Hot Forex Review

• 100% Supercharge Bonus up to USD 50,000
• 30% Rescue Bonus up to USD 7,000
• 100% Credit Bonus
• Only certain account types are eligible for these promotions and awards are subject to various trading volume minimums.
• Bonuses are not available to European clients in accordance with current EU regulation

Despite being a relatively new player to retail forex, HotForex rapidly expanded its customer base to over 2,000,000 live accounts and won 35 industry awards over the past few years. HotForex has now rebranded to HF Markets for EU customers.

What really stands out about HotForex is the many types of accounts it offers. You can easily find an account type that suits your needs whether you are a novice or pro, prefer manual or automated trading.  You have the option of opening up to 5 live accounts to take advantage of the benefits of each type.  Moreover, HotForex invites you to request specific account features if you require further customization.

HotForex’s spreads are tight and competitive no matter which type of account you select.  As a Straight Through Process (STP) broker, Hotforex passes through quotes from the highly liquid interbank market, rather than a dealing desk.

HotForex offers some of the most generous promotional offers including a 100% bonus on your initial deposit up to $50,000. Please note bonuses are not available to European clients per current EU regulation.

Customer service is another area where HotForex excels with award-winning 24/5 multilingual phone, live chat, and email support. Some larger accounts can receive personalized services including with one on one consultations with Hotforex’s Chief Market Strategist.

While HotForex offers CFDs on forex, indices, stocks, and commodities, its depth of coverage is more limited than its peers.  For instance, you can only trade 10 commodities, 11 indices, and 36 individual shares making it more suited to traders primarily focused on forex.

HotForex gives busy traders a number of other options to participate in the forex market.  With an Auto account, you can automate your trading by copying trading signals from various providers in the MQL5 community.

For those looking to have their accounts actively managed by experienced professionals, HotForex offers PAMM accounts where you can invest with over 300 vetted managers.  HotForex provides transparent data on each manager’s positions, past performance, win-loss ratio, maximum drawdown, use of leverage, etc… HotForex also requires that PAMM managers co-invest so they have skin in the game.  You get real-time performance data and can withdraw your funds at any time.  Please note that PAMM accounts are not available to European clients under current EU regulation.

Traders who run automated trading strategies (e.g. expert advisors in Metatrader) on their personal computers can have trading disrupted by power outages and crashes.  HotForex offers uninterrupted trade execution with a virtual private server (VPS) hosting, free of charge, with a minimum deposit of $5,000.

HotForex offers many tools and resources for active traders.  Customers have access to exclusive daily market analysis from HotForex’s research team.

HotForex provides a number of useful tools you can use to calculate pip value, ideal trade size, stops, targets, etc..  HotForex’s Trader’s Board provides insight into which pairs have the most trading volume as well as the direction of client trades on a given day.  

HotForex has plenty of educational resources for novice and experienced traders.  Choose amongst detailed articles, software tutorials and interactive video courses depending on your learning style.  HotForex also hosts many free webinars with their Chief Market Analyst.  Some are focused on timely topics and live market analysis; others provide detailed coverage of evergreen topics in technical and fundamental analysis, market structure, trading psychology and trading strategy.  Webinars are archived and available for replay if you are unable to attend live.

As an STP broker without the overhead of a dealing desk, HotForex is able to provide some of the lowest transaction costs amongst forex brokers.  HotForex’s typical EURUSD fixed spread is 1.8 pips (other brokers typically charge 3 pips) and typical EURUSD floating spread is 1.2 pips (with other brokers around 2 pips).  

HotForex doesn’t charge commission with the exception of Zero Spread accounts.  EURUSD spreads are typically 0.2 pip for these accounts and so HotForex charges commissions of $5 per lot as compensation for its services.  HotForex also doesn’t charge any transfer fees or other miscellaneous fees.

With 7 different types of accounts, you will be able to find an account that suits your needs and trading style at HotForex. Please keep in mind, account types can differ based on client location, so clients from the European Union could possibly see different account types being offered.  Traders just testing the waters can open a micro account with only a $5 deposit.  Other self-directed traders can open premium and other types of accounts.  Traders who prefer not to deal with the uncertainty of floating spreads can select fixed spread accounts.  Scalpers and high volume traders can opt for Zero Spread account with tight spreads and low commissions.  Traders using automated trading strategies can opt for an auto account.  Traders who want experienced professionals to manage their money can open a PAMM account (with the exception of EU based clients).

HotForex only offers accounts with base currencies with USD or EUR.  Some other brokers offer up to 7 base currencies.  For customers outside of Europe and the US, opening an account in a currency other than their home currency means you will incur currency translation costs when you deposit and withdraw funds from your HotForex account.

HotForex allows you to fund your account via credit cards, bank transfer, and a number of online payment services including Skrill, Neteller, cashU, UKash, Fasapay, and Webmoney.

HotForex’s software platforms now include Metatrader 5, as well as the industry standard Metatrader 4 (PC, Mac via Win),  Metatrader 4 multi-terminal (PC), HotForex Webtrader (browser) and Metatrader 4 mobile (iPhone, iPad, Android, Windows).  You can use the same log-in credentials and your account data will sync between platforms.

HotForex’s desktop platforms including the forex industry standard Metatrader 4,  Metatrader 4 Multi-terminal, and the HotForex Webtrader.  Although HotForex doesn’t offer Metatrader 4 as a native Mac application, it provides a tool (Wine) which allows you to run the Metatrader PC application on Macs without the need for Parallels or VMware software. HotForex’s Webtrader is a Flash-based platform.  It doesn’t require any installation and runs on Windows, Mac, and Linux.

HotForex also provides mobile version of Metatrader 4 for iPhone, iPad, Android and Windows Phone devices.  Manage your account, receive real time quotes and trade with one click execution via the mobile apps.

HotForex offers 24/5 multilingual phone support, live chat, and email support.  HotForex has different numbers for customer service, phone trading, and sales to put you in touch with the right people without having to navigate through a multitude of touchtone menus.

Customers with premium, zero spread, or auto accounts are assigned a personal account manager. They can also book three private half-hour consultations with HotForex Chief Market Analyst.

It is incorporated by St. Vincent & the Grenadines the Financial Services Commission in Mauritius, CySec in Cyprus, and the Financial Sector Conduct Authority in South Africa. 

HotForex won an award for Best Client Funds Protection Broker Award in 2015 at the MENA Dubai FX Show. The official statement on the Hot Forex website says "Clients’ funds are received into bank accounts separate from those used by the company. These funds are off the balance sheet and cannot be used to pay back creditors in the unlikely event of the default of the Company."