HotForex Broker Review: General Overview and Brief History
It is a very sought after broker in the financial industry with great market credentials. It was founded in 2007 but went live in 2009. Over the years, the broker has made significant progress and offers a wide array of features and other services to traders concerned. It operates under the segregation policy of client funds. It means that the entire money of the customers is kept in bank accounts and it is not affected by inclement market conditions. Traders are insured up to €20,000 under the “Investor Compensation Fund” in the event of company insolvency. The merchant is regulated by CySec in Cyprus and FSC in Mauritius. It offers a “Personal Account Manager” to every trader with dedicated customer service round the clock. It offers myriad account types suited to the tastes of experienced, newcomers and institutional clients. However, it does not accept traders from the USA.
HotForex.com Reviews: Brief Summary
- Year of Foundation: 2009
- Company Headquarters: Port Louis in Mauritius
- Regulation: Financial Services Commission (Mauritius) and CySec
- Phone Number: +44 20 3318 5978
- Email: firstname.lastname@example.org
- Website Languages: Arabic, English, French, German, Italian, Spanish etc
- Trade Platform: MetaTrader4 and Mobile Trading
- Broker Type: ECN
- USA Traders: Not Allowed
HotForex Broker Reviews: Trading Platform
The broker offers multiple trading platforms to satiate the needs of customers hailing from different walks of life. Some of the different trade platforms include MetaTrader4, Mobile Trading on Blackberry, iPhone and iPad, Web-Based Trading. MetaTrader4 is the main and primary trading juncture to make deals and do trade executions in the Forex industry. It is to be noted that the MT4 is regarded as one of the most reliable and user-friendly trade platform available at the moment. It offers myriad trading tools and other resources for trading in the volatile market. Another great feature of this is that traders get access to automated trading programs easily. For traders using Macintosh computer, the broker offers MetaTrader4 platform for them too. The HotForex WebTrader is easy to use and does not require installation or download of any 3rd party applications. It is available in multiple languages with easy access to the internet and single login details.
HotForex Broker Reviews: Account Types
|Stop Out Level||10%||20%||20%||20%||20%|
|Max. Trade Size||5||60||No Limit||60||60|
HotForex Broker Reviews: Features at Glance
The most striking feature of this broker is its Withdrawal Bonus and Rescue Bonus option which are worth looking for. It will maximize the overall trade experience and offer great returns in the end. There are myriad trade accounts to choose from like for instance Micro Account, Premium Account and VIP Account. Other features by the broker include free trading tools, education and other journals on FX trading conditions. It is available on the official website under the blog section. Other features of the broker are illustrated below:
- Account Currencies: EUR and USD
- Assets: 70+ CFD on spot metals, currency pairs, stocks
- Forex Tools: Trading Central, One Click Trading, EA Support
- Forex Education: eBooks, Guides, Videos, Daily News
- Customer Support: 24×5 with Personal Accounts Manager
- Minimum Trade Size: 1000
- Maximum Leverage: 1000:1
- Minimum Deposit: $5
- Minimum Trade Amount: $5
- Demo Account: Available
- Islamic Account: Available
HotForex Broker Reviews: How to Register
As compared to other brokers in the industry who take traders through a series of complicated sign-up processes, there is no such thing with HotForex. The registration process is fairly easy and expedite at the same time. As a trader, you will have complete freedom to choose your choice of account type which is directly available on the registration web page. The interesting thing about this broker is that traders are not asked personal questions during the signup process which is common with other Forex merchants. Before the live account is finalized, it is imperative that you submit your identifications like identity proof and address proof for validation purpose. You can give Ids like driving license and bank statement to complete the registration procedure.
- Traders board is available to understand market sentiments.
- HotForex Demo account for practicing.
- Forex education center to teach about basics of the online trade.
- Video tutorials for advanced as well as newbie Forex traders.
- Does not accept traders from the USA.
- Does not offer market commentary.
HotForex Broker Reviews – Bonus and Special Promotions
The broker understands the importance of money and hence offers generous bonus and other special deals from time to time to all clients and customers. It offers one-time 100% Welcome Bonus who register with this broker for the first time. The bonus money can only be withdrawn when the account reaches a certain trade volume requirement. Apart from that, there is 30% Rescue Bonus which can be used to protect one’s account from hefty drawdown; however the money cannot be withdrawn. For increasing leverage, the broker does provide 50% Withdrawal Bonus when the account balance slips to 0. It is to be noted that one cannot switch between the bonus plans.
In addition to the aforementioned bonus offerings from HotForex, the FX merchant offers special promotions from time to time. There is a Rolex Time Trader Contest where individual trader gets the chance to win a Rolex watch worth $10,000 and other cash prizes worth $3000. There is an annual contest for VIP customers who get a chance to meet the brokers at the corporate headquarters at Mauritius. There is demo trade contest also available with prize money allocated to the real account holders. It also offers affiliate programs and Refer-a-Friend program with numerous prizes for top participants and affiliates.
HotForex Broker Reviews: Customer Service
The overall customer support program offered by the broker is amazing with excellent services. It offers toll-free telephone lines in 10 world languages. The staff executives are available 24 hours a day all 5 days a week. They are professional, prompt and have the best in-depth knowledge of Forex trading. One can interact with the representatives through alternate delivery channels like video chats, email support, telephone etc. In addition to the above, the merchant also offers an extensive educational support center where it offers numerous journals and other video tutorials about basics of Forex trading. Any queries related to trading are addressed in less than 10 minutes and one can expect the problem to be resolved in the next 24 hours. Language support is available in more than 10 different languages.
Advantages of Trading – HotForex Broker Reviews
- Lower spreads available starting from 0.2 pips on EUR/USD
- Minimum margin leverage is available of 1:1
- Free unlimited demo accounts available which is risk-free
- Islamic and Currenex Account is also available for traders
- Market news and technical research available regularly
- 50 percent bonus is available on every trade
- PAMM account is available with cutting edge technology
- Security of funds during adverse market conditions
- HotForex Blog for latest news and updates on market
HotForex Broker Reviews – Customer Testimonials
The testimonials and reviews of the customers go a long way in assessing the reliability and overall service of the broker concerned. HotForex has a huge list of followers and people from all over the globe are its trusted customers. Read below some of the HotForex reviews by traders who have availed the services of this Forex broker and share their overall experience:
“I have been using the Micro Account and I am glad that the broker provided CBOT data free of cost. As far as CFD transactions are concerned, it was cheap but all the standard features were kept intact. Overall trade execution is quite good and the only con I experienced was slight slippage during trading session starting. The payment methods (deposits and withdrawals) are nice and offer a speedy settlement of funds without any waiting. The customer support is quite impressive and I would recommend this broker to everyone who is new to Forex trading.” – Susan, United Kingdom
“I was absolutely clueless about Forex trade before I opened a trading account with HotForex. It has a nice trading platform and since I am not that much of a techno-savvy guy, I quite liked the interface. Charts and other web tools are clearly displayed and the website is quite clean. I got a chance to talk to the customer care executives regarding some payment issue and I must say that I was taken aback by their level of professionalism. Undoubtedly I made a lot of money and expecting more with this FX broker.” – Mitchell, Australia
How to Make the Best Use of FX Trade with HotForex
- Understand the limitations and term conditions of bonus to use them wisely
- Read the terms and conditions of trade documents properly without hurry
- Don’t get stressed up with the account slippage or delays in withdrawal
- Widen the spread if you are looking forward to making great returns on investment
- Leverage can go as high as 1:1000, so invest wisely
- Withdraw at regular intervals of time to verify the authenticity of broker
Is HotForex a Scam: Read Below to Find Out More!
There is no suspicion or scam related with this broker. The merchant has never embroiled itself into any kind of scam which alone signifies that it is a legitimate broker. A delay in withdrawal or account slippage might occur every now and then. It is common with many brokers and it does not make HotForex a thug in the market. You should perfectly relax as the broker will never run away stealing your money. It has hundreds of thousands of customers all around the globe which can vouch for its authenticity. If you are really a fan of bonus, it is a broker worth considering for. The broker is full of packages with good commissions and spreads. Trade executions are great and one gets a positive vibe dealing with HotForex. If you are really suspicious and have doubts, you can open a demo account and opt for real trading only when you are convinced.
HotForex Broker Reviews: Final Verdict
The most striking feature of the broker is its customer service which is active throughout the business days. It offers hassle-free withdrawal requests without any waiting and this is something that gained attention amongst potential traders. There is also an internal fund transfer method available for quick settlement of money. Forex education center and highly intuitive trade platform have made HotForex a popular merchant amongst the newbie traders. There are certain areas where the broker needs to improve like account slippage during volatile conditions and improve the overall trade conditions of limit orders and stop loss. If the merchant focuses on the aforementioned areas and fixes the problems, it will emerge as a leader in the market.
The broker has amazing rollover policies and user-friendly trade conditions for every trader. The bonus and other special promotions come with generous money offerings. On the whole HotForex is an excellent broker with myriad trade instruments and caters to the needs of both experienced as well as newbie traders. If you are looking forward to making a career in Forex and make money out of it, then HotForex is the broker you need to opt for. Sign up with the broker today and start experiencing a vast array of sophisticated features and another state of the art services that will take you to newer heights in the financial industry. So hurry up!
HotForex Broker Video Review