HotForex belongs among the forex brokers with outstanding client reputation, and suitable for more demanding forex traders living across the globe. We wanted to know the truth, therefore we took HotForex on a test drive.
Don’t deposit before you read this HotForex review!
Is HotForex a scam OR one of the best forex platforms in the world ?
Facts that we have experienced during the HotForex test:
WHAT WE LIKED:
- Above the average speed of trade execution
- One of the lowest spreads – (unlike competitors)
- Swap costs + overnight charges – roughly the same as elsewhere
- Knowledgeable local customer support!
- Zero fees for withdrawing money back to your bank (unlike their competition)
- No price requotes during our 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
WHAT WE DIDN’T LIKE:
- currently there are NO bonuses offered for European/UK clients
How we tested HotForex platform
Click here to create a real account and choose PREMIUM ACCOUNT.
We started out by filling in an online questionnaire with basic personal information, indicating our 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. We have deposited $500 (minimum deposit amount for Premium account type) via VISA card and funds were credited to our trading account within 10 minutes, but for larger deposits we strongly recommend that you make wire transfer! In case wire transfer, Hotforex will pay for bank transfer costs in case you deposit more than $250.
First of all, we need to alert you that HotForex is a regulated broker, so 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 we opened the contract, we placed 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).
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.
Conclusion of our HotForex Review
In conclusion, we have to say that in the flood of brokers who are now established in Asia and Europe and who we have tested so far during the years, HotForex really exceeds the average and puts it among the top, for several reasons:
#1 Security … Segregated accounts where your money is safely held in Barlcays bank are now common in forex retail industry, but guaranteed protection against the negative balance is not 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 brokers, which means that Cysec is registering only very few complaints against clients ! But what can not be said about their competitors.
#2 The attitude towards us as a client was pretty good … a client representative was very confident in the markets and was able to cope with our trading related questions promptly, sometimes we played naive and noobs so she literally took us by the hand and explained their platform capabilities over the phone. Good job!
What is your personal experience with HotForex broker? Post your opinion and questions below in comments !