Founded in 2010, HotForex operates as a unified brand of the HF Markets Group, and maintains a regulatory status in Europe via Cyprus under its HF Markets (Europe) Ltd entity. It is also represented in several emerging regulatory hubs such as South Africa, Seychelles, Mauritius, St. Vincent and The Grenadines.
HotForex is a MetaTrader-only broker, offering the popular MetaTrader4(MT4) platform developed by Metaquotes Software Corporation. The company offers nearly 150 instruments, including CFDs, forex, shares, bonds, commodities, indices, and cryptocurrencies.
In order to suit the needs of traders of all preferences and levels of experience, HotForex offers its clients a variety of account types to choose from. You may choose from fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginners can sign up for Micro accounts with as little as $5, and micro lots are available for trade on all accounts.
Apart from the above-mentioned account types, HotForex offers 2 more copy trading ones: an Auto Account, enabling traders to subscribe to free and paid Trading Signals from the MQL5 Community, (built-in to the MT4 trading terminal); and HF Social, which provides trading powered by FxStat.
What is more, swap-free Islamic accounts are available with a minimum initial deposit $150, designated for clients who are not willing to earn interest for religious reasons.
The Company & Safety of Funds
HotForex is a brand name of a group of companies, operating in different jurisdictions. The most reliable is HF Markets (Europe) Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC).
The broker also holds licenses from the UK’s Financial Conduct Authority (FCA), the South African Regulator as well as from the Dubai Financial Services Authority (DFSA). The HF Markets group also includes operates two offshore units (HF Markets Ltd., registered in Mauritius, and HF Markets (SV) Ltd., incorporated in St. Vincent & the Grenadines).
Cyprus is currently one of the most attractive forex broker destinations and probably the main reason for this is its well-balanced regulation. Tough regulation with high entry capital requirements and low maximum leverage has reduced competition in the US and Japan, while light touch regulation affects credibility and safety.
Spreads & Leverage
HotForex offers primarily variable tight spreads, but they also offer a specialized fixed spread account for scalpers and automated traders that equates to Interbank spread prices. Leverage also varies by account classification. For Micro, Premium, and VIP, leverage conditions are respectively 1:500, 1:400, and 1:300(not applicable for EU clients. Max leverage is 1:30 for EU).
HotForex is a MetaTrader broker, which means traders can choose from the suite of popular retail trading platforms for which MetaQuotes Software Corp is known. At HotForex, this includes the MetaTrader4 (MT4) platform for desktop and web. The desktop version supports automated trading systems known as Experts.
Deposits & Withdrawals
HotForex accepts all major credit and debit cards, bank wire transfers, and additional services like Skrill, Neteller, FasaPay, Sofort, Mybitwallet, iDeal and Webmoney As with all global brokers, you will need to submit legally mandated identity information before any withdrawal request can be approved and processed.
HotForex has gone over the top to give its customers what they truly want. The firm exemplifies the true meaning of the words “full-service” and “one-stop-shop”. If you want it, you will find it here: competitive spreads and leverage; special account features; customized trading platforms for all operating systems; accommodative fees for scalpers and EA enthusiasts; and all wrapped together with excellent customer service and support materials. You will be hard pressed to find another broker that tries this hard to win you over, and, judging by its awards and favorable testimonials, the trading public agrees that HotForex is definitely top tier.