HotForex is over a decade old forex and CFDs broker, founded in 2010. HotForex’s headquarters are located in Cyprus. The broker is registered in different countries under the lead of HF Markets Group with different business names. In addition, the broker is authorised and regulated by Top-tier government regulatory authorities with a plus of negative balance protection and clients’ funds in separate bank accounts in top European banks. HF Markets Group is authorised and regulated by CySEC, FCA, DFSA, FSCA and FSA.
HotForex offers 1000+ trading products from various asset classes, including forex, stocks, indices, commodities, bonds and ETFs. The broker also provides Direct Market Access (DMA) to stocks. In addition, the broker provides the most stable and reliable trading platform from the MetaQuotes suite. Moreover, HotForex provides HFCopy (copy trading) so that the investors may invest in profitable strategies. Multiple educational resources and dedicated third-party research tools like AutoChartist also help traders learn and polish their skills.
HotForex offers multiple account types for its clients with minimal trading costs in terms of zero/tight spreads, zero/low commissions, no deposit or withdrawal fee also provide the broker with an edge.
Let’s discover the advantages and disadvantages of HotForex first to see the bigger picture.
HF Markets Group has been operating since 2010 and is regulated in multiple jurisdictions, including FCA and CySEC. The broker provides negative balance protection to its European clients and keeps its clients’ funds in segregated accounts in top European banks. In addition to over 1000+ trading instruments, the broker offers MT4, MT4 Multi and MT5 trading platforms on multiple devices and environments. Moreover, HotForex offers demo trading for its clients to get used to the trading environment. In addition, the broker offers Swap-free Islamic accounts for its clients of the Muslim faith. The broker offers variable spreads (including zero spread accounts) and low commissions compared to the other brokers in the industry. HotForex is packed with a ton of educational and research resources. There is no fee charged on deposits and withdrawals while using various payment methods. To start, the minimum deposit is relatively low, and the account opening process is fully digital and super-fast. The broker offers 24/7 super-friendly customer support.
On the other hand, HF Markets Group is not listed on any stock exchange. Therefore the broker does not disclose its financial statements publicly. In addition, the broker does not hold a banking licence to practice banking operations. Moreover, the broker does not offer fixed spread accounts. HotForex accepts a minimum deposit of $50. HotForex does not offer other trading platforms than MT4 and MT5 or a proprietary mobile trading app of HotForex. Cryptocurrencies and other popular asset classes are not part of the broker’s product portfolio. The minimum balance required for copy trading is relatively high.
Let’s summarise the advantages and disadvantages of HF Markets.
HotForex has a massive trading products portfolio with over 1000 instruments to choose from various asset classes, including forex, commodities, stocks, indices, bonds and ETFs. However, the broker does not offer options and cryptocurrencies.
HotForex Instruments Summary
| Instruments | HotForex |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | x |
| Options | x |
| Bonds | ✓ |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
HotForex offers various account types to facilitate the needs of all types of traders. Here is a summary of different account types and cost structures.
Premium Account: On a premium account, you can trade with no commission fee and tight spreads starting from 1.0 pip.
Zero Spread Account: On a zero account, you can trade with the lowest spreads starting from 0.0 pip with a low commission starting from $3 per side per standard lot.
HFCopy Account: On the HFCopy account, spreads are as low as 1.0 pip without any commission fee.
Premium Pro Account: On the Premium pro account, the spreads start from 1.0 pip with no commission fee.
| Fee | Premium | Zero | HFCopy | Premium Pro |
|---|---|---|---|---|
| Commission (per standard lot per side) | $0 | $3 | $0 | $0 |
| Spreads from | 1.0 | 0.0 | 1.0 | 1.0 |
Deposit and Withdrawal Fees
HotForex does not charge any fee for deposits or withdrawals from its clients. However, there are certain limits (minimum/maximum) on transactions associated with each payment method.
Inactivity Fees
HotForex charges an inactivity fee of $5 from accounts that have conducted no trading activity in the last six months.
HotForex provides ten trading platforms on various devices and environments, including mobile and WebTrader. MetaTrader 4, MetaTrader 4 Multiterminal and MetaTrader 5 are available on the broker’s official website to download. Or else you can use the WebTrader and download mobile apps from Google PlayStore and Apple Appstore.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is the world’s most popular trading platform. The MetaTrader 4 programme provides a user-friendly interface and an incredibly customisable trading environment. Charting capabilities and powerful order management tools ensure that you can monitor your holdings quickly and affordably.
HotForex offers the MetaTrader 4 platform in a variety of versions, including an online web platform and a downloaded programme for Windows PCs and Apple Macintosh computers. HotForex MetaTrader 4 is now compatible with macOS Mojave. HotForex allows traders to trade on mobile devices such as the iPhone and Android smartphones.
Metatrader 4 is also offered as a web-based programme that can be used using your web browser. MetaTrader 4 web software offers the same user-friendly performance as the desktop version, with powerful charting, a highly customisable trading environment, easy-to-access online trading tools, and a wide range of indicators. You may access the Raw Pricing trading environment without a Dealing Desk from anywhere in the globe.
Moreover, the MetaTrader 4 mobile app is available on Google Play Store for Android devices and the Apple App Store for iOS devices.
Here are the features of the MT4 trading platform:
- Timeframes: 9
- Technical Indicators: 30
- Analytical Objects: 31
- Economic Calendar
- Platform Speed: 32 bit, mono-threaded
- Order Execution: Market Execution
- Pending Order Types: 4
- Create custom scripts, technical indicators and Expert Advisors with MQL5 language
- Hedging allowed
- Strategy Tester: Single thread
- 30 languages
- One-click Trading
- Push Notifications
- MetaQuotes Marketplace
- Community chat
- Available on desktop, web browsers and mobile devices
MetaTrader 4 Multiterminal
The multi-terminal platform allows you to handle many trading accounts from a single interface. It combines the familiarity and strength of MT4 with additional capability. It allows for an infinite number of trading accounts to be updated in real-time. You may see account history, monitor current price feeds, and execute numerous order types.
MetaTrader 5 (MT5)
MT5 has all of the features of MT4 plus 21 additional timeframes, 100+ technical indicators, the ability to examine 100+ charts concurrently, increased order management tools, and more.
MT5 is a sophisticated yet user-friendly platform that gives you complete control over your positions for a more enjoyable trading experience. While MT4 is ideal for the majority of traders, MT5 is also simple to use and available on desktop (Windows / Mac), online, and mobile (iPhone / iPad / Android / Tablet).
The MT5 online terminal provides the same functionality as the MT5 desktop terminal without the need to download, install, or execute any software. You can start trading in seconds with all of the same functionality as the MT5 desktop platform by simply launching the web terminal from any computer and browser.
On your Android or iOS phone or tablet, the MT5 mobile terminal offers you complete control over your account. This platform is beneficial for traders who need to access their accounts from anywhere in the world. You can initiate trades, manage positions, and analyse charts. Signals for push notifications are also available.
- Timeframes: 21
- Technical Indicators: 38
- Analytical Objects: 31
- Economic Calendar
- Platform Speed: 64 bit, multi-threaded
- Order Execution: Market Execution
- Pending Order Types: 6
- MQL5 Editor for creating custom indicators and EAs
- Hedging
- Strategy Tester: Multi-threaded
- MetaQuotes Marketplace
- Community chat
- 100 charts in one window
- Available on desktop (macOS and Windows), web browsers (latest) and mobile devices (iOS and Android)
Virtual Private Servers (VPS Hosting)
a remote service that operates independently, much like a real computer, but with aspects tailored to the individual needs of the users. A virtual private server (VPS) runs its own copy of an operating system as well as allotted server resources on a larger server.
A VPS is perfect for traders seeking stability and flexibility since it provides high-quality technical conditions that make the trading environment technically safer. Traders can use a virtual computer to execute automated algorithmic methods, such as Expert Advisors, 24 hours a day, seven days a week. As a consequence, the likelihood of system downtime due to unexpected power outages, Internet outages, physical challenges, computer shutdowns, and other causes is reduced.
HFCopy
HFcopy is a strong trading instrument that allows traders to band together and work as partners to master the markets. Simply establish an account, find traders to mimic that have trading styles similar to yours, and receive a return as appropriate. Follow and communicate with more experienced traders to gain a better grasp of the financial markets.
Followers have access to advantages such as:
- Trades may be monitored at any time.
- Determine your Rescue Level
- Withdraw your funds whenever you want.
- Save time and resources by automatically copying trades.
- There is no need to devise your own plan.
- Follow multiple Strategy Providers
- Imitate various trading strategies.
- Create a one-of-a-kind portfolio of individuals.
You may exhibit your trading skills as a Strategy Provider and get perks such as:
- Plan and trade and get rewarded with a performance fee for successful trades.
- Performance payments are paid bimonthly in a timely and secure manner.
- Showcase your one-of-a-kind trading abilities, allow others to follow and duplicate your transactions, and grow your list of devoted followers.
- Traders may locate Strategy Providers on a performance table, compare their trading statistics, and then select to follow.
HotForex Platforms Summary
| Platform | HotForex |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | x |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | x |
HF Markets offers a variety of educational resources targeted at increasing traders’ knowledge and skill. With free live webinars, market analysis, instructional videos, eCourses, and more, there is something for every level of trader.
Webinars
Free live webinars with advice and expertise from HF Market specialists are held on a regular basis. Webinars offer a wide range of trading subjects, from tactics to market analysis. They are followed by Q&A sessions in which you may interact directly with the presenter. Past webinars may also be viewed in the archive.
HF Markets Exclusive Analysis
HF Markets has a team of seasoned market analysts with over 25 years of expertise who provide the most up-to-date market analyses and forecasts with traders. This includes an in-depth fundamental analysis of news releases, technical analysis of several asset classes, and special reports. There is a wealth of often updated resources to assist you in understanding how markets function, staying up to current on market developments and identifying prospective trade opportunities.
Videos
HF Markets provides a series of educational films that cover the fundamentals of trading, assist you in understanding different financial markets, provide insights into fundamental/technical analysis, and explain how psychology may affect your trading.
Trading eCourse
HF Markets provides a series of educational films that cover the fundamentals of trading, assist you in understanding various financial markets, provide insights into fundamental/technical analysis, and explain how psychology may affect your trading.
Economic Calendar
The customisable economic calendar allows traders to keep track of the most recent global economic news events, as well as indicators of the probable impact of the news. The news releases’ actual, consensus, and prior outcomes are presented. Users may sort the news by date, country, and intensity of the effect. This calendar might be useful for basic analysis.
AutoChartist
The free Autochartist programme will scan your chosen instruments for chart and technical patterns and notify you when an opportunity is found. This saves you time from having to manually examine several charts, and patterns may be sorted based on probability.
Calculators
A variety of trading calculators are available to aid with position planning and management. Risk percentage, numerous targets, pivot points, pip value, position size, risk/reward, and Fibonacci levels may all be calculated using the calculators.
HotForex Research and Education Summary
| Resources | HotForex |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | ✓ |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other (Trading Calculator) | ✓ |
HotForex offers various payment options to facilitate deposits and withdrawals. The clients can deposit and withdraw funds using wire transfers, credit/debit cards and e-wallets. Depending on the payment option you may be using, it might take anywhere from instant to 3-5 business days to complete a transaction.
HotForex Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
HF Markets Group is registered in various jurisdictions. The broker the following regulations:
- HF Markets (Europe) Ltd: Cyprus Securities and Exchange Commission
- HF Markets Group: Financial Conduct Authority (FCA) in the UK, Dubai Financial Services Authority (DFSA), Financial Sector Conduct Authority (FSCA) in South Africa, Financial Services Authority (FSA) in Seychelles
HotForex Regulation Summary
| Regulator | HotForex |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (FSCA, DFSA, FSA) | ✓ |
HotForex Safety
The safety of customer cash is of the utmost importance. They have introduced extra security measures to help traders to focus on their trading without worrying about the protection of their cash. Client money is already covered by statutory obligations, and to further protect against liabilities against customers, HF Markets EU offers an insurance policy at no additional cost to clients. This insurance is restricted to 5 million dollars and protects against risks that might result in financial loss, such as mistakes, negligence, omissions, fraud, and so on. Client monies are held in separate accounts with major worldwide banks by HF Markets EU and cannot be used for any other purpose. There is negative balance protection, which implies that the client is not liable for a negative balance scenario in volatile market conditions.
HF Markets offers client support 24/7 via live chat, email and phone calls.
HF Markets is a well-known and multi-regulated online broker that provides a wide choice of trading instruments across several asset classes. They have received multiple honours and provide clients with competitive trading conditions such as narrow spreads and minimal fees. Account types and trading platforms are adaptable, and traders have access to a large array of trading tools and training materials. Their humanitarian effort is admirable and demonstrates a high level of social responsibility.
