What is HotForex?
Before giving you my opinion about this broker, let’s see what it is about and what features it has.
It is one of the best known and most popular brokers in the world of Forex, especially regarding ECN-type accounts.
HF Markets is the new name for the HotForex broker in Europe, a Forex and CFD broker originally from Cyprus and which also operates from the United Kingdom and other jurisdictions.
Hot Forex Broker
However, in the international subsidiary it continues to use the name HotForex .
This broker is regulated by CySEC and the English FCA.
It is also a broker with regulations in the Mauritius, the Seychelles (FSA) and in South Africa (FSCA).
For the avoidance of confusion, European clients will normally have to open the gutter with the new London-based HFMarkets broker, while international clients can open the classic HotForex account.
International accounts are those that are not affected by ESMA, and for example, traders in Latin America and Asia can enjoy greater leverage and even offers.
Try leverage of up to 1,000 to 1 with a free demo account (not for traders residing in Europe).
Despite having these different regulations and subsidiaries, the broker belongs to the same group: HF Markets, which gives an extra touch of security.
The only countries that the broker cannot provide services are: United States, Canada, Sudan, Syria, and North Korea.
Among the security measures offered by this broker are:
Segregated customer accounts
Insurance signed with Renaissance Insurance for 5 million euros for extra security coverage
Protection against negative balances, so that no customers will have to pay if they do so.
HotForex Customer service
There are many ways to contact the broker.
We can see the enormous number of phones and emails that we can go to, in addition to the addresses of the numerous offices of the group.
The easiest way is through live chat.
The general email is: email@example.com
The phone number for Spanish-speaking traders is: +57 1794 0916
HotForex bonuses and promotions
One of the main advantages of the HotForex broker is the large number of bonuses and offers available to international clients.
This is something that only international brokers with a profile like this can offer.
As we well know it is something that European brokers and clients have banned.
The most important Hotforex promotions are:
Loyalty programs on four levels
Supercharged bonus. With which you can get up to 2 USD per lot traded in the account. Applies to accounts with deposits of more than 250 USD
30% ransom bonus. It can be lost in trading but cannot be withdrawn
100% credit bonus
Various contests and prizes:
Demo account contest
Annual Trader Awards
In addition to bonuses there are always new and different types of promotions
Without a doubt, the part that most interests traders is that of bonds.
The 100% bonus is for accounts of $ 250 or more.
The 30% redemption bonus is for accounts over $ 50.
Although there is one thing to keep in mind: you should not base your trading strategy on winning with the bonus.
Like all bonds in the Forex market, they have conditions that must be met and are not easy to achieve.
Click here and access HotForex promotions (not if you are a European trader).
HotForex education and training
HF Markets offers many diverse and educational services like economic calendar, market analysis, VPS hosting, market sentiment, automated trading, one click trading, trading calculators, live webinars, blog, video tutorials, e-courses , etc.
HotForex open account
Opening an account with HotForex is easy.
We simply have to register on their website and then send our identity documents and proof of residence.
Once they are reviewed and accepted they will proceed to activate the account.
In total it is a process that lasts quite a bit since the HotForex customer service is quite efficient.
Once the account is activated we can enter our first deposit through one of the different channels and start operating.
HF Markets minimum deposit
The minimum deposit is: 5 USD for micro, 100 for Premium, 200 for Zero, 200 for Auto, 250 for PAMM and 500 for HFCopy.
The deposit methods are:
Visa and Mastercard cards: minimum 5 USD
Transfer: minimum 100 USD
Bitpay: minimum 5 USD
FasaPay: 5 USD
Neteller: 5 USD
Skrill: 5 USD
Webmoney: 5 USD
Hotforex does not charge commissions on these deposits.
The minimum amounts of withdrawals are the same and there is no commission charge for it.
card, transfer, WebMoney, Skrill, UnionPay, Neteller.
Hotforex broker accounts
HotForex is one of the brokers with the most types of accounts.
The main ones are:
Types of Hot Forex Accounts Leverage Spread Deposit USD
Micro 1,000 Variable 5
Premium 500 Variable 100
Zero 500 Variable 200
Car 500 Variable 200
Pamm 300 Variable 250
It has something for everyone. From micro to Zero, through social trading.
The PAMM and HCopy accounts, the copy trading service of this broker, deserve special mention.
Undoubtedly, the flagship account of HotForex is the Spread Zero account, in which you enjoy spreads close to zero in the main pairs, plus the commission that must be paid. This is the most popular account among international operators.
The platforms offered by HotForex are MetaTrader 4 and Metatrader 5, as well as the respective mobile applications, Web platforms and API / FIX services for institutional clients.
Pamm HotForex account
One of the most popular HFMarkets Global accounts is the PAMM , with which its clients have the option to register and invest their money in the professional operators that offer their services through this program.
As is typical for PAMM programs, this broker has a fairly wide selection of professional account managers targeting your program.
Private customers will be able to choose among those that have the best characteristics, as the performance of these PAMM accounts is public.
With the tools of HF Markets, investors can follow their positions in real time, in addition to enjoying all kinds of analytical tools.
Furthermore, the interesting thing about this program is that by meeting the right conditions we could become PAMM fund managers.
A similar program is HFCopy, which is basically a copy trading service in which traders can follow and offer signals depending on how well they operate.
HotForex products, spreads and commissions
One of the things this broker is known for is being one of those with the smallest Forex spreads.
However, the range of products is broader than what your brand name indicates covering raw materials, indices, stocks or cryptocurrencies.
As with Forex, the leverage is much higher than that offered by European subsidiaries.
For example, we have the following leverages or margins:
Stock CFDs: 7% margin (equivalent over 12: 1 leverage)
Gold CFDs: 200 to 1
CFD IBEX35: 200 USD margin
CFD SP & 500: margin of 160 USD
Bitcoin: 10% margin
As we can see, margins vary quite a bit between products, but in general it is one of the brokers with the highest leverage in the world today.
Some of the best known brokers on the market have higher spreads than Hotforex
Typical HotForex spreads
Markets Typical spread
DAX 30 1.9
These spreads can vary depending on the type of account chosen when trading with the broker.
HotForex Reviews 2019
HotForex is a fairly popular broker in the Forex world.
This is due to the number of offers and resources it offers and it has been among the leaders of the international Forex markets for 10 years.
In fact, it is a broker that always appears in the top positions of the Forex brokers with the highest volume of global trading.
Furthermore, to this day it has maintained a good reputation in the broker market.
We can find numerous opinions on it, especially on the subject of bonuses, promotions and spreads to trade Forex.
In Rankia, for example, it has a fairly broad thread in 2017 in which they ask if it is better to open an account in this broker or IG Markets, where it does not go wrong, although many of the foreros gave opinions as if it were a traditional type stock broker like others in Spain, which is not the case.
In 2018, we highlighted activity on the Trade2win forum, with the announcement of new demo account trading contests.
One of the biggest advances that this broker gave was to create the license in the FCA with its subsidiary there (HF), something that was announced among other sites in the Elitetrader trading forum.
In the line of those commented, we can find some threads from years ago where they commented that Hotforex had the lowest spreads on the market.
On reddit there are numerous threads and questions about this broker. In particular there is a new 2019 topic where they ask about the HFcopy service.
We can also find threads from 2015 and 2016 talking about the PAMM service.
As with the rest of the major brokers on the market, we can also find an updated thread in the Forex Factory forum, in case you want to take a look to see the latest news.
On these sites, even in English, you can always find interesting information. The only thing we need is to use a translator if we have problems with the language.
For the rest, comment as always, that in all brokers there are better and worse opinions and more if there are bond issues in them. An issue that novice traders misunderstand quite a bit. They think they are easy to get, but nothing is further from reality.
Hot Forex review
As we can see, it is a very complete broker with an enormous offer of services both internationally and regionally.
Obviously, those in the global region have a much greater choice than European clients, who do not have this type of spreads and promotions.
For example, leverage of up to 1000 to 1 is light years away from what is offered in Europe, although it is not necessary as much, there are people who like to operate like this.
The topic of the rebranding is curious because Hotforex was doing very well, but the name did not stop sounding a little niche to say the least.
With the new name in the European subsidiaries, the broker shows that it is not only Forex what it offers but a global trading service that goes from currencies to cryptocurrencies, including stocks, copy trading and much more.
As for promotions, it is a leading broker among those I have seen around the world.
If that is what you are looking for and you are not in Europe, this is one of the brokers where you will find the greatest offer of products.
Now, I repeat again: do not base the hope of becoming a professional trader with bonuses and promotions. You should rather forget about them.
Other services to highlight are those of PAMM or HFCopy for those who like to perform social trading services.
However, in this last matter I have to say something: I think they would do better to unify both services and thus try to create a stronger product. I would bet on a global social trading platform to try to deal with the giant eToro.
Obviously, the international subsidiary offers more services and better conditions, without implying that England’s is bad, far from it.
The subject of leverage is a curious one.
Bitcoin offers massive 10: 1 leverage.
In stock CFDs it is also very high: over 14 to 1.
In Forex it is above 100 in most cases.
However, in index CFDs the leverage is “irregular”.
For example, the leverage of the IBEX 35, with 200 USD would be equivalent to more than 40: 1, much more than that available in Europe. But that of the S & P500, would hardly be almost 20: 1.
As for the spreads, it does indeed have some of the best on the market, be it in Forex, indices, gold or cryptocurrencies. Few brokers outperform it in this field. For example, with a typical spread of $ 30 , it is one of the best brokers for this cryptocurrency.
You can see the opinion of this broker and HF Markets on video here .
Is HotForex safe?
In terms of regulation and security, it has gained many points with the incorporation of regulation in the FCA and with the opening of an office in London.
Now it is a broker with 5 regulations in the world, one of the most.
This is certainly a pretty good plus point.
However, when it opens, it has international subsidiaries that will operate with the offices of those countries.
Another point to note is that it has a website and customer service in Spanish, hence one of the keys to the popularity of this broker in the Spanish-speaking market, where it has a fairly strong presence.
One of the keys to that initial popularity was the PAMM account service, which made it one of the most popular brokers in that field years ago, and the enormous amount of resources, both for promotion, education or a variety of trading accounts, as well as products.
In general, a fairly solid broker with a good offer.
One of the best options if we want to do ECN trading, or look for promotions (if we are outside Europe).
Country: Cyprus, UK, Mauritius, South Africa
Regulation: FCA, CySEC, DFSA, FSCA, FSA
Markets: Forex, CFDs
Type: Market Marker / ECN
Minimum deposit: 50 USD
Deposit methods: card, transfer, Moneybookers, Skrill, UnionPay, Neteller
Platform: Web, Mobile, MetaTrader 4, Metatrader 5
Spread: from 0 pips
Commissions: Yes (in ECN accounts); No (in market maker accounts)
Automatic trading: yes
Visit HotForex and start trading spreads from 0 pips
Risk Warning: CFDs are complex instruments and have a high risk that capital may be lost quickly due to leverage. Between 74 and 89% of retail account investors lose money when trading CFDs.