HotForex is very famous in the world and has a high reputation.
HotForex is licensed by the financial authorities of many countries and can be said to be a reliable broker.
By the way, I also have an account in HotForex in Thailand, I have a very good impression that I got support quite kindly at the beginning.
- Overview
- HotForex Advantage and Disadvantage
- HotForex is Recommended for Such Traders!
- Is HotForex a Reliable Broker? Or Scam?
- HotForex Products
- Can Cryptocurrencies be Traded in HotForex?
- HotForex Account Types
- HotForex Allows up to 7 Multiple Accounts
- HotForex Copy Trading
- HotForex Bonus Programs
- HotForex Deposit / Withdraw Options
- HotForex Educational Content
- HotForex Customer Support
- Try HotForex Demo Account for Free
- Summary
Overview
| Company | HF Markets (SV) Ltd. |
| Established | 2010 |
| Regulated by | CySEC(Cyprus) |
| Max Leverage | 1:1000 |
| Spreads *STP/Avg. | 1.2pips/EURUSD、1.7pips/USDJPY |
| Commission *ECN | $8/lot |
| Products | Forex:53, Index:23, Metal:6, Energy:4, Commodity:5, Crypto:12, Stocks:56, Bond:3 |
| Account Types | 6 Types (MICRO, PREMIUM, ZERO SPREAD, AUTO, PAMM, HFCOPY) |
| Bonuses | 5 Types (Deposit, Loyalty Program, etc.) |
| Negative Balance Protection | Yes |
| Stop Out | 10/20% |
| Deposit & Withdrawal Fees | Free |
| Support | Phone, E-Mail, Chat |
| Platform | MT4、MT5 |
HotForex Advantage and Disadvantage
- Customer assets are segregated
- Has numerous financial licenses and is highly regarded in the world
- Rich bonus programs
- A lot of products
- Can trade crypto
- Can deposit/withdraw by crypto
- Can use copy trade service
- High leverage up to 1000 times
- Negative balance protection system
- Value of the bonus is lower than other brokers
HotForex is Recommended for Such Traders!
- Want to use the world’s leading and popular broker
- Highly rated vendors can rest assured
- Want to start with small capital
- Want to trade crypto as well
- Want to deposit/withdraw with crypto
- Need negative balance protection
- Want to use trustworthy broker
Is HotForex a Reliable Broker? Or Scam?
We can say HotForex is a reliable broker.
As I can see because I live in Thailand, HotForex is a forex trading company that is expanding on a global scale.
HotForx also has an office in Thailand, and at the beginning when I open an account in HotForex, I received a direct call and they supported me. (Lol)
I have a good feeling about their activities.
HotForex Licenses
HotForex has the following licenses.
HotForex has multiple licenses depending on the region where the service is provided.
In particular, the FCA in the UK seems to be famous for the particularly strict examination of acquisition and renewal, and HotForex who has acquired this seems to be quite reliable even if you look at only this.
- CySEC (Cyprus)
- FSA (Saint Vincent and the Grenadines)
- FCA (United Kingdom)
- DFSA (Dubai)
- FSCA (RSA)
- FSA (Seychelles)
HotForex Asset Conservation
Is there any measure to protect customer assets?
What happens to our assets (margin and profits deposited) if the forex broker goes bankrupt?
It should be decided that the forex broker who can guarantee customer assets as much as possible is more reliable.
It is the asset conservation system to evaluate it.
There are two main types of asset conservation systems.
- Conservation Trust
- Segregation of Funds
Conservation Trust is more reliable.
Conservation Trust means depositing all the customer assets to a third institution such as a bank. Forex brokers cannot withdraw funds without permission unless the customer instructs them to withdraw. Even if the forex broker goes bankrupt, the customer’s assets (balance at that time) are protected and guaranteed.
Segregation of Funds is to manage the operating costs of the forex broker and the assets under custody from the customer in separate accounts. Unlike Conservation Trust, the management is done by the forex broker itself, so even if the forex broker goes bankrupt, the customer’s assets are may not fully guaranteed.
How does HotForex manage customer assets?
HotForex manages customer assets by Segregation of Funds.
It is not Conservation Trust, so it’s a little less reliable.
However, since RENAISSANCE insurance covers up to 5 million euros, it seems that the minimum assets are protected even in the unlikely event of bankruptcy.
From the above, it can be said that HotForex is a reliable broker.
HotForex Products
HotForex offers 162 products.
HotForex handles a large number of products.
It’s a very attractive broker.
HotForex handles all kinds of products, not just large numbers.
In addition, the number of brands of each product is relatively large.
Among the forex brokers I am introducing, HotForex is the only one that handles bonds.
Bonds are not suitable for scalping because the daily price fluctuation is not so large, but the price will still move in the medium to long term, so it is a product that can be asset-formed by leveraging and holding it for a long time.
- Currency : 53
- Index : 23
- Energy : 4
- Metal : 6
- Commodity : 5
- Crypto : 12
- Stocks : 56
- Bond : 3
- Total : 162
Please refer to another article for a detailed explanation of the products handled by HotForex and the terms and conditions of the transaction.
Also, trading gold is very popular at HotForex, and you can read more about it in the separate article “Trade Gold with HotForex | Low commissions!“. Please visit it.
Can Cryptocurrencies be Traded in HotForex?
Can we trade cryptos in HotForex?
As you know already, we can trade cryptos in HotForex.
Recently, trading of cryptocurrencies such as Bitcoin, Ripple, Ethereum and Other Altcoin has become popular again.
It is very popular with short-term traders due to its large price fluctuations.
Bitcoin has also risen steadily, finally surpassing $ 20,000 in late 2020. There are also long-term traders.
HotForex allows you to trade 9 Cryptocurrencies / 12 pairs.
HotForex has major crypto including the popular Bitcoin.
The maximum leverage for cryptos is 1:10, which is considerably lower than the currency pair, but it is still very attractive to be able to trade cryptocurrencies with the same account.
In the separated article “Best Forex Broker for Crypto Trading“, I also explain not only HotForex but also another forex brokers that offer crypto trading.
Please take a look!
HotForex Account Types
HotForex provides 6 types of account mainly.
AUTO is for signal trader copy only, PAMM account is for transactions that entrust fund management to pro traders, and HFCOPY account is for copy trade. There are Islamic accounts as well, but I think that most of traders will use one of the three accounts described below, so I will not explain the other accounts here. Please check the official website for details.
Zero Spread account does not receive bonuses. Also, since commission will be charged on each trades, it can be said that it is for swing traders.
There are not many major differences between Micro account and Premium account. Only the maximum trading lot and leverage affect the trade. The spreads are the same.
Micro account is for beginner traders who trade in relatively small lots.
If you cannot decide choosing one, I recommend you to choose Premium account.
Regarding HotForex all account types, refer to the separate article, “HotForex All Account Types” that explain you the detailed specifications and conditions.
Also, regarding opening an account, please refer to the separate article “How to open HotForex account“, which explains the procedure for opening an account using images.
＼Just 3 minutes!!／
>>Read More About HotForex Account Types
HotForex Allows up to 7 Multiple Accounts
You can open multiple accounts up to 7 in HotForex.
Maximum number of accounts is defined by trading platform, up to 5 in MT4 and up to 2 in MT5. Total is 7.
Creating an additional account enables more risk-reduced and efficient operation.
With additional accounts, you are free to choose not only the account type, but also the account currency, leverage, trading platform, etc., just as you would when you first created an account.
By changing the account type or the conditions such as leverage, you can separate the currency pairs and products to be traded for each account, trade with different leverage, separate the discretionary trading and EA (automatic trading) trading accounts, it will be easier to manage.
If you cannot decide account type for the first account, let’ select Standard account.
If you want to try another account type, you can add an account and select it.
Also you can easily transfer funds to additional accounts from the website.
Please also refer to the separate article “How to Open HotForex Additional Account“, such as how to open an additional account and how to operate using multiple accounts to reduce risk.
＼Just 1 minutes!!／
HotForex Copy Trading
HotForex offers a copy trading service called “HF Copy”.
Traders called “Strategy Providers” who have passed HotForex’s screening process will deliver the trade signals.
All you have to do is create a dedicated account for HF Copy and follow your favorite strategy provider.
If you follow a good strategy provider, your money may grow by itself without your effort.
For more information about HotForex copy trading, its features, the difference between copy trading and EA (automated trading), and how to start copy trading in HotForex, please refer to the separate article “HotForex Copy Trading | Powerful Trading Automation“.
Please take a look at it!!
HotForex Bonus Programs
One of the features of HotForex is that HotForex provides various campaigns for a limited time.
As of August 2021, HotForex is providing following bonus programs.
- 50% Welcome Bonus
- 30% Rescue Bonus
- Rebates
- ROFM (Return on Free Margin)
- Loyalty Program
50% Welcome and 30% Rescue is a deposit bonus program.
Rebate is a cashback service according to transaction volume.
Loyalty program is a cashback service according to transaction volume as well as self-rebate, but there are services that can be exchanged other than cash.
So it’s close to a point program.
Please note that the 30% Rescue Bonus requires application at the time of opening an account, is applicable only to micro accounts and premium accounts, and is applicable only when the trading platform is MT4. Not MT5.
Self-rebate applies to all accounts.
The loyalty program is a points program and applies to all members regardless of account types.
Please refer to the separate article for the eligibility conditions of bonus programs and promotions.
>>Check HotForex Campaign Programs
HotForex 30% Rescue Bonus
A 30% bonus will be given when you deposit.
A minimum deposit of $ 50 or more. It is a one-time application. The limit is $ 7,000.
Please note that the bonus itself cannot be withdrawn. Also, if you lose more than the deposit amount, the bonus will disappear.
Regard to other brokers, if all deposit amount is lost, bonus will still remain as credit. But in HotForex, no.
So, you can think of it as a way to increase the margin by 30% of the deposit amount while there is no loss.
The 30% rescue bonus must be specified when opening an account. Don’t forget to apply if you want. Only MT4. Not MT5.
For more information, please refer to separated article, “HotForex Bonus Program Review“.
>>Learn More About 30% Rescue Bonus
HotForex Rebates Program
There is cash back depending on the trading volume.
The conditions and rebate rate are detailed and disclosed on the website.
Conditions are,
- Need deposit more than $250
- Applies to only one account per customer
- Maximum cashback is $ 8000
- For positions of 0.1 lot or more
- Forex and Gold trade
- Automatic calculation every time the position is closed
- $ 2 cashback per lot
- Penalty for transactions within 2 minutes
- Pay daily (starting at $ 5)
Since it is cash back, you can withdraw the full amount unlike other bonuses. While you are trading, you will earn a fair amount of money. Please make use of it.
For more information, please refer to separated article, “HotForex Bonus Program Review“.
>>Learn More About 30% Rescue Bonus
HotForex Loyalty Program
HotForex offers a loyalty program.
Points called “Hot Forex Bar” are accumulated according to the transaction volume and can be exchanged for various products and services including cash back.
For all members, they will start with a rank called Red, and as the number of trading days increases, the membership rank will go to Silver, Gold, Platinum.
The number of bars you can get depends on your membership rank. You can get 6 bars per lot for red and 12 bars for platinum.
The accumulated HF bar can be exchanged for various services such as cash back, free use of VPS, and 1 hour free session with HotForex analysts.
I have only used cashback.
HF bar can be redeemed for $ 1 at 35 bars.
As you trade, HF bars will be naturally accumulated.
Combined with the self-rebate mentioned above, it seems that you can expect a fair amount of cash back.
Registration is required to participate in the loyalty program.
You can register from the member page (MyHF), so don’t forget to register once you open an account.
>>Learn More About HotForex Loyalty Program
HotForex Deposit / Withdraw Options
There are many deposit and withdrawal methods. It depends on your location. Please check in detail on HotForex official website.
Deposit:
Withdraw:
>>Check Deposit/Withdrawal Options
Please refer to the separate article “HotForex Deposit Methods | Fees and Conditions” for details on how to deposit HotForex.
HotForex Educational Content
HotForex offers a lot of educational content.
You can access them from HotForex official website, and they are all available for free.
The contents include educational videos, how to use MT4/MT5 and other tools, webinars (web-based online seminars), and so much more.
The contents range from those for forex beginners to those for advanced traders.
For more information about HotForex’s educational content, please refer to the separate article “HotForex Educational Content“. Please take a look.
HotForex Customer Support
HotForex has support systems around the world and can communicate in any language.
HotForex also offers real-time communication via live chat.
| Customer Support | Supported or not |
|---|---|
| Live Chat | ✔ |
| ✔ | |
| Inquiry Form | ✔ |
| Phone | ✔ |
For more information about HotForex support, please refer to the separate article “HotForex Customer Support | Any Language as You Like!“.
Please refer to it.
Try HotForex Demo Account for Free
In order to know the trading environment and usability in HotForex, it is effective to open a demo account and do actual trading.
HotForex makes it easy to open a demo account.
Opening a demo account with HotForex is unique and, like a real account, you need to submit identity verification documents.
In most other forex brolers, you can use the demo account without verifying your identity, so it’s bit tough to do that.
On the other hand, HotForex holds a contest using a demo account, and if you win, you will get the prize.
It is held every month.
Including how to participate in the demo contest, for details on how to make use of HotForex demo account and how to open it, see the separated article “How to utilize HotForex demo account“.
If you have not decided to trade with HotForex yet, why not try trading with a demo account?
＼Open for Free!／
Summary
It is a broker that is extremely popular and highly evaluated overseas.
Since the amount of information on the official website is large and detailed terms and conditions are disclosed, it is easy to obtain official information and support is polite.
Many traders all over the world choose HotForex, and it can be said that it can be used with confidence and trustworthy.
＼Just 3 minutes!!／
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