In Forex trading, it is just as important to have a reliable broker, as it is to be knowledgeable about the industry. HotForex is one of the most reliable brokers we have encountered so far, and believe they are a reliable partner.
HotForex was formed in 2010 and is the brand name of the company HF Markets Group that runs several subsidiaries of the HotForex brand. The European branch is under the name HF Markets (Europe) and is regulated by CySEC under the license number 183/12. Other branch locations include Mauritius, St. Vincent & the Grenadine and South Africa; and the regulators in all these locations license the company.
With such a wide global presence, HotForex has been able to sign up more than 500,000 active accounts from many countries in the world. Besides their global presence, the company has also received multiple awards for their services including client fund security, customer service and even best Forex broker in Asia and Europe.
The reputation of HotForex precedes it, making them a reliable broker. Enough of the praise, though, let’s look at what really matters to you and why you should choose HotForex.
Features of HotForex broker
HotForex offers Forex trading and has 50 currency pairs available to trade, which are more than enough since exotic currency pairs are included. You also have access to other markets including:
- Commodities – such as cocoa, coffee, cotton, etc. These are offered in the form of CFDs, which minimises the capital requirements while maximising profits
- Shares and Indices – HotForex is connected to Tier 1 banks which provide access to the most prestigious exchanges in the world. Therefore, you can trade indices like the NYSE and LSE and have access to stocks on both sides of the Atlantic
- Metals and energies – you can also trade precious metals like gold and silver while keeping an eye on oil
It wouldn’t matter having all these great products if you didn’t have proper access to the markets, and HotForex has worked very hard to make sure the trading conditions are suitable to every kind of trader. The thing we like most about HotForex, though, is their customer support. The support staff are always very helpful and knowledgeable about their products, which is great compared to other brokers we’ve seen.
Besides that, we also like that they have enticing offers, including the high leverage going as high as 1:1000. Also, you get a bonus of up to 100% on every deposit, which coupled with the high leverage can enable you to control large positions in the market. Withdrawals are also very fast and can be done in a multitude of ways from bank transfer to online payment systems, credit cards and even bitcoin.
MetaTrader 4 is available, on both PC and mobile, and this is a great trading platform. If you like using trading robots, you will also be glad to hear that HotForex offers VPS services, for free! There also are no limitations to the types of trades allowed, since hedging and scalping are both allowed.
Types of accounts
HotForex recognises that people’s needs are different, so they have created different types accounts for each trader.
Micro account – the minimum deposit on this account is $5, yet you still get up to 1:1000 leverage and access to all markets
- Premium account – this is the standard account that lets you trade standard lots with a minimum deposit of only $500
- Zero account – if you would like to trade without spreads, this is the account for you and it gives you direct interbank rates. A commission is charged for the service, but even that is reasonable
- Fixed spread account – for those who would like to receive consistent spreads regardless of market conditions
- VIP accounts – this account requires a higher deposit, but with it, you get private consultations with analysts at HotForex as well as other market updates
- Automatic and managed accounts – when you’re not ready to initiate the trades, these accounts are there. The former involves use of trading advisors and the latter an account manager
Islamic account – this one does not incur any swaps or overnight rollover fees
We still use HotForex to this day and have not had any problems with the broker. Their services are truly exceptional and the company has a great reputation, and we would recommend this broker to anyone looking for a partner they can trust.