Last updated: January 3rd 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 ?
Facts that we have experienced during the HotForex test:
- Above the average speed of trade execution
- One of the lowest spreads on the market
- No Dealing Desk! *STP Broker*
- Swap costs + overnight charges – approximately the same as elsewhere
- Knowledgeable local customer support!
- Zero fees for withdrawing money back to your bank (unlike their competition)
- No price requotes during the test
- Negative balance protection (you’ll never lose more than you invest)
- The trading platform is complex but user-friendly and very intuitive
- Scalping is allowed
- currently there are NO bonuses offered for European/UK clients
- Broker doesn’t accept traders from USA
How I tested HotForex platform
Click here to create a real account and choose PREMIUM ACCOUNT.
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 I strongly recommend that you make a wire transfer!
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 business 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 we have placed several trades for major currency pairs: EURUSD, GBPUSD, EURGBP both long and short, especially during peak business hours, and we can honestly say that trade execution with HotForex was one of the fastest that we 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. 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
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.
Account comparison in detail
Regulation & License
- Financial Conduct Authority (FCA) United Kingdom
- CySEC Cyprus
- FSB South Africa
- DFSA UAE License coming soon…
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 test
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.
Safety of your funds
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.
Hot forex Scam
I know many people want to know whether this 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 FSB cannot be a scam.
In conclusion I must give 4 stars out of 5.
I have to say that in the flood of brokers who are now established in Asia and Europe and who I have tested so far during the years, HotForex really exceeds the average and puts it among the top.
Here are my main 3 reasons:
#1 Robust and stable trading platform
#2 Low commisions and fees
#3 Customer service was pretty good
During my review a client representative was very confident in the markets and was able to cope with my trading related questions promptly, sometimes I played naive and noobs so she literally took us by the hand and explained their platform capabilities over the phone. Good job! No wonder that HotForex belongs among the most trusted forex brokers in South Africa and in southeast Asia.
Discuss your experience with HotForex
What is your personal experience with HotForex broker ? Post your opinion and questions below in comments !