It is crucial to read the broker review before trading with the broker. You can find the HotForex review in detail below. With an average Trust Score (83/99), HotForex is judged to be of moderate risk. It’s not a publicly listed company, and it doesn’t operate a bank. One highly trusted tier-1 regulator FCA (Financial Conduct Authority), three tier-2 regulators, and a tier-3 regulator have all approved HotForex.
The list below outlines the various investment packages accessible to HotForex customers.
Crypto: CFDs allow you to trade crypto, but you can’t trade the underlying asset directly (e.g. buying Bitcoin). Remember that crypto CFDs aren’t accessible to retail traders and/or United Kingdom residents from any brokerage firm’s United Kingdom business.
1066 Tradeable Symbols in total
47 Forex Pairs in total
Fees and Accounts
Excluding the commission-based Zero account, the broker provides 5 account categories, which are all commission-free. The Premium Pro and Premium accounts are spread-only accounts with 50-600 USD minimum deposits, while the HFcopy account is just for social trading. According to the broker’s research, the commission-based account is by far the most attractive since it has the least spreads and a tiny per-trade cost.
On this type of account, average spreads on the Euro and USD pair are 0.1 pips, with a fee of about 0.6 pips ($3 for every side) each trade, for a total of 0.7 pips. Buying and selling fees are reduced on this type of account, but the requirements of margin are two times higher as it is on the Premium membership, which has regular spreads of 1.2 pips. Also, there is a size restriction of 60 lots for every account which is significantly lower than IG or FxPro.
While this broker provides average spreads to every type of account, yet it does not provide a time window for the statistics. It would be both useful and helpful to observe a typical spread presented for a certain timespan, as it’s difficult to measure a fluctuating spread in any other way.
Platforms and Features
This broker is an MT (MetaTrader) broker that provides the whole MetaTrader suite, covering pc and online versions of MT4 (MetaTrader 4) and MT5 (MetaTrader 5). Via the MQL5 signaling network, the desktop version allows automatic financial models termed Experts.
Though MetaTrader 4 and MetaTrader 5 are standard, the broker offers an extra suite of trading instruments designed by FX Blue Labs named Premium Trader Tools. There are 12 features included in the program. There’s also the Advanced Insights addon.
Analysis and Research
The broker offers research tools that seem to be on the level of industry standards in general. The broker incorporates their own analysis and trade instruments as well as third-party vendors in its research. FxStreet offers currency updates, while Autochartist offers trading signals based on computerized pattern identification. A daily market report, as well as a quarterly, monthly, and yearly forecast, are provided by the broker’s in-house group of specialists, in combination with an economic calendar. User sentiment statistics are also accessible on the web through the broker’s Traders Board feature.
The broker’s HFcopy copy trading platform requires a minimum deposit of €1000 to become a technique creator and a minimum deposit of €300 to copy an existing strategy. Because the feature is recent, there aren’t various providers listed on HFcopy. Those who are currently active have a restricted trading history. In comparison to social trading pioneer eToro, which has been in operation for nearly 10 years, there are only seven methods, and also the leading one has only a few followers.
HotForex Review – Teaching Materials
The broker offers a broad selection of instructional materials, including an online course with more than 26 articles, numerous booklets, and so many videos. When contrasted with the finest FX brokers in this area, the material is adequate, a tad over the industry standard.
A few of the expert tutorials, for instance, were only a minute long and missed information. The broker might improve its training content for users by increasing the duration and value of the information. Simultaneously, the other material the broker provides, like the origins of CFDs and Stocks, is helpful. Finally, the broker’s YouTube account contained several high-quality instructive videos, including shorter describing what a parabolic stop and reverse indicator is. Enhancing this area will aid in becoming more comparable to its competitors.
HotForex Review – App
MetaTrader 4 and MetaTrader 5 are used on Android and iOS at this broker. In this area, the broker’s score is adequate when compared to different MT-only brokers.
The app: It’s important to mention that this broker also has its own mobile app, the HF App, which includes a variety of research and trade instruments. The app is good, but users can’t buy and sell from it yet. It is useless to recommend it over MT till trading capability is introduced to the app.
HotForex Review – Verdict
HotForex offers a wide range of tradeable items in addition to its upgraded MT platform. On the other hand, it lags behind major multi-asset brokers in terms of total platform breadth. It is still a good choice for investors seeking a MetaTrader-only brokerage with a few extra features beyond the usual configuration.
HotForex Review – Key Points
The broker was established in 2010 and is authorized by one top-tier and three tier-2 regulators, rendering it a reliable (average-risk) FX and CFDs brokerage firm.
HF is an MT (MetaTrader) broker that provides the whole MT suite as well as Premium Trader Tools, an extra instruments pack for users that enhances the standard approach. Over a thousand assets are available to users, featuring CFDs on major instruments and roughly 50 FX pairs.
HotForex’s cost differs drastically depending on the type of account. There are six distinct account types to choose from. Although this broker’s price is lower when compared to the industry average, it still lags behind low-cost rivals like IG and CMC Markets.
See also: Exness Group Review 2021 – Scam or not?