HotForex review (2022) Review
HotForex is part of the HF Markets Group, HotForex is the brand-name for the EU branch of this company. They give traders access to a wide variety of instruments in several markets like currencies, indices and shares, for commodity traders, they offer a range of energies and metals. They were established in 2010 and is regulated by FCA, SySEC, and other regulators. They offer a demo account, MT4 and MT5 platforms and the minimum deposit is $100.
What can be traded
They offer over 1000 trading instruments. Choices include Forex, cryptocurrencies, metals, indices, shares, energies, commodities and bonds. Newly you can trade stocks DMA and ETF. The full coverage of assets makes Hot Forex a great choice for all types of traders, from beginners through to advanced retail traders. They offer 4 account types:
- Zero Spread
- HF Copy
- Premium Pro
Hot Forex is regulated by CySEC and other regulations are:
HF is a good catch in terms of regulations and it also participates in the Financial Services Compensation Scheme (FSCS). Hotforex puts all client funds in a segregated bank account.
Hot Forex demo account
One of the best learning tools is a demo account. Most brokers offer a demo account, but not every demo is easy and good to learn with. You can learn how to trade, try out tools and test your skills. Usually, a demo account comes with pre-loaded money and are free of charge. HF offer a demo account and it’s very easy to register for one. They offer:
- Unlimited usage
- Real market conditions
- $100 000 virtual money
- Test trading strategies
Hotforex takes a fee from the spread. This is the difference between the buying and selling price of a tool. The minimum spreads are listed on Hotforex’s website, so go ahead and check it out yourself, keep in mind that spreads fees are defined by the account type you use. Lastly, there is a fee charged in case you didn’t use your account and show no activity for 6 months or more and there are no deposit fees or some of the withdrawals are free as well.
Very simply, on the top panel, you can join or sign in. You can join for a live account or demo. In my case, I am interested in a demo, because I`m a beginner and I want to learn and take a peek into the platform first. First, you get some information about the demo, which isn`t seen that often, but I appreciate it very much. Then a small form pops up for you to fill in. All they need is your name, phone number, DOB and email. I had it filled in a minute. As soon as the form was sent I received an email with my verification link.
The account was opened very quickly. I can again go through the advantages of a demo account, check out my balance, amend my profile etc.
Then You can choose what to trade with. This option is amazing. I`ll go with the Web trading platform as I`m not sure what platform I want to download and overall I want to learn first.
The trading platforms
HF offer MT4 and MT5 on your desktop, terminal, web, android or iPhone. You can go through the MT4 and MT5 differences on their website and choose which platform suits you better. I`m testing the MT4 Web Terminal.
Once the Web Terminal is launched, you need to choose the demo account button again you get a message, which I don’t understand. Whatever I do, I always come back to this message. So, unfortunately, I cannot open a demo.
As I have mentioned earlier, HF offer MT4 and MT5 on PC, iPhone, Android, tablet and web. From what I have read and found out after the launch of the MT5 trading platform, MT4 remains the most popular one in use today. MT5 lacks features MT4 has and comes second in any case.
Hot Forex website
I think the website of Hot Forex is well designed. I found all information pretty much intuitively and I found everything I needed. Red and black works for me, so colors are well chosen. In the top panel, you`ll find a menu with:
Although the demo didn`t work for me, I stayed quite a bit with the education page. They offer an e-course, where their aim is to teach you in simple terms about the forex market.
Then you have training courses videos, all up to date and divided into levels.
And also webinars. These are again divided into levels and by dates.
You can also find other HF tools, like an economic calendar, Forex news, Autochartis tool (this is very helpful), trading calculators and analysis. Thumbs up for their educational support.
They have a Facebook, Twitter and Linked In account. Also, live support and a contact form. Their Facebook account is up to date, and you can see news, analysis or facts.
Twitter is also updated, but not as often as Facebook, I wouldn`t see that as a downside though.
Advantages and disadvantages
Hot Forex is registered and regulated in different jurisdictions and fully transparent when it comes to pricing models, fees and swap rates. They offer different account types, well-described and shown on their website. They have good promotions and bonuses. If you`re lucky, you can try their demo account as one of the best educational tools. I wasn`t so lucky and it was just impossible for me to get into the account. They have live chat, but not 24/7 and their social networks aren`t as updated as others.
- Not as active on social networks
- Customer service 24/5
- Demo not working
- Only MT4, MT5
- Educational support is very good
- Deposit only $100
Pros / Cons