HotForex Review 2021 & Cashback
HotForex reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.
Save on your trading costs with HotForex!
Cash back right to your brokerage account and spread/commission discounts at select brokers.
- Complete range of trading accounts for traders and investors.
- Low minimum withdrawal with zero fees.
- Interesting welcome bonus and loyalty program.
- Excellent offering of 1,000+ financial instruments.
HotForex Overall rating
Overall rating is an average of ratings from experts in 4 categories.| Pricing |
4.5
|
| Regulation |
3.0
|
| Popularity |
5.0
|
| User rating |
4.1 (61 reviews)
|
To start our HotForex review, we will outline the best features of this popular CFD broker. HotForex is a member of the HF Markets Group (established in 2010), a well-regulated broker supervised by some tier-1 financial regulators, such as the Cyprus CySEC and the UK’s FCA.
The long-established HotForex brand represents a reputable choice for investors looking to trade a good variety of financial instruments, via the excellent range of trading accounts offered by the broker. HotForex offers leveraged CFDs trading in forex, indices, stocks, commodities and cryptocurrencies.
The HotForex broker represents also a valid option for investors looking for the extra financial muscle, through its two regulated entities, one by South Africa’s FSCA and one by the Seychelles FSA, with both offering high leverage ratios – up to 1000:1. And on top of that, the broker is also popular for its attractive welcome bonus and rewarding loyalty program.
On the downside, HotForex spreads are signalled by the trading community as slightly above average. Also, traders may experience some levels of slippage while trading with HotForex – both positive and negative. Also negatively, the choice of financial regulator for HotForex’s international clientele, the Seychelles FSA, offers little to no protection to retail traders.
HotForex Regulation / Money Protection
| Company | Licenses & Regulations | Segregated Client Money | Deposit Compensation Scheme | Negative Balance Protection | Rebates | Max. Leverage Retail Clients |
|---|---|---|---|---|---|---|
| HF Markets SA (PTY) Ltd |
|
|
|
|
1000 : 1 | |
| HF Markets (Seychelles) Ltd |
|
|
|
|
1000 : 1 | |
| HF Markets (SV) Ltd |
|
|
|
|
1000 : 1 |
Opening a trading account with HotForex is possible with both of its two entities. The Seychelles entity serves the international clientele, and also the traders looking for higher leverage ratios – up to 1000:1. Traders can also choose to open an account with South Africa’s FSA regulated entity, also offering a maximum leverage ratio of 1000:1.
International regulation:
HF Markets (SV) Ltd, trading as HotForex, and with address at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines or HF Markets (Seychelles) Ltd will be one of the counterparties for international customers. HF Markets (SV) Ltd is incorporated in St. Vincent & the Grenadines as an International Business Company with registration number 22747 IBC 2015, and regulated by the nation island Financial Services Authority (SVG FSA). The HotForex global website is www.hotforex.com/sv.
HF Markets (Seychelles) Ltd, trading as HotForex, and with a registered address at Room 107, Orion Complex. PO Box 1228, Victoria Mahe, Republic of Seychelles, can also be the counterparty for international customers. HF Markets (Seychelles) Ltd is regulated by the Financial Services Authority of the Republic of Seychelles (FSA) with a Securities Dealer's License number SD015, providing financial services for international clients.
South Africa regulation: HF Markets SA (PTY) Ltd, also trading as HotForex, and with address at Katherine & West, Suite 18, 2nd floor, 114 West Street, Sandton, South Africa, is authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorisation number 46632. The HotForex South Africa’s website is https://www.hotforex.co.za/.
Client Money Protection
HotForex complies with the highest safety standards for clients' funds. HotForex also complies with client money handling regulations and employs strict policies and procedures regarding the maintenance and operation of these accounts. For these reasons, HotForex client's funds are kept in top-tier international banks, such as Barclays Bank and SBM Bank, fully segregated from the company’s funds.
Deposit Compensation
Currently, none of the HotForex entities – HF Markets (Seychelles) Ltd, HF Markets (SV) Ltd and HF Markets SA (PTY) Ltd offers a default deposit compensation scheme, supervised by a financial regulator.
Negative Balance Protection
All of the HotForex entities, the HF Markets (Seychelles) Ltd, HF Markets (SV) Ltd and HF Markets SA (PTY) Ltd entities offer a default Negative Balance Protection. With the NBP mechanism, HotForex customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.
HotForex Cashback rebates
| Micro | Premium | PAMM Client accounts (Premium) | PAMM Client accounts (Premium Plus) | Zero Spread | |
| Forex | $4.00 Per Lot | $1.00 Per Lot | $1.50 Per Lot | ||
| Oil / Energies | $0.50 Per Contract | $0.25 Per Contract | None | ||
| Metals | $4.00 Per Lot | $1.00 Per Lot | None | ||
| Shares / Equities | $0.50 Per Contract | $0.25 Per Contract | None | ||
| Indices | $0.50 Per Contract | $0.25 Per Contract | None | ||
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
| ||||
| Micro | |
| Forex | $4.00 Per Lot |
| Oil / Energies | $0.50 Per Contract |
| Metals | $4.00 Per Lot |
| Shares / Equities | $0.50 Per Contract |
| Indices | $0.50 Per Contract |
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
|
| Premium | |
| Forex | $4.00 Per Lot |
| Oil / Energies | $0.50 Per Contract |
| Metals | $4.00 Per Lot |
| Shares / Equities | $0.50 Per Contract |
| Indices | $0.50 Per Contract |
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
|
| PAMM Client accounts (Premium) | |
| Forex | $1.00 Per Lot |
| Oil / Energies | $0.25 Per Contract |
| Metals | $1.00 Per Lot |
| Shares / Equities | $0.25 Per Contract |
| Indices | $0.25 Per Contract |
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
|
| PAMM Client accounts (Premium Plus) | |
| Forex | $1.00 Per Lot |
| Oil / Energies | $0.25 Per Contract |
| Metals | $1.00 Per Lot |
| Shares / Equities | $0.25 Per Contract |
| Indices | $0.25 Per Contract |
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
|
| Zero Spread | |
| Forex | $1.50 Per Lot |
| Payment Options |
Direct to broker account (After $5)
Monthly Cash Back
|
Notes
Rebates are not paid for:
- Accounts registered with Seychelles FSA entity
- Residents of France, Portugal
- Deals from which the margin arises from the bonus funds
- PAMM manager; HF Social accounts; hedge trades; and UK Shares trades.
What are HotForex rebates?
Many traders initially believe there must be higher costs elsewhere to compensate, however they soon find there is no catch and Forex rebates truly reduce the costs of the transaction and improve their bottom line.
How do HotForex rebates work?
When you link a new or existing forex trading account to us the broker pays us part of their spread or commission profit for every trade you make as compensation for referring a customer to them. We then share the majority of our revenue with you, paying you a cash rebate for each trade you make as thank you for signing up with us.Unlike some of our competitors your spreads will never increase as a result of using our service! The only difference is: as our client you earn extra cash per trade, making trading through us more profitable than opening direct with the broker. Founded in 2007, we are the original and leading provider of forex rebates. We pay rebates to over 100,000 accounts and traders love our helpful 24 hour live chat, telephone and email support.
How much HotForex rebates can I earn?
Are HotForex rebates a scam; do my spreads increase?
When working with a trustworthy rebate provider, there is no ‘catch’. It is more beneficial to a trader’s financial position to work with a rebate provider than solely with the forex broker.
Are there any other benefits to signing up for HotForex rebates?
How are forex rebates paid?
Because we deal with so many traders in so many different countries and serve 23 languages we have to cover a wide array of options. Here’s what we offer:
Forex rebate options vary per broker:
| Monthly cash back | Payments are credited and sent automatically by the 12 of the month following the month rebates are earned in. |
| Spread or commission reduction | The trader actually receives reduced commissions and/or spreads. This is an exciting option offered by some of our top brokers. |
| Paid direct to brokerage account | Cashback is credited directly to the trader’s brokerage account, typically between 1-7 days after the trade is closed. This is another exciting options offered by some of our top brokers. |
In the case of the ‘Monthly cash back’ rebate option, monthly payments can be paid via bank wire, Paypal, Skrill, Sticpay, China Unionpay, and Neteller. Some payment methods such as bank wire carries fees and often traders set a custom minimum payment amount in order to accumulate rebates and withdraw their rebates less often than monthly.
HotForex Profile
| Company Name | HF Markets SA (PTY) & HF Markets (Seychelles) Ltd & HF Markets (SV) Ltd |
| Year Founded | 2010 |
| Headquarters | South Africa |
| Office Locations | South Africa |
| Account Currency | EUR, USD |
| Client funds bank | Barclays Bank, SBM Bank |
| Support Languages | Arabic, Chinese, English, French, German, Indonesian, Italian, Japanese, Korean, Malay, Portuguese, Russian, Spanish, Thai, Turkish, Vietnamese, Bengali, Czech, Chinese (Traditional), Filipino |
| Funding Methods | Bank Wire, iDeal, Neteller, PaySafeCard, Przelewy24, Skrill (Moneybookers), Sofort, Webmoney, Western Union, TrustPay |
| Financial Instruments | Forex, Shares, Indices, Oil/Energies, Metals |
24 hour support
Segregated Accounts
Islamic Accounts
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo
Cent accounts
Negative balance protection
Social trading
Regulatory deposit insurance
Trailing stops
Bonuses
Interest on margin
Fixed spread
Variable spread
Established in 2010, and with headquarters in South Africa, HotForex (part of the HF Markets group) is an award-winning forex, indices, stocks and commodities CFDs broker, providing trading services and facilities to both retail and institutional clients.
HotForex offers various accounts types and the best trading tools to enhance the trading experience of individuals and institutional customers on several markets. All of HotForex retail, affiliates and white label clients have the opportunity to access various interbank spreads and prime liquidity via state-of-the-art automated trading platforms. HotForex provides an unparalleled variety of account options for individuals, fund managers and institutional customers.
According to the broker’s institutional website, HotForex reached the milestone of more than 2,500,000 live accounts opened in just 10 years in business. With a global presence, HotForex offers good trading conditions and fast execution times, and customers can enjoy a tailored trading experience that perfectly suits their needs. HotForex provides all the tools and services needed for clients, of any level, to realise their trading ambitions.
Trading with HotForex can be done via the Metatrader 4 and the next-gen MetaTrader 5 platforms, available as a standalone web trader version, desktop terminal, and complemented with the mobile versions for Android and iOS.
HotForex Asset classes
HotForex trading platforms provide traders with direct liquidity from multiple venues, access to global exchanges and multi-asset trading – FX and CFDs on multiple asset classes. As an online CFD broker, HotForex offers a great selection of 1,100+ tradable financial instruments, divided into 6 asset classes: forex, indices, stocks, ETFs, Bonds and commodities.
FX market: 53 currency pairs, including all major pairs, and some minor and exotic crosses.
Indices: 11 global indices CFDs, including the DAX, AUS200, FTSE100 and NIKKEI 225. Also on the indices category, 12 indices futures CFDs contracts of global exchanges, including the CAC40, US100, S&P500 and VIX.
Shares: 54 shares derivatives available for trading, with low margin requirements, of some of the world’s largest, and well-known companies and banks, such as Apple, Amazon, Boeing, Facebook, Lloyds Bank, Lufthansa, NatWest and Tesla.
Stocks: 946 stocks CFDs available for trading, with DMA access directly on the order books of global stock exchanges, such as NYSE, NASDAQ, CAC and FTSE, from worldwide top companies and banks, such as Apple, Tesla, Tesco, Rio Tinto, Barclays, Bank of America, Adidas, and BNP Paribas.
ETFs: 34 Exchange-Traded Funds available for trading, from around the world, of high-quality, low-cost ETFs including ETFs from Aerospace & Defence, Commodities, Energies, Mining, Pharma, Real Estate and Technology.
Bonds: 3 bonds CFDs based off highly rated government-issued debt securities; Euro Bund, UK Gilt and US 10-year treasury note.
Commodities: 8 commodities CFD available for trading; 6 metals – Platinum, Palladium, versus the USD and Gold and Silver versus the USD and the EUR, 2 energies – UK Oil and US Oil, and 5 soft commodities including Coffee and Cocoa.
Cryptocurrencies: Currently, HotForex does not offer or support the trading of cryptocurrencies CFDs.
HotForex Account types
| Micro | Premium | PAMM Client accounts (Premium) | PAMM Client accounts (Premium Plus) | Zero Spread | |
| Commission | None | $5.00 Per Side Per 100K USD Traded | Majors $6.0 Per Lot Others $8.0 Per Lot | ||
| Maximum leverage | 1000:1 | 400:1 | |||
| Mobile Platform | MT4 Mobile, MT5 Mobile | None | MT4 Mobile, MT5 Mobile | ||
| Trading Platform | MT4, MT5, WebTrader | None | MT4, MT5, WebTrader | ||
| Spread Type | Variable Spread | ||||
| Minimum Deposit | 5 | 100 | 500 | 200 | |
| Minimum Trade Size | 0.01 | ||||
| Trailing Stops | | ||||
| Scalping Allowed | | ||||
| Islamic Accounts | | | |||
| Micro | |
| Maximum leverage | 1000:1 |
| Typical Spread | 1.4 |
| Trading platform | MT4MT5WebTrader |
| Mobile platform | MT4 MobileMT5 Mobile |
| Spread type | Variable Spread |
| Minimum deposit | 5 |
| Minimum Trade Size | 0.01 |
| Trailing Stops | |
| Scalping Allowed | |
| Islamic Accounts |
|
| Premium | |
| Maximum leverage | 400:1 |
| Typical Spread | 1.4 |
| Trading platform | MT4MT5WebTrader |
| Mobile platform | MT4 MobileMT5 Mobile |
| Spread type | Variable Spread |
| Minimum deposit | 100 |
| Minimum Trade Size | 0.01 |
| Trailing Stops | |
| Scalping Allowed | |
| Islamic Accounts |
|
| PAMM Client accounts (Premium) | |
| Maximum leverage | 400:1 |
| Typical Spread | 1.0 |
| Spread type | Variable Spread |
| Minimum deposit | 500 |
| Minimum Trade Size | 0.01 |
| Trailing Stops | |
| Scalping Allowed | |
| Islamic Accounts |
|
| PAMM Client accounts (Premium Plus) | |
| Commission | $5.00 Per Side Per 100K USD Traded |
| Maximum leverage | 400:1 |
| Typical Spread | 0.2 |
| Spread type | Variable Spread |
| Minimum deposit | 500 |
| Minimum Trade Size | 0.01 |
| Trailing Stops | |
| Scalping Allowed | |
| Islamic Accounts |
|
| Zero Spread | |
| Commission | Majors $6.0 Per Lot Others $8.0 Per Lot |
| Maximum leverage | 400:1 |
| Typical Spread | 0.2 |
| Trading platform | MT4MT5WebTrader |
| Mobile platform | MT4 MobileMT5 Mobile |
| Spread type | Variable Spread |
| Minimum deposit | 200 |
| Minimum Trade Size | 0.01 |
| Trailing Stops | |
| Scalping Allowed | |
| Islamic Accounts |
|
HotForex offers multiple accounts to suit every type of investor and trading strategy. In total, the broker offers 6 different accounts, with different leverage limits, pricing and tailored for the needs of today’s investors. HotForex trading accounts are divided into two types, for those who wish to trade directly with the broker, and for the investors looking to benefit from the trades of more experienced traders. Let’s check out each account and its features:
HotForex Micro account is designed for traders new to the FX market and those trading smaller volumes, allowing investors to trade smaller trade sizes and open an account with a lower initial deposit. Spreads start at 1.0 pip for major pairs, with no trading commissions.
HotForex Premium account is best suited for experienced retail traders looking to trade only with the bid and ask prices, without any added commissions. The Premium account is available with the MT4, MT5, Web Trader and Mobile Trading platforms, and allows the trading of forex, metals, indices, energies, shares and stocks.
HotForex Zero Spread account is the broker’s most competitively priced account, suitable for all traders, but particularly useful for scalpers, high-volume traders and those who trade with Expert Advisors (EAs). The Zero Spread account has low starting spreads of 0.0 pip on major FX pairs and an industry average trading commission starting at 3 USD per side per 1 lot traded.
HotForex Auto account is a Copytrading account, opening the world's financial markets to even novice investors by allowing them to subscribe to free and paid Trading Signals from the MQL5 Community, which is built-in to the HotForex MT4 trading terminal. HotForex customers can automatically copy the signals of any Signal Provider with paid Signals being subject to a one-month performance verification period.
HotForex HFcopy account is the broker’s social trading account, suitable for both Strategy Providers and Followers. Strategy Providers can open an HFcopy Account aiming to build their community of Followers and trade in exchange for a Performance Fee, as high as 50%. Followers, on the other hand, by opening an HFcopy account will be able to deposit funds and start copying the trades of more experienced traders. Spreads start at 1.0 pip for major pairs, without trading commissions, and is available with the MT4 desktop, web terminal and mobile versions, allowing trading of forex, indices and gold.
HotForex also offers swap-free accounts for traders of Islamic belief and viable options for money managers via its HotForex PAMM account* available with two levels – Premium and Premium Plus, with starting spreads of 1.0 pip and 0.3 pip (plus $10 commission per round lot traded), respectively, for major FX pairs.
*Please note, the HotForex PAMM account is not available for traders registering a live account with the HF Markets SA (PTY) Ltd (HotForex) entity in South Africa.
HotForex maximum leverage is 1000:1 for clients opening a live Micro account with its regulated entities, for the Premium, Zero Spread and Auto accounts the maximum leverage is up to 500:1 and for the HFcopy account the maximum leverage is 400:1.
Currently, HotForex trading accounts are available in USD, EUR, NGN and JPY – subject to the contracting entity and the traders' geographical location.
HotForex Demo account
With a HotForex demo account traders can compare how this broker positions itself with its peers, for its product offering and trading conditions. A HotForex demo account also serves the purpose for novice traders to practise their trading skills, in a safe environment without taking any risks with real money.
To open a HotForex demo account takes less than 3 minutes, and is available for the MT4 and MT5 terminals and WebTtrader platforms. New users will need to fill in a simple form, providing the broker with some basic information, including the county of residence, phone number, name and surname, a valid email address, and date of birth.
Users will also be prompted to select a password. Please note that to open a demo account, traders do not need to upload any verification document(s) to HotForex, unless they are ready to open a live account.
After clicking the “Register” green button, HotForex will send the demo logins by email and users will then be able to launch the web versions of MT4 or MT5, or download the desktop versions, available for PC, Mac, or install the mobile versions available for iOS and Android.
HotForex demo account gives users the chance to test the broker's services and pricing on several financial instruments without risking any real money, for an unlimited time, as the demo account is non-expiring. The broker guarantees a demo that simulates real market conditions, allowing the correct testing of multiple trading strategies, and even automated trading.
A HotForex demo account is 100% risk-free and the funds (up to $100,000) are virtual – including both winnings and losses, of course.
Register for free and test your trading strategies, open an HotForex demo trading account with no risk and no obligation now.
HotForex Pricing
| Account/Pricing | Micro | Premium | Zero Spread | HFcopy |
|---|---|---|---|---|
| EUR/USD Spread | from 1.0 pip | from 1.0 pip | from 0.0 pip | from 1.0 pip |
| EUR/USD Commission (1 lot) | $0 | $0 | $6 | $0 |
| EUR/USD Swap rate (14-10-2021) |
|
|||
Spreads and trading commissions
HotForex’s pricing and trading costs are similar to the pricing offered by other players in this industry. The starting spread for the most popular cross, the EUR/USD pair, on the Micro, Premium and HFcopy accounts is 1.0 pip, commission-free.
Nevertheless, the highlight goes to HotForex’s Zero Spread account, with more competitive pricing and trading conditions. Taking the EUR/USD cross again as our example, HotForex proposes a starting low spread of 0.0 pip, with a trading commission for 1 standard lot - 100,000 currency units - of 6 USD (3 USD per side/per lot). We consider the Zero Spread account trading commission to be average when compared with other top brokers.
If you are a trader looking for an alternative broker for stocks derivatives trading, HotForex can also represent an interesting option. HotForex offers customers the chance to profit from stocks prices, and diversify an investor’s portfolio with companies and banks stocks from around the world, trade directly on the order books of global stock exchanges, all with competitive trading costs.
For example, to invest in Apple Inc stock, listed on NASDAQ, HotForex charges 0.10 USD per share round turn. For a stock like Accor Sa, listed on the Euronext Paris, HotForex charges a 0.3% trading commission per share round turn.
*Please note - HotForex maximum leverage ratio for DMA stocks is 5:1 and that whilst margin trading can amplify returns, it can also amplify losses if the markets go against you.
Rollover rates
HotForex swap rates, as of 14-10-2021, and for the EUR/USD, stand at -5.30 for holding overnight a long position of 1 lot and at -0.20 for holding overnight a short position of 1 lot. We consider the broker’s rollover rates to be slightly worse when compared with the rollover rates offered by other top brokers.
HotForex Deposits / Withdrawals
Deposit fees: Trading accounts can be opened in 4 different currencies and maintained via 9 different funding methods. Together with the traditional methods, debit/credit cards and bank wires, HotForex also accepts deposits with the most popular e-wallets such as Neteller, Skrill, and FasaPay (subject to jurisdiction). Traders can also fund their accounts with Bitcoin, and other cryptos, via Bitpay.
HotForex does not charge any deposit fees, and deposited funds are available almost instantly.
Minimum deposit: Opening a trading account with HotForex can be done online, taking around 10 minutes to complete the required forms. HotForex minimum deposit requirement to open a live account is $5 for the Micro account, $100 for the Premium account $100 and for the Auto and Zero Spread accounts $200. For the HFcopy account, if a user registers as a strategy provider, the minimum deposit is $500, if instead register as a follower, then the minimum deposit is $100.
Withdrawal fees: HotForex also waives the withdrawals fees (withdrawal times vary from instant to 2 to 10 working days). However, deposits/withdrawals may incur fees on payments to and from some international banking institutions, and HotForex accepts no responsibility for such bank fees. For more information, please visit the HotForex deposit and withdrawals info page.
Inactivity fee: Currently, HotForex does not charge any inactivity fees or any other account maintenance fees.
HotForex Popularity
The great popularity enjoyed by this CFDs broker is undeniable. With HotForex investors can trade with robust trading platforms, the classic MT4 and the next-gen MT5, allowing all types of strategies and to suit all kinds of traders. But the key factor for HotForex popularity with the trading community is its competitive trading conditions and spreads, and the appealing promotions offered by the broker.
For example, HotForex offers to qualified traders an up to 3% return on free margin, giving users daily earnings credited directly to the wallet that can be used to trade or withdraw. The earnings are calculated based on the account daily free margin and the current month’s accumulated trading volume. The total return will be credited to the trader’s wallet every month.
Also popular with the trading community is HotForex’s Loyalty Program, with 4 different reward levels. The more active trading days a user accumulates, the more HotForex Bars the user will earn per each round-turn lot traded. The HotForex Bars can then be converted into credit bonuses, trading services and cash (1000 minimum HotForex Bars can be redeemed for cash).
And then, pushing the broker’s popularity even higher, is its sponsorships, giving the HotForex brand a global presence. For example, those who are fans of football probably saw the brand logo on the Paris Saint-Germain F.C. player's jerseys.
Popular trading account: The HotForex Zero Spread account is the popular choice with traders looking to save on trading costs, with lower spreads and a competitive commission of $6.00 per lot.
Trading education
HotForex also gains extra popularity points for its extensive range of quality educational materials, available through the "Tools” and “Education” tabs on its website. HotForex clients can listen to the broker’s podcasts and access the latest market news and blog. But the best feature of HotForex’s trading education materials is the free, powerful trading tools offered, such as the Sentiment Trader, Alarm Manager, Correlation Matrix and Correlation Trader.
| Research & education materials available on HotForex website | |
|---|---|
| FX Courses - money management, how to trade the markets, etc. |  |
| Market Analysis - daily or weekly market reports | |
| Webinars - live, online trading education with experts | |
| WebTV - live video stream of financial news |  |
| Trading Videos - trading education videos | |
| Trading eBooks - trading education literature | |
| Trading Strategies - technical analysis strategies | |
| Trading Tools - calculators, economic calendar, etc. | |
| Market Signals - suggested buy/sell entries with TP and SL levels | |
HotForex Promotions
HotForex FAQs
Is HotForex a scam?
No, HotForex is not a scam. HotForex is a brand name of HF Markets, a European and highly-regulated CFDs broker with headquarters in Larnaca, Cyprus. The HF Markets Group of companies have licensed and regulated entities in several jurisdictions, including the UK’s FCA, the Cyprus CySEC, and the Dubai Financial Services Authority (DFSA).
HotForex is the brand used by the Group for the international clientele looking for the same trading conditions, execution speeds, accounts offering and pricing of the other companies in Europe, with one difference. And the difference is the availability of higher leverage limits (up to 1000:1) with jurisdictions that do not impose the same leverage restrictions stipulated by the regulators in Europe.
Of course, with an off-shore regulated entity, such as the HF Markets (SV) Ltd, the HF Markets Group can also offer attractive promotions and bonuses to new clients, through its HotForex brand – currently forbidden by regulators in Europe. Please note that HF Markets (SV) Ltd, trading as HotForex, does not provide trading services to residents of the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu and EEA countries.
In a nutshell, HotForex is not a scam, it is a popular CFDs broker offering competitive trading conditions, with its Zero Spread account and also trading services for money managers via its PAMM account and private investors, through its HFcopy account.
Can I open a HotForex PAMM account?
Yes, HotForex offers PAMM accounts for money managers registering a live account with the HF Markets (SV) Ltd entity. Currently, the HF Markets SA (PTY) Ltd, regulated by South Africa’s FSA, and also trading as HotForex, does not provide PAMM accounts.
The HotForex PAMM accounts allow investors to invest part of their capital with experienced PAMM Fund Managers, who trade the markets on their behalf. The PAMM Managers, in turn, earn a pre-agreed “Success Fee” when they make a profit for their investors.
As a money manager, users can open a HotForex PAMM account with the choice of opening a Premium or a Premium Plus Account – both available only with the MT4 trading platform.
The PAMM Premium account has starting spreads from 1.1 pip (Premium Plus has starting spreads from 0.3 pip), and no trading commissions (Premium Plus has a trading commission of $5.00 per 100,000 USD traded). Both PAMM packages allow investing in forex, oil, metals and indices, with a maximum leverage ratio of 300:1.
The HotForex PAMM accounts give the Manager access to a large pool of funds and allow less experienced investors to earn money on Forex and related markets without having to do the trading themselves.
How to open a HotForex PAMM Manager account?
It’s quite easy really, but aspiring money managers need to be registered clients of HotForex in the first place. Then, for existing clients, log in to your myHF dashboard, then click on “PAMM V2” Accounts, followed by “My Manager Accounts”. Digitally sign the PAMM Terms and Conditions and the LPOA to proceed. After that complete all the fields in the Create PAMM Manager Account form. Upon completion, click on “Open Fund Manager Account” to confirm the parameters for the Manager Account. Finally, click on “Add Funds” to make a deposit in the PAMM Manager Account and activate it. The minimum deposit required to open a HotForex PAMM Manager account is $250.
How to open a HotForex PAMM Investor account?
Similar to the same procedure to open a PAMM Manager account, investors need to be registered clients of HotForex beforehand. Registered clients can then log in to their myHF dashboard, then select “PAMM V2” Accounts, followed by “My Investor Account” and click on “Choose New Fund Manager”. Investors will be redirected to the Performance Page of the PAMM Managers. Once the PAMM Managers offers have been carefully reviewed by the investor, the PAMM Investor account can be initiated by selecting the “Add Funds into...” tab on the chosen PAMM Manager page. The minimum deposit required to open a HotForex PAMM Investor account is $250.
How does it work?
A money manager opens a HotForex PAMM Account and activates the account by allocating an initial investment as the “Manager's Capital”. Then the money manager decides on the offer, in which the terms for any investor that wants to invest with that manager are listed.
Investors search through the PAMM Account Rankings to find a manager that could suit their risk appetite, or that they would like to invest with.
Once the investor transfers funds into a manager’s PAMM account, the money manager will start taking trades on its PAMM Manager account using both the investor and the manager’s capital. Profits and losses in the PAMM Manager account are divided amongst the manager and the investor(s) based on their share in the account.
What can I trade with HotForex MT4?
With the HotForex MT4, investors can trade over 1,200 financial instruments from 6 different asset classes: forex, metals, energies, indices, stocks, shares and commodities.
These asset classes can be traded with the HotForex Micro account as well as the Premium and Zero Spread accounts, with different leverage ratios. The Micro account leverage is capped at 1000:1, the Premium and the Zero Spreads account at 500:1.
The HotForex MT4 accounts allow investors to trade over 50 FX pairs, with 15 Majors and 38 Minors and 6 metals – Palladium, Platinum Gold and Silver versus the USD and the EUR. Also offered, 2 energies spot contracts, US Oil and UK Oil and 2 energies futures contracts on US Oil and UK Oil.
Regarding indices, with the HotForex MT4 investors can trade 11 indices spot contracts, including major exchanges such as AUS200, UK100 and US100 and 12 indices futures contracts including the EU50, JP225, US500 and VIX.
The HotForex MT4 accounts also give access to 54 shares derivatives of global companies and banks and the opportunity of trading 946 stocks CFDs of top banks and companies with DMA access to global exchanges.
To conclude the offering, investors can use the HotForex MT4 accounts to trade the price of 3 popular government bonds – Germany, UK and US, 34 prime ETFs tracking the equities performance in different industries and sectors and 5 soft commodities – Cocoa, Coffee, Sugar, Cotton and Copper.
The HotForex MT4 accounts have no setup costs, and the minimum trade size is 0.01 lots on several asset classes. HotForex’s MT4 accounts are available in several deposit currencies: USD, EUR, NGN and JPY, and the minimum deposit ranges from $5 for the Micro account, $100 for the Premium account and $200 for the Zero Spread account.
Where can I get the HotForex app?
The HotForex app can be used to help investors understand the markets with access to excellent trading tools and the latest news, updates, and financial analysis. The updated HotForex app now features direct access to the user’s myHF area.
With the HotForex app, traders can manage their accounts and funds by simply login into the myHF area on any mobile device. Users can also keep up to date on important announcements and major market movements with real-time notifications and use HF Markets’ trading calculators to help work out risk percentages, pivot points, position sizes, pip values, and more.
The HotForex app is available for mobile devices running on Android, and mobile devices running on the iOS operating system.
What is the current HotForex bonus?
HotForex has several bonuses, and other promotions available; the 100% SuperCharged Bonus, the 30% Rescue Bonus and the 100% Credit Bonus for clients with a live account opened with the HF Markets (SV) Ltd and HF Markets SA (PTY) Ltd entities. Clients opening a live account with the HF Markets SA (PTY) Ltd entity (HotForex South Africa), can also claim a 50% Welcome Bonus.
The HotForex 50% Welcome Bonus, offered by HotForex South Africa, is available only for a selected account type and is directly deposited to the trader’s live account subject to a minimum deposit. In other words, traders opening a live Micro MT4 account with HotForex South Africa and depositing $50 will receive an extra $50 from the broker as a Welcome Bonus, giving the account equity a total of $100.
The HotForex 100% SuperCharged Bonus, available with both entities, applies to every deposit of $250 or more and can be used to earn daily cash rebates of $2 per traded lot paid directly to the trading account. Please note that the maximum cumulative bonus is $50,000 and the maximum cumulative rebates are $8,000.
The HotForex 30% Rescue Bonus, also available with both entities, applies to every deposit of $50 or more and can be used to increase the account leverage and protect from periods of drawdown (DD%). Please note that the maximum cumulative bonus is $7,000.
The HotForex 100% Credit Bonus, available with both entities, can be used to increase account leverage, effectively making the stop out levels on cash balances zero. The HotForex 100% Credit Bonus can be withdrawn if volume requirements are met.
What is HotForex minimum deposit?
HotForex minimum deposit for a Micro account is $5, for a Premium account is $100, for a Zero Spread and Auto accounts is $200, for a PAMM account is $250 and for the HFcopy accounts is $500 for strategy providers and $100 for followers – or the equivalent in the other accepted base currencies.
Traders can fund their accounts with multiple payment methods, including wire transfer (minimum is $100), debit and credit cards (minimum is $5) and several e-payment solutions, for traders funding their live accounts with Fasapay, Neteller and Webmoney the minimum deposit accepted by HotForex is $5. Traders choosing Skrill and VLoad to fund the trading account will have to deposit a minimum of $10.
HotForex also accepts account deposits in several cryptocurrencies, processed by Bitpay, including Bitcoin and Ethereum.
Deposits to a HotForex trading account are free, with the broker covering any deposit fees, except for bank wires that are subject to fees for deposits up to $100 and VLoad – fees by this payment processor are not covered.
HotForex review - final considerations.
We conclude our HotForex review with the final considerations regarding this popular CFDs broker. HotForex stands out for its complete range of trading accounts, suitable for all kinds of traders and also investors, via the HFcopy account. The highlight goes to the HotForex Zero Spread account, with competitive trading costs, especially for the forex market, with an average of 0.1 pip spread for the EUR/USD pair, for example, and slightly below the industry average trading commission of $6 per traded lot (100,000 currency units).
The trading environment offered by HotForex, and the fast execution speeds provided to investors, allows for the best transaction costs. HotForex clients are also allowed to hedge, scalp, use automated trading systems, swing or position trade, with no restrictions.
The other great feature of this broker is its reputation and global popularity. The HotForex brand is part of the HF Markets Group of companies. The HF Markets Group is a highly-regulated CFD broker, with entities supervised by the UK’s FCA and the Cyprus CySEC financial authorities, so traders can rest assured that when trading with HotForex, they are trading with a solid broker.
Overall, the competitive pricing of the HotForex Zero Spread account together with the excellent range of financial instruments offered, merged with a low initial deposit of $5 (for the Micro account), position this CFDs broker on the top 10 brokers for popularity with traders opening a trading account in 2021.
HotForex User rating
HotForex reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.
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HotForex verified customers - with a live trading account - recommend the broker for its stable servers with fast order execution speeds. Traders were also very pleased with HotForex’s customer support service for their efficiency, and also on a positive note, traders praised the broker for its withdrawal's efficiency and the no-fees policy.
Negatively, some HotForex users complained about the broker's spreads, stating they were slightly above industry average, and the occurrence of some slippage.
Review sources
For more than 10 years we have been one of the leading IB brokers of forex and CFD trading accounts to virtually all of the world's top forex brokers. One of our primary goals is to help traders make informed decisions by publishing accurate and unbiased content, supported by primary sources.
These may include information supplied by the broker, government data, data available on the broker's corporate website(s), the analysis from our industry experts, and the opinions from verified traders with a live account. The information on the HotForex review page was also sourced from:
- South Africa Financial Sector Conduct Authority website, HF Markets SA (Pty) Ltd, company details page.
- Seychelles Financial Services Authority website, HF Markets (Seychelles) Ltd, company details page.
- St. Vincent & The Grenadines Financial Services Authority website, HF Markets (SV) Ltd, company details page.
- HotForex global website, HotForex Accounts, trading accounts comparison page.
- HotForex global website, HotForex Zero Spread Account, trading commissions schedule page.
- HotForex global website, FAQs, frequently asked questions page.
- FXverify website, HotForex user reviews by verified traders with a live account, reviews page.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Check the HotForex website at www.hotforex.com for the percentage (%) of retail investor accounts losing money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
