HotForex Review – Multi-awarded Industry Leader
HotForex is a Forex broker of choice for over 2,500,000 traders worldwide. The broker owns over 45 various awards in the financial industry, as a leading brokerage services provider, the best trading conditions, the most transparent broker, and many more. The reasons why so many traders choose HotForex are in fact are endless. The brokerage firm provides exceptional conditions, with spreads as low as 0.1 on certain accounts, leverages up to 1:1000, allowance for EAs, Scalping and Hedging, dedicated support in 27 different languages, rollover policy for transparency, and extra security for the traders.
Furthermore, the broker seems to be offering various promotional programs, including credit, supercharge and rescue bonuses, trading contests with marvelous prizes, free account funding, and a highly rewarding loyalty program. The customers of the HotForex broker have an opportunity to trade with over 1000 trading instruments, use 18 trading tools, explore the in-depth market analysis, get involved in the free educational webinars and so much more. The review below will cover all the major aspects associated with this broker.
History of HotForex
The company was established back in 2010 and as of now has over 10 years of experience as one of the best brokerage services providers. The parent firm of HotForex is HF Markets Group, which owns several other financial companies and is a leading International Business Company registered in St. Vincent and the Grenadines with the registration number 22747 IBC 2015. HotForex is among the top 100 Global Finance Companies and has been awarded numerous honorable awards.
In 2020, the company received an award for the Decade of Excellence Forex Brokerage Asia by the Global Banking and Finance Review. The company has also been named as the most transparent and most trustworthy broker around the globe several times. Furthermore, HotForex is dominating many different markets across the globe, notably in Asia. Its list of awards and honorable mentions also includes the titles claimed due to the excellent customer experience, dedication to outshining with its services, best education resources on Forex and commodities, and many more.
Is HotForex legit?
Much of the HotForex rating comes from the fact that the company is regulated by five different regulatory authorities worldwide and all of them are quite well-known, reputable, and trusted. The brokerage firm complies with all the requirements set by the regulatory bodies and furthermore fulfills all the market standards. The client accounts are kept on segregated accounts and the firm is regularly audited by Deloitte itself. Consequently, HotForex only collaborates with the major banks worldwide and offers the most secure platform for trading.
HotForex holds licenses from the following regulatory organs: Financial Conduct Authority in the United Kingdom (FCA) with the reference number 801701, Dubai Financial Services Authority under the license number F004885, Financial Sector Conduct Authority in South Africa with the license number 46632, and the Financial Services Authority in Seychelles under the Securities Dealer License number SD015. Furthermore, the company is registered and approved by SV, St. Vincent, and the Grenadine with the certificate number 22747 IBC 2015.
What can you trade with HotForex
As for the product portfolio of HotForex Forex broker, we can undoubtedly say that it is one of the most diverse ones out there. There are over 1000 trading instruments offered to the clients within the different financial markets. The list of the instruments includes leveraged products such as:
- Forex – over 50 currency pairs, leverage up to 1:1000, spreads from 0.0 pips depending on the account type
- Metals – 6 most popular products, leverage up to 1:200, spreads from 0.03
- Energies – UK Brent Oil and US Crude Oil, leverage up to 1:66, spreads from 0.08
- Shares – rollover policy, over 55 shares incl. Amazon, Facebook and Apple, commission 0.01%
- Indices – 12 stock indices spot/futures contracts, leverage up to 1:200, spreads from 0.23
- Bonds – Euro Bund, UK Gilt, US 10-year Trasury Note, leverage up to 1:50, spreads from 0.05
- Commodities – Sugar, Coffee, Cocoa, Cotton, Copper, leverage floating / up to 1:66, spreads from 0.06
- DMA Stocks – over 950 stocks, leverage up to 1:5, floating spreads
- ETFs – 34 ETFs, leverage up to 1:5, floating spreads
- Cryptocurrencies – 12 cryptocurrencies, leverage up to 1:10, spreads from 0.0006, commission 1 USD per lot round turn
HotForex Account Types
HotForex recognizes that since its customers diverse culturally and nationally the variety in account types is very much required. Therefore, the broker offers six different account types that provide various trading conditions suitable for every kind of trader out there. It does not matter if you are looking for the demo, live, premium or Islamic account, HotForex has got it all. Furthermore, all of its account types come with the Personal Account Manager and the order execution type – market execution for all.
Furthermore, an Islamic account can be applied to any of these four account types: Micro, Premium, Zero Spread, and Auto. Below are all the specifications of each account type:
- Micro Account: min. deposit from 5 USD, max. leverage up to 1:1000, spreads from 1 pip, max. simultaneous open orders 150
- Premium Account: min. deposit from 100 USD, max. leverage up to 1:500, spreads from 1 pip, max. simultaneous open orders 300
- Zero Spread Account: min. deposit from 200 USD, max. leverage up to 1:500, spreads 0 on Forex, max. simultaneous open orders 500
- Auto Account: min. deposit from 200 USD, max. leverage up to 1:500, spreads from 1 pip, max. simultaneous open orders 300
- PAMM (premium) Account: min. deposit from 250 USD, max. leverage up to 1:300, spreads from 1 pip, max. simultaneous open orders 500
- HFCOPY Account for Follower: min. deposit from 100 USD, max. leverage up to 1:400, spreads from 1 pip, max. simultaneous open orders 300
- HFCOPY Account for Strategy Provider: min. deposit from 500 USD, max. leverage up to 1:400, spreads from 1 pip, max. simultaneous open orders 300
Rewarding Programs of HotForex
In Our HotForex opinion, we believe that the promotional programs offered by this broker are unprecedented and one of the best available on the market. The program varies from performance-based trading contests to multiple bonus schemes. The prizes for the contests are indeed exceptional and the bonus rewards are also one of the highest provided by the best brokers worldwide. There are many exclusive treats that are dedicated to only HotForex’s customers, such as a trip to Paris Saint-Germain.
Road to Paris Trading Contest is a performance-based contest in which traders compete to win a once-in-a-lifetime experience. The winner of the contest will get a business class flight ticket to Paris in order to attend the training session and later 2 matchdays with VIP seats. The prize also includes a tour of the stadium and a luxurious stay at one of Paris’ top hotels. 5 runner-ups of the challenge will receive 1000 USD as a cash prize, while a 500 USD cash prize will be granted to the most improved trader of the week.
HotForex also holds several other competitions, including the 10th anniversary of the broker with over 2,000,000 USD cash prize, Gadget Giveaway contest with iPhone 12 Pro, PlayStation 5, and other exciting products, demo contest for the demo account holders with 2000 USD cash prize for the winner and many more.
The bonus programs of the broker offer a 100% supercharge bonus, 30% rescue bonus, and 100% credit bonus. All of the mentioned bonus schemes provide deposit bonus rewards, where the client needs to have a live trading account with the broker in order to qualify for the promotion. The rescue bonus is designed to safeguard the traders from periods of drawdown.
Which platforms are available for traders
Most of the traders already know that the best available software for trading is MetaTrader 4 and MetaTrader 5. The broker also recognizes the quality and popularity of these two software and therefore provides them built-in various platforms. The original MT4 and MT5 are compatible with different devices and browsers for the clients of HotForex. The traders can use MT4 and MT5 even on their mobile devices, which support both IOS and Android phones. Furthermore, there are WebTrader versions provided for these two platforms that can be accessed by any browser.
HotForex also introduced a MultiTerminal for MetaTrader 4 which allows the users to manage multiple trading accounts simultaneously. Another innovative platform is the Rapid Trader FIX/API which is just perfect for the professional traders who seek an opportunity to seize a dynamic and integrated environment. The Forex broker also provides multiple detailed guides on how to use the trading platforms.
How HotForex Supports Customers
As we have already mentioned at the beginning of the HotForex Forex Broker review, the broker provides support and help services in 27 different languages to its customers. Furthermore, there is a live chat function available on the official website of HotForex, where customers or unregistered interested people can approach the support team. Also, the broker provides toll-free numbers for residents of multiple countries, including Brazil, Colombia, Russia, China, Taiwan, India, Indonesia, Nigeria, and Turkey. Several email addresses are provided, as well for various matters assigning inquirer to the specially designated department. We also have to keep in mind that HotForex has received numerous awards for excellence in customer service.
Final Resolution on HotForex
The name of the brokerage firm, HotForex stands for Honesty, Openness, and Transparency, and to summarize, we think that the broker justifies the name. Considering the fact that HotForex has been on market for over 10 years, serves over 2 and a half million traders with great success and designs highly competitive platforms for trading, we have to admit that HotForex broker is rightfully named as one of the best brokerage service provider companies to ever exist on the market.