Fresh HotForex review that helps Forex Peace Army traders invest safely

3.72 · 526 REVIEWS



Updated: Oct 19, 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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3.72 · 526 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

Minh Khoi,
Can Tho, Viet Nam,
Jan 26, 2015,

I’m on their Micro account (267432) trading commodities using COT reports. Glad to have live CBOT data provided for free, while other services charges a good penny for that stuff. It’s traded as CFD’s so transactions costs are a bit cheaper than with standard futures brokers, charging per contract. Execution is quite stable but sometimes I get some slippage at the start of trading session, I believe it’s because of unstable liquidity.

Regarding support I would rate them at 4. Sometimes it takes a bit more time for their chart support to answer (I believe due to being over-busy) but when they are there it goes exceptionally professional. Still there are emergencies popping up in my trading and I demand for their quickest resolution.

A couple of words of of their Execution desk. There were intentional checks by me when settling down there to estimate how fast are positions closed using this option.Well, requests were handled properly, but market was quiet, so I wouldn’t count it as plus.

Haven’t made any withdrawals yet, only depositing through Wire Transfer. It’s really annoying policy that deposit and withdrawal methods should be the same as I am looking for workarounds of ducking taxes. Next time will try online payment system to optimize capital flow…

It is too early to make solid conclusions but what I can definitely say is that with my perfectionist nature, there are a lot of things to do for Hotforex to finally win my heart.
Warri, Delta State, Nigeria,
Jul 8, 2018,
Registered user

I believe I have found broker I have been looking for. Having their office in Nigeria makes deposit so easy and transaction cost so low. They have fantastic support, both emails and chat line.
I have no rating for now, ( forgive me ) until I test their withdrawal.
Sobolev Vyacheslav,
Moscow, Russian Federation,
Nov 11, 2014,

Their new launch of zero spread account was a good surprise for me, as I was looking for new opportunity to reduce my trading costs from high frequency news trading. Before I was staying with their Fix spreads account, though spreads were always fixed, I was getting 18 USD spread from 1.0 lot of EUR/USD traded. After some tries in their new account (on crazy market times of course), I found that average cost of trade is a bit less (about 12 USD – 8 round-turn commission and 0.2-0.3 average spread). Haven’t noticed any slippage there. Of course testing was carried out on demo, but supposing that spread will be less than 1 pip (on EUR/USD), I will be charged less than on fix account as well. Will update the review after trying it on real.
Nick Almasan,
San Pedro, Philippines,
Feb 18, 2015,

I have just opened an account with hotforex, its the first broker that I will use, I have basic knowledge about forex trading, I have not tried to trade live yet, but I wanna say thank you for hotforex for their assistance and customer service they emailed me and called me on the phone many times, they have a cool support team, things looks so promising now, they even help you to learn how to trade. you feel that they are really on your side.
Kawit, Philippines,
Oct 9, 2014,

Hotforex is my first international broker, My mentor introduced me to them to get exposed to online trading, I have now a small micro account which I use to trade the USDJPY, and AUDJPY, I think im doing fine making 60-80 pips in my first week, My target is 500 pips before I can give them a fair rating and my first withdrawal. I made a mistake with the documents they asked for verification, but I like how support handled it and explained it to me, now everything is fine.
Venice, Italy,
Feb 5, 2018,
Registered user


My client number is 229679 and I wrote to HF regarding my order which i am pasting here wuth all the email exchange to date. Basically I was positive on EURUSD before NFP and long. WHen i saw the news I wanted to get out but conveniently enough the system blocked. All my other software worked fine. I rebooted MT4 3 times and in the meantime lost the trade since it ran into the SL. I have to say that recently I am not finding myself well with HF. Sometime back they had more shine and now it seems like their customer care does not resolve anything. I also recently had an email unanswered (still is).

ntoine scicluna <>
8:55 AM (27 minutes ago)
to Trading
Of course the system does not show a log of my request because it was blocked. All my other software was working since I checked it and only your MT4 was not. I had to reboot three times. Which you can see on the log I guess.

Can you please advice me on how to proceed with closing my account with you?

Antoine Scicluna
Business Developer & Consultant
IT Cell +393406334990
MT Cell +35677081924
Skype antoinescicluna

On Mon, Feb 5, 2018 at 7:36 AM, Trading Department <> wrote:
Dear Client,

Thank you for contacting us.

Kindly note that the logs are clearly showing that there was not any request to close the trade 208867570 .

The system was running properly during news and there was not any malfunction.

Do not hesitate to contact us if you have further queries.

Kind Regards,
Andreas Christofi
Trading Department

HotForex is a registered brand name of HF Markets (Europe) Ltd a Cypriot
Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus
Securities and Exchange Commission (CySEC) under license number 183/12.

The system was blocked on the issue of the news and it did not let me close the trade.
I am asking for a refund because the system malfunction is not my fault

Antoine Scicluna
Business Developer & Consultant
IT Cell +393406334990
MT Cell +35677081924
Skype antoinescicluna

On 02 feb 2018, at 19:16, Trading Department <> wrote:

Dear Client,

Thank you for contacting us.

We have investigated your request and we concluded that the trade #208867570 was correctly executed.

Kindly note that from the logs you have provided to us we cannot find any request to close the trade #208867570 .

In addition we can confirm that the server never received any other request for the trade 208867570 apart of one modification which was executed accordingly.

Please find below the server logs

2018.02.02 10:57:55.080 '313946': order #208867570, buy 0.01 EURUSDb at 1.24898
2018.02.02 10:59:32.082 '313946': modified #208867570, buy 0.01 EURUSDb at 1.24898, sl: 1.24600 tp: 1.25400
2018.02.02 15:32:47.520 '313946': stop loss #208867570 at 1.24600

Furthermore we can confirm that the server was running properly and we have no reason to proceed with any kind of reimbursement.

Regarding your request to close your account, please contact your account manager as we are not dealing with such requests.

We remain at your disposal for any further clarification.

Kind Regards,
Andreas C.
Trading Department

i will see how you will handle this first

Antoine Scicluna
Business Developer & Consultant
IT Cell +393406334990
MT Cell +35677081924
Skype antoinescicluna

On Fri, Feb 2, 2018 at 4:21 PM, Trading Department <> wrote:
Dear Sir,

Thank you for contacting us.

In order for us to fully investigate your trading query we require your platforms log files to established what happened.

To obtain the log files please do the following:

1. Login to the HotForex MT4 terminal

2. Click on the ‘Journal’ tab

3. Right click within the ‘Journal’ window and select open

4. Send us the corresponding data file.

Should you wish to close the account kindly confirm your request and we will pass your details onto the relevant department.

We await for your reply in order to proceed.

Kind Regards,
Lloyd Brooks
Trading Department


May I refer you to this order number 208867570

I was trading EURUSD and was a few pisp positive waiting for NFP. News came out and i had the time to get out with profit but your platform blocked and i had to restart 3 times and lost the trade

All my other applications worked well so it is not a connection problem from my end

I would like a refund and also information on closing my account with you.

Thankyou and regards

Antoine Scicluna
Business Developer & Consultant
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...
kuala lumpur, Malaysia,
Mar 16, 2014,

I'd been trading forex for 3.5 years, and hotforex is my third broker and I stayed with hotforex about 1 year so far.

I made several withdrawal, took about 2 hours- 3 working days, the staffs have been responsive attending my inquiries. I realky like the fast response and quick withdrawal without any trouble.

I am happy and satisfy so far. Hotforex has very active support, they even follow up on issues that I had in the past to insure satisfaction, I doubt other brokers would go to that extent, I`m very pleased.

Hotforex is a good broker, (:
chennai, India,
Jan 17, 2013,

im preeth, i saw all reviews..i just wanna know is how abt the withdraw and its trust full broker ? pls let me knw ..coz im decided to open an account with pls guide me anybody
china, China,
Mar 2, 2012,

Hotforex is big scam. blocked IBs account. not pay

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.