Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

Hotforex
8.6 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT HOTFOREX
PriorFX
8.3 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT PRIORFX
AvaTrade
9.7 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AVATRADE
About

Hotforex is regulated by CySEC, MiFID, Investor Compensation Fund, GBOT, BaFin,FSC, FSA, and ACIIF. Hotforex has provided forex trading services since 2010.

PriorFX is regulated by CySEC. PriorFX have provided Forex, CFD trading services since 2013.

AvaTrade is regulated by the Central Bank of Ireland, ASIC (Australia), FSA (Japan), FSB (South Africa) and BVI. AvaTrade have provided Forex trading services since 2006.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 5 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 12 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Central Bank of Ireland, ASIC, FSA, FSB and BVI
Headquarters Limassol, Cyprus Limassol, Cyprus Dublin, Ireland

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 30 59
Commodities Offered 5 16
Stocks Offered 0 99
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes No Yes
Penny stocks No No No
Energies Yes No Yes
Metals Yes Yes Yes
Agriculturals Yes No Yes
FTSE No Yes Yes
Dow Jones No No Yes
Dax Yes Yes Yes
Nikkei No Yes Yes
ETFs No No Yes
IPO No No Yes
See all instruments

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See all instruments

71.96% of retail investor accounts lose money when trading CFDs with this provider.

See all instruments

71% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 No No Yes
MT4 Mac No Yes Yes
WebTrader Yes Yes Yes
Mirror Trader No No Yes
ZuluTrade No No Yes
Sirix No No No
cTrader No No No
PAMM No Yes No
Custom Platforms HotForex, Rapit Trader No AvaTradeAct, AVAOptions

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No Yes No
Available Languages

Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Japanese, Malay, Polish, Portuguese, Russian, Spanish, Thai, and Bengali

English, Russian, German, Hungarian, and Arabic

English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch

See platform & features

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See platform & features

71.96% of retail investor accounts lose money when trading CFDs with this provider.

See platform & features

71% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Hotforex and PriorFX

Demo account No Yes Yes
Mini account Yes Yes Yes
Micro account Yes Yes Yes
Standard account Yes Yes Yes
ECN Account No No No
Islamic account Yes Yes Yes
Zero spread account Yes Yes No
VIP account Yes Yes Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See account options

71.96% of retail investor accounts lose money when trading CFDs with this provider.

See account options

71% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes Yes No
Direct market access Yes Yes Yes
STP broker Yes Yes No
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 0.01 Lot
Max trade Varies 10,000 Lot None
Min deposit $1 $50 $100

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading Yes Yes Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No Yes
Neteller Yes Yes Yes
Skrill No No Yes
Payment processing time 2-7 business days 1 business day Varies
Withdrawal processing time 1-10 business days 1 business day Varies
See all funding options

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See all funding options

71.96% of retail investor accounts lose money when trading CFDs with this provider.

See all funding options

71% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US US BE,BR,NZ,US,KE,IN,GH
Contact email Send Email Send Email Send Email
Phone number 44-2033185978 357 2525 8229 (44) (0) 8005200423
Live Chat Yes Yes Yes
Website www.hotforex.com https://priorfx.com/ http://www.avatrade.com/
Spreads:
EUR/USD (Average: 0.7 pips) Not offered Not offered 0.9 pips
GBP/USD (Average: 1.1 pips) Not offered Not offered 1.6 pips
USD/JPY (Average: 1.1 pips) Not offered Not offered 1.1 pips
AUD/USD (Average: 0.8 pips) Not offered Not offered 1.1 pips
USD/CHF (Average: 2.3 pips) Not offered Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) Not offered Not offered 2.0 pips
NZD/USD (Average: 3.6 pips) Not offered Not offered 1.8 pips
EUR/GBP (Average: 2.4 pips) Not offered Not offered 1.5 pips
View all spreads

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

View all spreads

71.96% of retail investor accounts lose money when trading CFDs with this provider.

View all spreads

71% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee No No No
Commission No Yes No
Deposit Fee No Varies No
Withdrawal Fee No Varies No
View All Fees

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

View All Fees

71.96% of retail investor accounts lose money when trading CFDs with this provider.

View All Fees

71% of retail investor accounts lose money when trading CFDs with this provider.

Featured In Best Brokers For Expert Advisors
Best 5 Digit Brokers
Best Brokers With VPS
Best Brokers For Indices
Best CySEC Regulated Brokers
Best Brokers For Expert Advisors
Best 5 Digit Brokers
Best Brokers With VPS
Best Brokers For Indices
Best CySEC Regulated Brokers
Best MT4 Brokers
Best Bitcoin Brokers
Best Ethereum Brokers
Best Ripple Brokers
Best Litecoin Brokers
Last update

All information collected from www.hotforex.com. Last updated on 01/12/2019.

All information collected from https://priorfx.com/. Last updated on 01/12/2019.

All information collected from http://www.avatrade.com/. Last updated on 01/12/2019.

Company

HotForex is a commonly used broker for many forex traders around the world. They provide a high level of service and are trusted by both retail investors and large institutional customers to trade Forex and CFD's online.

Hotforex provide a wide variety of customizable solutions in their trading platforms to perfectly suit a wide variety of traders. With their low spread offerings coupled with the ability to scalp and hedge, Hotfrex is widely regarded as a popular choice.

PriorFX is an online forex trading service provider who are regulated by CySEC, MiFID, FCA. To open an account with PriorFX, minimum deposits start from $250.

With PriorFX you can trade Gold, silver, oil, and indices. If you like to trade on the go, PriorFX have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

PriorFX offer MT4 webtrader, iPad Trading App, iPhone Trading App, Android Trading App, MetaTrader 4 on MAC platforms to make your trades and support 6 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by PriorFX for the most popular instruments are:
1 EUR/USD, 0.15 FTSE 100, 2.2 GOLD,
1.3 GBP/USD, 0.1 DOW/JONES, 0.1 Crude Oil,
see all the spreads here.

Since 2006, Avatrade have attracted over 20,000 traders to their platform. While their spreads are not the most competitive, they do offer traders a range of great features, such as guaranteed stop losses, the ability to hedge / scalp, and low margins.

For more information about trading with AvaTrade, we have put together an indepth AvaTrade review with the pros and cons about this broker.

Popular comparisons

Popular comparisons feat. Hotforex

Hotforex Alternatives

Hotforex vs XM
Hotforex vs IC Markets
Hotforex vs Exness
Hotforex vs FXTM
Hotforex vs Pepperstone

Popular comparisons feat. PriorFX

http://PriorFX Alternatives

ETX Capital vs PriorFX
Core Spreads vs PriorFX
Plus500 vs XM
IG vs PriorFX
Avatrade vs PriorFX

Popular comparisons feat. AvaTrade

AvaTrade Alternatives

Avatrade vs LCG
Avatrade vs eToro
Avatrade vs Markets.com
Avatrade vs XM
Avatrade vs XTB

Hotforex or PriorFX?

Offers fixed spreads or low spreads?

If you’re a trader looking for a broker that offers fixed spreads as a trading strategy, Hotforex may be the better option. However, if you want a broker with lower spreads on currency pairs like EUR/USD, PriorFX may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Hotforex and PriorFX to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Hotforex and PriorFX are both regulated by CySEC

AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Hotforex has been around for 9 years, while PriorFX have been around for 6 years. Our third alternative broker, AvaTrade, have been around for 13 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Hotforex uses tier one banks as their banking partner.PriorFX does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on Hotforex or PriorFX in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Hotforex and PriorFX are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Both Hotforex and PriorFX are based in Limassol, Cyprus .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both Hotforex and PriorFX offer forex trading. PriorFX have a slightly larger variety of currency pairs with 30 pairs, compared to offered by Hotforex. Also, if you’re looking to trade cryptocurrencies, Hotforex offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, Hotforex may be a better fit as PriorFX does not offer commodity trading.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both Hotforex and PriorFX offer this. Our alternative broker, AvaTrade, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Hotforex, for example, offer a mini account, standard account and VIP account.

For Muslim traders, Hotforex offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Hotforex does allow scalping and hedging. While PriorFX also allows scalping and hedging. You can trade with EAs (expert advisors) on both Hotforex and PriorFX.

In terms of risk management tools, both brokers offer negative balance protection to prevent you owing your broker more than you’ve deposited.

Hotforex also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Hotforex accept Neteller while PriorFX accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Hotforex charges 0.10 points, while PriorFX charges 1.00 points. Therefore, Hotforex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Hotforex or PriorFX?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, PriorFX is more reliable based on our criteria above. PriorFX has a wider range of instruments to trade. PriorFX offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Most brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.