Headquartered in Mauritius and established in 2010, HotForex provides secure and supreme trading experience in forex and commodities with excellent customer support and advanced trading conditions.
HotForex is registered under HF Markets Ltd. and is fully regulated by Financial Services Commission (FSC). The broker welcomes traders from all over the world and supplies best possible environment suitable for any type of trading style, including scalpers and expert advisor users.
Awards
Best Online Broker in Asia 2012
HotForex received Best Online Broker in Asia 2012 award by World Finance, world-recognized financial magazine.
Best FX Online Broker 2012
HotForex is honored to be recognized as ''Best FX Online Broker 2012'' by New Europe Magazine. The title shows the acknowledgement of continuous growth and high quality of service of the broker.
Account Types
Following our HotForex review, we have found out that the broker offers 6 trading accounts suitable for all traders from beginners to advanced individuals. Depends on your trading strategy, you will be able to find an account that matches your preferences on funding options, risk management, trade size and other conditions:
Demo Account
Practice your skills and learn the basics of trading with demo account without paying a cent. Demo account provides you with access to the trading platform with real time price feeds with virtual money.
Micro Account
New traders are advices to start with small trade size. Micro account allows you to start trading forex, commodities, indices and CFD with low initial deposit, maximum leverage and powerful MetaTrader 4 platform.
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Trading platform: |
MetaTrader 4, Webtrader and Mobile Trading |
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Spreads: |
from 1 pip |
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Trading instruments: |
Forex, Indices, Commodities and Share CFD's |
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Fifth decimal: |
Yes |
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Max leverage: |
1:1000 |
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Execution: |
Market Execution |
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Minimum opening deposit: |
USD $5 |
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Minimum trade size: |
0.01 lot |
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Trade size increment: |
0.01 |
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Maximum total trade size: |
5 standard lots |
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Maximum Simultaneous Open Orders: |
150 |
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Margin Call / Stop out level: |
40% / 10% (*) |
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Telephone trading: |
Yes |
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Account currency: |
USD, EUR |
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Commission: |
No |
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Raw bonus: |
Flexible Bonus Offerings |
Premium Account
Premium Account is suitable for the needs of experienced retail traders. The most noticeable feature of this account is no limitation on maximum trade size. The account is available with MetaTrader 4 platform in downloadable, web-based and mobile versions.
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Trading platform: |
MetaTrader 4, Webtrader and Mobile Trading |
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Spreads: |
from 1 pips |
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Trading instruments: |
Forex, Indices, Commodities and Share CFD's |
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Fifth decimal: |
Yes |
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Max leverage: |
1:400 |
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Execution: |
Market Execution |
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Minimum opening deposit: |
USD $500 |
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Minimum trade size: |
0.01 lot |
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Trade size increment: |
0.01 |
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Maximum trade size: |
60 lots per position |
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Maximum Simultaneous Open Orders: |
300 |
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Margin Call / Stop out level: |
50% / 20% (*) |
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Telephone trading: |
Yes |
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Account currency: |
USD, EUR |
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MYFX Platform |
FREE (for deposits over 2000USD) |
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Commission: |
No |
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Raw bonus: |
Flexible Bonus Offerings |
VIP Account
Traders with minimum transaction size of 0.5 standard lots can take advantage of HotForex VIP Account with personal dealers and special benefits. With spreads as low as 0.2 VIP account is an exciting options for true professionals.
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Trading platform: |
MetaTrader 4 Pro, Webtrader and Mobile Trading |
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Spreads: |
from 0.2 pips |
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Trading instruments: |
Forex, Indices, Commodities and Share CFD's |
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Fifth decimal: |
Yes |
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Max leverage: |
1:300 |
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Execution: |
Market Execution |
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Minimum opening deposit: |
USD $40,000 |
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Minimum trade size: |
0.5 lots (50,000 units of base currency) |
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Trade size increment: |
0.01 |
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Maximum total trade size: |
No limit |
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Maximum Simultaneous Open Orders: |
400 |
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Margin Call / Stop out level: |
50% / 20% (*) |
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Telephone trading: |
Yes |
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Account currency: |
USD, EUR |
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Commission: |
$3 per 100,000 USD Traded ($6 round-turn) |
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MYFX Platform |
FREE (for deposits over 2000USD) |
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Raw bonus: |
No Bonus |
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Agent Commission: |
0.3** |
Cirrenex
Scalpers looking for raw spreads and minimum trade size of 0.01 can take advantage of Currenex Account to enter forex, indices, commodities and CFDs market. The account uses MetaTrader 4 in all the versions – download, online and mobile.
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Trading platform: |
MetaTrader 4, Webtrader and Mobile Trading |
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Spreads: |
from 0.2 pips |
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Trading instruments: |
Forex, Indices, Commodities and Share CFD's |
|
Fifth decimal: |
Yes |
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Max leverage: |
1:300 |
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Execution: |
Market Execution |
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Minimum opening deposit: |
USD $500 |
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Minimum trade size: |
0.01 lot |
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Trade size increment: |
0.01 |
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Maximum trade size: |
60 lots per position |
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Maximum Simultaneous Open Orders: |
350 |
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Margin Call / Stop out level: |
50% / 20% (*) |
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Telephone trading: |
Yes |
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Account currency: |
USD, EUR |
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MYFX Platform |
FREE (for deposits over 2000USD) |
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Commission: |
$5.00 per 100.000 USD Traded ($10 round turn) |
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Raw bonus: |
Flexible Bonus Offerings |
Islamic Account
Swap Free are available for clients following the Muslim Faith.
The Islamic account type is available replicate many of the features of the HotForex Premium account but with the key feature of no SWAP being applied. This account type is reserved for clients of Muslim faith.
Minimum Opening Deposit: 150 USD
Spreads: From 1 pip
Trading instruments: Forex, Indices, Commodities and Share CFD's
Swap Free Account
Leverage of up to 1:400
PAMM account available
Multilingual Customer Support available 24/5 in 12 languages
MYFX platform for deposits over 2,000 USD
Bonus: Flexible Bonus Offerings
Trading Platforms
MetaTrader 4
HotForex uses the most popular MetaTrader 4 platform with interbank liquidity, fast execution and user-friendly trading interface. The platform allows you to trade financial markets and provides all the necessary tools and analysis instruments to make efficient trading decisions (including automated trading with the use of Expert Advisors).
With over 50 built-in indicators, MetaTrader simplifies analysis and decision making and enables traders to spot trends, define various charting shapes, determine entry and exit points and much more.
The following benefits are included in MetaTrader 4:
Friendly interface
News feeds directly visible in the platform
Preprogrammed analytical tools
Multiple charting and analysis options
Development and use of Expert Advisors (EA)
Multilingual platform
Daily account statement
Real time account history including equity, floating profit/loss etc.
Ability to trail stop loss
WebTrader
HotForex Web Trader offers user-friendly, customizable interface with professional charting functionality and advanve order management tools.
WebTrader is based on Adobe Flash Player software and allows you to access the trading account from any computer with internet without the need to download any software, plugins or applets.
The benefits of HotForex Webtrader include:
Instant access to your account from any computer with internet
Available with many languages
Fully synchronized with the download MetaTrader 4 version (you can, for example, open a position via WebTrader and close it on PC platform)
Integrated web-based charting
No need for download
Mobile Trading
The broker allows you to use all kind of Smartphones, Android mobile phone and tablet, and apple products (iPphone/iPad) to access your trading account. Enjoy the ability to access financial markets and not miss profitable opportunities even when you are on the move.
Benefits and advantages of mobile trading include:
Enter instant and pending orders
View past order history
Modify Trades
Monitor live orders
Set stop-loss, take-profit and more
See tick chart in real time
One-click execution for market orders
Real time rates delivery with no delays
Favorites screen that offer the ability to
customize the display of rates table
Dynamic monitoring of account details: open positions, pending orders, balance and equity
History screen to monitor previous orders and funds within any given timeframe
More: News Calendar, Pip Calculator RSS News and Personal Contact Page.
Payment Options
HotForex minimum deposit requirement is $5.
The following impressive list of payment methods are accepted: Wire Transfer, Major Credit Cards, WebMoney, Liberty Reserve, Moneybookers, Perfect Money, CashU, Neteller, U-kash
The following documents are required in order to make withdrawals: ID with picture (such as passport or driving license), utility bill or bank statement with the current address.
HotForex also offers its own Debit Card, which allows you to easily an effectively deposit and withdraw from your trading account within 24 hours. The withdrawal request with the card is extremely fast and easy – simple online form and you are ready to go. The card is accepted worldwide. It can be used online or via any ATM machine.
Trading Conditions
HotForex offers up to 1:500 leverage, depending on the account of your choice.
The broker offers dynamic spreads as low as o.3 pips on major currency pairs. The minimum trading volumes depend on account, however the minimum size is 1 micro lot.
Bonuses and Promotions
Demo Contest
Here is a fun way to compete – join demo account contest with real cash prizes for top winners.
Hit the Bulleye
Predict the price by 1st December 2012 and win a real trading account with $10,000 in it!
Deposit Reloaded
Fund your account with at least $2,500 and join the weekly lottery.
Traders Awards 2012
Top trader of HotForex receives $1,000 cash prize for superb skills and excellent performance.
Refer a Friend
Tell your friend about HotForex and get a cash reward for every referral.
Registration
Sign up process is simple and takes couple of minutes. In order to open live account, you need to complete online form registration and you can start trading straight away.
Resources and Education
HotForex website offers intensive educational materials for beginners and advanced traders including:
Online Tutorials and Video Tutorials
eCourse covering the following topics: The basics of Forex Theory, The Basics of Forex Trading, Reading and Interpreting Charts, Trading Strategies, The Right Trading Psychology, Technical Analysis
HotForex Blog covering latest financial market headlines and offering trading tips
Regulation
HotForex has category 1 global business license controlled by Financial Services Commission (FSC) in Mauritius. The broker is also a member of Global Board of Trader Ltd. (GBOT) exchange.
