HotForex was a relatively new forex broker but has managed to establish themselves as a strong and stable forex broker in the past two years. HotForex is a regulated and licensed online forex and commodities trading broker having its headquarters in Mauritius and satellite offices world wide.
HotForex provides a variety of trading products and platforms as can be aptly seen by their vast range of account types. HotForex is an ECN/STP Forex broker with no dealing desk.
Trading instruments from HotForex include 26 currency pairs that includes a good collection of exotics, Metals that include Gold, Oil, Silver and 12 different indices.
HotForex – ECN Details
| Mini Account | Premium Account | VIP Account | Islamic Account | Currenex Account | |
| Max. Leverage | 1:500 | 1:300 | 1:300 | 1:300 | 1:300 |
| Min. Deposit | $5 | $500 | $40,000 | $150 | $500 |
| Margin Call/Stop out level | 40%/10%(*) | 50%/20%(*) | 50%/20%(*) | 50%/20%(*) | 50%/20%(*) |
| Spreads | from 1 Pip | from 1 Pip | from 0.2 Pips | from 1 Pip | from 0.2 Pips |
| Commissions | NO | NO | $3 per 100,000 USD Traded ($6 round-turn) | NO | $5.00 per 100.000 USD Traded ($10 round turn) |
| Instruments | 41 Currency Pairs, Metals, Oil and Indices | ||||
| Min. Trade Size | 0.01 lot | 0.01 lot | 0.5 lots (50,000 units of base currency) | 0.01 lot | 60 lots per position |
| Base Account Currency | USD, EUR | ||||
| Platforms | MT4, Currenex | ||||
| Deposit Methods | Credit Cards, Moneybookers, Neteller, Bank WIRE, Cash U, WebMoney, LibertyReserve | ||||
About The Company – HotForex
HotForex
HotForex was established in late 2009, early 2010 and has quickly earned a reputation of being a reliable forex broker. HotForex earned the award of being the best online broker in Asia for 2012 by World Finance. HotForex incorporates the segregated clients accounts policy.
This ensures that the clients/traders funds are seperated from the company’s operating capital, thus providing maximum security of client funds and the liquidity.
The online forex broker is licensed by the FSC (Financial Services Commission) of Mauritius. HF Markets Ltd. (HotForex) is also a member of the Global Board of Trade Ltd. GBOT exchange.
Membership into the exchange is only granted after a stringent process adopted by the exchange as seen here
GBOT is licensed by the Financial Services Commission (FSC), the first multi-asset exchange from Mauritius, for initiating derivatives trading in commodities and currencies. GBOT is promoted by the Financial Technologies Group, a global leader in setting up and operating tech centric next generation exchanges in the emerging but fast growing economies from Africa to Asia and Middle East to South East Asia. The Group operates one of the largest exchange network comprising 10 exchanges and 5 ecosystem ventures which address upstream and downstream opportunities around exchanges, including clearing, depository, information vending, and payment gateway among others.
HotForex Pricing & Spreads
HotForex offers Five types of forex accounts of which the VIP and Currenex accounts are based on commissions. The rest of the accounts are commission free with spreads starting from 0.2 Pips. It must be mentioned that HotForex offers Currenex accounts with a minimum deposit of $500, thus making it easy for traders to take advantage of Currenex trading platform and its fast ECN execution.
HotForex Trading Platforms
HotForex offers different types of trading platforms that can be primarily classified into the MT4 trading platform and Currenex. The MT4 version of trading platform includes a good collection of mobile trading apps for iPhone, Android phones and smartphones. HotForex also offers a web based trading platform as well which makes it easy for traders on the MAC OS to use HotForex Web trader.
HotForex Trading Tools
HotForex is a bit limited when it comes to offering additional trading tools. However, HotForex does offer the MYFX trading console. This is applicable only for Premium account holders with a deposit of $2000 or more.
HotForex Promotions
HotForex offers two main types of forex bonuses that traders can choose from. The bonus one selected cannot be changed and in order to claim or switch to a different bonus a new HotForex account needs to be created. Read more for a full list of HotForex Contests
50% Withdraw Bonus
HotForex 50% withdraw bonus program is aimed to increase the average trading volume for the traders. When the trading requirements for the 50% withdraw bonus program is met, the bonus sum is credited into the traders account and can be withdrawn without any limitations or restrictions.
Under this bonus policy the bonus cannot be lost and cannot be used for trading before the Volume requirements are met. The volume requirement is one standard lot traded per $1 of bonus.
Benefits of the 50% withdraw bonus
- Can be used as increased Leverage
- If volume requirements are met bonus can be withdrawn
- Relaxed Time Limit for completing Volume Requirements. This encourages prudent trading
- Effectively makes the stop out level on original balance as zero
HotForex 15% Rescue Bonus
The 15% rescue bonus from HotForex is aimed at protecting trading accounts from drawdown periods. The 15% Rescue Bonus can be traded with no limitations and also used as margin.
Under the 15% rescue bonus policy the bonus cannot be withdrawn.
Benefits of the 15% rescue bonus
- Can be used as Increased Leverage
- Can be lost so it can actually protect accounts from Margin Calls and Stop Outs during drawdown periods
- Effectively makes the stop out level on original balance as zero
Azzeddine
Jul 18. 2012
I’ve been trading forex for two years. I had a at least three brokers during this period. My last broker is hotforex. I’ve been trading with hotforex for 6 months only, but things look pretty good so far. This broker has low spreads, unlike my previous one. The main thing is withdrawal, I did withdrawals three times and I had no problems, with my previous broker I couldn’t get my money for two weeks. Hotforex really cares for their customers. I’m glad that I found them, I hope they wont turn into bad broker, but only will be improving with time especially with their contests going on lastly as the demo contest and bullseye prediction competition.
N Vagdama
Aug 30. 2012
I didn’t have much experience when I started trading with hotforex, I’ve chosen this company just because my friends are trading with them and they advised me. First of all it was so easy to open an account with them and as I was newbie they helped me a lot by answering all my questions, the staff that works there is really friendly and so helpful as much as available. So all in all I’ve already spent with hotforex a year and I have nothing bad to say even if I have not been trading on a constant basis, as I am still not really experienced and I have been thinking of a PAMM but I guess with the Zulutrade available with them now it suits me better.
J Sigunda
Apr 30. 2013
7 months of live trading with minimal issues, good execution, very rare slippage, tight spreads mostly during the europe and american sessions, widens at times. never had an issue with withdrawal. services in general have a good variety for traders, over all an excellent broker worth mentioning.
Jay