Founded in 2010, HotForex is a brand name of HF Markets (Europe) Ltd. A financial broker that provides both individual and institutional clients with online trading services. HotForex itself has headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines, all under respective regulatory authorities.
If you want to know whether HotForex is a reliable forex broker or not, please continue to read.
A. General Info of HotForex
HotForex’s general info has been shown below:
According to its website, HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients.
This broker supports 19 languages, which gives worldwide traders a huge convenience.
HotForex offers popular tradable instruments of the global financial markets, including forex, precious metals, energies, indices, commodities, electronic currencies, bonds, ETFs, stocksDMA, etc.
Account Type& Minimum deposit
In terms of minimum deposits, there are six account options on offer on HotForex platform, namely Micro, Premium, Zero Spread, Auto, PAMM Premium HFCOPY accounts. The minimum deposit for a Micro account is $5 (which is quite reasonable for beginners to get started), and $500 for strategy provides, $100 for followers in the HFCOPY account.
This broker uses the MT4 and MT5 platforms as its main platform. These platforms can be used from different terminals, such as desktop, web, iphone, ipad. Moreover, this broker also offers clients HotForex FIX/API. The HotForex RapidTrader API is the perfect solution for professional traders looking to take advantage of a dynamic, integrated environment.
Their customer service team will always be there for you 24/5. You can contact HotForexs execution team through email, telephone, and Live-chat.
The minimum spread for Mini accounts starts from 1 pip, and no commission is charged for trading. For Premium accounts, the minimum spread starts from 1 pip, and no commission is charged for trading. For Zero Spread accounts, the commission is $6 per lot (round turn). For Auto accounts, the minimum spread starts from 1 pip, and no commission is charged for trading. For PAMM accounts, the minimum spread for high users starts from 1.1 pips, and no commission is charged, and the minimum spread for high plus users starts at 0.3, a fee of US$6 per lot (round turn) charged. A comparison of HotFX spreads with other traders is shown in the chart below.
Restricted Areas or Countries
Please note that this broker doesn’t offer service to U.S. citizens or residents.
B. Regulatory Status
The legitimate license of HotForex
HotForex is a regulated broker. It is regulated by the CySEC in Cyprus, with regulatory license number 183/12, its UK entity under the regulation of FCA in the UK (license number 801701), Dubai entity under the regulation of DFSA in Dubai ( license number F004885), and Spain entity is authorized and regulated by the CNMV under the license number 3427.
C. Fund Security
On its website, HotForex has a specific page to emphasize the safety of clients funds. Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back.
- Exposure related to HotForex on FX110
On FX110, the Exposure consists of feedback from traders.
The complaints against this broker have reached 25 in the past 3 months.