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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.

HotForex highlights

🗺️ Regulated inCyprus, UK, Dubai, South Africa, Seychelles, Mauritius, SVG
🛡️ Is HotForex safe to tradeYes
💵 EUR/USD spread1.2 pips
🏦 DepositBank Wire, Cards, Skrill, Neteller
💰 Minimum depositUS$100
🏦 WithdrawalBank Wire, Cards, Skrill, Neteller
💻 Trading platformMT4, MT5
💳 Trading marketsForex, CFDs on Index, Commodities, Cryptocurrency, Stock CFDs, ETFs, Bonds
📈 Number of product150+
📉 Live chat responseInstant and relevant answers

Regulation

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

EntityRegistered inRegulatorLicense no.Status
HF Markets (Europe) LtdCyprusCyprus Securities and Exchange Commission (CySEC)183/12Currently Regulated
HF Markets (UK) LimitedUKFinancial Conduct Authority (FCA)801701Currently Regulated
HF Markets SA (PTY) LtdSouth Africa(FSCA)46632Currently Regulated
HF Markets (DIFC) LtdDubaiDubai Financial Services Authority (DFSA)F004356Currently Regulated
HF Markets (SV) LtdMauritius  Financial Services Commission (FSC Mauritius)C110008214Registered
HF Markets (Seychelles) LtdSeychellesFinancial Services Authority (FSA Seychelles)SD015Registered
HF Markets (SV) LtdSVGFinancial Services Authority (FSA SVG) 22747 IBC 2015Registered
HotForex Review – CySEC License
HotForex Review – CySEC License

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

EntityCompensation AmountNegative Balance Protection
HF Markets (Europe) Ltd£85,000Yes
HF Markets (UK) Limited€20,000Yes
HF Markets SA (PTY) LtdNo compensationYes
HF Markets (DIFC) LtdNo compensationYes
HF Markets (SV) LtdNo compensationNo
HF Markets (Seychelles) LtdNo compensationNo
HF Markets (SV) LtdNo compensationNo

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.

MarketsInstruments
Forex50+
Indices22
Commodities10
Cryptocurrencies4 (international clients only)
Shares56
Bonds3

Account types

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

Login Account is on website mainpage, you can register account step by step and login to Your account management area.

Live Accounts



PremiumZero SpreadHFCopyPremium Pro
Minimum Deposit100 USD200 USD1000 EUR for Strategy Provider and 300 EUR for Follower500 USD
Minimum Balance––––
Spreads From1 pips0 pips on Forex1 pips1 pips
CommissionsZero CommissionsFrom 3$ per 100k tradedZero CommissionsZero Commissions
HotForex Review –Accounts EU
HotForex Review –Accounts EU

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

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher

Spreads

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.

MarketsInstrumentsStandard accountOther brokers’ avg spread
ForexEUR/USD1.21-1.5
IndicesUS 5000.80.5-1.4
CommoditiesGold0.290.5-2
StocksTesla0.310.6-1
ETFsUS Russell 2000–0.5-1.4
CryptocurrenciesBitcoin26 (international)0.6-0.9%

Other Fees

HotForex has low non-trading fees. There is no fee for deposit, or withdrawals, or inactivity fee.

Trading Conditions

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.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

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

PAMM service and separate account type available at HotForex international proposal only.

Deposit

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 MethodFunding TimeFee
Bank Wire Transfer2 to 7 Business Days0$ over 250$ deposit
Credit / Debit CardUp to 10 minutes0$
PayPalUp to 10 minutes0$
NetellerUp to 10 minutes0$
SkrillUp to 10 minutes0$
SofortUp to 10 minutes0$
UnionPay12-48h0$
HotForex Review – Deposit and withdrawal – Deposit
HotForex Review – Deposit and withdrawal – Deposit

Card

Good addition that you can request and issue HotForex Mastercard and use it for seamless and free deposits and withdrawals.

Minimum Deposit

Minimum deposit requirement depending on the account type and entity conditions. The lowest requirement is for Premium account require $100, Zero Spread 200$ etc.

Withdrawal

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 MethodWithdrawal TimeFee
Bank Wire Transfer2-10 business daysDepending on correspondent bank
Credit / Debit Card2-10 business daysFree
Sofort2-10 business daysFree
Neteller2-10 business daysFree
Skrill2-10 business daysFree

Bonus

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 Bonus - Bonuses
HotForex Bonus – Bonuses

Trading Platform

HotForex mainstays on popular MetaTrader technology offering both platforms MetaTrader4 and MetaTrader5. 

MT4

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.

HotForex Review – MT4 platform
HotForex Review – MT4 platform

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
HotForex Review – Research
HotForex Review – Research

Education

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 Account

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
  • Webinars
  • Educational articles
  • Copy Trading
HotForex Review – Education
HotForex Review – Education

Customer Service

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
  • Telephone
  • Email
HotForex Review – Customer Service
HotForex Review – Customer Service
Question AskedWe asked about trading costs.
Time of ReplyWe coundnt connected to customer support at first since no agents were available, after a while we connect to Live Chat
Quality of ReplyThe answer was clear and informative

Conclusion

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.

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