Hot Forex Broker Review

“A well-known forex broker with bonus and promotion is Hot Forex broker”

Is HotForex good and reliable?

HotForex, holds variety of license for different locations and are providing their services across the world along with that the broker is in market from past 10 years and when they are present in this market from quite long time then the chances of the broker to run away is very slim.

The regulations they hold are as follows:

Pros

Cons

What is the best thing about HotForex?

HotForex offers best range of forex market along with which the account opening procedure is quite simple, and the minimum deposit amount is quite low.

Which Account type you recommend and why?

The best account type in my point of view is Auto with no commission or you can also go with zero account type but there is commission but still it has lesser cost as compared to other account types.

What can be traded with HotForex?

With HotForex you can trade on more than 1000+ instruments in which they cover 52 forex currency pairs, 5 commodities, 36 shares, 3 bonds, 8 crypto currency and many more.

Here, below I am mentioning few of their trading options:

FOREX

INDICES

COMMODITIES

EUR/GBP

AUS200

Cocoa

AUD/NZD

FRA40

UKOIL

USD/JPY

GER30

XAGUSD

Bonds

Shares

Cryptocurrencies

Euro Bund

Adidas

BTC/USD

UK Gilt

Chevron

ETH/EUR

US 10-year Treasury Note

Rolls-Royce

LTC/USD

“The best way to know your broker is to do thorougly research by reading different article and then choose which one is best for you.”

Web and desktop platform HotForex Offers

MT4

This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:

1. Easy to use and Understand

2. Many types of indicators are in this platform which makes easy to analyze the market trend.

3. Access to various currency pairs, CFDs and cryptocurrency.

4. Can be used on any operating systems such as windows, mac, Linux etc.

5. Allows you to trade any time in 5 days (Monday to Friday).

MT5

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for the better experience of the analysis and results.

Web Trader

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for the better experience of the analysis and results.

Rapid Trader

Rapid trader is a product which offers direct market access to HotForex Clients who are interested to use FIX protocol. This product is good for traders who use advance order types, order-routing system outside of MT4, automated quotes engines and automated trading system outside of MT4. It is a perfect solution for the professional traders who want to take advantage of dynamic and integrated environment

The one who mostly uses this API forex trading are corporations, brokers, hedge funds and money managers who are always on for real time forex trading capabilities.

Mobile platform to trade with HotForex

MT4 Mobile Application

The MT4 (Meta Trader 4) Mobile application is famous all over the globe because it is the common application used by millions of traders to trade with different broker accounts. So, you can use this application for your trading. The app looks like the below image:

HotForex Mobile Application

Hotforex do provide their own application to trade with, they do provide everything you need to trade with. The application looks like below image:

Account Type Comparison

They offer 4 types of account which are Micro, Premium, Zero Spread and Auto. We will look for the features each account offers in the below table:

Account typeDefinitionMicroPremiumZero SpreadAuto
Trading PlatformsThe platforms on which trading can be done.MetaTrader 4, MetaTrader 5, Webtrader and Mobile TradingMetaTrader 4, MetaTrader 5, Webtrader and Mobile TradingMetaTrader 4, MetaTrader 5, Webtrader and Mobile TradingMetaTrader 4, MetaTrader 5, Webtrader and Mobile Trading
SpreadThis is the difference between bid and ask priceVariableVariableVariableVariable
Trading InstrumentsThe instruments in which you can tradeforex, metals, energies, shares, indices, bond, commodities, DMA Stocks, ETF and cryptocurrency.forex, metals, energies, shares, indices, bond, commodities, DMA Stocks, ETF and cryptocurrency.forex, metals, energies, shares, indices, bond, commodities, DMA Stocks, ETF and cryptocurrency.forex, metals, energies, shares, indices, bond, commodities, DMA Stocks, ETF and cryptocurrency.
Minimum DepositThe minimum amount required to start trading for realUSD 5USD 100USD 200USD 200
Minimum lot sizeThe minimum size of lot required to open trade with0.010.010.010.01
Maximum LeverageThe maximum ration which you can borrow with broker to trade with smaller amounts of deposit1:10001:5001:5001:500
Order ExecutionThe time taken to open the trade withYesYesYesYes
Account CurrencyThe currency in which money can be depositedUSD. EUR, NGNUSD. EUR, NGNUSD. EUR, NGNUSD. EUR, NGN
CommissionThe fees charged by broker when trade is openedNoNoYesNo

Opening Account Procedure

  1. Visit to their website at hotforex.com
  2. The main page of the broker will open in which you will find the option of “Open live account” on the top right corner of the page as per the below image.

3. Then the new page will open, it will ask you to select if you want to open account for individual, corporate or joint fill up the required details. Fill up the required details and click on register after agreeing to terms and condition of broker.

4. After clicking register, you will receive an email on the email id with which you have done the registration with an activation link that you are needed to click on in order to proceed with your registration.

5. Once you have activated your account login to your account, verify yourself by uploading the required documents and when you are verified you are good to go.

6. Fund your account and start trading.

What are deposit and withdrawal channels?

Funding our account is the most important factor while trading, so for that we need to know about all the channels that the broker offers for funding our account along with that we are also needed to check if there are any charges for the same.

In HotForex they provide a variety of options as per the below options, which you can use to fund your account, I chose to transfer funds using UPI as I find it the most convenient. There are no charges for depositing funds and once you make the transfer it is credited to your account.

One issue I faced was that when I deposited funds into my account, the transaction was successful but the money was not reflecting in my MT4 account. After getting in touch with support only I came to know that the funds are credited to the inbuilt wallet that HotForex offers and from that wallet I was needed to make the transfer to the account in which I want to trade in.

As depositing funds is important then withdrawing the same are also important. For withdrawing funds HotForex offers the below channels:

Well, it is preferred to use the same channel which you have used to deposit funds for your better understanding. So, it is suggested to check the deposit and withdrawal channels first and then decide if the same method is available for both deposit and withdrawal.

Withdrawal on HotForex also have no charges and when I placed my request of withdrawal, I got my funds back into my account within few hours.

Deposit and withdrawal rate?

As I have mentioned earlier as well, there are no charges for deposit and withdrawal with HotForex. Well, this factor automatically reduces the cost of the broker.

Comparison based on spread, commission and swap

Spread:

As we are aware that the spread differs per currency per account, we here have calculated the average spread value of different account by collecting data for the whole week which will give you a basic idea of the spread charges of the broker. Let’s look for the spread values below:

Account typeAutoMicroPremiumZero
XAUUSD29.930.330.629.5
EURUSD912.4110.7
GBPUSD16.916.616.72.3
AUDUSD1616.116.14
USDCAD19.319.419.44.6
USDCHF18.719.119.13.5
USDJPY1716.816.81.1
GBPJPY29.330.430.45.9
EURJPY14.915.515.58.9
NZDUSD20.620.920.98.8

Commission:

Along with that the commission value also tell us about overall cost of the broker, and Hot forex only charge commission in Zero Spread Account where in this XAUUSD have no commission charges, for reference check the below table.

XAUUSD

0

EURUSD

USD 6/1 lot

GBPUSD

USD 6/1 lot

AUDUSD

USD 6/1 lot

USDCAD

USD 6/1 lot

USDCHF

USD 6/1 lot

USDJPY

USD 6/1 lot

GBPJPY

USD 6/1 lot

EURJPY

USD 6/1 lot

NZDUSD

USD 8/1 lot

The above table clear the commission charges of the broker, most of the currency has the commission of USD 6 per lot. For commission one thing to always remember is that it is charges for both sides that means for opening bid as well as closing bid. For example, if the commission charges are USD 6 per lot that simply means USD 3 is charged for opening the bid and the remaining USD 3 is charges for closing the bid.

Swap:

Swap is charges if and only if the bid is open overnight, you can consider it as an interest which is charged if your bid is open for more than a day.

There are two types of swap values, swap long and swap short. Let’s first have a look on the swap long values in the below table:

Currencies

Auto

Micro

Premium

Zero

XAUUSD

(-5.6)

(-5.6)

(-5.6)

(-5.6)

EURUSD

(-6)

(-6)

(-6)

(-6)

GBPUSD

(-3)

(-3)

(-3)

(-3)

AUDUSD

(-1.8)

(-1.8)

(-1.8)

(-1.8)

USDCAD

(-2.3)

(-2.3)

(-2.3)

(-2.3)

USDCHF

(-0.5)

(-0.5)

(-0.5)

(-0.5)

USDJPY

(-0.9)

(-0.9)

(-0.9)

(-0.9)

GBPJPY

(-3)

(-3)

(-3)

(-3)

EURJPY

(-4.5)

(-4.5)

(-4.5)

(-4.5)

NZDUSD

(-1.4)

(-1.4)

(-1.4)

(-1.4)

Now let’s have a look at swap short values:

Currencies

Auto

Micro

Premium

Zero

XAUUSD

(-0.9)

(-0.9)

(-0.9)

(-0.9)

EURUSD

(-0.7)

(-0.7)

(-0.7)

(-0.7)

GBPUSD

(-2.5)

(-2.5)

(-2.5)

(-2.5)

AUDUSD

(-1.9)

(-1.9)

(-1.9)

(-1.9)

USDCAD

(-3.5)

(-3.5)

(-3.5)

(-3.5)

USDCHF

(-4)

(-4)

(-4)

(-4)

USDJPY

(-8)

(-8)

(-8)

(-8)

GBPJPY

(-5)

(-5)

(-5)

(-5)

EURJPY

(-2)

(-2)

(-2)

(-2)

NZDUSD

(-2.1)

(-2.1)

(-2.1)

(-2.1)

You can clearly conclude from the table that this interest charges are same for every account type. Only the difference is that interest is charged as per the days for which the bid is opened.

Chat Support

When connecting to live support, click on the live chat option available in the middle of the top bar of every page, once you click that option you will be automatically connected to the support service agent. The window open would be as below.

Well support system of the broker is good; the response of the support team is fast as compared to other brokers. I just faced a single issue with the broker that is I was confused that I have deposited fund to my account but on web it is showing but on MT4 its not showing for which I came to know that I have transferred funds to my wallet and had to do internal transfer for getting the funds back in to account so it got resolved within few minutes. Apart from that the broker is really easy to understand and use.

Research and Education

HotForex also offers education which will help you to learn all the basics of forex trading and help you in earn more, what they provide is educational videos, training courses, free education center is also provided from them, webinars, Events, HotForex Educational Analysis and podcast. The image is shown below for your reference..

To check more about any of the category in education section you are required to click on the desired option and then the new page will open with the details of that option. For example, let’s look for the podcast:

So, you can look for the desired option, can learn and then trade accordingly.

Trading Experience

The trading with HotForex standard account is easy, even if you don’t know trading you can learn and then gain more profit. It is suggested to learn first before investing any real funds and use demo account at first and once you understand all the concepts then invest and start trading.

Conclusion

As Mentioned one the top of the article, HotForex broker holds a lot of licenses from various countries which indicates that they do follow every rule and regulations. And since, they are in market from past 10 years the chances of the broker to run away is very slim. The funds you will deposit in your account will be well taken care of. Overall, the broker is surely reliable.

HotForex and HF Markets both are unified names of HF Markets Group. The group holds various license for different entities from different regulators including FCA, CySEC, FSCA, DIFC and SFSA. The broker is in market since, 2010 and has grown over the past few years. They offer accounts such as Micro, Premium, zero spread and Auto account in which commission is charged only in Zero spread account.

Overall experience with this broker has been good except from the fact that the broker website is slow as compared to other brokers. Apart from that the services broker offers are good and overall cost of the broker is also less. Live chat support response is fast, and they do clear your doubts with the best of their interest.

One more thing to note about HotForex is that the order execution speed of the broker is slow as compared to other brokers it almost takes 2 to 3 seconds to open an order, whereas the closing of the bid is done in an instant.

With HotForex users can trade using MT4, MT5 trading platform for desktop, mobile and web. Users can also access different range of trading tools, research and education and live webinars. If you want to use this broker, you definitely can.

The best account of all is auto account as there is only spread and swap charges no commission is involved along with that as compared to other account cost of this account seems to be lowest.