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Hotforex Review

  • Regulated by: CySEC
  • Safety: segregates client funds
  • Trust Rating: B
Open Hotforex's Website

Losses can exceed deposits. Your capital is at risk.

Hotforex one way: Forex.

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, Hotforex offer a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by CySEC (Licence: 183/12 ). Hotforex puts all client funds in a segregated bank account and uses tier-1 banks for this. Hotforex have been established since 2010, and have a head office in St. Vincent and the Grenadines.

Before we dive into some of the more detailed aspects of Hotforex’s spreads, fees, platforms and trading features, you may want to open Hotforex‘s website in a new tab by clicking the button below in order to see the latest information directly from Hotforex.

Open a demo account Visit Hotforex

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Your capital is at risk.

Hotforex screenshot

PROS

  • Segeregates client funds
  • Established in 2010
  • Regulated by CySEC
  • Min. deposit from $1

CONS

What are Hotforex's spreads & fees?

Like most brokers, Hotforex take a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on Hotforex’s website. The colour bars show how competitive Hotforex’s spreads are in comparison to other popular brokers featured on BrokerNotes.

Speads are dynamic and are for informational purposes only. Last updated: June 06, 2018.

As you can see, Hotforex's minimum spread for trading EUR/USD is 1.8 pips - which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Hotforex vs. similar brokers.

See all Spreads
Your capital is at risk.

How much does Hotforex charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Hotforex at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.3. Here’s a rough breakdown of the fees and how this compares against Plus500 & AvaTrade.

Hotforex Plus500 AvaTrade
Spread from: $1.00 $6.00 $7.00
Typical overnight fee: $7.30 $9.40 $5.00
Commission: $5.00 $0.00 $0.00
Total cost of a 100k trade: $8.3 $15.4 $12
$7.10 more $3.70 more
Visit Hotforex Visit Plus500 Visit AvaTrade

All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.

General Fees

  • Hotforex doesn’t charge inactivity fees*
  • Hotforex doesn’t charge withdrawal fees*

Overnight fees & swap rates

When you hold a position overnight, it is usually subject to overnight interest which you must pay to your brokerage (sometimes called a rollover fee or swap rate).

  • The rollover fee for long positions on EUR/USD is -$7.30
  • The rollover fee for short positions on EUR/USD is -$0.1

Commissions

  • Hotforex doesn’t charge commission on CFD shares

What can you trade with Hotforex?

FX / Currencies Hotforex Plus500 AvaTrade
# of forex pairs offered 61 59
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs Hotforex Plus500 AvaTrade
# of commodities offered 17 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Indiced & Stock CFDs Hotforex Plus500 AvaTrade
# of Stocks offered 1816 99
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares No Yes Yes
See Hotforex's Instruments See Plus500's Instruments See AvaTrade's Instruments
Your capital is at risk.

What’s the Hotforex trading experience like?

1) Platforms and apps

Hotforex offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. Hotforex also offer their custom HotForex platform.

Hotforex Screenshot See Hotforex's Platforms

Hotforex also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See Hotforex's platforms
Your capital is at risk.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Accounts offered:

  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

With Hotforex, the minimum and maximum trade requirements vary depending on the trader and the instrument. As Hotforex offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Hotforex also offers a number of useful risk management features, such as stop losses (), limit ordersnegative balance protectionprice alerts and much more. You can see all of the account features offered by Hotforexand much more. You can see all of the account features offered by Hotforexhere.

Finally, we’ve listed some of the popular funding methods that Hotforex offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

3) Client support

Hotforex support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Japanese, Malay, Polish, Portuguese, Russian, Spanish, Thai, Bengali

Hotforex have a BrokerNotes triple AAA support rating because they offer a wide range of languages, live chat, phone and email support.

4) What you’ll need to open an account with Hotforex

As Hotforex is regulated by CySEC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Hotforex’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Hotforex you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from www.hotforex.com on March 21, 2018.