Hotforex Review: It It Legit Forex Broker?
HotForex is the legit online CFD broker which offers modern technologies and tools for online Forex trading and gives the opportunity to access the inter-bank interest rates through the automated online platforms.
If you even barely know about online trading, you will definitely see a lot of offers from Forex brokers.
And if you are really interested in Forex trading, the most important thing will be to choose a good broker.
But you need to remember that no one can offer you will not lose!
So be ready.
And today in this HotForex review 2020
Safetrading will talk about HotForex MT4 features, HotForex binary options, regulations, HotForex Economic Calendar and decide if you need to trade with it.
Let’s go!
What Is HotForex?
The company started its activity in 2010, so has more than 10 years of experience.
HotForex is registered in St. Vincent & the Grenadines as an International Business Company.
But there is a group of companies which a registered in Cyprus, Larnaca - HF Markets (Europe), South Africa, Johannesburg - HF Markets SA (PTY), Republic of Seychelles - HF Markets (Seychelles) Ltd, the Republic of Mauritius - HF Markets Ltd.
The broker is regulated by SV, FCA, DFSA, FSCA and FSA. The main license - SV you can see on their website and can go through it.
By the way, HFMarket doesn’t offer the service for clients from the USA, Canada, Sudan, Syria and North Korea, so you can use HotForex in Nigeria and HotForex Indonesia even!
Okay, one more time - HotForex is the CFD broker, that is why the first thing you should do is to go through their legal documentation.
Yes, CFD trading is not forbidden but you need to be aware of all the risk that will wait for you in the future.
The main thing you need to understand is:
“CFDs provide Investors with all the benefits and risks of owning the security without actually owning it.”
So, while trading CFDs, you don’t own assets.
Also, the company mentions everything you need to know about leverage and you won’t find it in HotForex Wikipedia:
“... the value of the CFDs provided by the Company may fluctuate downwards or upwards and it is not unlikely that the investment may become of no value. This is due to the high degree of “gearing” or “leverage” feature of CFDs.”
That is why, think about leverages you set. If you are a beginner, we advise you not to use them at all. Take your time, learn, go through HotForex Economic Calendar and trade simply without leverages and high deposits.
Markets
HotForex MT4 offers eight trading instruments for trading: Cryptocurrencies, Forex, Metals, Indices, Shares, Energies, Commodities and Bonds.
Cryptocurrencies
With HFMarket you can trade Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero and Ripple. The biggest leverage that is allowed is 1:10.
Forex
The maximum leverage is 1:1000. But think properly before setting it.
The broker offers a lot of trading pairs and the lowest HotForex spread.
Metals and Energies
With HotForex MT4 you can trade US Natural Gas, UK Brent Oil, US Crude Oil, Silver/Euro, Silver/US Dollar, Gold/Euro and Gold/US Dollar. The maximum leverage is 1:200.
Indices
With HotForex MT4 you can trade the following indices: AUS200, FRA40, GER30, JPN225, NETH25, SPA35, etc. The maximum leverage is 1:50.
Shares
The list of shares is quite big: Amazon, Apple, Bank of America, Coca Cola Inc., Danone, Intel and so on. The maximum trade size is 5,000 shares and leverage - 1:14.
Commodities
You can trade the following commodities: Palladium, Platinum, US Cocoa, Coffee, Copper, US Cotton No.2, Sugar #11.
Bonds
For you are available Euro Bund, UK Gilt, US 10-year Treasury Note with the maximum leverage of 1:50.
Accounts
In this HotForex review 2020 it is important to say that the broker offers really a lot of types of MyHotForex accounts - Demo, Live, Micro, Premium, Islamic or Auto Account.
Demo Account is the first step for newcomers.
Really, it is very good when the platform offers this opportunity, because you can test your strategym, go through the HotForex Economic Calendar and only after realizing it is successful you can start real trading.
Micro Account
This can be the next step for the newcomer because this account allows users to trade with small trade sizes and minimal deposits.
Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader and Mobile Trading.
HotForex Spread: from 1 pip.
Minimal Deposit: $5.
Maximum Leverage: 1:1000.
Margin Call/ Stop our level: 40%/10%.
Commissions: No.
Premium Account
This type of account is for experienced traders. The minimum deposit is bigger than for Micro Account and the maximum amount of lots for every trade is bigger as well.
Trading Platforms: MetaTrader 4, MetaTrader 5, Webtrader and Mobile Trading.
HotForex Spread: from 1 pip.
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Minimal Deposit: $100.
Maximum Leverage: 1:500.
Margin Call/ Stop out level: 50%/20%.
Commissions: No.
Auto Account
This type of account you can’t see in every broker’s activity. It is good for experienced and new traders. You can subscribe to the free and paid trading signals from the MQL5 Community. You can subscribe through MetaTrader 4.
Trading Platforms: MetaTrader 4, Webtrader and Mobile Trading.
HotForex Spread: from 1 pip.
Minimal Deposit: $200.
Maximum Leverage: 1:500.
Margin Call/ Stop out level: 50%/20%.
Commissions: No.
Final Thoughts
Today in the HotForex review we discussed with you one more, I think good, CFD broker - HotForex.
The first thing you need to do choosing any broker to trade with is to check where he is registered and his Terms and Conditions.
The biggest advantage of HFMarket is, I think, the Auto Account because you can copy the signals and trade. But be aware of all the risks you can get!
I hope this HotForex review was very helpful for you. If you need to check other brokers, they are waiting for you
here.