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
Roboforex
9.5 /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 ROBOFOREX
Axitrader
9.9 /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 AXITRADER
About

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

Roboforex is regulated by CySEC. Roboforex have provided Forex trading services since 2009.

Axitrader is regulated by the Financial Conduct Authority. Axitrader have provided Forex trading services since 2007.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 9 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 11 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
Headquarters Limassol, Cyprus Limassol, Cyprus 36 Leadenhall Street, London EC3A 1 AT, United Kingdom

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No Yes Yes
CFD No Yes Yes
Spread Betting No No Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 32 80
Commodities Offered 0 6
Stocks Offered 0 0
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes No No
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 No Yes
Nikkei No No No
ETFs No No No
IPO No No No
See all instruments

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

See all instruments

Losses can exceed deposits

See all instruments

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

PLATFORM & FEATURES

See the platforms and features offered by each broker

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

APPS

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

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

English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian

English, Chinese, Spanish, Thai, Italian, Polish, German, Vietnamese, Japanese, Russian, Romanian, and Arabic

See platform & features

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

See platform & features

Losses can exceed deposits

See platform & features

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ACCOUNT INFORMATION

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

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

Losses can exceed deposits

See account options

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server Yes Yes Yes
Direct market access Yes No Yes
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade Varies 0.01 Lot 0.01 Lot
Max trade Varies 100 Lot 100 Lots
Min deposit $1 $1 $1

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 No
Neteller Yes Yes Yes
Skrill No No Yes
Payment processing time 2-7 business days Varies Instant via debit/credit card
Withdrawal processing time 1-10 business days Varies Same or next day with local payments. International payments take 3-5 days.
See all funding options

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

See all funding options

Losses can exceed deposits

See all funding options

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

DETAILED INFO

Excluded countries US, JP US, JP US, JP
Contact email Send Email Send Email Send Email
Phone number 44-2033185978 357 25 262660 44 207 096 7488
Live Chat Yes No No
Website www.hotforex.com http://www.roboforex.com/ www.axitrader.com
Spreads:
EUR/USD (Average: 0.7 pips) Not offered 1.3 pips 0.2 pips
GBP/USD (Average: 1.1 pips) Not offered 1.3 pips 0.6 pips
USD/JPY (Average: 1.1 pips) Not offered 1.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered 1.6 pips 0.1 pips
USD/CHF (Average: 2.3 pips) Not offered 2.0 pips 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered 1.5 pips 0.2 pips
NZD/USD (Average: 3.6 pips) Not offered 1.2 pips 0.2 pips
EUR/GBP (Average: 2.4 pips) Not offered 1.0 pips 0.2 pips
View all spreads

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

View all spreads

Losses can exceed deposits

View all spreads

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FEES

Inactivity Fee No No No
Commission No No Yes
Deposit Fee No No None
Withdrawal Fee No Yes None
View All Fees

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

View All Fees

Losses can exceed deposits

View All Fees

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Last update

All information collected from www.hotforex.com. Last updated on 01/09/2019.

All information collected from http://www.roboforex.com/. Last updated on 01/09/2019.

All information collected from www.axitrader.com. Last updated on 01/09/2019.

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.

Roboforex is an online forex and binary options trading service provider who are regulated by CySEC, ICF. To open an account with Roboforex, minimum deposits start from $1.

With Roboforex you can trade Forex, metals, and CFD. If you like to trade on the go, Roboforex have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Roboforex offer MetaTrader4, MetaTrader5, cTrader, WebTrader, iPhoneTrader, Android Trader, cTrader Web, Currenex Viking Trader platforms to make your trades and support 14 different languages.

The spreads offered by Roboforex for the most popular instruments are:
2 EUR/USD, 30 FTSE 100, 100 GOLD,
3 GBP/USD, 40 DOW/JONES, 14 Crude Oil,
see all the spreads here.



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

Axitrader is an online forex trading sevice provider who are regulated by the Financial Conduct Authority and ASIC. To open an account with Axitrader, minimum deposits start from $200.

With Axitrader you can trade 61 FX pairs, metals, and CFDs. If you like to trade on the go, Axitrader have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Axitrader offer MT4 for PC, MT4 for Mac, MT4 for Mobile, MT4 NexGen, MT4 Trading Signals, AxiTrader's Multi Account Manager platforms to make your trades and support 6 different languages.

They also offer a free demo account for traders who want to refine their trading skills.

The spreads offered by Axitrader for the most popular instruments are:
0.6 EUR/USD, 0.5 FTSE 100, 0.5 GOLD,
1 GBP/USD, 1 DOW/JONES, 0.5 Crude Oil,
see all the spreads here.



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

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Hotforex or Roboforex?

Offers live chat support or ECN execution?

If you’re a trader looking for a broker that supports live chat, Hotforex may be the better option. However, if you want a broker with ECN execution, Roboforex 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 Roboforex to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Hotforex and Roboforex are both regulated by CySEC

Axitrader are also regulated by the Financial Conduct Authority.

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 Roboforex have been around for 10 years. Our third alternative broker, Axitrader, have been around for 12 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.

Both Hotforex and Roboforex use tier one banks, but we are not sure of which bank specifically.

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 Roboforex 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 Roboforex 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 Roboforex 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 Roboforex offer forex trading. Roboforex have a slightly larger variety of currency pairs with 32 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 Roboforex 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 Roboforex offer this. Roboforex also offer the new & improved MT5 platform. Our alternative broker, Axitrader, 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 Roboforex also allows scalping and hedging. You can trade with EAs (expert advisors) on both Hotforex and Roboforex.

In terms of risk management tools, Hotforex does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but Roboforex doesn't offer this.

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

Hotforex accept Neteller while Roboforex 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 and Roboforex both charge 0.10 points. Therefore, both brokers are equally affordable for this instrument. 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 Roboforex?

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

Objectively, Roboforex is more reliable based on our criteria above. Roboforex has a wider range of instruments to trade. Roboforex 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.