Established in 2010, HotForex has expanded its geographic presence to include over 100 countries in its service footprint. The services are overseen and regulated by the tier-1 Financial Conduct Authority (FCA) in the United Kingdom. The company is also licensed by Cyprus, South Africa, the United Arab Emirates, and St. Vincent and the Grenadines to provide financial services. A recipient of multiple industry awards, this market-maker offers a wide variety and number of assets, including equities, currency pairs, and cryptocurrencies.
There are several compelling reasons to choose this online trading destination, including its competitive spreads and commissions, choice of account types, enhanced charting, financial analysis tools, value-added functionality, and educational offerings.
HotForex offers trading compatibility with MetaTrader 4 and 5 on both desktop and mobile devices. The brokerage platform also has a proprietary app that allows users to track their watchlist of tradable assets, perform technical analysis, and stay updated with the latest market news. While this software enables traders to switch to MetaTrader 4 or 5 with a single click, it does not currently offer trading as an in-app feature.
Pros and Cons
Pros
- Multiple compelling account types to choose from
- Enhanced trading experience with a host of value-added tools
- A wide selection of trader resources and informational products
- Over 1000 stocks and almost 50 forex pairs available to trade
Cons
- Does not serve customers in the US and Canada
- No proprietary trading platform
Who Is Recommended For?
Traders who appreciate flexibility in terms of minimum account balances, commissions, spreads, and ample liquidity will appreciate the variety of options available from this market-making offering. The additional tools that can be used with MT4 or MT5 make HotForex a solid choice for users familiar with these industry-standard platforms and would like the convenience and utility of enhanced trading tools and valuable investor resources.
Regulated By
- Cyprus Securities and Exchange Commission (Cyprus)
- Financial Sector Conduct Authority (South Africa)
- FCA (UK)
- DFSA (UAE)
- FSA (St. Vincent)
Top Features
- Choose From six account types: Minimum deposits range between $5 and $250 across the various account types with spreads, leverage limits, and maximum order sizes that vary as well.
- Access market information and analysis: The company prides itself on the depth of trader education and market news it provides. This takes the form of videos, articles, a short trading course, and a selection of financial updates.
- Advanced trading tools: The MT4 or MT5 trading experience is enhanced thanks to HotForex’s technical analysis suite, trade execution, charting, and market sentiment features. The Autochartist tool offers AI-powered pattern recognition to assist users in timing their trades strategically.
- Enjoy an abundance of tradable assets: HotForex provides access to over 1000 securities, including 47 forex pairs, metals, energies, stock indices, cryptocurrencies, and ETFs. This selection is above-average for this type of market-maker and pricing structure.
Overview
- Type of Broker Market-Maker
- Regulation & Licensing FCA (UK); CSEC (Cyprus); FSCA (South Africa); DFSA (UAE); FSA (St. Vincent)
- Clients Accepted from 115 Countries
- Assets Offered Foreign Exchange ETFs DMA Stocks Commodities Indices Shares Energies Cryptocurrencies Bonds
- Platforms Available MetaTrader 4, MetaTrader 5, Webtrader
- Mobile Compatibility Android, iOS
- Payment Types Accepted Credit Card, Debit Card, Bank Transfer, Neteller, Union Pay, Skrill, BitPay, Web Money, VLOAD, Fasapay, Cryptocurrency
Account Types
Features |
Micro |
Premium |
Zero Spread |
Auto |
PAMM |
HF Copy |
Account Currencies |
USD, EUR, NGN |
USD, EUR, NGN |
USD, EUR, NGN |
USD, EUR, NGN |
USD, EUR, NGN |
USD, EUR, NGN |
Available Leverage |
1000:1 |
500:1 |
500:1 |
500:1 |
300:1 |
400:1 |
Minimum Deposit |
$5 |
$100 |
$200 |
$200 |
$250 |
$100 (follower) $500 (strategy provider) |
Starting Spreads |
1 pip |
1 pip |
0 pips |
1 pip |
1 pip |
1 pip |
Commission Per Trade |
Cryptocurrencies: $1.00 per round turn Shares: 0.10% per trade ETFs: $0.10 per share per round turn Indices: $1.00 per lot per round turn DMA Stocks: $0.10 per share per round turn |
Cryptocurrencies: $1.00 per round turn Shares: 0.10% per trade ETFs: $0.10 per share per round turn Indices: $1.00 per lot per round turn DMA Stocks: $0.10 per share per round turn |
Forex: Starting from $3.00/€2.50/NGN 1100 per lot per round turn Cryptocurrencies: $1.00 per round turn Shares: 0.10% per trade ETFs: $0.10 per share per round turn Indices: $1.00 per lot per round turn DMA Stocks: $0.10 per share per round turn |
Cryptocurrencies: $1.00 per round turn Shares: 0.10% per trade ETFs: $0.10 per share per round turn Indices: $1.00 per lot per round turn DMA Stocks: $0.10 per share per round turn |
-None for Premium -Starting from $5.00 per lot for Premium Plus Account |
Indices: $1.00 per lot per round turn |
Decimal Pricing |
Up to 5 |
Up to 5 |
Up to 5 |
Up to 5 |
Up to 5 |
Up to 5 |
Trading Instruments |
Foreign Exchange Pairs ETFs DMA Stocks Bonds Commodities Indices Shares Cryptocurrencies |
Foreign Exchange Pairs ETFs DMA Stocks Bonds Commodities Indices Shares Cryptocurrencies |
Foreign Exchange Pairs ETFs DMA Stocks Bonds Commodities Indices Shares Cryptocurrencies |
Foreign Exchange Pairs ETFs DMA Stocks Bonds Commodities Indices Shares Cryptocurrencies |
Foreign Exchange Pairs Commodities Indices |
Foreign Exchange Pairs Indices Gold Bitcoin |
Min. Lot Size Per Trade |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
Max Lot Size Per Trade |
7 |
60 |
60 |
60 |
60 |
60 |
Demo Account |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Swap/Rollover Free |
Islamic Account Support – Yes |
Islamic Account Support – Yes |
Islamic Account Support – Yes |
Islamic Account Support – Yes |
N/A |
N/A |
Copy Trading Support |
No |
No |
No |
Yes |
No |
Yes |
Trading Platforms
- MetaTrader 4
- MetaTrader 5
- Webtrader
Compliance & Regulation
Headquartered in the Caribbean territory of St. Vincent and the Grenadines and with subsidiary trading offices worldwide, this market-maker is regulated by several credible financial authorities. The UK-based FCA is the top-tier regulator that oversees HotForex’s operations, and as such, the company is required to comply with several legal requirements that ensure investor safety.
Segregated client accounts and negative balance protection are standard with UK-based accounts. At the same time, those in other jurisdictions may want to check the specific measures required by their local regulatory body.
Overall, this broker’s long track record and regulatory mandate should help instill confidence in prospective customers.
Pricing
One of the first things that prospective users will notice about this broker is the multiple account types on offer. Each of these features a unique set of usage terms, including minimum deposits and trading costs.
In terms of costs per trade, commissions vary by account type. For instance, the Zero Account has low starting spreads but also has commissions on FX trading. Other accounts don’t have FX trading commissions, but indices, cryptocurrencies, ETFs, shares, and DMA stocks will feature commissions across account types. Moreover, while the Zero account features lower costs overall, it also comes with higher margin requirements.
This broker is regulated by several reputable financial services bodies inside and outside the European Union and can offer relatively high leverage. Ratios of up to 300:1 and 1000:1 apply across the spectrum of accounts that comprise HotForex’s product lineup depending on the user’s geography and the applicable regulator. Despite this higher risk allowance, the brokerage provides reliable investor protection in line with global best practices, including segregated account structures and insured.
Reliability & Security
Investors accustomed to navigating the MetaTrader 4 and 5 platforms will have no difficulty setting up their accounts and should be trading within minutes. A demo account can be registered quickly for prospective traders who would like to test the system before committing.
HotForex’s decision to forgo a proprietary web-based trading platform in favor of MetaTrader is well compensated for by the suite of advanced trading tools that it offers as an add-on to the popular trading software. Integrated market news, buy and sell indicators, charting, and technical analysis features are welcome additions to the trading experience, offering a tangible advantage for investors of all experience levels.
Any unexpected occurrences or queries that arise in the course of trading can be directed to the broker’s support team, open from 7:00 to 23:59, Monday through Friday. The time zone used is equivalent to GMT +2. Email and live chat support are available at times when customer service is closed.
The company has won several accolades, including a place in World Finance’s Top 100 Global Companies rankings and International Business Magazine’s Best Forex Trading Conditions Global 2020 award. Beyond the competitive trading conditions, they are known for excellent execution and deep liquidity, helping improve the offering for more advanced traders and those who prefer to copy trading strategies.
User Experience
Ease of use, an intuitive and well-designed website, and speedy onboarding are some of the features that count in this company’s favor. However, it should be noted that this market-maker doesn’t currently operate in the US and Canada.
HotForex stands out for its transparency and the quality of information it provides new and existing users. This includes in-depth breakdowns of the costs, margin requirements, and minimum deposits associated with each account type and the wealth of trading information available on the website.
Less experienced investors can sign up for an online course, read dozens of informative articles and eBooks, and watch brief but detailed videos on many topics. These include using the MetaTrader platform, trading strategy, how forex works, stock trading for beginners, and an introduction to technical analysis.
Final Thoughts on
Traders in search of affordable trading platforms with low minimum account balance requirements are often faced with the prospect of limited functionality and investor information. HotForex is an exception to this rule with its competitive pricing and highly professional trading setup.
New and experienced forex traders alike will benefit from the diverse range of accounts and asset classes available on the platform and the in-depth information and analysis features that are designed with virtually every type of investor in mind.
Trading Platform Screenshots
Contact Info
HF Markets (SV) Ltd. Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown 1510 Saint Vincent and the Grenadines
FAQs
Q: Are demo accounts available?
A: Yes. Your name and regional phone number are required to register for a demo account setup.
Q: What types of accounts does HotForex offer?
A: The broker provides six accounts: Micro, Premium, Zero Spread, Auto, PAMM, and HF Copy. There is also an Islamic version available for users that is swap and rollover free. Minimum deposits range between $5 and $500.
Q: What forex trading platform is used?
A: HotForex makes MetaTrader 4 and 5 available to traders for both desktop and mobile functionality. Additionally, a Webtrader platform makes browser-based trading possible.
Q: Can I copy trade using the platform?
A: The HF Copy account is specifically designed for this purpose. You can register as either a strategy provider or a follower. The Auto Account also allows traders to copy the trades of signals and other strategy providers.
Q: What currencies are accepted for account deposits?
A: US Dollars, Euros, and Nigerian Naira are all accepted. You can also fund your account using cryptocurrency and several virtual payment portals.