Hotforex offer one way to trade: 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.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
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.
EUR/USD1.8 PIPS $5 per lot
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
USD/JPY1.8 PIPS $5 per lot
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
GBP/USD2.5 PIPS $5 per lot
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
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
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 $13.3. Here's a rough breakdown of the fees and how this compares against AvaTrade & Plus500.
|Typical overnight fee:||$7.30||$5.00||$9.40|
|Total cost of a 100k trade:||$13.3||$12||$15.4|
|$1.3 less||$2.10 more|
|Visit Hotforex||Visit AvaTrade||Visit Plus500|
All fees/prices are for informational purposes and are subject to change. Last updated: March 21, 2018.
What can you trade with Hotforex?
|FX / Currencies||Hotforex||AvaTrade||Plus500|
|# of forex pairs offered||59||61|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|# of commodities offered||16||17|
|Indiced & Stock CFDs||Hotforex||AvaTrade||Plus500|
|# of Stocks offered||99||1816|
|See Hotforex's Instruments||See AvaTrade's Instruments||See Plus500's Instruments|
What's the Hotforex trading experience like?
1) Platforms and apps
Hotforex also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.See Hotforex's platforms
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, but as a guide, Hotforex offer margin up to 0.001% on currencies.
Hotforex also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders, negative balance protection, price alerts, and much more. You can see all of the account features offered by Hotforex here.
Finally, we’ve listed some of the popular funding methods that Hotforex offers its traders on the right.
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.