Hotforex: Your Complete Guide and Review

Hotforex is a Forex broker that opened its doors to traders in 2008. Of late it's taken great strides to establish itself as a customer-oriented platform that minds its users and keeps improving services for them. You can use it to trade on numerous instruments knowing all your information is safeguarded against any unauthorized persons. When you decide to become part of the huge community this broker manages, you join traders from all over the world.

Hotforex has over the years amassed more than 2000000 live accounts opened by users from all corners of the world. It has branches globally manned by over 200 employees who are part of the larger Hotforex Company. The website supports 27 different languages making it easy for many people to understand the content by translating it to a language they prefer.

It has 35 different awards won for providing the best services in the industry over the years making it an even more reliable Forex broker. Traders can access the 24/7 customer support system where all their questions and queries are handled in the shortest time possible. You can translate the website into any of the provided 20 languages.

Is Hotforex a Reliable Forex Broker?

Hotforex has managed to stay operational from as early as 2008 and continues to grow in business every day. This means more people trust it as the broker of choice for all their trading activities. This is in large part because of its transparent and honest dealing with customers. It's licensed and regulated to operate in Europe and all across the world.

It's licensed in St. Vincent and the Grenadine as the HF Markets Inc. to operate as a recognized international broker. This is filed under the International Business Companies Act, Chapter 149 of the Revised Laws of St. Vincent and the Grenadines.

Also, in the UK, it's regulated by the Financial Conduct Authority (FCA) to operate within the EU adhering to all the set laws and conduct of forex brokers. This is under license number 801701. In Dubai, it's regulated by the Dubai Financial Services Authority under official license number F004885.

To operate in Africa, it's regulated in South Africa by the Financial Sector Conduct Authority (FCSA) in this country under the license number 46632. Finally, to build more reliability, it's regulated by the Financial Services Authority (FSA) operating out of Seychelles under license number SD-015.

Types of Trading Accounts

For the best customer experience, customers are given an opting to choose from 6 different types of accounts provided by this broker. Your selection is based on your preferences and requirements for a trading account. There is the option of starting with a demo account to test your trading skills then moving on to the live account.

As a beginner, it's best to start by learning as much as you can on the demo account. These accounts suit the strategy you have in mind and the amount you're willing to spend.

Demo Account

Use the demo account to practice all that you've learned about trading or improve on the skills you already possess. As a beginner, it's best to start here and use virtual funds to practice rather than a live account that requires real money.

Every activity on the demo account resembles that on the live account giving you the same feeling of trading as well. This means the environment on the two accounts is similar meaning you can apply everything you lean on this practice account on the live one. The good thing about this account is there is no limit to the level of use while getting market conditions that are real. You can access the MT4 and MT5 platform and have a virtual balance of $100000.

• Open a blank browsing page and input the Hotforex website
• Once the homepage loads, click on 'Demo' on the top right corner of the page.
• On the registration form provided, select the type of client you are.
• Fill in your country of residence, title, first name, last name, email, date of birth, and phone number
• Select the currency you prefer to transact in
• Select whether you want to subscribe to the company newsletter with all the latest updates.
• Click on the checking box to accept the privacy policy
• Answer the security question correctly then click on 'Register'.
• Head to your email and click on the link to activate the demo account and start trading.

Live Accounts

• Micro Account

This is the best account to open once you've practiced enough on the demo account as a beginner. Here you can place small volume trades as you test the waters of real trading using money in your account. The minimum deposit expected on this type of account is $5 only and the leverage of up to 1:1000.

The types of trading platforms you can access are MT4, MT5, Mobile Trading, and Webtrader. Spreads start from 1 pip and the minimum trade size permitted is 0.01. All the trading instruments are available to users who choose to open this type of account and no commission is charged.

• Premium Account

This type of account is better suited for the more experienced trader who can enjoy the flexibility of sizing positions. 60 lots are the size of a single trade made on this account. The minimum amount you can deposit is $100 with a maximum leverage of 1:500. Spreads start from as low as 1 pip. The types of trading platforms you can access are MT4, MT5, Mobile Trading, and Webtrader. The smallest permissible trade size is 0.01 lots with a similar increment. No commission is charged on this account.

• Zero Spread Account

This is the best account for the frugal trader who wants to lower their overall trading cost. The minimum amount you can deposit is $200 with a maximum leverage of 1:500. The types of trading platforms you can access are MT4, MT5, Mobile Trading, and Webtrader. Spreads start from 0 on the forex market with the minimum size of trade accepted being 0.01 lots that translate to 1000 base currency units. The size of trade you can place is 60 lots per every position taken and you'll be charged commission which starts as low as 0.03 per every 1000 lots.

• Auto Account

This is a special account available to both beginner and experienced traders who want to take advantage of signals of trades by subscribing. You can opt for those that are free or the ones you pay from MQL5. This is located on the MT4 platform. You can choose to imitate any of the signals with those from paid subscription undergoing a month of verification for their authenticity.

You need a minimum of $200 to open this type of account that has a leverage of 1:500 as the maximum. The only accepted platforms are MT4, Mobile Trading, and Webtrader but you still trade on all the instruments. The type of execution is market and the smallest accepted size of trade being 0.01. There is no commission charged.

• PAMM Account

For this type of account, you can opt to open a Premium or a Premium plus one depending on your requirements.

• Premium Account

It only operates on the MT4 platforms and spreads start from as low as 0.01 pips. You can access all trading instruments and the maximum leverage accepted is 1:300. Execution is through the market and the minimum deposit to open this type of account is $250. You have the opportunity to conduct small trades from as low as 0.01 with a similar increment. The maximum number of orders you can have open at the same time is 500 and telephone trading is accepted. The account only operates on the USD currency and the commission charged is $0.

• Premium Plus

It only operates on the MT4 platforms and spreads start from as low as 0.03 pips. You can access all trading instruments and the maximum leverage accepted is 1:300. Execution is through the market and the minimum deposit to open this type of account is $250. You have the opportunity to conduct small trades from as low as 0.01 with a similar increment. The maximum number of orders you can have open at the same time is 500 and telephone trading is accepted. The account only operates on the USD currency and the commission charged is $5 per every traded $100000.

• HF Copy Account

This is an account opened by providers of strategy and their followers. These providers open this type of account to increase the number of followers and take part in the trade. To trade, they get a fee for performance in return which can go upwards of 50%. The only accepted trading platforms are MT4, Mobile Trading, and Webtrader.

The minimum accepted deposit is $100 for a follower and $500 for the provider. Maximum leverage is set at 1:400 only three trading instruments are allowed. These are Bitcoin, forex, and gold. You have the opportunity to conduct small trades from as low as 0.01 with a similar increment. The accepted currency for trading is USD and you're not charged any commission. The number of followers permitted is a minimum of 100 and a maximum of 400.

Trading Platforms

Meta Trader 4

The MT4 provided on this platform has a user-friendly and clear platform that's easy for even beginners to understand. You enjoy executions that are fast and liquidity between banks. This is all beneficial to you as the user because you get most of your needs as a trader met using all the available resources and tools.

This is a popular and far-reaching platform that enables you to be analytical about pricing as you transact for different trades made. You even get to work with advisors who are experts in this field. This software is easy to download on your computer and there are available versions whether you're using your smartphone or tablet. You can even easily access it on the web terminal for this broker.

Features of MT4:

• Time Frames numbering 9 in total
• Positions that are locked
• 128 encoding bit for heightened security
• Stop Trailing
• Trading with one click
• Trading that's automated
• Financial market news
• Technical analysis tools
• More than 30 indicators

Meta Trader 5

This is a better version of the Meta Trader software and soon shall replace the MT4.

Its features include:

• Time frames numbering 21
• Pending orders date of expiry
• Archive for automated quotes
• Specifications of contract and the market depth
• Technical tools that are advanced
• Fill Policy
• Inbuilt online store with already created scripts, indicators, and advisors for trading.

Trading Instruments

There are numerous trading instruments to choose from on this platform giving you a chance to diversify your portfolio and spread the risk. The instruments you can trade in are Forex, Cryptocurrencies, Metals, Indices, Shares, Energies, Commodities, and Bonds.

Forex

When talking about investing in Forex, you are choosing to be part of the largest trade instrument in the world. The Foreign Exchange is a global market where traders sell and buy currency online. This market has no physical premise and all transactions take part online. Currencies are traded only as a pair and never as a single one. You can opt to trade on currencies for a certain region like the EU with their EURO or a country like Australia with AUD.

When trading in forex, you access the most liquid asset that sees the majority of the trading activity taking place every day. Currencies are classified into Major like the USD and EUR, Minor, and Exotics. Forex trading occurs for 24 hours a day but only 5 days a week. Through this broker, you get to experience the tightest market spread that starts as low as 0 pips.

Cryptocurrencies

The types of cryptocurrencies you can access are Ripple, Bitcoin, Litecoin, and Ethereum. These unique types of currency have grown immensely popular among trader in the last decade and completely changed the industry. They utilize the blockchain technology enabling them to exist only online without the need of getting physical money. They're decentralized and make the best instruments for traders.

Metals

Metals especially precious metals have been used as instruments of trade for the longest time. This is because they are not perishable and rarely get affected by changes in the market. A beginner can start trading in metals as the first instrument to test out trading because their value rarely experiences a significant shift. This makes them a safe investment.

All the spot metals on this platform have trading conditions that are excellent and you can transact in both EUR and USD. The good thing about investing in metals is you get to trade I them without physically owning any.

Indices

Take part in trading on the best indices in the world like the UK100 and the US500 today. These are used to feature the 100 top companies in the UK and the 500 top ones in the US.

Shares

This is an opportunity to trade in shares of some of the world's top companies like Microsoft without owning even a single share. The best thing is you are permitted to make use of the high liquidity levels and execute in a manner that's reliable.

How to Open an Account on Hotforex

Once you've practiced enough on the demo account, it's now time to open a live account and start placing real trades.

• Load the website www.hotforex.com.
• Once the homepage loads, navigate to the top right corner and click on 'Open Live Account'.
• On the registration form provided, select the type of client you are.
• Fill in your country of residence, title, first name, last name, email, date of birth, and phone number
• Select the currency you prefer to transact in
• Select whether you want to subscribe to the company newsletter with all the latest updates.
• Click on the checking box to accept the privacy policy
• Answer the security question correctly then click on 'Register'.
• Head to your email and click on the link to activate the demo account and start trading.
• Follow this by depositing money to determine the type of account you want to operate. Keep in mind the minimum for each type of live trading account.

How to Deposit and Withdraw Money

The next step that follows after opening a live trading account successfully is to deposit money into it before you can start trading. This broker has provided several methods you can choose from to fund the account. To view all these methods, click on 'Accounts' on the homepage then select 'Deposit Options'.

The methods to use are Wire Transfer, UnionPay, Maestro, Mastercard, Visa, Visa Electron, Bitcoin, FastPay, Neteller, Skrill, Load, and WebMoney.

You must use the same method to withdraw funds as used to deposit them. It takes only a few hours to process the payout request but only during business hours. Note that when you request a payout through any of the credit cards, the amount withdrawn can't exceed that deposit. In case it's above what you deposited into the trading account then you can access the difference via Wire Transfer. The duration taken to process a withdrawal depends on the method you opt for.

How is Hotforex Different from other Forex Brokers?

This is an award-winning Forex broker with numerous accolades under its belt. This makes it different from others for its excellent services that have seen it recognized as one of the top companies in the world. the awards won are the 'Fastest Growing Forex Broker MENA 2019' awarded by International Business Magazine, the 'Best Forex Broker Asia 2019' awarded by International Business Magazine, the 'Best Forex & Commodities Broker – Latin America 2019' awarded at the International Finance Awards where it also won the 'Best Forex Affiliate Program' that same year.

All the recognition and awards it's won over the years show it adheres to the rules of the industry while keeping customer interests first.

Pros

• Award-winning platform with over 30 awards won
• Demo account with $100000 virtual funds
• Detailed and informative educative materials including live Webinar
• Different types of accounts available for users to choose from
• Easy demo and live account registration process

Cons

• Some accounts charge commissions
• 1 pip is the minimum trading cost

FAQ

⚖️ Is Hotforex regulated in South Africa, India, Nigeria, Kenya, Indonesia, Malaysia, Japan and other countries?

Yes, this broker is regulated in all the regions and countries it operates from. This is why it's reliable due to its transparent operations while it adheres to the standards set by regulators.

🙋 How to open a Hotforex Demo Account?

On the homepage, navigate to the top right corner and click on 'Demo'. Fill in all the requested information and then activate the account on your email once you complete the registration process.

🔐 How can you close a Hotforex account?

You can choose to delete an account by heading to your list of accounts and clicking on 'Delete Account'. Ensure you select the right account you want to delete.

🎁 Does Hotforex provide investors with any bonuses?

Yes, there are bonuses provide by this broker. One is the 100% Super-Charged Bonus which you receive once you deposit more than $250. This is, however, limited to $8000 as the maximum amount.

Also, there is a 30% Rescue Bonus which you can request when you're trading and run out of funds. This applies when you make deposits of above $50 and the limit is set at $7000.

⚙️ What instruments are can you access from this Forex broker?

Forex, Indices, Shares, Metals, Cryptocurrencies, Energies, Bonds.

📱 Does Hotforex have an app?

Yes, there is an official Hotforex app that you can download on your Android or iOS smart device.

Conclusion

This is a Forex broker that has won numerous awards over the years for providing excellent services to its customers and adhering to set industry rules. It's fully licensed and regulated to operate as a broker in different parts of the world. As a beginner, head over to the Education section to learn as much as possible and practice on the demo account. Depending on your level of trading expertise, choose from the 6 types of accounts and start trading.