The foreign exchange market or Forex is one of the hottest markets as well as the world’s largest financial market. An estimated average of $3.6 trillion is traded every day in Forex markets. As a Retail Forex Trader, you can take part in this dynamic world via one of many Forex broker websites. In this review, we’ll be looking at HotForex and discussing the many advantages they offer to their clients.
HotForex is a regulated and licensed online forex and commodities broker. They are located in Mauritius, but are supported worldwide by their Customer Management Center. This allows them to serve countries all over the world. They strive to be the most reliable broker in the forex industry. Because of this goal, they offer many different accounts, tools and products to help their clients succeed in Forex trading.
HotForex has a Category 1 Global Business Licensed, which is issued by the Finance Services Commission of the Republic of Mauritius. They partner with NinetyEast Fund Services Limited to administer all segregated client accounts. With this, you know your money and information is kept safe and secure. They have even won several awards, including Best Forex Broker Western Europe and Top 100 Companies from World Finance Magazine.
HotForex offers tight spreads that are as low as 0.4 as well as flexible leverage up to 1:1000. They allow EAs, scalping and hedging, and have a unique HotForex debit card. They claim unlimited earning potential, superior trading tools, safe trading and many different trading platforms.
All these great products generate a lot of money, but HotForex uses their profits to give back to the community. They offer charitable donations and other social initiatives to SOS Children’s Villages, The Rotary Club, Red Cross and UNICEF.
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Top Features of HotForex
HotForex has offers many great features for its users. There are too many to list them all in detail. However, some of the most impressive features and tools include:
- One click trading to make trading faster and easier than ever
- Forex education, e-courses and video tutorials help beginners and advanced traders alike
- Technical analysis reports to keep you up-to-date on current trading information
- Auto trading does the work for you
- Auto Withdrawal to transfer money to and from your HotForex account instantly
HotForex’ main trading platform is the industry standard MetaTrader 4, which is available for your PC. HotForex’ MetaTrader 4 platform has everything you need to get started with Forex trading, including 50 built-in indicators and tools as well as nine timeframes for each financial instrument. If you’re away from home, using a different computer is no problem. HotForex features WebTrader, which allows you to access your account via any computer without downloading the program.
When you’re on the go and don’t have access to a computer, don’t fret. You can still access your HotForex account via their many mobile trading platforms. You can download the app directly onto your computer and then transfer it to your phone or tablet. If you have an iPhone, iPad or Android device, they also feature their mobile platform in both the Applestore and Android Market.
If you’re not quite ready to get started, open a demo account. HotForex promises that their demo accounts simulate the Live trading environment as closely as possible. As a result, you’ll gain a real picture of what Forex trading is like. Demo accounts include:
- Access to MetaTrader 4 and WebTrader, so you can learn to use them before you go live
- Start with a virtual balance of $100,000
- Real market conditions makes learning Forex honest and real
- Unlimited usage of your demo account, so you can learn everything you need before you get started
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HotForex Account Types
HotForex offers many different live accounts, so there is a perfect one to meet your skill and budget. The most basic plan, and the one designed for new traders, is the Micro Account. With a Micro account, you can start trading with an opening deposit of $5. For a little more risk and reward, a Premium Account can be opened with a deposit of $500. VIP Account holders get their own personal dealers, but the minimum opening deposit for this account is $40,000.
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A FIX Account can be opened with a minimum balance of $500. This account has fixed spreads, which gives you more control over your trading. An Islamic Account requires a minimum opening balance of $150. It features no SWAP, and is appropriate for Muslim clients because it does not violate Islamic law. With a minimum opening balance of $500, you can also open a Currenex Account. Currenex Accounts are tailored to experienced retail traders and favors scalping strategies.
If you want to risk more in exchange for possibly more reward, but you are nervous about making your own trade decisions, open an Auto Account. An Auto Account requires a minimum opening balance of $500. In return, you get access to Trading Signals, which you can automatically copy.
Other, more specific accounts designed for expert traders, include:
ZERO Spread Account
|Minimum deposit of $100, access to Interbank Spreads, great for scalpers, high-volume traders and traders with Expert Advisors.
||Possibility of much higher returns, account transparency, have more than one fund manager.
||Allows you to benefit from Professional Wealth Management Services.
Criticism of HotForex
We tried to find something wrong with HotForex, but there isn’t really much to say in that area. The site is easy-to-navigate, and they are up front with their different accounts and products. Plus because they offer so many different accounts, there is something to meet anyone’s needs.
We even searched public forums regarding HotForex, but most clients are impressed and satisfied with them, claiming they have low spreads and great customer service. Of course, there were a few people who had a bad experience, but the majority of reviewers were quite satisfied with their HotForex experience.
If you need to contact HotForex customer service, you have plenty of options. Support is available 24 hours a day, five days a week. Plus, many accounts come with a personal account manager, who can also offer assistance on trading or answer basic questions about the site. For urgent questions, you can live chat with a customer service representative or contact via phone. For less urgent questions, shoot them an email or contact them via social media. There is also a FAQ, which shows answers to the most common questions.
In addition to their customer service, HotForex offers market analysis and news, which may allow you to answer your own questions. Even before you open a demo or live account, HotForex gives you access to some basic Forex information. This lets you decide if Forex is right for you. Once you open an account (demo or live), you’ll also have access to their e-learning course, which teaches you the basics of Forex, how to understand charts, different trading strategies and technical analysis.
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HotForex also features video tutorials, which are available in five languages. There are three different tutorials. One helps you learn how to use the MetaTrader 4 software. The second is designed to help Forex beginners, and the third is for advanced traders.
HotForex is striving to be the best in the Forex business. They offer many different accounts, tools and learning information, making it easy for beginners to get started. With so much available to their clients, we definitely recommend HotForex, whether you are new to the world of Forex trading or a seasoned pro.