HotForex is an established forex and CFD 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 a generous selection of 1,000+ trading products from various asset classes, including forex, stocks, indices, commodities, bonds and ETFs. The broker also provides Direct Market Access (DMA) to stocks. HotForex enables you to trade online via the popular MetaTrader platforms from MetaQuotes. You can get access to the markets and trade on your web, desktop and mobile devices.
Multiple educational resources and dedicated third-party research tools like Autochartist also help traders learn and polish their skills. Moreover, HotForex provides HFCopy (copy trading) so that the investors may invest in other traders’ strategies and learn from them.
HotForex offers multiple account types for its clients with minimal trading costs in terms of zero/tight spreads, zero/low commissions, whilst no deposit or withdrawal fee also provide the broker with an edge over some of their competitors.
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. Cryptocurrencies and other popular asset classes are not currently part of the broker’s product portfolio. The minimum balance required for copy trading is relatively high when compared to other brokers who offer a similar service such as eToro.
Let’s summarise the advantages and disadvantages of HF Markets.
HotForex has a good trading product portfolio with over 1,000 instruments to choose from various asset classes, including forex, commodities, stocks, indices, bonds and ETFs. However, the broker does not offer options and cryptocurrencies. If you are looking to trade cryptos then please feel free to browse through our best crypto brokers for some inspiration.
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. I found the spreads to be tight and the commission fees below the industry standard. However, you can also get zero pip spreads and pay a lower commission fee with Admirals as another option. 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 reasonable 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. You can avoid inactivity fees by using another broker such as Axi.
HotForex provides a great selection of trading platforms on various devices and environments, including mobile apps and web trading platforms. 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 by logging into your account through your browser or download the relevant mobile apps from Google PlayStore and Apple Appstore.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is the world’s most popular forex trading platform. The MetaTrader 4 software 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 downloadable platform for desktop. MT4 also enables traders to trade on mobile devices via a modern and intuitive trading app. I think the app is great for keeping track of positions and following the latest market news from anywhere and anytime.
The 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 any device. Just keep in mind that you will need the MT4 desktop platform if you plan on running automated trading strategies (EAs).
Here are some of 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. This can be a great solution for money managers who need to take control of all investor accounts via a single intuitive interface.
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. The MT5 platform looks and feels the same as MT4, but it has a lot more features and functionalities. Most retail traders would probably be satisfied with what MT4 can do, but if you want to take your trading up a notch, then MT5 may be a better choice in the long run.
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 VPS is 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. You can get access to VPS hosting via HF Markets and some other CFD brokers including FXTRADING.com.
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 powerful trading software 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 signals as appropriate. You can follow and communicate with more experienced traders to gain a better grasp of the financial markets and learn from others.
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, trading courses, and more, there is something for every level of trader. I think they have a good selection overall but not quite as comprehensive as what IronFX have to offer.
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 so that you can catch up in your own time.
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. I found these videos very interesting and well explained.
Trading Course
HF Markets have a decent selection of trading guides that can help you to learn more about the markets in an easy to digest way. You can work through them at your own pace and put what you have learned into action with a free demo trading account.
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 as part of your fundamental analysis. It is worth mentioning that you can also find a news calendar in MT5 which I find is more convenient to follow as it saves needing to constantly switch back and forth between windows.
Autochartist
The excellent Autochartist sofware can scan your chosen instruments for price action and technical patterns then 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. I think this is a fantastic tool which you can get through a few other brokers including Tickmill.
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. These are very handy for when you need to quickly perform calculations or if you want to confirm your own.
HotForex Research and Education Summary
| Resources | HotForex |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | ✓ |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other (Trading Calculator) | ✓ |
HotForex offers a reasonable variety of payment options to facilitate deposits and withdrawals. You 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. The broker does not currently support crypto funding, but FXChoice do if that is something you are looking for in a broker.
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.
