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HotForex Review: Is Hotforex.com A Scam or Safe to Trade With?

HotForex Review: Is Hotforex.com A Scam or Safe to Trade With?

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Estimated reading time: 6 minutes

Although Hotforex was launched back in 2008, the Forex brokerage firm has not been quite popular like it is today.

The firm is now more concerned with their clients than ever before.

This has seen them revamping their customer-oriented attitude to offer premium customer support which is second to none.

Hotforex has even won tons of awards across Europe, Asia, Africa and even in the middle East due to the recent changes which they implemented with regards to customer service.

You see, customer service is the primary requisite for gaining recognition in the industry. Hotforex’s immense success is attributed to listening to what their clients are saying.

The company continues to promote its brand in regions where it is less known.

This, coupled with their customer-oriented approach are the key reasons why the company is maintaining its existing clients and finding new ones as well.

Hotforex is also being talked about in terms of regulations. This broker is among the few companies doing Forex business on the web with multiple regulatory statuses.

Hotforex is regulated by CySEC in Cyprus, St. Vincent & the Grenadines regulatory authority and the FSC of the Republic of Mauritius.

Besides, it’s worth noting that Hotforex has its corporate offices based in some of the most popular tax havens in the mentioned regions.

While this is generally a good thing, it might not sit well with clients from countries like the US and Australia.

Forex brokers wanting to do business in the US must seek authorization from CFTC, and must also be a member of the NFA for them to legally offer their services in the US soils.

Nevertheless, it’s also worth taking note of the fact that all modern regulatory bodies are committed to overseeing the welfare of traders in general.

This is a good thing considering that scams in this industry keep growing day by day.

Hotforex Features and Overview

What are the account types and specifications?

hotforex account types

Hotforex offers up to 4 different account types that suit their clients’ needs.

These consist of Micro, Premium, Zero, Fixed, VIP and Auto.

As always, these account types vary greatly in terms of features and benefits.

A Micro account at Hotforex requires a minimum deposit of $5, and is leveraged to 1:1000. Spread type is variable, starting at 1 pip.

The account lets traders run a maximum number of simultaneous trades which is restricted to 150 trades.

On the other hand, Premium account requires a minimum of $500 and is leveraged to 1:400. Maximum number of simultaneous trades is 300. Spreads are variable as well.

Zero account minimum deposit is $100. The account has a leverage of 1:200. While spread type is variable, clients can get a minimum spread of zero.

Fixed account requires a minimum of $500 and is leveraged to 1:400. Spreads are fixed, plus up to 300 simultaneous trades can run on the account.

And then there’s the VIP account which demands a minimum deposit of $20,000. Leverage is 1:300 and spreads are variable.

Finally, the auto account requires a minimum investment of $500 and is leveraged to 1:400. Spread type is variable starting 1 pip.

More accounts from Hotforex

While HotForex is committed to giving each customer what they want, the company still felt like they were locking out other potential customers.

account types hotforex

So they decided to introduce more accounts which offer unique features from the ones mentioned above.

As a customer of Hotforex, you can also enjoy the benefits of owning a PAMM account. This is basically a managed account

This broker has designed their PAMM account to be transparent, convenient and easy to set risk levels for. Managers are also required to have some of their own capital invested in these accounts too.

And then there is Zero spread account. This account is for customers who have $100 to invest in an environment that doesn’t burden them with high commissions and spreads. At the end of the day, traders will enjoy doing business affordably.

Finally, Hotforex is also offering Islamic accounts to those who would like to trade in accordance with Sharia laws. Clients can choose various account types under the umbrella name— Islamic Account.

Trading platforms and features

The broker offers the following trading platforms for your convenience:

a) MT4 Platform

This platform was designed for desktop and Mac users

b) MT4 Multiterminal

For those who manage multiple accounts at the same time. Account managers fall in this category

c) Webtrader

This platform lets you trade Forex using a browser as opposed to downloading apps first in order to trade.

d) Hotforex Smartphone apps

These apps can be downloaded on Android, iOS, iPad and Blackberry.

Offers & promotions run by this broker

In 2017, Hotforex is running an offer or promotion called 2017 VIP contest where the winner will enjoy an all-expense paid for trip to the broker’s headquarter where they will meet the company’s stuff.

As if this is not enough, the firm also came up with a promotion called the Rolex Time Trader Contest.

In this contest, the winner gets a Rolex Oyster Perpetual Mariner wristwatch valued at $10k.

The second and fourth place winners will get a cash reward of $3000 respectively.

What is more, the broker is also offering real money to those who participate in their demo trading contest. This cash will be deposited in the accounts of various winners in this contest.

And of course HotForex is also giving numerous other prizes to its affiliates as well as those who participate in their refer-a-friend program.

Other special features offered by this broker

This broker appears to be focused in providing useful educational material to its clients.

They provide useful trading tips from various experts in addition to weekly webinars and other tools which they think might be useful for your trading.

Besides, the broker offers Forex VPS hosting service for their clients. Clients are also entitled to receive a MasterCard which can be used for fast withdrawals and online shopping as well.

Deposits and withdrawals

You can never run out of options when it comes to funding or withdrawing funds from your Hotforex account.

They support all Credit and Visa cards. However, funding limits of 7,500 and $10,000 apply per transaction when you use these options.

Bank wire requires a minimum deposit of $100. You cannot withdraw any amount that is less than $250.

They also support all forms of e-wallet payment. Minimum deposit requirements will depend with the method of funding that is used as well as account type chosen.

Customer support

Since Hotforex is customer-oriented, you should expect nothing but top-notch customer service experience.

Their support is quite responsive, 24/5 throughout the week.

You can live-chat or contact them on their Facebook or Twitter page in case of any issues. Phone and email support is also provided. However, the quickest way to get a response is by calling or chatting with them.

Our Best Advice for You

Hotforex is a reliable, innovative broker whose mission is to serve all customers with fairness and transparency.

They have a range of products and services that are tailored to suit every trader out there.

No serious issues have been brought against this broker before, and thus we believe that this is a sign that the broker is committed towards excellence as far as customer service is concerned.

You can therefore sign up and start trading with them as it’s completely safe to do business with them.

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