Last updated: December 4th 2019
HotForex belongs among the forex brokers with an outstanding client reputation, and is suitable for more demanding forex traders living across the globe.
I wanted to know the truth, therefore I did this thorough HotForex review.
Is HotForex scam OR one of the best forex platforms in the world ?
- Fast trade execution
- Low spreads from 0 Pips
- 47 currency pairs
- MT4/MT5 + Webtrader
- No price requotes
- Fantastic customer support
- BONUSES if you from outside EU
- No dealing desk
- Regulated by FCA, CySEC, FSCA, DFSA
- Negative balance protection
- No bonuses for EU
- Mostly focused only on forex
- Lack of webtrader
- Compliance can be a headache
- Only USD or EUR as base currencies
Hotforex at a glance
How I reviewed HotForex broker
First of all, I’ve chosen PREMIUM ACCOUNT to start with.
I’ve started out by filling in an online questionnaire with basic personal information, indicating my previous trading experience (a few basic questions, honestly nothing difficult to do) and then finally depositing $500. When filling in an online signup form, you must provide your actual phone number because the HotForex representative will call you to verify your identity. I must say, they take the whole verification process really seriously.
Once the account was open, in the next step I have deposited $500 (it is actually the minimum deposit amount for Premium account type which I recommend to open) via VISA card and funds were credited to the trading account within 10 minutes, but for larger deposits.
In case you decide to deposit using a wire transfer, Hotforex will pay for bank transfer fees in case your deposit is greater than $250.
First of all, we need to alert you that HotForex is a regulated broker, which means you must still verify your identity before you can activate your real Hotforex account to comply with the law on money laundering.
You can verify your identity online by submitting a scanned copy of your identity card OR passport + some sort of document that will verify your address of residence, energy bill or mobile bill, bank account statement – you can, of course, blur the amounts )
During the test I have placed several orders for the following major currency pairs: EURUSD, GBPUSD, EURGBP both long and short, especially during the peak business hours, and I can honestly say that trade execution time with HotForex was one of the fastest that I have witnessed!
All our business orders for testing purposes were fulfilled on time. When I opened the contract, I placed the LIMIT (Take Profit) as well as STOP-LOSS. Although this broker is a Market Maker, during our test we noticed no price requotes , which means that the price we entered as the exit price was actually the price the broker had actually concluded the contract with (without any problems and without platform freezing).
Broker Type ? 100% STP !
This forex company is 100% STP Broker, following a Market Execution policy with no dealing desk (which is good if you ask me). This means that all clients have their orders executed instantly under normal market conditions and at the real market price. All client’s orders are transmitted to and executed by HF Markets Ltd who obtains liquidity from multiple banking and financial institutions. HF Markets Ltd. is a fully regulated Company and is part of the HF Markets Group of Companies.
This information, along with all other relevant information regarding their execution standards, is clearly communicated through the Order Execution Policy legal documentation that can be found here.
Trading Instruments and Offerings
- 47 Forex pairs
- CFD’s on Commodities
- CFDs on Stocks and indices (UK, USA, Germany stocks and indices)
Hotforex Trading Account Types
This broker is currently offering 7 different account types:
- AUTO HF Copy Trading
- ISLAMIC ACCOUNT
I think it really caters to all type of traders on the Planet.
Trading accounts comparison in detail
HotForex demo account
Like many other brokers, this will also allow you to begin with an unlimited virtual demo account where you have virtual $ 100,000 available. What we’re hoping for is that you can play in the game and enjoy unlimited time. This is very good because today many other brokers offer time-limited demo accounts within which you can try only limited features.
HotForex withdrawal review
Once the testing was over, we had to withdraw the balance back to our card that was used to make an initial deposit. Since our account was already verified, there was absolutely no problem. The whole process of withdrawing the amount from requesting the payment until the money reached my card took in approx. 24 hours which is great if you ask me.
Is Hotforex safe?
Yes HotForex is safe and 100% legit forex broker. It is regulated by Tier 1, Tier 2 and Tier 3 financial regulators.
See the details below.
Regulation & License
- Financial Conduct Authority (FCA) United Kingdom Nbr. 801701
- FSCA South Africa Nbr.46632
- FSA Seychelles SD015 for entity HF Markets (Seychelles) Ltd
- DFSA Dubai F004885
- HF Markets (Europe) Ltd regulated by CySEC 183/12
Safety of your funds with HotForex
Your funds are 100% safe with Hotforex due to:
- segregated bank accounts
- bullet proof insurance
- top tier finance regulation
- excellent reputation among fx traders
Segregated bank accounts
Segregated bank accounts where your money is safely held in Barlcay’s bank are now common in forex retail industry, but guaranteed protection against the negative balance is not yet common with all brokers! The broker looks like he takes very seriously the question of security when checking each client to avoid the fraudsters. HotForex is on the list of good and reliable brokers, which means that Cysec is registering only very few complaints filed by its former clients !
Hotforex’s market leading insurance
Company has made extra efforts to safeguard its liabilities against Clients and got an insurance program for a limit of €5,000,000, which includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.
Is Hotforex a scam?
I know many people want to know whether Hotforex is a scam or not. I can assure you here that forex company which is regulated by market watchdogs like Financial Conduct Authority in the UK, Cysec and South Africa FSCA is definitely not a scam! Hotforex is a trusted brand with an outstanding reputation.
How to open HotForex account (step-by-step guide!)
- First of all, click on CREATE LIVE ACCOUNT here.
Step #2. – Now go into your mailbox and click open email from Hotforex, click on the link to confirm your email address:
Step #3. – Next, go back into Hotforex window (myHF Area) in your browser, and finish the registration.
Step #4. – First you will enter final details regarding the address where you live. ** IMPORTANT: Write there the address that is on the documents that you will use for verification!
Then answer few questions about your investor profile:
You are almost there!
Step #5. – Now you will need to submit the following documents:
- Address verification documents – (Utility bill or bank account statement with your address of residence visible)
- Identity proof – i strongly recommend ID card or Passport scanned copy.
That’s it. You are ready to trade with HotForex!
Based on my experience, I do strongly recommend HotForex!
I have to say that in the flood of brokers who are now established around the globe and who I have tested so far during the years, HotForex really stands out and exceeds the average and puts it among the top!
Here are the main three reasons for outstanding rating:
- robust and stable trading platform
- low commisions and fees (actually one of the lowest in fx retail industry!!)
- excellent and knowledgeable customer support
**Update: HotForex has rebranded in Europe to HF Markets Ltd.
|Summary||During the whole review their MT4 platform was stable and pretty fast. No price requotes, no freezing, no stop loss hunting. Client representative was very confident in the markets and was able to cope with my trading related questions promptly, sometimes I played naive and a noob so she literally took me by the hand and explained their platform capabilities over the phone. Good job! No wonder that HotForex belongs among the most trusted forex brokers globally.|
|Rating||4,5 out of 5|
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