HotForex Review

Review

HotForex is a Forex broker headquartered in Mauritius. It is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius under the name of HF Markets Ltd.

Accounts

HotForex offers a wider variety of account types than any other broker I have reviewed, all with highly competitive and distinct trading conditions designed to meet the needs and demands of all types of traders. The Micro account requires as little as $5 to open. The maximum leverage is 1:1000 and there is a maximum simultaneous outstanding order of 150. $500 is required to open the Premium account which has a maximum leverage of 1:500 and 300 orders can be outstanding at the same time.

Account Types

The Zero account requires only $100 to open, has a maximum leverage of 1:200 and an unlimited amount of outstanding orders while the Fix account has a fixed spread, leverage of 1:400 and 300 orders can be open at the same time.

The Currenex account is meant to accommodate experienced retail traders. $500 is needed to open it and it uses the MetaTrader 4 platform.

The VIP account must be funded with $20,000. It has leverage of 1:300 and account holders are entitled to a personal account manager.

And if these weren’t enough, there are three more accounts at HotForex.

The HotForex Auto Account opens the world's financial markets to even novice investors by giving them the opportunity to subscribe to free and paid trading signals from the MQL5 Community which is built-in to the HotForex MT4 trading terminal. Investors can automatically copy the signals of any signal provider with paid signals subject to a one month performance verification period. Holders of this account can subscribe to signals via the MetaTrader 4 Platform.

With the Social account, traders can connect with other traders, discuss strategies and news, follow and copy the most successful portfolios and quickly expand their network by identifying more trading opportunities. This account uses the auto-trading feature to build a portfolio of winning strategies and copy trades automatically. $100 is needed to open this account and there is no commission.

The PAMM account is an investing tool for fund managers and investors who work together. HotForex offers the innovative Multi Account Manager (MAM) software together with the ability to trade in a superior trading environment on the MetaTrader 4. The PAMM account requires $500 to start and has a leverage of 1:300.

A Demo account can be opened the Micro, Premium, VIP, FIX, Islamic, Currenex or Auto Account you will find the complete flexibility to trade at the

Deposits/Withdrawals

Funding to the accounts can be done in a number of ways—wire transfers, credit cards, online payment plans and cash deposit options.

Withdrawals are transacted using the same methods. There are minimum withdrawal requirements for some methods and some fees are charged.

Bonuses/Promotions

The bonuses and promotions at HotForex are simply too numerous to list. The major ones being offered at the time of this review are the following:

The HotForex VIP Contest 2015 which is a competition for traders with the most financial gains. It awards the lucky 1st Prize Winner and his/ her companion with an all expenses paid trip to Cyprus. The prize includes a one-to-one, 3-hour professional Forex trading training session with the company’s chief Market Analyst Janne Muta as well as a cash prize of $5000 awarded upon completion of the training session. The package includes business class, round-trip air tickets, a 3 night stay and a relaxing massage at the 5-Star Amathus Resort.  Second, third and fourth place winners receive generous cash prizes.

The Refer-a-Friend promotion varies depending on the size of the initial deposit of the referred client (a reward table is shown). The more they fund, the more the referrer is rewarded. The range is from $60 on a deposit $1,999 and below and as high as $200 on a deposit of more than $10,000.

Another promotion is the First Trader’s award whereby the number one trader is awarded the HTA award and a $1000 cash prize.

Even the bonuses are generous. Every deposit over $250 receives a 100% bonus as well as an additional rescue bonus of 30%. This limited bonus is designed for traders who want to protect accounts from periods of drawdown. The 100% Credit bonus Program is intended to increase the trading volume of a client's accounts.

And there is also the HotForex ‘Virtual to Real’ Demo Contest which is, of course, a contest only held on demo accounts. Therefore, there is no monetary risk for the participants but the cash prizes awaiting the winners are real. The contest runs for a month at a time for those trading with an initial deposit of $100,000 in virtual money and the prize money is deposited into the trader’s live account.

And amazingly, this broker even has its own HotForex merchandise—a range of top quality products all branded with the HotForex logo.

Education

The list of educational tools is extensive. HotForex offers Technical Analysis reports from industry leaders through Trading Central and fundmental analysis is given daily by Janne Muta, HotForex's Chief Market Analyst. Traders can chat directly with an experienced technical analyst and learn about the current technical trends in the markets.

Breaking market news is offered on the spot so traders can identify the biggest currency movers, gauge market sentiment with a breakdown of client positions and analyze volume traded per symbol.

Market Analysis

HotForex also offers free VPS Hosting, one-click trading, auto trading and several calculators—Fibonacci, risk percentage, multi-target, pivot point, pip value, risk and reward and position size.

Customer Support

Account holders can contact a representative by phone, email or via live chat. A contact form is also provided. The website is available in English, Spanish, Chinese (Simplified), Filipino, Indonesian, Hungarian, French, Hindi, German, Romanian, Thai, Portuguese, Italian, Korean, Chinese (Traditional), Polish, Urdu, Vietnamese, Bulgarian, Farsi, Arabic, Malay, Czech, Greek, Russian and Slovak.

Conclusion

HotForex’s website is jam packed with information and it is presented in a clear and organized manner. This is a broker that seems to offer something for everyone and this is commendable.

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Features

This broker has so much to offer it seems to overwhelm at times. How does one choose which of the nine different trading accounts to choose from? On the other hand, the selection of promotions and bonuses is exciting and appreciated and even traders using a demo account can participate in a competition and win monies that go directly into a live trading account. Not often have I seen this sort of contest and it is attractive to new traders just starting out in the field.

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Platforms

MetaTrader 4

HotForex MT4 has taken the MetaTrader MT4 platform and introduced its liquidity to create a user-friendly front-end trading interface with interbank liquidity and fast execution.

MetaTrader 4 Trading Platform

The HotForex MT4 Terminal is an equipped traders’ workplace that allows them to trade in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading programs (Expert Advisors). It represents the all-in-one concept and is derived from the most popular trading terminal in the world.

WebTrader

The HotForex WebTrader is also available for those who prefer a browser-based Forex trading platform.

MultiTerminal

The HotForex MultiTerminal platform provides a convenient way to manage multiple accounts simultaneously from a single interface. It offers real-time trading activity management, execution of multiple order types, live price feed monitoring, viewable trading history and more.

Mobile

HotForex MT4 Smartphone Platform is comparable with the broker’s full-function trading terminal. Traders will be able to fully access the financial markets and make orders from anywhere in the world. It supports 30 technical indicators, access to the news information feeds and its multi-lingual support allows traders to switch between languages.

MT4 Mobile Platform

HotForex also offers the HotForex iPad Trader, HotForex Droid, HotForex iPhone Trader and HotForex FIX/API platforms.

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User Reviews

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