Hotforex Review

Min. Deposit: $100

 

Introduction

HotForex is a broker which provides Forex and Commodities with CFDs trading services. It does so through a variety of trading platforms and account types, with tight spreads. Liquidity is unrestricted and straightforward with HotForex, allowing any profile trader or size trader to decide between the different liquidity providers and spreads through trading platforms that are automated.

This brokerage firm came to be in 2010, having its headquarters in Cyprus. However, it provides services beyond Cyprus, to South Africa, Dubai, as a result of its great interest in African and Asian regions, which, in turn, leads to immense opportunities for the global residents.

This brokerage firm provides its trading services, and the Forex regulatory licenses, and so offers trustworthy service.

Trading Platforms

HotForex offers MT4 and MetaTrader 5. This trading software is an award-winning platform that is compatible with a wide range of devices and offers various terminal versions to match your personal needs. They have various tools and allow access to institutional quality technology. Whether you’re an advanced trader or a beginner, the software is suitable for you.

Here are some characteristics of the MT4 platform:

  • User-friendly interface and design
  • A wide range of tools
  • Clear charting
  • No strategy restrictions
  • Possibility to have both software for different accounts simultaneously
  • Automated trading
  • Efficient on the desktop platform for both Windows 21-time Users
  • Allows for more than one account at the same time
  • Offers over 21 time frames
  • Lets you simultaneously view 100 charts
  • Allows access to over 80 technical indicators
  • One-click trading

Here are some characteristics of the MT5 Web trader :

  • View up to nine timeframes
  • Access to over 37 technical indicators
  • One-click trading option
  • Compatible with any operating system and browser

Apart from these, HotForex has other platforms with different versions, fast execution, various tools and a variety of instruments.

Mobile Apps

HotForex offers a mobile application that allows you to trade on the go. MT4 and MT5, for example, come with a mobile application option, known for its interactive charts and advanced capabilities. They possess similar productivity levels with the full versions, having about thirty technical indicators and twenty-four analytical objects.

Both can be used on iOS and Android operating systems, and can be downloaded on the website, from “myHF Area “, Google Playstore and Apple App Store.

Apart from the MetaTrader apps, HotForex has its own mobile trading app, known as HF App. This provides a ton of benefits and features like:

  • Creating watchlists
  • Advanced charting functionality
  • Withdrawal, deposits and transfer functions
  • Live quotes, news and so much more

You can also download this app from Google PlayStore, Apple App Store and “myHF” Area on the HotForex website.

Deposits and Withdrawals

HotForex organizes its deposits and Withdrawals quite impressively. It is one of the few brokers that issue a Mastercard to enable seamless transactions and safe payments online.

You can deposit a minimum of $5 for a micro account and the broker offers a wide range of options for deposits and Withdrawals (up to 14), which include WebMoney, Bitcoin or other cryptocurrencies, Credit Card, Debit Card, bank transfers, and Fasapay. All Withdrawals and deposits come at no charge.

How to Deposit Money on HotForex:

To deposit money, you will need to choose your preferred payment provider. It has to be a provider available in your region. After your selection, go ahead and pay. Your Withdrawals are processed in a short time and this is available every day for five days a week.

All top-ups start at $5 unless it’s your first deposit, then you should find out what the minimum requirement is for your preferred payment method and account type. Confirming all necessary information is important, and if there is something you aren’t clear about, you can consult the HotForex customer support.

Withdrawing Money from HotForex:

HotForex withdrawal policy and process is pleasant and seamless. There are no withdrawal fees, although there may be some fee if you’re using Wire Transfer according to international and bank policies.

To withdraw, go to the “myHF” Area and submit a request to withdraw funds. You will find the option as “Fund Withdrawal “, choose the amount and your preferred withdraw method and confirm all details before submitting

You can keep following up the process through your page, but Withdrawals typically don’t take long, depending on your chosen payment method and the different payment providers. Aline Wire Transfer, for example, takes about two to ten working days, which also depends on the international and bank policy processing. E-wallets, on the other hand, are pretty instant.

Demo Account

HotForex offers demo accounts to newbies for practice. To create a demo account, go for a risk-free method that gives you access to MetaTrader 3 or MetaTrader 5 with sufficient demo funds.

Here is how to create a demo account:

  • Go to the sign-in page for the HotForex Demo Account
  • If it’s your first time, you will have to input your personal data. If you’re not, then you would only need to sign in.
  • After the HotForex account gets approved go to the client area on your dashboard and access your new demo account.

Regulation Review

The HF Markets is incorporated in Grenadines and St. Vincent. HotForex is also regulated and authorized by the UK’S FCA (Financial Conduct Authority) under HF Markets Ltd (UK).

It is also regulated in DFSA (Dubai Financial Services Authority), SFSA (Seychelles Financial Services Authority), CySEC(Cyprus Securities and Exchange Commission), and FSCA (Financial Sector Conduct Authority) by South Africa.

HotForex offers high-level security of funds for every account opened, under CySEC and FCA(UK) by:

  • Possessing civil liability insurance
  • Providing negative balance protection
  • Holding funds of clients in segregated accounts

Account types

There is a wide range of account options to choose from and enjoy an exceptional trading experience. You can choose from six different accounts, each having its own requirements. You can transfer to a Live account from a demo by simply depositing money.

HotForex offers accounts like Zero SPREAD, Premium, Micro, PAMM, AUTO and HFCOPY accounts. The traders in the MENA region or beyond are not left out, as HotForex offers them an Islamic Account.

These different accounts bring different possibilities for your strategy while letting you find your own strategy. You can trade micro-lots, go for Copy Trading or become what is called a Masker account.

Awards

Apart from the attractive proposal of HotForex, many confirmations exist about its trustworthiness. Official numbers and figures, and many awards in the industry confirm that HotForex is an outstanding broker. There are over five hundred thousand accounts registered on HotForex, and multiple awards like Best Forex Provider, Top 100 Companies and Best Security Broker. These are just a few of the numerous awards HotForex keeps receiving in the industry.

Customer support

We cannot conclude our review on HotForex without talking about its rare customer service. It offers support in twenty-seven languages, which is quite impressive. Clients receive answers quickly and there is a live chat option, along with detailed support materials.

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