HotForex is a relatively young forex broker. Multiple individual traders, investors, mutual fund managers are among the broker’s customers. HotForex is so popular thanks to a number of innovative online trading instruments and technologies patented by the company. In particular, the broker provides its customers with an access to the interbank interest rate market through its automated trading platform.
HotForex is a STP forex broker (Straight Through Processing). Its customers can trade directly on the foreign exchange market (bypassing dealing centers and other intermediaries), so orders are executed instantly.
Deposits and Withdrawals
There is a vide variety of financial tools for depositing and withdrawing money from the trading account offered for HotForex clients. The broker’s main feature is that financial operations, including depositing or withdrawing procedures, are made within a day, irrespective of a financial instrument used and currency of payment.
There are the following ways of funding the deposit:
- Bank transfer;
- Visa, MasterCard credit/debit cards.
The following online payment systems are also available:
Clients can withdraw funds from the trading account also in one of these ways. The method and currency used for withdrawing money do not depend on those used for placing an initial deposit.
HF Markets Europe Ltd., the owner of HotForex trade name, under which it conducts its financial activities, was registered in Mauritius. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Besides, HF Markets Europe Ltd. holds a cross-border license, authorizing the company to provide investment services internationally.
Reliability and high liquidity of the broker is proven by strong partnership relations it established with the world’s largest market makers and major international brokers.
The wide use of hedging strategies and segregated accounts is another distinctive feature of the company.
Hedging or risk management is a foreign exchange mechanism of additional insurance against risks in case of sharp price falls.
Using segregated accounts HotForex protects client funds from any force-majeure circumstances. Such accounts allow to keep client assets separate from the company funds.
Bonuses and Promotions
HotForex is offering a broad range of various bonuses, including some exceptional promotions. Credit Bonus and SuperCharged Bonus are worth special mention. They let experienced traders substantially diversify and thus secure their funds.
Rescue Bonus can be granted to a beginner trader making an initial deposit of no less than $50 USD. It is designed for traders, who want to protect accounts from periods of drawdown, which may be caused by the flat market conditions. The maximum size of the bonus is 5 000 EURO or $7 000 USD.
HotForex is offering a unique and transparent affiliate program. Under the program a trader receives a bonus for each customer he referred. The size of the bonus depends on the initial deposit the referral made and may reach $200 USD.
Customers of the company get 50% bonus for each deposit they made.
Clients of HotForex can take part in different contests of the company. “Virtual to Real” Demo Contest held every month is highly popular among newcomers. A trader with the best monthly trading result wins the contest. The winners (top 3 in rankings) get a bonus credited to their live trading account.
Traders Awards is also held every month. But this is a contest for live accounts owners (except for micro accounts) with no less than $500 USD deposit. The Top 10 traders are chosen based on their monthly gains.
Trading Accounts Types
HotForex positions itself as the broker giving ample opportunities to a wide range of traders. The list of trading account types the company is offering to its clients proves that.
Customers of HotForex forex broker can use one of five types of live trading accounts:
- Micro Account. It is clear this type of accounts is intended for beginner traders. The minimum deposit is $50 USD;
- Islamic Account. The minimum deposit for this type of trading account is $25 USD. There is a minimum trade size required for this type of accounts. It is 0.01 lot;
- Currenex Account. It has the same restrictions as Islamic Account. The minimum deposit is $500 USD;
- Standard Account (minimum deposit is $500 USD). This type of accounts is intended for experienced traders. The main peculiarities of these accounts are the minimum trade size of 0.01 lot and the trade size increment of 0.01 lot.
- VIP Account. This type of account is designed for large traders and institutional investors. The minimum deposit is $10 000 USD. The minimum trade size is 0.1 lot.
All the above trading accounts types are equally efficient on all trading platforms of HotForex.
The trading platform offered by HotForex is a unique software based on currently the most popular MetaTrader 4 platform.
The innovations introduced into the functional and interface of the trading platform made it much faster and extended the range trading tools and strategies.
The HotForex MT4 Terminal offers a number of impressive analytical tools – more than 50 indicators and other instruments help simplify and speed up the analysis and the decision-making process.
There are two versions of HotForex MetaTrader 4: for PC and smartphones.
The broker also offers HotForex WebTrader and HotForex FIX/API.
HotForex is a customer-focused broker making all its best to fully meet all customer requirements and conform to the world’s highest standards in the field of financial and consulting services.
Its 24/5 customer support service is a good proof of that.
Customer support is reachable through the following channels:
- Multiline phone;
- Live chat;
In any of these ways one can get in touch with the service it needs: technical support, dealer, finance and partner relations departments, as well as client relations department.
Pros of Trading with HotForex
The main advantage of HotForex against the majority of its competitors is its commitment to innovative solutions in the field of trading and assets management.
The fact that the company obviously pays little attention to developing PAMM-accounts is somewhat contradictory to its excellent characteristics. There is the PAMM system at HotForex, but it falls short of the company reputation.
Here are some HotForex reviews we get chatting with broker’s clients.
Komissar: HotForex is very popular among Asian traders. Good trading conditions and wide range of trading and financial tools. The broker left a very good impression. Rather high USD/RUB spread can be counted as a disadvantage.
Ksyu22: It’s a good broker. Customer support, including that in Russian, is trouble-free. Excellent choice of fundamental analysis materials. It’s very convenient and pleasant to work with the broker. There are no difficulties with withdrawals. I made withdrawals many times in different ways – the funds were received on Webmoney within 8-14 hours, on bank accounts – within a day. To sum up my review about HotForex, the broker is excellent, I recommend it to all.
HotForex is worthily considered a front rank brokerage company in many respects:
- in terms of the quality and speed of services;
- in the use of cutting-edge bold trading technologies;
- in its focus on customer safety and success.