Want to see if HotForex is a legit broker? Safe to trade? The spread is high or low? How long to deposit or withdraw funds?
We provide answers to all the questions in this HotForex Review.
We checked HotForex licenses and regulations to see if HotForex scam or safe. We compared HotForex fees like spread & commission from its live account to over 150 brokers, the time for deposit & withdrawal and many more findings all in this review.
What is HotForex
HotForex is a global Forex and CFD broker, established in 2010 and based in Cyprus.
The company operates additional entities under the license issued by the top-tier FCA in the UK, and other authorities CySEC in Cyprus, DFSA Dubai and FSCA in South Africa.
|🗺️ Regulated in||Cyprus, UK, Dubai, South Africa, Seychelles, Mauritius, SVG|
|🛡️ Is HotForex safe to trade||Yes|
|💵 EUR/USD spread||1.2 pips|
|🏦 Deposit||Bank Wire, Cards, Skrill, Neteller|
|💰 Minimum deposit||US$100|
|🏦 Withdrawal||Bank Wire, Cards, Skrill, Neteller|
|💻 Trading platform||MT4, MT5|
|💳 Trading markets||Forex, CFDs on Index, Commodities, Cryptocurrency, Stock CFDs, ETFs, Bonds|
|📈 Number of product||150+|
|📉 Live chat response||Instant and relevant answers|
License and regulation are crucial to traders’ fund security. We check two facts, the broker’s license and its background, second how are you protected if something goes wrong.
Is HotForex legit
HotForex is regulated by several financial authorities and is legit in each jurisdiction it operates.
The company holds licenses from top-tier FCA, and additional authority licenses from Cyprus CySEC, DFSA in Dubai, FSCA in South Africa, and registers in offshore Mauritius, SVG and Seychelles.
HotForex licenses and status
|Entity||Registered in||Regulator||License no.||Status|
|HF Markets (Europe) Ltd||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||183/12||Currently Regulated|
|HF Markets (UK) Limited||UK||Financial Conduct Authority (FCA)||801701||Currently Regulated|
|HF Markets SA (PTY) Ltd||South Africa||(FSCA)||46632||Currently Regulated|
|HF Markets (DIFC) Ltd||Dubai||Dubai Financial Services Authority (DFSA)||F004356||Currently Regulated|
|HF Markets (SV) Ltd||Mauritius||Financial Services Commission (FSC Mauritius)||C110008214||Registered|
|HF Markets (Seychelles) Ltd||Seychelles||Financial Services Authority (FSA Seychelles)||SD015||Registered|
|HF Markets (SV) Ltd||SVG||Financial Services Authority (FSA SVG)||22747 IBC 2015||Registered|
Is HotForex safe
HotForex is considered safe because it is regulated by the top-tier regulator and hold licenses from various authorities.
HotForex operates 7 legal entities, the matter of enityt applies regulatory restriction and different levels of security. HotForex Cyprus falls under CySEC considered tier-2 regulator with average trust, the HotForex UK under FCA a highest top-tier regulation.
Another entities are overseen by Dubai DFSA, FSCA in South Africa and additional international entities are registered in offshore zones SVG, Mauritius and Seychelles.
HotForex compensation scheme
|Entity||Compensation Amount||Negative Balance Protection|
|HF Markets (Europe) Ltd||£85,000||Yes|
|HF Markets (UK) Limited||€20,000||Yes|
|HF Markets SA (PTY) Ltd||No compensation||Yes|
|HF Markets (DIFC) Ltd||No compensation||Yes|
|HF Markets (SV) Ltd||No compensation||No|
|HF Markets (Seychelles) Ltd||No compensation||No|
|HF Markets (SV) Ltd||No compensation||No|
We recommend to register account with the UK entity as we consider regulations as the best and avoid offshore entities
HotForex provides negative balance protection according to local laws, however offshore zones does not demand this rule.
Markets and Products
HotForex has great range of instruments you can trade 150+ trading products includingForex, CFDs on Index, Commodities, ETFS, Stock CFDs and Bonds. Cryptocurrency is available for trading only through international entities, excluding EU and UK clients.
|Cryptocurrencies||4 (international clients only)|
HotForex has four account types for EU and UK clients and six for international proposal. Accounts are with different pricing models and trading platform, offering same trading capabilities. Islamic Accounts available on request.
Login Account is on website mainpage, you can register account step by step and login to Your account management area.
|Premium||Zero Spread||HFCopy||Premium Pro|
|Minimum Deposit||100 USD||200 USD||1000 EUR for Strategy Provider and 300 EUR for Follower||500 USD|
|Spreads From||1 pips||0 pips on Forex||1 pips||1 pips|
|Commissions||Zero Commissions||From 3$ per 100k traded||Zero Commissions||Zero Commissions|
Fees and commissions
We ranked HotForex fee levels as average based on Live Account Spreads and compared to 150 brokers in our database.
The spread we collected for popular instruments from 6 markets and over 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|Indices||US 500||0.1-0.4||0.5-1.4||1.5 or higher|
|Commodities||Gold||0.1-0.4||0.5-2||2.1 or higher|
|Stocks||Tesla||0.1-0.5||0.6-1||1.1 or higher|
|ETFs||US Russell 2000||0.1-0.4||0.5-1.4||1.5 or higher|
|Cryptocurrencies||Bitcoin||0.1-0.5%||0.6-0.9%||1% or higher|
HotForex fee structure is different in each account type.
We compare average spread for HotForex spread based accounts compared to industry benchmarks, we find the spreads for all instruments to be average and Stocks low spreads. Zero Spread account averages on 0.0 – 0.9 pips for EURUSD plus commission from 3$ for 100k traded that goes lower for higher volumes.
We also found commission is different in each of the HotForex entities.
|Markets||Instruments||Standard account||Other brokers’ avg spread|
|ETFs||US Russell 2000||–||0.5-1.4|
HotForex has low non-trading fees. There is no fee for deposit, or withdrawals, or inactivity fee.
The trading conditions at HotForex are good, but vary in each entity. Almost all trading strategies are allowed including scalping, EAs, copy trading and hedging.
|Change Leverage Allowed||Yes|
For hedging, there are no time limitations for keeping hedging positions.
Scalping is supported and HotForex cooperating with VPS service providers for traders who run Expert Advisors (EAs), and offers free VPS for higher account balances from 5k$.
PAMM service and separate account type available at HotForex international proposal only.
HotForex charges no deposit fees. Deposit options include bank transfer, credit cards, and e-payments, also depending on the entity conditions, alike international traders can use even Bitcoin payments.
A bank transfer takes several business days, and payments with credit/debit cards and e-wallets are instant.
|Deposit Method||Funding Time||Fee|
|Bank Wire Transfer||2 to 7 Business Days||0$ over 250$ deposit|
|Credit / Debit Card||Up to 10 minutes||0$|
|PayPal||Up to 10 minutes||0$|
|Neteller||Up to 10 minutes||0$|
|Skrill||Up to 10 minutes||0$|
|Sofort||Up to 10 minutes||0$|
Good addition that you can request and issue HotForex Mastercard and use it for seamless and free deposits and withdrawals.
Minimum deposit requirement depending on the account type and entity conditions. The lowest requirement is for Premium account require $100, Zero Spread 200$ etc.
HotForex charges no fees for withdrawals, however Bank wire addsonprocessing fee for international transfers depending on your bank.
HotForex process withdrawals within 1-2 business days.
|Withdrawal Method||Withdrawal Time||Fee|
|Bank Wire Transfer||2-10 business days||Depending on correspondent bank|
|Credit / Debit Card||2-10 business days||Free|
|Sofort||2-10 business days||Free|
|Neteller||2-10 business days||Free|
|Skrill||2-10 business days||Free|
HotForex offers bonuses only for international traders.
There are various bonuses for SVG clients including 100% Supercharged Bonus, 100% Credit Bonus ad more where all can be managed via myHF account area.
HotForex mainstays on popular MetaTrader technology offering both platforms MetaTrader4 and MetaTrader5.
HotForex MetaTrader4 is packed with additional tools like Autochartist, Copy trading and supporting multiple languages across all devices on Windows, Mac, and Mobile Apps for Android and IOs.
Research and Tools
HotForex research tools are good, you can find including technical tools on platforms and tools like Economic Calendars, Exclusive Analysis and premium tools also a well-designed News Feed.
HotForex research tools are available in different places:
- MetaTrader trading platforms
- Tools section on the website
- MyHF account area
There is quality education in HotForex. Both beginners and seasoned traders can enjoy trading videos, Webinars, various tools including social and copy trading, daily outlooks and personalized service.
Education category is well organized, however, education section in international proposal is much wider.
Demo accounts are on free use and available for both platforms.
At HotForex you can learn in the following ways:
- Demo account
- Trading videos and tutorials
- Educational articles
- Copy Trading
HotForex customer service we rank good and average, agents supporting international languages and are helpful, the connecting time for us was slow and we also got relevant answer via the Live Chat.
You can contact HotForex 24/5 by:
- Live chat
|Question Asked||We asked about trading costs.|
|Time of Reply||We coundnt connected to customer support at first since no agents were available, after a while we connect to Live Chat|
|Quality of Reply||The answer was clear and informative|
HotForex is a considered safe broker to trade.
HotForex holds license only from one top-tier regulator and other licenses that provide average safety like CySEC, DFSA and FSCA. We do not recommend though to trade with international entities since regulations are not so strict.
Overall, HotForex is a good broker with balanced trading conditions and proposal with average costs.
We recommend HotForex for beginning traders, Copy traders or those who prefer to use MetaTrader as a trading platform
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.