Hotforex Broker Review

Say you have this great job that pays you a decent amount of money. Sweet deal, no? On the other hand, you have bills: mortgage payments, tuition fees, a car loan to service, and you still want to go for holiday. The sweet deal is not so sweet now, no? So, what do you do? You find out as much as you can about forex trading and try your hand.

The first thing you want to do is find the ideal broker, like HotForex. HotForex is a multi-asset broker and a retail forex that allows you to trade. It is licensed and well-regulated by regulatory bodies around the globe. It is in Mauritius.

The Financial Services Commission (FSC) regulates it under the name of HF Markets Ltd. It is a reliable and trustworthy forex broker. They have been able to maintain developing themselves in the brokerage for all traders whether small retail customers or large institutional dealers.

I believe with the kind of client centric strategy they have; they will expand associations with their clients. It is easy and rewarding to open a HotForex trading account. With it as your broker of choice, you will get all the necessary told to succeed in trading.

Features of HotForex

HotForex is a Straight Through Processing (STP) broker, there case order to execute is instant. This ensures a secure, fair and transparent trading environment while having no conflict of interest. It offers the flexibility to choose among three different types of trading platforms to suit your trading needs. The platforms are;

  • MetaTrader 4 – This is the most popular trading platform among retail traders. It uses this platform to introduce its liquidity and create a user-friendly trading interface with fast execution and interbank liquidity. It provides the essential tools to analyze price dynamics of financial instruments, set up and use automated trading programs, and make the trade transactions.
  • WebTrader – Available for those who prefer browser-based Forex trading platforms. It gives easy access.
  • MultiTerminal – provides a convenient way to manage multiple accounts simultaneously from one interface. It offers execution of multiple orders, real-time trading activity, viewable trading history and live price feed monitoring.
  • Mobile -a trading platform for a smartphone which lets you trade on-the-go. Allows you to access the financial markets and make orders from anywhere entirely. Its multi lingual support allows you to switch between languages.

HotForex also offers a broad range of account types that can match your needs of both retail and professional traders. They include:

  • Micro Account – the minimum deposit is $50 to open it. It comes with 1: 500 leverage, spreads from 1 pip, and no commissions. It allows 150 maximum simultaneous orders to open at any given time.
  • Premium Account – minimum deposit of $500. The leverage is 1: 400 to enable flexibility with your position size for you to get 60 lots maximum trade size. Spreads are from 1 pip and have no commissions. The maximum simultaneous open orders are 300.
  • Zero Spread Account – minimum deposit of $100. It is mainly for scalpers who prefer having lower spreads to make a profit. The spreads start from 0. The maximum leverage is 1: 200 and minimum trade size is 0.01 lots. With this account, you need to pay small commissions.
  • Fixed Account – $500 is the minimum deposit. The maximum leverage is 1: 400 and the spreads are fixed. The maximum simultaneous orders are 300. With the fixed spread, you will know how much the transaction costs at any time. The spread also won’t increase suddenly during the news release.
  • VIP Account – This account is for traders with bigger sums of money. The minimum deposit is $20,000, and the maximum leverage is 1: 300. The spreads vary from 0.2 pips, and the maximum simultaneous open orders are 400. You dedicated account managers and exclusive benefits.
  • Auto Account – minimum deposit is $500 with a maximum leverage of 1: 400. Spreads vary from 1 pips, and the maximum simultaneous open orders are 300. It allows you to subscribe to free and paid trading signals that automatically copy into your account.
  • Islamic Account – This one is dedicated to Muslims only. It will not incur roll-over charges or swap for holding positions overnight.

There is also a demo account for beginners to try out.

Funding for the accounts is through credit cards, wire transfers, cash deposit options and online payment plans. Withdrawals are also through the same methods. In some accounts, there are minimum withdrawal requirements, and they can charge you some fees. Now and then there are bonuses and promotions offered. The two important bonuses are Super Charged Bonus and Credit Bonus.

Their blog has a clean layout with a good structure. The central section carries the latest posts while the sidebar lists further posts and live trading prices. I love that the articles tend to be short and to the point.

Breaking market news reveals on the spot to allow traders to identify the biggest currency movers and analyze volume traded. The website is available in Spanish, English, Filipino, Chinese, Hungarian, Indonesian, Hindi, French, Romanian, German, Portuguese, Thai, Korean, Italian, Urdu, Polish, Bulgarian, Vietnamese, Arabic, Farsi, Czech, Malay, Russian, Slovak and Greek. All the account holders can contact a representative via email, live chat, and mobile.

Pros and Cons of HotForex

Advantages

  1. It gives you free trade signals.
  2. It offers negative account balance protection
  3. It offers phone support, email and live chat
  4. You get a prepaid MasterCard paired to your HotForex account.
  5. It has different account types, hence a wide range to choose.
  6. It allows expert advisors and scalping.
  7. The funds are secure.

Disadvantages

  1. The micro account has high spreads
  2. It only has US dollar and Euro currency

Final Thought

Every trader should select a trustable broker. I would recommend HotForex for your live trading and investment safety. This broker seems to be offering something for everyone which is commendable. I love that the client’s money is separate from the Company’s money.

This means that your money is only with major global banks meaning that your funds are always secure. When choosing a broker you need to make sure there is no conflict of interest between the client and broker, HotForex offers that.

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