thats strange as MDP closes bad trades very quickly.

I went to the trusty old journal tab (A traders best friend and a brokers worst nightmare) and guess what i found, MDP was frantically trying to do its job and my old friend OFF QUOTES reappeared in my life, flashing me back to my horror days at FXCM where it was OFF QUOTES city and i lost thousands.

I disabled MDP withdrew my initial $1000 and was out of there like jumping jack flash!

Now i'm one of the lucky ones to have walked away even steven, warning for all you newbies out there you have the right to buy and sell whenever you want when the market is open, if someone is gonna tell me no cash in a trillion dollar market, im gonna tell them to shove it and put my cash into one of my other 4 broker accounts, of which i can handle the odd old tick, but off quotes kills me. I may as well trade baseball cards for a living i'm done.


04:24:09 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:10 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:10 '17335': request was accepted by server
04:24:10 '17335': request in process
04:24:11 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]
04:24:12 '17335': modify order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944
04:24:12 '17335': request was accepted by server
04:24:13 '17335': request in process
04:24:13 '17335': modification of order #1783323 sell 0.24 EURUSD at 1.39160 sl: 0.00000 tp: 0.00000 -> sl: 1.39381 tp: 1.38944 failed [Off quotes]

Review Moderation Team Note: We've trimmed out much of the log file. Please post it in the forums thread that's linked from this review page.

04:26:30 '17335': modify order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875
04:26:30 '17335': request was accepted by server
04:26:31 '17335': request in process
04:26:31 '17335': modification of order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 -> sl: 1.39183 tp: 1.38875 failed [Off quotes]
04:26:31 '17335': close order #1783267 sell 0.21 EURUSD at 1.39172 sl: 1.39401 tp: 1.38924 at price 0.00000
04:26:31 '17335': request was accepted by server
04:26:32 '17335': request in process

And thats right you can see my account number Hotforex and no i dont feel like discussing OFF QUOTES=BYE BYE HARD EARNED CASH! NEXT!!
 
ariel,
malaysia,
Jul 18, 2011,
Guest

if you are trading for instant execution, it is ok.. but, from my experience, if want to trade news, your PO will be deleted. they said it was due to volatility (hell yeah,news sure got volatility)..sigh.. I also face hard time if use script.. i would say, 3/5 is the rating for them..
 
kumar,
india,
Jul 18, 2011,
Guest

hotforex is worst site.payment problem.server is very bad .
so dont open hotforex live account.
 
Kostakis Gianakopoulou,
Paros,
Jul 20, 2011,
Guest

Very hard to find a good broker...and i think i found one...

PS
I tried to sumbit a review 2mins ago but i dont know if it went throught due to my internet connection.
 
CW,
Redding, CA,
Jul 23, 2011,
Guest

I have made numerous attempts to deposit funds using multiple credit cards, all transactions fail. American Express - fail, Visa - fail, Money Bookers - fail. Tech support is unable to provide an explaination or the ability to fix the issue.
 
RTRT,
Brooklyn, NY,
Jul 24, 2011,
Guest

CW, use the Netplace option....Moneybookers doesn't think Hotforex is legit...It is a gaming site to them...

Does anybody know what happens when the "bonus" is withdrawn ??Last week my balance went down to the bonus amount then everything shut down, leaving me with a "0" balance...I wrote them to ask what happens now and have not received one reply...It looks on the surface that the bonus gives an artificial balance/equity amounts...Also using Currenex, I think the commision was too high....At least compared to Finfx....
 
Alan Titchmarsh,
United Kingdom,
Jul 25, 2011,
Guest

Their live chat was excellent help when I was thinking about opening an account. As with others I was looking to diversify my FX brokerage exposure. My initial deposit went straight into my acount - less than two hours - and I made a test withdrawal for half the amount 2 days later which was returned equally quickly. Spreads are good, service is good and they look as if they are trying to improve the services they offer. I cant really complain.
 
Ross Catteral,
London,
Jul 26, 2011,
Guest

I have to admit at being pleasantly surprised at the service I have received ffrom the support staff. John was particularly helpful. The spreads are tight enough for me, execution is fast and although I have difficulty trading the news (which I only do occasionally) I have to rate them highly. Diamond in the making.
 
BRANDON,
FLORIDA USA,
Jul 26, 2011,
Guest

I WAS TRADING WITH OANDA BUT THEY DROPPED THEIR LEVERAGE DUE TO NEW LAWS, THEY NOTIFIED EVERYONE IN WRITING AND PASTED IT ALL OVER THEIR SITE SO I KNEW IT WAS COMING.......
AT FIRST LOOK AT THIS COMPANY HOT FOREX THEY LOOK GREAT BUT I OPENED A LIVE ACCOUNT 3 WEEKS AGO WITH $5,000 THEY GAVE ME $2,500 BONUS WHICH WAS GREAT TOO, I ONLY TRADE GOLD - XAU/USD NOTHING ELSE: THEY JUST DECIDED TO DROP THEIR LEVERAGE TO ZERO ON GOLD WITHOUT INFORMING ANYONE I TRIED TO BUY 60.00 UNITS ON SUNDAY LIKE I HAD FOR THE LAST 2 WEEKS AND IT SAID NOT ENOUGH MONEY SO I CONTACTED LIVE SUPPORT THEY SAID OH WE SENT OUT E-MAILS TO EVERYONE BUT SOME DID NOT GO THROUGH TO CUSTOMERS - 3 OF MY FRIENDS WHO TRADE GOLD ALSO GOT NO E-MAILS FROM THEM, I HAD MADE 2320 UNITS I WAS 180 SHY OF GETTING MY $2500 BONUS THAT WAS 3 TRADES FOR ME IF I HAD KNOW ON FRIDAY THAT THEY WERE GOING TO DO THIS I COULD HAVE DONE 3 MORE QUICK TRADES AND CLOSED THEM AT A LOSS IMMEDIATELY AND LOST THE SPREAD OF ABOUT $50.00 ON EACH 60.00 UNIT TRADE AND HIT MY $2500.00 UNIT BONUS AND THEN BEEN ABLE TO TAKE OUT MY ORIGINAL MONEY AND PROFIT AND THE $2500.00 BONUS BUT THEY SAID TOUGH LUCK YOU DID NOT DO 2500 UNITS OF TRADE SO YOU CAN NOT HAVE ANY BONUS MONEY !!!!!!!!!!!!! THEY DID THIS KNOWING WHAT THEY WERE DOING AND KNOWING I WAS NOT GOING TO CONTINUE ON WITH THEM AT NO LEVERAGE - THEY ARE A SNEEKY COMPANY DO NOT TRUST THEM - I FEEL BAD FOR ANYONE WHO HAD GOLD POSITIONS OPEN OVER THE WEEKEND AND DID NOT KNOW LEVERAGE WAS GOING TO BE DROPPED - THEY WILL GET A MARGIN CALL AND LOOSE A LARGE LOSS BAD COMPANY DON'T USE THEM TRY WINDSOR BROKERS FOR GOLD AND UP TO 400-1 LEVERAGE.
 
George,
Athens, Greece,
Aug 2, 2011,
Guest

thus far i have enjoyed using Hotforex. In addition the customer service has been exemplary.
I would certainly recommend Hotforex to my friends and associates.
 

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.