Pros
  • Multi regulated
  • Many asset classes
  • Commission free accounts
Cons
  • Restricted leverage for EU citizens
  • No fix spread account
  • Limited range of trading tools

    Company Information

    Founded in 2010 HotForex is a broker company providing trading services around the world. It has several offices across Europe. The clients number as of today has reached more than 500,000. The broker is regulated by the CySEC in Cyprus, as well as by FCA. HotForex is a MetaTrader-only broker offering market-maker execution across a mixed account offering where commissions, spreads, and margin rates vary considerably.

    Markets

    HotForex has a wide range of asset classes. It gives you 15 free trading tools to plan your trades effectively. You also get 150+ trading products to diversify your portfolio greatly. Simply put, you can choose from the following markets:

    ● Forex
    ● Energies
    ● Metals
    ● Stocks DMA
    ● Indices
    ● Shares
    ● Bonds
    ● Commodities
    ● Cryptocurrencies
    ● ETF

    Trading accounts

    HotForex suggests three live account types at your service, namely Zero Spread, Premium and Premium Pro ones. Let’s review in detail the features of each account type in the order you could realize which suits more.

    • PREMIUM
    • • Min deposit – $100/€100/£100
      • Max Leverage – Variable according to product
      • Spread – from 1 pip
      • Max Simultaneous Open Orders: 300

    • ZERO SPREAD
    • • Min deposit – $200/€200/£200
      • Max Leverage – Variable according to product
      • Spread – from 0 pips on Forex
      • Max Simultaneous Open Orders: 500 / 60 Standard lots per position

    • PREMIUM PRO
    • • Min deposit – $5000/ €5000/£5000 for Professional Client, $500/€500/£500 for Experienced Retail Client
      • Max Leverage – 1:400 for Professional Client, 1:100 for Experienced Retail Client
      • Spread – from 1 pips
      • Max Simultaneous Open Orders: 300

    Open an account

    Opening an account with HotForex is a rather simple and fast process. All you need to do is to fill the online application providing the necessary information. After you complete the application form, you will have to verify your identity by providing your ID. You have to provide and prove your residential address as well. Once everything is verified and approved, you will receive your login, after that you can make the first deposit and start trading. Sometimes it may take up to several days.

    Minimum deposit

    The broker requires a different amount of the first deposit for each account type. For example, for a Premium account you need only $100, for a Zero spread account – $200, and for a Premium Pro – $500/$5,000 accordingly.

    © HotForex website screen

    Trading Platforms

    HotForex offers its clients only one platform, namely the very popular MetaTrader 4 and its updates. MT4 is very easy to use and has great functionality. You can read more about the platform here.

    Our verdict

    To conclude, we would like to say the following. HotForex is a good choice for traders looking for a MetaTrader-only broker that has many additional upgrades from the default setup. HotForex is considered a multi-asset broker, although it offers a small range of markets compared to top multi-asset brokers. The presence of micro accounts with a low entry threshold will be beneficial to novices, as well as scalping. But for more experienced traders, the toolbox is rather limited, and it is probably not worth keeping large sums here. Given the number of negative reviews on the network about this broker, whether to use it or not, you should decide for yourself.

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