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HotForex Review

HotForex Review
Broker type STP,ECN
Foundation Year 2009
Regulation FSC & CySEC
Minimum Deposit $5 (Micro Account)
Spread EUR/USD: 0.8, GBP/USD:1.8, USD/JPY:1
Minimum lot size 0.01 lots
Maximum Leverage 1:1000 (Micro Account), 1:400 (Premium and Islamic accounts)
Platforms HotForex MT4, Smartphone Mobile Trading, HotForex iPhone Trader, HotForex iPad Trader, HotForex Droid, HotForex WebTrader, HotForex FIX/API
Account currency USD, EUR
OS Compatibility Microsoft Windows, Mac, iPhone, iPad, Android, Web
Scalping Yes
Hedging Yes
Swap free accounts Yes
Demo Account Yes
Funding/Withdrawal methods Wire Transfer, Credit Cards, Webmoney, Liberty Reserve, Moneybbokers, Perfect Money, Cash-U, Neteller, U-Kash
Supported Language English, Arabic, Russian, Spanish, Chinese, Farsi, Indonesian, Thai, Japanese, Georgian, German, French, Italian, and more.
Availability Call Back, Phone, Chat, Email
Accepts US Clients No
Headquartered in Mauritius
International offices -
Website Visit HotForex
Submit reviewView reviews (16)

Average Rating

View ratings
Total average

42.7/100

Ease of Access ( 43 )
Platform Performance ( 42.6 )
Reliability ( 42.4 )
Customer Support ( 43.1 )
Payouts Percentage ( 42.2 )

Review

HotForex Review

HotForex is registered and located in Mauritius and regulated by Financial Services Commission and established in 2008. This broker is friendly, open and transparent to their clients. HotForex has voted as the Best Online Broker for Asia for 2012 and 2013, awarded by World Finance.

Trading Platform:

HotForex has a wide range of trading platforms. Currently they are offering 9 trading platforms for their customers. These are,

  • HotForex Meta trader 4
  • Meta trader 4 for Mac
  • HotForex Web Trader
  • Smartphone Mobile Trading
  • HotForex iPhone Trader
  • HotForex iPad Trader
  • HotForex Droid
  • Blackberry Trader
  • HotForex RapidTrader FIX/API

Among these trading platforms, Meta trader 4 platform is the most popular platform. Meta trader 4 platform is popular for advanced charting packages, Expert Advisors, custom indicators, automated trading opportunity etc. All the necessary trading and charting options are included in the Meta trader 4 platform.

Blackberry trader is the new trading platform for Blackberry users

Customer Support

When it comes to customer support, the HotForex team is both transparent and available. International phone numbers are available in 10 different languages, and email queries can be sent to 6 different virtual destinations, to ensure that they’re reaching the right desk. We emailed the HotForex team on a Monday and received a response in 1 hour and 40 minutes, which was quite a fair response time.

Chat support is also available 24/5. During our HotForex review we had the opportunity to chat with the support team multiple times and we repeatedly received courteous, helpful service.

Types of Trading Accounts:

HotForex is committed to reaching the customer satisfaction whether the customer is a small one or a big one. They offer different types of trading accounts. These are mentioned below,
• Micro Trading Account – Suitable for trading small volumes with small initial deposit.
• Premium Trading Account – Suitable for more experienced traders with no maximum lot size.
• VIP Trading Account – Suitable for traders who are experienced to trade minimum trading volume of half a standard lot.
 Islamic Trading Account – Suitable for Muslim traders who follow Sharia Principles.
• Currenex Trading Account – Suitable for experienced scalpers.
• Zulu Account – Suitable for new comers who need to get trading signals and execute those signals instantly without monitoring the market.
• PAMM Accounts – Suitable for investors those who are willing to invest under Forex Fund Managers.

Commissions and Spreads:

Commissions and spreads offered by HotForex broker depend on the type of trading account and trading volume. VIP and Currenex account holders can trade with very low spread starts from 0.2 pips. Other account holders also get a comparative spread offer starting from 1 pip.

Final Thoughts

HotForex caters both to new traders and advanced traders, though throughout our HotForex review we couldn’t help feel that experienced traders might find more to love about this brokerage, because of their interesting currency pairs and availability of the MT4 platform only. If you’re looking for an ECN broker with fast execution, competitive trading conditions and exotic currency pairs, HotForex may be just the broker for you.

 

Visit HotForex

Dr.Trader

Review comments (16)

S.Rahimun
HotForex Review 89.0

They have a variety of services, premium accounts have good spreads on live compared to other brokers, execution and servers are stable on both webtrader and MT4, very small chances of slippage. I have encountered only a couple of slippage in my 5 months of trading with hotforex, but personally I think they can improve that. Money always arrives with in 2-5 working days if you are using money processors, I’m not sure about Credit cards and bank transfers though. So far my trading is good and I have no complaints.

Plusses
  • Diveristy of pairs and indices
  • Nice PAMM program
Minors
  • A little slow Withdrawal process (Usually 2 working days)
Posted on September 3, 2014 11:07 am
Karl Hoda
HotForex Review 97.4

The customer service of Hotforex has proven to be very responsive and helpful, A few minutes after I had made a deposit to top up my trading account, my equity dipped below the bonus level, because my deposit payment did not immediately show up on my account. Consequently all my open trades were automatically stopped out, resulting in a total loss of all my funds as well as the bonus amount. I contacted the help desk and wrote an e-mail to my personal account manager explaining the situation that had occurred. And I must say they reacted in a phantastic manner and re-installed all my stopped out trades within a couple of minutes! I was overwhelmed and grateful by such an instant generous help, which saved me from a big loss. I wonder if any other broker would have provided a similar support in such a case, and I believe such a prompt action from a customer service deserves the highest praise.

Plusses
  • Fantastic Support
  • tight spread
  • wide range of forex, indices and commodities
Minors No minors
Posted on November 23, 2014 7:21 pm
Gary
HotForex Review 99.2

I'm an scalper and Hotforex Zero spread account is exactly what I'm looking for. the only drawback is that it takes around three working days to withdraw the profit.

Plusses
  • Low spread
  • Lots of pairs, CFDs, comodities, indices
  • Helpful support
Minors
  • it takes three working days to withdarw the profit
Posted on June 3, 2015 9:47 am
Ignace Perillard
HotForex Review 7.8

Better to invest money on casino rather then investing on this shit broker. Hotforex is just a scammer , Be aware of this broker.

Plusses No plusses
Minors
  • Hotforex is bad broker
  • Hotforex is bad broker
  • Hotforex is fake broker
Posted on October 17, 2015 7:58 am
Patrick Gaunt
HotForex Review 1.4

I doposited $200 into my account using my credit card which they debited and claimed they never took my money, I had to use my bank to collect back my money which took me about one month two weeks. In overall I don't trust them much, Hotforex are hypocrites they claim what they are not, they pretend to be good people. steer clear from Hotforex.

Plusses No plusses
Minors
  • Bad broker
  • fake broker
  • scam broker
Posted on October 18, 2015 5:02 am
Joseph Algeranoff
HotForex Review 0.6

too wide spread and too late get position.
What was good only as for the beginning.
A word worst now.
S.C.A.M

Plusses No plusses
Minors
  • one of th fake broker
  • high spread and worst platform
  • Scammed me.. just go to hell
Posted on October 19, 2015 7:08 am
andrew
HotForex Review 88.6

I think The IVORY OPTION better than hotforex. First time, I used hotforex. Hotforex seems to be very critical & many times give fake signals to me. Then I got the information about IVORY OPTION click here > (www.bestbinarysoftware.com ) from my friend. After knowing the service of IVORY OPTION, I analyzed and just $270 deposited it. Now IVORY OPTION gives me a much better profit than hotforex across my desire. The hotforex give me 10%-15% profit beside IVORY OPTION gives me 45%-70% profit till now. Nowadays, in only 3 days my profit is $1865+. IVORY OPTION has a great customer support also.

Plusses No plusses
Minors No minors
Posted on October 23, 2015 9:59 am
Toby Playfair
HotForex Review 1.0

I read all of these great things about hotforex on the internet and I don't know where they are coming from. It is terribly hard to withdraw any money from this company.

Plusses No plusses
Minors
  • Fake broker in the world
  • Biggest scam in the world
  • Bad broker in the world
Posted on October 28, 2015 6:55 am
Lucas St-Pierre
HotForex Review 0.6

Hotforex is the most ridiculous platform out there. I urge everyone to stay away from this company as they are hard to get hold of and the platform is very hard to use, not only that but this platform looks and feels cheap.

Plusses No plusses
Minors
  • Fake broker in the world
  • scammer
  • cheater
Posted on November 5, 2015 11:29 am
alija adrian
HotForex Review 1.2

It is not easy to make a withdrawal with hotforex They give you the option to transfer funds to a credit card or bank account. I selected bank account. I then got an email that said I need to fill out forms and funds will be transferred to credit card. I replied and asked why is the option given to transfer funds to a bank account and you're telling me I need to transfer to back to a credit card. Can you hear the silence? No response. After ripping off newbies on a 7-pip spread they give you hell to get your money out.

Plusses No plusses
Minors
  • scam broker
  • Fake broker in the world
  • cheater broker
Posted on November 10, 2015 2:16 pm
Rebecca Langslow
HotForex Review 1.0

I opened an account 9 months ago. Demo account was great but when I went live .. Too much requotes and server latency during market activity . I cannot prove it but I had really the impression the system was playing against me ( not the market ..the server )Otherwise sending money is quick. Cannot comment about withdraw as I lost all my deposit :-hotforex seems to be scam !!

Plusses No plusses
Minors No minors
Posted on November 12, 2015 2:51 pm
Thomas Dodery
HotForex Review 1.0

hotforex.com holding my fund for the last one week without refunding it or deposit it to my live account.I asked many times I do not need their service and need a refund.This is stealing, soon I will report them to FSA ands FPA.
This is nothing but processional scam.

Plusses No plusses
Minors
  • fake broker high spread
  • scam broker poor customer service
  • cheater broker poor client support
Posted on November 16, 2015 11:24 am
Alex Dettmann
HotForex Review 1.0

I had a problem with hotforex trading platform.( I was unable to close my open positions. I got only blank exception window)
So I contact my account manager through the live chat. He told me to send an emails with details. I sent him some screen-shots and log files. but he did not response my emails

Plusses No plusses
Minors
  • fake broker high spread
  • cheater
  • scam broker
Posted on November 17, 2015 11:04 am
Nevena
HotForex Review 97.4

Trading since four months and noted that they have professionals to handle customer issues. I had some profit withdrawals which went hassle free and i found out that the trading pairs are sufficient enough to trade. They have acceptable level of services like low spreads, good leverage, rescue & other bonuses etc. I really recommend them safe to trade.

Plusses No plusses
Minors No minors
Posted on October 25, 2016 1:05 pm
Irfan Ahmed
HotForex Review 97.6

I am from Punjab and trading with hotforex for the last few months. I had finished my recent withdrawal on skrill which went smooth as usual. The overall impression of this broker is good. Spreads are tight and execution is also smooth. The customer services department also responds to the queries well in time. I am satisfied with the performance and rate them 4.5/5 for now.

Plusses
  • good customer services
  • instant withdrawal
  • tight spreads
Minors No minors
Posted on March 9, 2017 10:40 am
Majid Sherazi
HotForex Review 97.6

Good services, tight spreads, max leverage, friendly support services, instant withdrawals. I have noticed all these qualities in my last three months trading with this broker.

Plusses
  • low spreads
  • easy platform
  • max leverage
Minors No minors
Posted on March 22, 2017 1:59 pm

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