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HotForex Review 2021 || Top Trusted Forex
HotForex Review 2021 Overview
HotForex Review: In today’s review, we are going to bring all the features HotForex Broker is currently offering, and its safety, and share all the important information about this broker, which will help a trader to choose the right broker. HotForex is a multi-asset trading platform, provides a good selection of tradeable products, currently is supports 1000+ trading instruments including stocks, EFTs, popular cryptos, indices, comedies, and currencies trading. HotForex was first founded in 2010, which aimed to create a financial trading platform suitable to traders of all levels.
PROS:
- More than a decade of experience.
- Regulated in one tier-1 jurisdiction and three tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading. Regulatory bodies including FCA and FSCA.
- Access to Metatrader Suite with additional research tools.
- 1000+ Trading Instruments
- 24/5 Customer Support in over 27 languages.
- Pricing is slightly better than the industry average; however, low-cost leaders such as XM Broker.
CONS:
- Not support clients from USA, Canada, Japan and more.
- No fees at Deposits & Withdraws.
HotForex Security & Licenses
When it comes to traders’ safety HotForex seems like they take it seriously. They are regulated in one tier-1 jurisdiction (FCA) and three tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading. European traders can trade under FCA, South African traders can trade under FSCA protection. They also have licensed from DFSA (Dubai Financial Services Authority).
HF Markets (SV) Ltd with St. Vincent and the Grenadines Financial Services Authority (SVGFSA), under registration number 22747 IBC 2015.
HF Markets (DIFC) Ltd is licensed by the Dubai Financial Services Authority (DFSA), under registration number F004885.
HF Markets SA (PTY) Ltd is licensed by the Financial Sector Conduct Authority of South Africa (FSCA) as a financial services provider, under registration number 4632.
HF Markets (Seychelles) Ltd holds a Securities Dealer License from the Financial Services Authority of Seychelles (FSA), under license number SD015.
HotForex Review : Trading fees & commissions
HotForex is highly competitive in terms of trading fees and commissions. And our review team is happy to share that there are no fees for their deposits and withdrawals, which is very important for beginners.
Fees in forex trading are generally of two types. One is a Trading fee and Non-Trading fee.
- Trading fee is charged every time when you open a position. Training fees include spreads, commission fees, swaps, and currency conversion fees.
- Non-trading fees include deposit and withdrawal fees, and inactivity fees.
HotForex supports a total of six different types of accounts, with commissions and fees varying depending on the type of account, with spread-only accounts that have no commission fees. However, the spread is very low in the accounts where the commission is kept, starting from 0.0 pip. However, their Zero account is the most affordable as it has extremely low spreads and commissions. Minimum deposits range from $5 to $500, and $5 for a micro account, and $500 for a strategy provider account.
Forex fee: In the case of zero spread account type, if you trade major currency pair, a commission of $6 is taken for each lot. If you trade in pairs, today you take commission like the dollar. PAMM premium plus holders pay a 10 commission for prevention. And in the rest of the account types only spreads are kept and no commission is kept. However, the amount of spread is very low in the account types in which the commission is deducted.
Stocks and Index fees: HotForex charges 0.1% commission for stock trading, spreads range from 0.012 pips to 1.6 pips. However, in the case of stock trading, it may be the best choice. Because eToro does not deduct any commission in stock trading.
Non-trading fees: One of the advantages of HotForex is that there is no fee in case of deposit and withdrawal, if the troll amount is more than 100 100, then HotForex covers the fee of withdrawal through any method. Even bank transfer fees.
If a user has a balance in their account and the account has not been used for more than six months, they charge a $5 inactivity fee. However, the amount of C increases every year. You can easily solve this problem by logging in once in six months.
The maximum trade size is 60 standard lots per position, which is far more restricted than XM Broker.
back to menu ↑ back to menu ↑HotForex Review: Trading Instruments
HotForex is a multi-asset broker providing 10 asset classes Forex and a variety of Derivatives of trading instruments to boost your trading experience and diversify your investment portfolio. Currently, they are offering 1000+ trading instruments and the list of trading instruments is growing constantly.
HotForex Review: FOREX TRADING
Currently, it supports 53 currency pairs, 15 majors + 38 minors. Forex trading supports impressive 1:400 leverage and the only base currency is USD, and 1 Lot size: 100,000 units.+
HotForex Review: METALS TRADING
Metals instruments including Gold and other Spot Metals.
ENERGIES TRADING
Trade Crude Oil & Natural Gas and expand your investment portfolio.
SHARES TRADING
You can trade top-performing international companies with low margin requirements and costs.
INDICES & COMMODITIES TRADING
Major Indices and explore your opportunities in the stock market. and most popular soft commodities.
back to menu ↑ back to menu ↑DMA STOCKS TRADING
Users will be able to place your trades directly on the order books of global stock exchanges in almost a thousand stocks.
ETFs TRADING
Diversify your portfolio across markets, sectors, currencies, and commodities.
CRYPTOCURRENCIES TRADING
HotForex supports cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin.
back to menu ↑ back to menu ↑HotForex Review: Account Types
They are offering a total of 7 different live account types. 6 account types can be created by anyone where the minimum deposit is $5 – $500 range. These account types are filled with impressive and convenient trading conditions. Some of the accounts grant access to a high-tier ECN trading platform, while others making sure that beginners are met with affordable requirements. They also offer offers a Demo account to practice your trading skills.
Additionally, they offer RapidTrader FIX/API trading account with advanced trading facilities. HotForex Rapid FIX / API: Advanced Trading Account, this is for professional traders only, first, you need to talk to customer support and its minimum deposit is $200K, it supports advanced order type and automated quote engine, and advanced automated. Supports the trading system.
back to menu ↑ back to menu ↑HotForex Review: Demo Accounts
HotForex offers demo accounts, which allow you to verify your trading strategy using virtual balances. Demo accounts are designed to be like real accounts so that a trader can gain real trading experience with HotForex.
However, we think that since they have the advantage of a micro account, you can use a micro account instead of a demo account to check the trading strategy if you want. Trading with real money will make your money management, risk management, and control better.
back to menu ↑ back to menu ↑How to open an Account with HotForex
The process of opening an account on HotForex is very simple takes a few minutes, you can open a trading account using your mobile or computer. You can manually input your personal details, or you can open an account using Apple ID, Facebook, or Gmail with one-tap.
The account verification process is the same as other brokers. First, you have to verify your e-mail and phone number. Then they will ask for some documents for identity and address verification. You can use your driving license or passport or your national ID card for identity verification. And for address verification, you have to provide a verified document where your address is clearly written and the address matches with your identification document. In this case, you can use the electricity bill or your bank statement, etc.
And the verification process can take up to 3 business days which is much longer than other competitor brokers. In most brokers, the verification process is completed within 1-2 business days.
And it takes about 15 minutes to 100% verify an account at XM Broker.
back to menu ↑ back to menu ↑Trading Platforms
Hotforex offers the entire MetaTrader suite, including MT4 mt5 in both desktop and mobile version and web trading platforms, and the mt4 and mt5 mobile app for both Android and iOS platforms. For more advanced traders they have an additional account HotForex Rapid FIX / API.
Although metatrader4 and MetaTrader Five come as standard versions, they only provide exclusive premium trader tools for their customers. Their traders include trade terminals for advanced order execution, news section, alarm manager for alerts, and additional technical indicators like Renko bars, pivot points, and order history. Also, there is some advance insights plugin available.
HotForex Rapid FIX / API: Advanced Trading Account, this is for professional traders only, first, you need to talk to customer support and its minimum deposit is $200K, it supports advanced order type and automated quote engine, and advanced automated. Supports the trading system.
back to menu ↑ back to menu ↑HotForex Review: Mobile Trading
They do not have their own mobile app but they offer mobile trading through mt4 and mt5. Both mobile and computer platforms are always synchronized so you can get real-time updates via mobile, control trades, view live charts, and even close or modify your trading position, view trading history, and the mobile app supports 20+ indicators.
back to menu ↑ back to menu ↑Social Trading (HF Copy)
HF Copy (copy trading): HotForex offers the advantage of copy trading which they call HFcopy. If you are interested in copy trading then you can see the hf copy account type. There are great benefits to trading copy with an HF Copy account, you need to deposit a minimum of $100 if you want to follow another trader’s trading strategy, and you need to deposit a minimum of $500 if you want to be a strategy provider yourself. In the case of the HF copy account, the spread starts from 1 pip, and there is no commission fee.
Unfortunately, we didn’t see many strategy providers available on HFcopy. Those who have don’t have too much trading history. However, the number of strategy providers on their platform may increase over time.
back to menu ↑ back to menu ↑Islamic accounts
HotForex does offer Islamic accounts to their Muslim clients, but only four account types support Islamic swap-free accounts. First, you have to open an account and then you have to contact customer support to convert your account to an Islamic account. Although there are no overnight fees, some instruments charge a fee if the trade is open for more than seven days, although the broker claims that it is not an interest fee, but if you are very concerned about it, you are a religious expert Can consult with.
back to menu ↑ back to menu ↑Deposits & Withdrawals
There are no fees for their deposits and withdrawals, which is very important for beginners. You can use any payment methods supported by HotForex, they will cover all the deposit and withdrawal fees.
back to menu ↑ back to menu ↑Research Tools
The research tools provided by HotForex are outstanding, they are far ahead of their other competitors in terms of research tools. In addition to the basics of research, they also provide some advanced tools. Basic resources include Economic Calendar, Forex News, Regular Market Updates, and Advanced Tools include Expert Analysis, Trading Signals Trading Ideas Sentimental Chart Free VPS Hosting Service, Free Autochartist. Most brokers charge a subscription fee each month for VPS hosting, which can range from 5 5 to 30 30, which they offer for free, making automated trading much easier.
back to menu ↑ back to menu ↑Analytics and Education
HotForex has a wide variety of educational resources like Educational videos, training course videos, webinars, events, and much more, which are published by their experts Stuart Cowell and Andria Pichidi, Tunku Ishak, Aldo Weidner Zapien. Resources including articles, e-course to several ebooks, and dozens of educational videos. We found the content informative, and quality is average compared to the best forex brokers. These could be helpful for beginner and medium level traders. Advanced traders won’t find anything in detail. Because videos are very short barely a minute long. They should make longer videos with more detailed informative videos to build a stronger foundation in the educational section. HotForex also offers some useful tools for the history of CFDs and Stocks.
back to menu ↑ back to menu ↑Customer support
In order to reach customer support, you can use the live chat, phone call, or mail service. They provide 24/5 customer support in 27 languages. And support members are very quick responsive and intelligent. Keep in mind, those who are trading crypto on this platform they won’t be able to get customers’ support during the holidays.
back to menu ↑ back to menu ↑Conclusion
HotForex is suitable for all levels of traders thanks to its multiple account types. And its main platform is MetaTrader and provides additional tools for effective market research.
HotForex Broker Information
- Founded in 2010.
- Regulated by multiple financial authorities SVGFSA, FCA, DFSA, FSCA, FSA
- Hotforex Headquarters: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent, and the Grenadines.
- Phone Number: +44-2033185978
- Facebook:Â https://www.facebook.com/hotforexcom
- Twitter:Â https://twitter.com/hotforex_broker
Risk warning: Before you start trading, you should completely understand the risks involved with the currency market and trading on margin, and you should be aware of your level of experience.
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