image Hotforex VISIT HOTFOREX image Spread Co VISIT SPREAD CO image City Index VISIT CITY INDEX
About

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

Spread Co is regulated by the Financial Conduct Authority. Spread Co have provided Forex trading services since 2005.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 13 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters Limassol, Cyprus London, UK London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No Yes Yes
CFD No Yes Yes
Spread Betting No Yes Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 40 84
Commodities Offered 2 26
Stocks Offered 1000 4500
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No No Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE No Yes Yes
Dow Jones No Yes Yes
Dax Yes Yes Yes
Nikkei No No Yes
ETFs No Yes Yes
IPO No Yes No
See all instruments

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

See all instruments

61.8% of retail investor accounts lose money when trading CFDs with this provider

See all instruments

70% 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 No Yes
MT5 No No No
MT4 Mac No No No
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No No Yes
Custom Platforms HotForex, Rapit Trader Spread Co AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes 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 and German

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

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

See platform & features

61.8% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

70% 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 Spread Co

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

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

See account options

61.8% of retail investor accounts lose money when trading CFDs with this provider

See account options

70% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes No No
Hedging Yes Yes Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No No
Direct market access Yes No No
STP broker Yes No Yes
Market maker Yes Yes Yes
Min trade Varies £1 1 Lot
Max trade Varies None Varies
Min deposit $1 $100 $25

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 No Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller Yes No No
Skrill No Yes No
Payment processing time 2-7 business days Varies 2-3 business days
Withdrawal processing time 1-10 business days Varies 2-3 business 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

61.8% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

70% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US US US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
phone number 44-2033185978 0800 078 9398 0845 355 0801
Live Chat Yes Yes Yes
Website www.hotforex.com https://www.spreadco.com/ www.cityindex.co.uk
Forex Spreads
EUR/USD 0.10 0.50
GBP/USD 2.50 0.80
USD/JPY 1.80 0.50
AUD/USD N/A N/A 0.5
Cryptocurrency Spreads N/A N/A 70
View all FX spreads

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

View all FX spreads

61.8% of retail investor accounts lose money when trading CFDs with this provider

View all FX spreads

70% of retail investor accounts lose money when trading CFDs with this provider

INDICE SPREADS
Dax 30 N/A 1 1.0
Nasdaq 100 N/A 1 1.0
Euro Stoxx 50 N/A N/A 2.0
ASX 200 1.0
S&P 500 N/A 0.4 0.4
FTSE 100 N/A 7.8 1.0
Google 0.0015
Facebook 0.0015
View all spreads

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

View all spreads

61.8% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

70% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission No No 0.0015
Deposit Fee No Varies Varies
Withdrawal Fee No Varies Varies
View All Fees

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

View All Fees

61.8% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

70% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from www.hotforex.com. Last updated on 01/05/2019.

All information collected from https://www.spreadco.com/. Last updated on 01/05/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/05/2019.

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.

Since 2006 Spread CO have been a global leader in spread betting and CFD services with their competitive spreads, low margins and growing trading community. They provide fixed spreads so you know the spread you see is the spread you get. Every Spread Co client is assigned a dedicated relationship manage who will not only help you get get started on their trading platform but also keep you informed with market updates. The benefits of trading with Spread Co include tight, fixed spreads, no finance charges on short index or equity positions, low margins, relationship manger combined with their trusted reliable platform and ultra low commissions. Spread Co is also regulated by the stringent Financial Conduct Authority making them a great option for those looking for a trusted spread betting or CFD service provider.

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

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

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

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Hotforex or Spread Co?

Access to MT4 or low spreads?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, Hotforex is likely a better fit. However, if you want a broker with lower spreads on currency pairs like EUR/USD, Spread Co 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 to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

Hotforex is regulated by CySEC, while Spread Co is regulated by Financial Conduct Authority.

As the Financial Conduct Authority are one of the most stringent regulators in the world, Spread Co will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index 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 Spread Co have been around for 14 years. Our third alternative broker, City Index, have been around for 36 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 Spread Co 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 Spread Co 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.

Spread Co is more popular with over 5,000 traders.

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 Spread Co 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.

Hotforex are based in Limassol, Cyprus, while Spread Co are based in London, UK.

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 Spread Co offer forex trading. Spread Co have a slightly larger variety of currency pairs with 40 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 Spread Co does not offer commodity trading.

Platforms & Account Types

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.

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 Spread Co does not allow scalping but does allow hedging. You can trade with EAs (expert advisors) on Hotforex but you can't trade EAs (expert advisors) with Spread Co.

In terms of risk management tools, Hotforex does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but Spread Co 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 Spread Co accept Skrill.

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 Spread Co charges points. Therefore, Spread Co 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 Spread Co?

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

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

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