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
Swissquote
8.8 /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 SWISSQUOTE
XTB
10 /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 XTB
About

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

Swissquote is regulated by FINMA (Swiss Financial Market Supervisory Authority). Swissquote have provided Forex, Commodities, Indices, Stocks, Bonds trading services since 1999.

XTB is regulated by the Financial Conduct Authority. XTB have provided Forex, CFD, and social trading services since 2002.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 19 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 16 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, KNF, and CMB.
Headquarters Limassol, Cyprus Chemin de la Cretaux 33, 1196 Gland, Switzerland Level 34, One Canada Square, Canary Wharf, E14 5AA, London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No No
Social Trading No Yes No
MARKETS & INSTRUMENTS
Forex (currency pairs) 138 48
Commodities Offered 7 21
Stocks Offered 0 1606
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes Yes
Penny stocks No Yes Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes No Yes
FTSE No Yes Yes
Dow Jones No Yes 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

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

See all instruments

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

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 No Yes
WebTrader Yes Yes Yes
Mirror Trader No No Yes
ZuluTrade No Yes No
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms HotForex, Rapit Trader eTrading Xstation5

APPS

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

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

English, German, French, Italian, Spanish, Arabic, Russian, and Chinese

English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

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

77% 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 Swissquote

Demo account No Yes Yes
Mini account Yes Yes Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account No No No
Islamic account Yes No Yes
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

Losses can exceed deposits

See account options

77% 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 No No
Direct market access Yes No Yes
STP broker Yes No Yes
Market maker Yes Yes Yes
Min trade Varies Varies 0.01 Lot
Max trade Varies Varies 100 Lot
Min deposit $1 1,000 $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 Yes
Neteller Yes No Yes
Skrill No No Yes
Payment processing time 2-7 business days 1 business day Same day if requested before 1PM
Withdrawal processing time 1-10 business days 1 business day Same day if requested before 1PM
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

77% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US US US,IN,PK,BD,IQ,IR,IL,AF,AU,CA
Contact email Send Email Send Email Send Email
Phone number 44-2033185978 41 22 999 94 11 44 2036953085
Live Chat Yes Yes Yes
Website www.hotforex.com http://en.swissquote.com/ www.xtb.com
Spreads:
EUR/USD (Average: 0.7 pips) Not offered 1.0 pips 0.1 pips
GBP/USD (Average: 1.1 pips) Not offered 1.1 pips 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered 1.3 pips 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered 1.0 pips 0.2 pips
USD/CHF (Average: 2.3 pips) Not offered 1.7 pips 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered 2.2 pips 0.3 pips
NZD/USD (Average: 3.6 pips) Not offered 1.5 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) Not offered 1.3 pips 0.1 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

77% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee No No No
Commission No No Yes
Deposit Fee No No No
Withdrawal Fee No No No
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

77% 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 01/08/2019.

All information collected from http://en.swissquote.com/. Last updated on 01/08/2019.

All information collected from www.xtb.com. Last updated on 01/08/2019.

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.

Swiss based Swissquote is an online trading company that provide everything you need to manage your assets online. With Swissquote you are only one click away from trading in the worlds major stock markets in over 1 million products. They give you access to equities, options and futures, funds, derivatives and more.

Swissquote have been listed on the Swiss Market Exchange for over 15 years have global offices including London, Hong Kong and Dubai and employ over 500 staff. They are a member of the Swiss Bankers Assoication and are also regulated by the Swiss Financial Market Supervisory Authority. Opening an account with Swissquote trading platform will grant you access to a premium financial information and analysis to keep in permanent touch with the markets.

XTB provides hyper fast execution and facilitates seminars with external professional traders, providing personalised education depending on your individual circumstances.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.

For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

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Hotforex or Swissquote?

Offers VIP accounts or low spreads?

If you’re a trader looking for a broker that offers VIP accounts, Hotforex may be the better option. However, if you want a broker with lower spreads on currency pairs like EUR/USD, Swissquote 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 Swissquote to be equally reliable. We’ve broken down why below:

Who are they regulated by?

Hotforex is regulated by CySEC, while Swissquote is regulated by Financial Conduct Authority.

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

XTB 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 Swissquote have been around for 20 years. Our third alternative broker, XTB, have been around for 17 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 Swissquote 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 Swissquote 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 Swissquote 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 Swissquote are based in Chemin de la Cretaux 33, 1196 Gland, Switzerland .

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 Swissquote offer forex trading. Swissquote have a slightly larger variety of currency pairs with 138 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 Swissquote does not offer commodity trading.

Swissquote also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

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 Swissquote offer this. Swissquote also offer the new & improved MT5 platform. Our alternative broker, XTB, 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.

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 Swissquote also allows scalping and hedging. You can trade with EAs (expert advisors) on both Hotforex and Swissquote.

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

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 Swissquote charges 0.80 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 Swissquote?

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

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