HotForex Review

Established in 2010 and headquartered in Cyprus, HotForex is an award winning forex broker that offers a wide range of account types and trading instruments. The broker is pursuing a policy of providing the most convenient and advantageous trading conditions for the traders. They don’t discriminate between traders which means that scalpers, swing traders, day traders and expert advisors are all welcomed.

In terms of account types, HotForex offers six options; cent account, micro account, VIP account, zero spread account, fixed account and auto account where spread could go as low as zero at the expense of $4 per lot for EURUSD.  This is one of rare forex brokers that let its clients to trade bonds on MetaTrader platform. Needless to say, forex pairs, commodities including agricultural, company shares, global indices and cryptocurrencies are also offered with leverage up to 1000:1.

HotForex is a forex company that offers all the advantages and services for both experienced and newbie forex traders in one place; bonuses, low spreads, extensive educational material, reliable regulation. Therefore I would recommend HotForex for traders with any trading strategy and experience without hesitation.

Is HotForex Reliable?

HotForex is actually a brand that is constituted of different companies. These companies operate in different areas and are regulated by different regulatory agencies. From a CIF firm operating in European Union under the regulation of CySEC to offshore units in Mauritius as well as St Vincent and Grenadines, the brand operates in different parts of the world. As a matter of fact, it is also licensed by the FSB, South African financial regulatory agency.

If you are wondering about the reliability of HotForex then you must not worry a bit. The deposit that every client makes is protected by the best insurance scheme as per the regulations of the regulatory body. HotForex also tries to keep their clients protected with the help of a civil liability insurance program under which HotForex offers coverage of €5,000,000. With the help of this scheme, you will be able to get protection against errors, omissions, negligence, fraud and other things that can bring about great financial losses. Plus, you will never have to worry about paying anything extra for this coverage.

HotForex also provides their clients complete protection against a negative balance. Thus, even if the stop outs stop functioning and margins drop fast, you will not have to worry about paying the negative balance. Plus, HotForex also ensures maximum security for your funds with the help of leading banks and by keeping the client funds separate. As a result, even if HotForex faces any problem, your funds will not be affected.

HotForex Account Types

HotForex offers a wide variety of trading accounts much more than many other broker. And each of these account types come with highly competitive as well as distinct trading conditions which completely satiates the needs of every trader.

You can easily open a micro account with HotForex as it only requires you to pay $5 to open an account. The best thing about the micro account is that it has leverage on the scale of 1:1000 ratios with a maximum simultaneous order of 150. Micro account is equivalent to Cent account offered by FXTM and Micro account offered by XM where you can open orders with contract size as low as 10.

You can also open a premium account with the HotForex at the expense of $500. With this account type, you will gain leverage of 1:500 with standing orders amounting to 300. There is also the Zero account which requires you to spend only $100. With this account type, you will get leverage of 1:200 with unlimited orders. On the other hand, the fixed account offers leverage of 1:400 with 300 orders.

If you are an experienced retail trader then you can go for the Currenex account for $500. It is also equipped with Meta Trader 4 Platform for much more efficient trade.

With VIP accounts, you will get a personal account manager along with a leverage of 1:300 with a funding of $20,000.

The account types that HotForex does not end with the VIP account. There are three more that this broker offers.

HotForex also offers you with the Auto Account. With this account type, you will be able to receive signals from MQL5 community which has been integrated within the MT4 terminal of HotForex. You will be able to copy the signals immediately including the paid signals with the help of the Meta Trader 4 platform. There is also the social account which helps you to connect with other traders, discuss strategies and copy from the most powerful trading portfolios to expand your earnings. All you need is just $100, to open this account.

The PAMM account that HotForex offers is perfect for all the traders working along with fund managers. It offers a Multi Account Manager or MAM software along with the MT4 platform for a great trading environment. All you will need to pay is $500 for the PAMM account and you will get leverage of 1:300.

HotForex Customer Support

HotForex offers its clients with around the clock customer support. From contact forms to live chats, email and phone calls, you will be able to reach out to the customer support of HotForex without any hassle whenever and wherever you want.

HotForex Trading Platforms:

The broker makes use of the Meta Trader 4 trading platform supplied by MetaQuotes. MT4 platforms have really set a standard in the industry since most of the traders across the globe prefer it over other platforms. As a matter of fact, the CFD, as well as Forex traders, are also in favour of MT4 platform greatly since it provides them with different types of tools and expert advisors. Plus this platform is also equipped with the latest charting package and a wide array of technical indicators.

There is also HotForex Rapid Trader API that you can use to trade. It has direct market access and offers automated trade.

HotForex Deposit and Withdrawal

You can deposit money in HotForex using credit or debit cards and bank wire transfers. Apart from that HotForex also accepts Skrill, Neteller, FasaPay, Sofort, mybitwallet, iDeal and Webmoney. During withdrawal, you need to submit proper identification proof for getting your withdrawal request accepted.

HotForex Spreads

HotForex generally offers a tight spread to their clients. But they also make sure that scalpers and automated traders get a fixed spread account for maximum profitability.

HotForex Bonus and Promotions

• 30% bonus is called rescue bonus and traders will receive it on every deposit over $50.
• 100% Credit Bonus Program which is intended to increase the trading volume. Traders must trade 1 lot per $2 bonus received to complete the terms.
• 100% SuperCharged Bonus which offers 100% bonus on each deposit over 250 USD to the bonus account together with the rebates in value of 0.2 pip value for Forex and 2 USD per Gold.

HotForex Final Word

HotForex is undoubtedly one of the leading brands in the online trading market. Most importantly, it has been able to witness a surge in its popularity over the past few years due to the incredible service that this brand offers. When you are trading with HotForex, you can remain completely assured about getting all your demands fulfilled regardless of whether you are a beginner or a professional trader.

Hotforex – Step by Step Live Account Opening Guide

Opening a live trading account at HotForex is very straightforward and swift. Very first thing to do is to navigate to the homepage and click to the Open Live Account button. This button shall take you to the registration form.

Step 1 – Submit Your Personal Information

The first step is to submit your basic personal information including country, name, last name, date of birth and full address. In addition to personal information, you will choose your account currency among USD and EUR.

Once you have successfully submitted this information, you will head to the next screen as shown below.  Now, you should check your email and click the link sent by HotForex to verify your email address in order to get access to your client dashboard.

Step 2 – Complete Your Live Account Profile

Once you login to the client dashboard, you should click on the highlighted link to complete your live account profile. This steps includues more personal details and investor economic profile information along with several questions in order to asses your appropriateness for forex trading.

Step 3 – Verify Your HotForex Live Account

This step requires you to verify your account by uploading a document as Proof of Legal Existance and another document as Proof of Address. You can upload copy of your passport, ID card or driver’s license for proof of legal existance. For proof of address, you should upload copy of a utility bill or bank statement. In order to make the verification process smooth, ensure that the address on proof of address document is identical to the address you have provided during registration.  Also, please note that Proof of Address document must be issued within last three months.

Verification process does not take longer than one hour given that you have uploaded the documents in proper requirements. Once verification is completed, you can fund your account and download the trading platform through the client panel. Now, you are good to go to start trading forex with the services and support provided by HotForex.