HotForex Review 2021
|Traders in United States welcome|
|HotForex Facts & Figures|
HotForex is a forex and CFD broker that is regulated by the FCA and provides access to over 1,000 securities and derivatives on several international markets.
• Top 100 Companies - World Finance Magazine
• Best Forex Broker Asia - Global Business Review Magazine 2021
• Best Customer Service Experience - Global - World Business Outlook
• Best Client Fund Security Global - International Business Magazine 2021
• Most Transparent Broker - The European - Global Banking & Finance Review Awards
|Instruments||CFD, Forex, Stocks|
|Payment Methods||M-Pesa, Mastercard, Neteller, Skrill, Trustly, UnionPay, Visa, Wire Transfer|
|Min. Trade||0.01 lots|
|Regulated By||FCA, DFSA|
|Mobile Apps||iOS & Android|
|Auto Trading||HotForex supports automated trading through access to MetaTrader 4 and MetaTrader 5, both of which have extensive expert advisor integration systems.|
|USD, EUR, GBP|
|HotForex has CFD trading in stocks and shares, indices, ETFs, metals, energies, agricultural commodities and forex.|
HotForex has CFD trading on over 50 major, minor and exotic currency pairs with MT4 and MT5 accounts.
HotForex (HF Markets Group UK Ltd) is a multi-asset online broker offering trading opportunities in forex, commodities, indices and more. Aimed at traders across the world, whether from Nigeria, Jakarta Johannesburg or the US, this 2021 review will cover the company’s history, contact details, asset range, bonuses, payment methods and more, so you can make an informed decision about whether to open an account.
HF Markets UK (HotForex) is an established broker that was formed in 2010 by founder and owner George Koumandaris. The company is the UK affiliate of the global brokerage organisation, HF Markets Group. The group is well recognised in the industry, operating today with 200+ global employees, 2,500,000+ live accounts opened and more than 50 industry awards.
The broker is authorised by the Financial Conduct Authority (FCA), a highly regarded regulator with stringent compliance. The accreditation allows the broker to offer investors in the United Kingdom and across the world access to a range of CFD assets, including forex, stocks, indices, bonds, ETFs and commodities. Direct market access is provided through top-tier liquidity providers in the country and the company headquarters location is in the heart of London.
The broker also formed a partnership with the gaming division of Santos FC in late 2020 to form Santos HotForex esports.
HotForex offers industry-recognised MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platform options. Both platforms are suitable for new and experienced traders and available via web terminals or desktop clients, which can be downloaded as 32 and 64 bit applications to PC devices running Windows, Mac OS and Linux systems. Installation is straightforward and the broker offers a 101 tutorial guide if you are having issues.
- 9 timeframes
- Live news streams
- Customisable charts
- 4 pending order types
- Analysis of quote dynamics
- Single thread strategy tester
- Access to Expert Advisors (EAs)
- 50+ built-in technical indicators
- Ability to overlay analytical objects
- User-friendly, multilingual interface
- Interbank liquidity and fast execution
- Daily account statement with profit & loss summary
MetaTrader 5 Web Terminal
- 21 timeframes
- Hedging support
- One-click trading
- Customisable charts
- 6 pending order types
- Built-in economic calendar
- Multi-threaded strategy tester
- 80+ built-in technical indicators
- View up to 100 charts simultaneously
- Enhanced order management capabilities
HotForex offers clients investment and trading opportunities with over 1,000 trading instruments in the below markets:
- Forex – 50+ currency pairs, including majors, minors and exotics
- DMA Stocks – Place trades directly on the order books of global stock exchanges
- Energies – Spot and futures trading opportunities on UK Brent Oil or US Crude Oil
- Commodities – Access soft commodities trading including cocoa, coffee, and sugar
- Metals – Derivatives trading on gold or other spot metals including silver and platinum
- Indices – Access the world’s leading indices on stock markets, including UK100, GER30 and volatility 75 index (VIX)
- Bonds – Trade derivatives on bonds issued by the world’s leading economies, including Euro Bund and UK Gilt
- ETFs – Access the most popular way to diversify across markets, currencies and sectors like aerospace, healthcare, mining and information technology
- Shares – Trade CFDs on the shares of top-performing international companies, including Apple, Amazon and Facebook
The broker offers tight, competitive spreads across all assets with fast execution times from leading liquidity providers in the market. Clients can execute trades directly from real-time streaming quotes. HotForex operates as a pure ECN broker pricing model with direct market execution.
Commissions are only charged on the HF Markets Zero spread account. Fees are transparent and start as low as $0.03 per 1k lot on major forex pairs like EUR/USD, USD/JPY and GBP/JPY. Commissions on other forex pairs start as low as $0.04 per 1k lot. This includes GBP/NZD, EUR/DKK and USD/RUB.
The broker charges swap rates for positions held overnight but there are no additional hidden fees like inactivity charges.
As HotForex UK is regulated in Europe, it is subject to ESMA leverage capping regulations. Major forex pairs like EUR/USD and GBP/USD are offered at the maximum leverage of 1:30. Minor and exotic forex pairs like USD/HKD, metals and indices are offered at 1:20. Commodities, including XAU/USD, are available at 1:10. The maximum leverage available on shares trading is 1:5. Visit the broker’s website for all leverage details by instrument.
An overview of the leverage caps is provided below:
- Equities – 1:5
- Commodities – 1:10
- Minor and exotic forex pairs and indices – 1:20
- Major forex pairs – 1:30
The broker offers a powerful multi-asset mobile application platform; HF App. This HotForex app is available for free download to iOS and Android devices. The application offers financial analysis tools, the latest news, updates and direct access to your trading account while on the go. The below features are available in the palm of your hand, anytime, anywhere:
- Traders Board – Global market movers with live charts
- Daily Market Analysis – Expert analysts providing details on assets to watch
- Watchlist – Closely monitor select instruments by adding them to a custom-made favourites list
- MyHF Area – Access your account, deposit, withdraw and transfer funds directly through the app
- Trading Positions – Real-time market sentiment indicator with trader reactions to currency and commodity movements
- Navigation Bar – Switch easily between views for quick access to live rates, news, watchlists and more from the click of a button
- Charting Functionality – Advanced graph types with a customisable interface, choose various time frames, apply technical indicators, and more
MetaTrader 4 and MetaTrader 5 are also both available as mobile apps for both iOS and Android devices. These provide access to many of the same features of the desktop platforms, including trade and account management, portfolio evaluation and technical analysis, though some charting options are limited.
HotForex minimum deposits vary by account type. The standard Premium Account has the lowest at £100/$100/€100. HotForex does not charge a deposit fee for any payment method and account funding transactions are available 24/5, though the processing times vary by method. There are three account funding currencies: USD, EUR and GBP. Accepted account payment methods include:
- Trustly – $20,000 maximum limit, $100 minimum limit, no fees, up to 2 business days processing
- Wire Transfer – no maximum limit, $250 minimum limit, no fees, 2 to 7 business days processing time
There are no fees to deposit your HotForex account with a credit or debit card
- Visa – $10,000 maximum limit, $5 minimum limit, up to 10 minutes processing
- Mastercard – $10,000 maximum limit, $50 minimum limit, up to 10 minutes processing
- Skrill – $10,000 maximum limit, $50 minimum limit, no fees, up to 10 minutes processing
- Neteller – $5000 maximum limit, $50 minimum limit, no fees, up to 10 minutes processing
Note, HotForex does not offer cryptocurrency deposits like Bitcoin. For full details on how to make deposits, solutions to any account funding and withdrawal problems or questions, contact the broker’s customer support (details below).
HotForex offers the HF PaySpark Card. This is a UnionPay card that can be used in over 170 countries. The card is accessible to investors after opening a live account with the broker, subject to availability in your region. Make fast secure payments, withdraw money from ATMs globally and withdraw funds from your myHF account.
The broker does not charge a withdrawal fee, although some bank wire transfers may have additional fee structures. HotForex processes all withdrawals within 24 hours if received Monday to Friday. To withdraw, select the fund withdrawal logo once sign in details are filled. Note, a minimum withdrawal limit applies, which varies by the method. Withdrawal options include:
- Neteller/Skrill – $5 minimum withdrawal limit, instant processing
- Trustly – $100 minimum withdrawal limit, up to 2 business day processing time
- Visa/Mastercard – $5 minimum withdrawal limit, 2 to 10 business day processing time, depending on the corresponding bank
- Wire Transfer – $100 minimum withdrawal limit, 2 to 10 business day processing time, depending on the corresponding bank
Withdrawals must be made using the same method used to deposit funds. The broker cannot withdraw more capital back to a credit card than was initially deposited.
HotForex offers traders a demo account option similar to those offered by XM, XTB, JustForex, JP Markets, Exness, OctaFX, IC Markets and FXTM. The online demo account is a good option to familiarise yourself with the trading platforms offered, the markets available and strategies you may want to try out, with no monetary risk. Notable features include:
- Unlimited use
- Up to $100,000 virtual funds
- Simulated real-time market conditions
- Access to trade on MT5 Terminal and WebTrader
To open a demo account, you must fill out your personal details in the registration process.
Deals And Promotions
At the time of writing, the HotForex UK affiliate did not offer any promotions to new or existing clients, this includes a no deposit, welcome or free bonus. This is aligned with the regulations of the FCA, restricting the financial incentives that can be offered to customers. However, it is not unlikely for the broker to offer $100 sign-up credit bonus schemes, a 30 rescue bonus, no deposit bonuses and referral programmes via its global affiliates. Terms and conditions can be found on the relevant websites.
Regulation And Licensing
HotForex holds licenses in all countries of operation, including Dubai, Cyprus and South Africa. Our review was pleased to see the safeguarding of customer assets with segregated funds implemented in all jurisdictions. The broker complies with annual and quarterly reports and review requests with internal audits conducted regularly. HK Markets UK is regulated by the Financial Conduct Authority (FCA). This is a highly regarded authoritative body in the financial market with stringent compliance protocols.
The licenses held by HF Markets customers should be reassuring to all traders. These come with benefits like negative balance protection, segregated client funds in top-tier bank accounts and a Civil Liability Insurance programme with liabilities protection up to $5,000,000. The broker is also a member of the Financial Services Compensation Scheme (FSCS), with £85,000 compensation available to all retail traders against the financial failure of the investment company.
HotForex clients can benefit from a range of additional tools and educational content. On the roster are economic calendars, risk management systems and position size, pip size and margin calculators. The website also hosts a page dedicated to advanced trading tools with comprehensive user guides and YouTube videos for extra aid. Topics include sentiment trader systems, correlation matrices, session maps and alarm managers. Utilise these tools provided to get the most of your trading experience.
The HotForex education client area is comprehensive and suitable for new and experienced traders alike. Available content includes live forex trading webinars, daily market analysis, global economic releases and e-courses, covering topics like carrying out exchange rate calculations, hedging, utilising leverage, understanding VPS hosting, introducing the cryptocurrency market and more.
HotForex UK offers three live account types available to the retail trader, the Premium Account, Zero Spread Account, and Premium Pro Account. All of these offer access to all trading terminals, instruments, telephone trading and a personal account manager. Other similarities include market execution order types and a minimum trade size of 0.01 lots. Account details include:
Suitable for all traders.
- No commissions
- Spreads from 1 pip
- Variable leverage rates
- Minimum deposit – £100/$100/€100
- Margin call/Stop Out Level – 80%/50%
- Maximum simultaneous open orders – 300
The HotForex 0 spread account is particularly useful for high-volume traders, scalping and those trading with Expert Advisors (EA).
- Variable leverage rates
- Commissions applicable
- Spreads from 0 pips on forex pairs
- Minimum deposit – £200/$200/€200
- Margin call/Stop Out Levels – 80%/50%
- Maximum simultaneous open orders – 500
For the professional trader with experience, knowledge, and expertise
- No commissions
- Spreads from 1 pip
- Up to 1:400 leverage
- Margin call/Stop Out Level – 50%/20%
- Minimum deposit – £5000/$5000/€5000
- Maximum simultaneous open orders – 300
To open a HotForex live account, identity verification documents are required to be uploaded for compliance with know-your-customer (KYC) guidelines. This is standard practice across FCA-regulated brokers and may include providing a utility bill or driving licence for proof of address. The sign-up process and documents submission can be completed within three minutes.
Our HotForex review was pleased to see accessible account types available. These include an Islamic Account with no swap or rollover charges and a joint account for up to two members. There is no micro account/cent account offered to UK clients, though this is available under a Naira account in Nigeria.
- Negative balance protection
- Unlimited usage demo account
- Range of deposit & withdrawal methods
- Transparent fee and commission structures
- Advanced mobile apps with full trading access
- Market-leading insurance for up to €5,000,000
- Virtual private server (VPS) integration support
- Regulated by the Financial Conduct Authority (FCA)
- Various account types plus Islamic and joint accounts
- Comprehensive educational platform and trading tools
- Access to the Financial Services Compensation Scheme (FSCS)
- Live chat option with customer support available in 27 languages
- No cryptocurrency trading
- No proprietary trading terminal
HotForex follows standard hours with trading 24 hours a day, Monday through Friday. However, this can vary for different instruments. Trading starts at 00:01 GMT on Monday and ends at 23:59 GMT Friday. HotForex’s VPS server time has a GMT offset of +2 (GMT+3 during summer).
HotForex offers a range of customer contact options, available 24/5 in 27 languages. There is also a contact form on the website that can be filled out for the broker to get back to you and a Telegram group.
- Telephone: +44 20 3519 9898
- Live Chat: Button at the top of the website
- Email Address: firstname.lastname@example.orgSocial media including Facebook and LinkedIn
- Office Address: HF Markets (UK) Ltd, Bloomsbury Building, 10 Bloomsbury Way, Holborn, London, WC1A 2SL
There is also a comprehensive FAQ section on the broker’s website. Topics include reopening an archived account, downloading the APK compatible terminal, PAMM account review, referral schemes and more. HotForex user reviews from 2021 may also provide valuable information before starting your investing journey, these can be found on sites like TrustPilot and Quora.
Safety And Security
Clients can rest assured that HotForex provides a safe trading environment. Trading terminal login and client area interfaces are password protected. Account registration requires profile verification to comply with KYC validation. The MT4 and MT5 platforms assure high-tech encryptions, secure logins, and industry-standard data privacy.
All payment transactions, including withdrawal processing, are protected by level 1 PCI-DSS certified, independent international payment gateways. The broker ensures risk management protocols are integrated into all operations and policies and procedures are in place to mitigate potential scam impediments.
HotForex provides opportunities for traders of different abilities to invest in multiple CFD and spot assets on the established MT4 and MT5 platforms. Traders can be assured of the FCA regulatory authorisation, multilingual customer contact options, transparent fees and a variety of security and safety systems. Follow the link below to sign up and get started today.
Does HotForex UK Offer A ZAR Account?
HotForex UK offers accounts in GBP, USD and EUR base currencies. A ZAR account is accessible via the HotForex Limited ZA affiliate. Visit the region’s website for minimum deposit requirements in the ZAR currency, access to HFcopy and more.
Is HotForex A Market Maker Broker?
Is HotForex A Regulated Broker?
Yes, HotForex UK is regulated by the Financial Conduct Authority (FCA), firm reference number 801701. The FCA is a renowned and rigorous financial watchdog with many safety systems in place for retail traders.
Is HotForex A Good Broker?
HotForex is a legit, regulated broker. With over 10 years of established service and trading opportunities across various asset classes, it provides a good platform for inexperienced and veteran investors. Trade the NASDAQ (NAS100) index, USOIL, US30, forex pairs like GBP/JPY and more.
What Is The HotForex Demo Contest?
The HotForex virtual to real demo contest is a promotional bonus incentive available to traders in 2021 on the HF Markets Group global platform. Note, this is not available to UK clients.
What Trading Platforms Does HotForex Offer?
The broker offers two trading platforms: MetaTrader 4 and MetaTrader 5. The industry-established terminals offer advanced trading tools, user-friendly dashboards and live quote streams including commodity trading on XAU/USD and spot gold. The platforms can be downloaded from the HotForex website and via QR codes.
What Are The HotForex Global Affiliates?
HotForex (HF Markets Group) is comprised of various global affiliates. This includes HF Markets Europe Limited, HF Markets DIFC Ltd, HF Markets South Africa and HF Markets Seychelles Ltd. Refer to these affiliates and contact the relevant head office when trading in offshore countries like Zimbabwe, Zambia, Nigeria, Malaysia, Kenya, Australia, India, Ghana, Indonesia, Iran, Jamaica, Japan and more.
HotForex accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to HotForex
If you are looking for alternatives to HotForex we have compiled a list of the top 5 brokers that are similar to HotForex below. This list of brokers like HotForex is in order of similarity and only includes companies that accept traders from your location.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
|HotForex is a forex and CFD broker that is regulated by the FCA and provides access to over 1,000 securities and derivatives on several international markets.|
HotForex vs Other Brokers
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