HotForex Review
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HOTFOREX GENERAL INFORMATION
■ Found: HotForex was found in 2007
■ Headquarters: HotForex maintains main offices in Cyprus
■ US Residents: HotForex forbids traders from the US –NO
■ Islamic Accounts: HotForex supports Islamic Accounts –YES-
■ Regulated: HotForex is regulated by CySEC (183/12) FCA UK and MiFID. It is also registered with CONSOB (Italy), ACP (France), CNMV (Spain), AFM (Netherlands).
■ Web-Site Languages: English, Spanish, Chinese, German, Greek, Arabic, Hindi, Japanese, Korean, Persian, Russian, Bulgarian and Thai
■ Customer Support: 24/5 (Language Support: English, German, Arabic, Chinese, Spanish, Greek, Hindi, Japanese, Korean, Persian, Russian)
HOTFOREX TRADING INFO SUMMARY
■ Broker Type: STP / ECN
■ CFD Trading: YES
■ Platforms: MT4, MT4 Multi-Terminal, Web-Trader and FIX/API platform
■ Trading Time Zone: GMT
■ Demo Account: HotForex is providing a Demo Account –YES
■ Spread on EUR/USD: HotForex offers a fixed spread on EUR/USD at 1.8 pip
■ Leverage: Leverage at HotForex up to 1:30
■ Scalping: is allowed at HotForex –YES-
■ Bonus: HotForex offers Bonus up to 100%
■ Minimum Account: $5
TRADING ASSETS
HotForex is providing Forex and CFD trading. ■ 43 Forex Currencies ■ 5 Commodities ■ 12 World Indices ■ 36 Stocks
SPREADS, COMMISSIONS & LEVERAGE
HOTFOREX TRADING SPREADS & COMMISSIONS ■ HotForex Minimum Spread is 1 pip. ■ HotForex Spread on EUR/USD is 1.8 pip fixed. ■ Trading Commissions are charged on three types of accounts (VIP, Zulu, and Currenex). More information about the HotForex account types is presented below. HOTFOREX TRADING LEVERAGE ■ Leverage at HotForex can be up to 1:30
TRADING PLATFORM & MOBILE
HOTFOREX TRADING PLATFORMS HotForex is offering a fair variety of Trading Platforms. Online Platforms include: ■ MT4 ■ MT4 Multi-Terminal ■ Web-Trader, and ■ FIX/API platform -Demo account is available at HotForex. -Automated Trading is supported and Forex Signals from Zulu and Currenex. -Scalping / Hedging are allowed at HotForex Trading Features include: ■ Free VPS Hosting (more information below) ■ One-Click Trading ■ Trading Central Analysis.
HOTFOREX FREE VPS SERVER HotForex is now providing a free VPS hosting service for all customers who deposit $5,000 or more and keep this amount for the subsequent months. The VPS server provides 24/5 order execution. HotForex Free VPS Features 1) Compatible with all popular Expert Advisors 2) Trading many different types of assets including Forex, Commodities, Stocks, and Indices 3) HD space 2GB, CPU 1.5GHZ, and RAM 0.5GB 4) Bandwidth unlimited 5) Available 24/5 There is also an Advanced VPS Service for 50 USD per month.
HOTFOREX MOBILE TRADING HotForex supports iPhone, iPad, BlackBerry, and Android mobile devices.
NEW ACCOUNT INFORMATION
Account Types Micro Premium VIP FIX Currenex Zulu Spreads from (pips) 1 1 0.4 Fixed 0.4 1 Trading Platform MetaTrader 4, Mobile Trader MetaTrader 4, Mobile Trader MetaTrader 4, Mobile Trader MetaTrader 4, Mobile Trader MetaTrader 4, Mobile Trader MetaTrader 4, Mobile Trader Minimum Deposit (USD) 50 500 40000 500 500 50 Minimum Trade Size (lots) 0.01 0.01 0.5 0.01 0.01 0.01 Trade Size Increment 0.01 0.01 0.01 0.01 0.01 0.01 Maximum Total Trade Size (lots) 5 60 No Limit 60 60 60 Max. Simultaneous Open Orders 150 300 400 300 350 300 Margin Call 0.4 0.5 0.5 0.5 0.5 0.5 Stop Out Level 0.1 0.2 0.2 0.2 0.2 0.2 Personal Account Manager NO YES YES YES YES NO Telephone Trading YES YES YES YES YES YES Account Currency USD, EUR USD, EUR USD, EUR USD, EUR USD, EUR USD, EUR Commissions NO NO YES NO YES YES Flexible Bonus Offerings YES YES NO YES YES NO Personalised Service NO NO YES NO NO NO
HOTFOREX FUND METHODS HotForex Minimum Account: The minimum initial deposit required for opening an account on HotForex is just 5 USD. HotForex Main Deposit Methods: ■ Bank Wire Transfer ■ Web Money ■ Credit Cards ■ MoneyBookers ■ Neteller HotForex Main Withdrawal Methods: ■ Bank Wire Transfer ■ Web Money ■ Credit Cards ■ MoneyBookers ■ Neteller
BONUS & REBATES HotForex offers Bonuses up to 100%
CONTACT INFORMATION
HotForex Headquarters: HF Markets Europe Ltd Spirou Kyprianou 50 -Irida 3 Tower Larnaca 6057, Cyprus Phone Support: Customer Support: +357-24-400561 Fax: +357-24-023093 Sales Department: +357-24-020082 International Phone Support: China: 4001-200742 United Kingdom: +44-2033185978 Germany: 0800-182-2677 Brazil: +55-2139581441 Sweden: +46-852500680 Spain: +34-931845604 Russia: +8-800-100-6322 Thailand: 001-800-13-203-9978 Norway: +47-21037281 Taiwan: 00801-14-8970
HOTFOREX PROS AND CONS (According to competition)
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HOTFOREX REVIEW PROS & CONS |
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HOTFOREX PROS |
HOTFOREX CONS |
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√ Good variety of Trading Options (Asset Index, Trading Platforms, etc) √ Trader’s Education (Video Tutorials and eCourses) √ Regulated Forex Broker √ Many Fund Methods and just $5 minimum account √ Automated Trading and free VPS for deposits more than 5,000USD √ FIX/API Trading √ PAMM Accounts |
X Wide spreads compared to other ECN brokers X Expensive SWAPs X Not good for intraday trading
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HotForex Conclusions:
HotForex is a regulated Forex Broker providing more than decent conditions when trading Forex. They offer a wide asset index containing 43 Forex currencies and CFD Trading (commodities, indices and a great variety of world stocks). Their platforms include the popular MT4 plus a multi-terminal MT4 version. Additionally, they offer a simple Web-Trader and FIX/API trader. Forex trading signals are supported using Currenex and ZuluTrade. HotForex provides its clients with free education, plus for those that depositing 5,000 USD or more they offer a Free VPS Hosting Service (ideal for scalpers).
Their trading spreads are high compared to ECN Forex Brokers while they charge commissions on some types of accounts. The SWAP overnight rates are not also very good.
HotForex supports most fund methods and they keep a very low minimum deposit requirement. Accounts may be opened in EUR and USD while the Deposit Bonus Policy is at 100%. Overall, HotForex can be seen as an average brokerage choice when trading Forex and CFDs.
■ HotForex Review
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