HotForex Review – Would You Consider Trading The FX Market With HotForex?
- Regulated by CySEC
- Uses Reliable and Tested MT4
- 100% HotForex Bonus
- A Variety of Accounts
- No Demo Account
HotForex is a Forex broker located in St. Vincent & The Grenadines, which may not sound like a good plan, considering that most reliable brokers in the industry have set up their bases in the EU, the US, Australia, or other top Asian countries. Nevertheless, HotForex has established a branch office in Cyprus that is regulated by the Cyprus Securities and Exchange Commission (CySEC), which grants the company the much-needed reliability and authenticity that traders have come to expect from reliable Forex brokers in the market. CySEC is a part of the European MiFID derivatives that follows all the regulations imposed by the European Central Bank and other financial authorities responsible for companies that deal in Forex trading. European Forex brokers are required to adhere to a number of regulatory guidelines, all of which are created to protect investors from financial scams.
HotForex has developed an FX brokerage service that is oriented towards catering to a large group of traders, which ensures that HotForex has an account for all types of traders in the retail trading industry. HotForex can be considered as one of the leading FX service providers, and the company has certainly made sure to advertise itself as a leading Forex brokerage. HotForex is bound by the CySEC rules that require all client funds to be held in segregated accounts, which should be further protected by the Investor Compensation Fund that virtually guarantees an insurance of up to €20,000. Therefore, both small and large traders can feel protected against broker liquidation or other bankruptcy issues that might result in the loss of their money.
HotForex’s Regulatory Issues
HotForex was recently involved in a slight criticism and a bit of controversy when the CySEC dished out its largest penalty ever to a Forex broker. CySEC penalized HotForex for alleged misconduct in its functional protocols and the lack of transparency in keeping a record of vital trader information. CySEC requires every Forex broker to have their own support staff and a clear record of all client information, including a track of their financial transactions, account balances, and trading records. HotForex was found to have sought the help of overseas support desks for some part of its internal operations and had some discrepancies in its client information, which led to a find from the CySEC. However, HotForex and CySEC have come into an agreement that has managed to resolve the issue, and the broker has amended its operating guidelines to conform to the strict CySEC standards.
Do Traders Get Access To The Most Competitive HotForex Spread & Leverage?
HotForex has one of the largest arrays of trading accounts in the market, with clients getting to choose from eight different types of Forex accounts. The most basic account, the Micro account, starts at a minimum deposit of $5, whereas the ECN account is available for a minimum deposit of $100. There are different permutations and combinations of the market maker, standard, and ECN accounts that have different trading conditions to suit different trader requirements. Premium accounts and VIP accounts require higher deposits, such as $500 for a premium brokerage account, which goes all the way up to $20,000 for a VIP account.
Regular market maker accounts such as the Micro accounts offer traders with the highest HotForex leverage of 1:1000, with all other ECN and premium accounts offering a more manageable leverage of 1:400, 1:300, and 1:200. In our opinion, 1:1000 may be too high for smaller traders that don’t have a sound money management strategy. In terms of HotForex spreads, spreads for market maker accounts start from 1 pip, while ECN and premium accounts provide a 0 pip spread guarantee in exchange for a commission per trade. Here is a list of all HotForex accounts that are currently offered to traders:
- Micro Account
- Premium Account
- Zero Account
- Currenex Account
- Fixed Account
- VIP Account
- Auto Account
- PAMM Account
Payment Preferences, Withdrawal, & HotForex Bonus
Since the broker allows their clients to make smaller deposits, HotForex accepts a wide variety of payment methods, which enable traders to deposit and withdraw their trading funds through different online and offline options. HotForex also makes it easy for its clients by covering all deposit fees, virtually allowing traders to enjoy their entire deposit without any deductions. On top of the 0% deposit fee, traders can also receive a 100% HotForex bonus on their initial deposit, which instantly doubles your account equity without risking anything. However, when it comes to withdrawal, traders must satisfy the broker’s bonus conditions before they are permitted to initiate a withdrawal request.
CySEC regulation and its European regulatory compliance should be sufficient reason for you to receive top-quality brokerage services, where the broker guarantees 100% success rate in processing all withdrawals. Of course, traders should ensure that they adhere to the company’s rules and guidelines while opting for a bonus, which is one of the primary reasons behind broker-client conflicts. If you want unhindered access to your trading capital, make sure that you forfeit your bonus, or rake up the minimum required trading lots before filing your withdrawal request.
HotForex Mobile Trading Access
HotForex has not sought to reinvent the wheel and has stuck with the reliable and tested MT4 terminal for all of its platform requirements. The MetaTrader is indeed an excellent platform for market maker accounts and does reasonably well in its ECN guise by connecting traders to liquidity providers through customized ECN bridges. MT4 was developed primarily as a desktop trading platform, but with the popularity of mobile trading, traders can now download the MT4 as mobile apps for smartphones and tablets.
HotForex mobile apps, such as the ones that are available from the apps stores, are slowly being developed into advanced mobile trading platforms that enable traders to make extensive research of the markets and invest in a diligent manner. Although mobile trading interfaces are not up to the modern standards of desktop trading terminals due to the obvious drawbacks, mobile apps are indeed one of the most preferred trading platforms among the newest generation of traders.
- Company Information
- Founded In: 2010
- Website: www.hfeu.com
- Headquarters: Larnaca Cyprus
- Licences: CySEC
- Phone Support: +44-2033188569
- Instruments: Forex, CFDs, Shares, Indices, Metals, Oils
- Trading Features
- Welcome Bonus: 100% Deposit
- Max. Leverage: 1:1000
- Min. Deposit: $50
- Trading Signals: No
- Mobile Trading: Yes
- Automated Trading: No
What Is Our Impression After This HotForex Broker Review?
As per our initial impressions and continued exposure to different HotForex accounts, we would recommend the broker to traders, mainly due to the excellent regulatory standards and the choice of trading accounts. Traders may feel a bit confused as to making the right choice, but it does present an opportunity to trade the markets according to their trading strategies and personal preferences.