Hotforex Top review

Avarage rating: 2 / 2
2
Reviews counted: 1
10/12/2021

Founded in 2010, HotForex is regulated in one tier-1 jurisdiction and three tier-2 jurisdictions, making it a safe broker (average-risk) for forex and CFDs trading.

HotForex is a broker with good reputation and regulations. The offering is user friendly, with large portfolio for Forex and CFDs, fees are considered low and there is good education section suitable for beginning traders.

On the other hand, HotForex has limited portfolio for EU clients, and only Forex and CFDs are offered.

Visit: hotforex.com

Type: Broker

Regulation: CySEC, FCA, DFSA, FSCA


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Advantages

HotForex offers a social copy-trading platform HF Copy. Traders also get access to the client sentiment data, in-house produced market analytics, and educational materials including training videos, books, and articles.

Disadvantages
Is HotForex Safe? HotForex is considered average-risk, with an overall Trust Score of 15 out of 99. HotForex is not publicly traded and does not operate a bank. HotForex is authorised by one tier-1 regulator (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). HotForex is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Deposits and Withdrawals There are multiple ways to fund trading account supported by HotForex. Besides broker issue its very own HotForex MasterCard for a straight transaction and the ability to make safe online payments. Deposit Methods To simplify the funding of accounts, HotForex offers over 14 methods to deposit or withdraw money. Those methods include major credit and debit cards wire transfers and domestic transfers available at some regions vast of e-wallets, including Cryptocurrency transfer, and more.

The Verdict

While trading with HotForex you can operate with fixed or floating leverage, which is indeed a very useful tool, especially for traders of smaller size. Leverage brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly. HotForex offers various leverage levels from the “modest” one as determined by European regulations and various other measures, and up to very high ratios. Yet, again always make sure to learn about high risks of leverage, as retail trading accounts lose money rapidly due to high leverage. Each of the account types bringing the particular possibility for your trading strategy while allowing either beginning traders, investors or professionals to find its own way in trading. The options ranging from the opportunity to trade Micro lots, or specified account for Copy Trading or if you would like to become a Masker account. You may see below in our HotForex Review detailed discrepancy of each in order to understand what offering is about. Overall, HotForex is a well-established broker with secure, regulated trading environment suitable for almost every trader. The services and products are tailored to specific requirements while bringing a comprehensive range of clients’ accounts, platforms, tools, and instruments with the ability to choose a suitable strategy. So either you wish to join copy traders or to use EAs, perform scalping or become a partner etc. there is an option for all. As well, HotForex pricing strategy shows transparent prices with one of the highest rates in the industry.

User Reviews
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Avarage rating: (100%)
Reviews counted: 1
12/11/2021, 15:28
2 5
Hotforex is Misleading. Its Market maker not ECN. I used their zero spread account which it claims to be ECN but is not quite ECN. I haven't used auto. Hotforex though a legit broker but hides crucial details that noobs might simply ignore. 1) Though they claim to be an ECN broker there all orders are routed through HF markets which is their partner company. Now HF markets have market maker license from FCA thus its not pure ECN though it claims to be. 2) No proper disclosure of exchange rate while depositing and withdrawing from local banks unlike other brokers like FXTM. I deposited USD at exchange rate of 73.5 USD/INR but received back USD/INR 69.5 which is as bad as swift transfer. Then why claim zero fees or provide local bank facility just use wire transfer. 3) True ECN does not have minimum stop loss and limit order pips requirement which is worse than many who don't even claim being ECN.
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