Hotforex is a forex broker that offers low spreads and competitive trading conditions to all its clients. Hotforex is one of the leading forex brokers online today.
The platform has proven itself to be reliable time and time again by providing consistent, high-quality service. Unfortunately, not everything about this broker is positive. To be frank, there are much better alternatives out there for most traders.
HotForex is considered one of the most respected Forex brokers in the business. But does this forex broker live up to that reputation? In this hotforex review, you’ll find out.
What kind of broker is hotforex?
Hotforex is an online forex broker offering individuals and companies to trade currencies around the clock, without any restrictions. Hotforex provides the best trading conditions, including tight spreads and superior liquidity, as well as all the necessary tools to help traders succeed.
HotForex is the perfect broker for traders who are looking for a platform that offers all the key features of a professional trading environment, with the added bonus of trading from anywhere in the world.
With HotForex you can trade from your smartphone or tablet, or from your desktop or laptop computer, which means that you can have your trading terminal wherever it is most convenient for you.
How easy is it to open an account?
It’s very easy to open an account with HotForex. You can start by visiting their website, where you will see a link to “Open Account” on the top right corner of the home page. Clicking this link will take you to a pre-registration form where you will be asked for basic information about yourself and your trading experience. The next step is to choose which account type you are interested in opening, which includes:
- Micro Account
- Premium Account
- Zero Spread Account
- Auto Account:
- VIP Account
- PAMM Accounts
- Islamic Account
Cost to trade with hotforex?
For traders who prefer the convenience of using a credit card for their deposits, we offer a minimum deposit of $5 for a Credit Card and Perfect Money. For all other payment methods, the minimum deposit is $100.
They offer spreads from 0 pip and leverage is available up to 1:1000, which means that you can trade with up to 1000 times your initial investment.
What are the fees and commissions charged by Hotforex?
Hotforex has a commission-free model when it comes to forex trading. Instead, the broker compensates itself through wider spreads between the bid and ask prices. Of course, it is important to note that your total trading costs will depend on the spreads that you qualify for as a trader along with any other fees that may apply based on your trading activity.
Is hotforex safe?
hotforex has been in business for more than years and is a legitimate broker. Over the years it has become one of the most popular brokers in the world. They have several offices all over the globe, including South Africa, Mauritius, Dubai, Vietnam, and China.
Several people have asked me if hotforex is a scam or not. The short answer is that hotforex is not a scam. It’s a legit broker and one of the oldest and largest brokers in the world.
What are the minimum deposit and withdrawal requirements?
The minimum deposit and withdrawal amount is 5 USD.
Withdrawals will be processed back to the original source of your deposit whenever possible.
If your account is funded with a credit card, you can withdraw up to the amount deposited by the card, provided that you submit the Credit Card Use Authorization form.
Withdrawals can also be made via bank transfer or e-wallet (Neteller and Skrill), in which case your withdrawal request must be equal to or greater than 100 USD. Check out welcome bonus forex.
What kind of trading platform do they use?
HotForex provides a number of different trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), HotForex web trading platform and HotForex smartphone trading platform. These are available for desktop, web and mobile devices. The MT4 platform is particularly popular among traders as it offers a comprehensive range of features that can be customised to fit individual trader preferences.
MT4 features include:
Market watch window, where traders can view all the available instruments and their current prices
Chart window, where traders can set their preferred parameters for each instrument
Navigator window, where traders can see all the indicators and Expert Advisors (EAs) that are installed on their computer
Trade tab, where traders can monitor open and closed positions
Most of the features in MT4 are also available in MT5 with an additional feature called hedging. Hedging allows users to open both buy and sell positions on the same instrument at the same time. This can be useful if you think a certain instrument will go up in value but you want to hedge your bets in case it goes down.
Do they offer educational resources?
Education is important for those who want to learn how to trade on their own, regardless of the market you’re interested in. Look for sites that offer free guides, tutorials, webinars and other information about how to get started in trading.
How fast are customer service responses?
HotForex prides itself on the high quality of service it offers. The company is dedicated to servicing its clients with gusto around the clock. In this regard, HotForex provides support 24 hours a day during weekdays through a multitude of channels, namely instant chat, e-mail, phone or request call back.
At HotForex, the reviews are good. Trading conditions on the platform are perfect for all types of traders. The number of supported assets is really high, which provides you with literally unlimited possibilities for investments and generating income.
Plus, a wide choice of investment companies and brokers guarantee that new traders will find what they need to start trading confidently and profit from it. Thus, despite the fact that HotForex offers a rather low bonus, we encourage you to try this broker if you want to trade with currencies on your iPhone or iPad because in our opinion it is truly worth your attention.