HotForex Review – Scam or Legit?
Being “customer responsive” is a proven path to success, especially in the forex brokerage industry, but many firms profess more than they deliver. Not so with HotForex.com, which may be one of the best in the industry at giving their clients what they want and then some. The firm’s offerings and features are bristling with new additions that are tailored to suit specific segments of the global community of traders. If you feel out of sorts with your broker or that the trading environment is not ideal for your individual trading strategies, then HotForex, also known as HF Markets Ltd., may be the broker that you have been searching for. If you prefer binary options, then they can fill that need, as well. Unfortunately, they do not accept U.S. clients at this time.
At HotForex, you can trade traditional forex pairs or binary options, but you can also dabble in CFDs for commodities, stocks, and indices. Formed in 2008 with headquarters in Mauritius, HotForex offers a dual-regulatory compliance regime for their European operations. The Financial Services Commission (FSC) handles compliance in Mauritius, while CySEC regulations apply to its Cyprus operating center. Multiple-language capabilities have attracted a broad-based global customer base of loyal fans, many persuaded to join in due to the 14 prestigious industry awards that the firm has earned over the past seven years. There are also plentiful bonus and award programs to tempt you, whether you are a new, old, big-lot or small-lot trader. HotForex does not discriminate. Micro accounts begin at $5 and progress from there. There are also other specialized accounts that access new social trading and zero-spread trading accounts.
HotForex is a Straight-Through-Processor (STP) that has aligned its liquidity providers to accommodate all types of traders, including scalpers and automated traders. You may download the popular Metatrader4 platform series or access one of many customized operating systems that permit web-based and mobile action to flourish on any operating system. Tight spreads are the rule, and you will find higher leverage limits than offered at most all other brokers. Support materials are excellent and in abundance, and customer service is top-of-the-line, as well. “Honesty, Openness and Transparency” is the firm’s byline, a “HOT” combination from a hot forex broker making its mark.
Unique Features of Trading with HotForex
Why trade with HotForex.com? The firm lists these reasons:
- Formed in 2008 in the Republic of Mauritius by industry professionals;
- Regulated by the FSC in Mauritius and CySEC in Cyprus;
- All deposits are safe in segregated accounts with Tier-1 international banks;
- Trade traditional forex pairs or CFDs for stocks, commodities, and indices with over 200 asset choices in 20 markets;
- If you prefer binary options, their subsidiary, OptionTrade.com, can handle your needs with a single click from the HotForex website;
- MT4 trading platform formats, combined with customized web-based versions for access via any all operating system;
- Three standard accounts with escalating benefits: Micro ($5 – $499, Leverage 1000:1); Premium ($500 – $39,999, Leverage 400:1); VIP (Over $40,000, Leverage 300:1);
- Specialized accounts: “No-Swap Islamic” account and a Currenex account to provide near zero-spreads for scalpers and automated traders requiring near-zero fixed spreads;
- No U.S. clients accepted at this time;
- New social trading features will let you “connect with other traders, discuss strategies and news, follow and copy the most successful portfolios and quickly expand your network by identifying more trading opportunities;”
- Multiple deposit methods supported;
- Proprietary debit card for quick withdrawal applications;
- Website in 25 languages, many of which are supported by customer service 24X5 each trading day;
Spreads & Leverage
HotForex offers primarily variable tight spreads, but they also offer a specialized fixed spread account for scalpers and automated traders that equates to Interbank spread prices. Leverage also varies by account classification. For Micro, Premium, and VIP, leverage conditions are respectively 1000:1, 400:1, and 300:1.
You will not encounter access problems with HotForex. If you prefer MT4 software, then downloads are available, but if your operating system balks or you prefer a web-based solution or mobile app, then look no further. HotForex has custom made a number of software solutions, all state-of-the-art, and each will make your trading experience an enjoyable one from the get go. Mobile access is a snap, any time of day and via any Internet-capable devise, whether a phone, a tablet, or a laptop. The latest in 256-bit SSL technology also encrypts all personal and trading session data for security purposes.
Deposits and Withdrawals
HotForex accepts all major credit and debit cards, bank wire transfers, and additional services like Cashu, Skrill (Moneybookers), Neteller, Ukash, and Webmoney. As with all global brokers, you will need to submit legally mandated identity information before any withdrawal request can be approved and processed. The firm will, if you request, then provide you with its proprietary debit card that can be used for direct purchases or withdrawals at ATMs, all funded by your account balances. For safety purposes and in compliance with regulatory standards, all client deposits are segregated from operating capital in accounts with major Tier-1 banks, like Barclays.
Bi-lingual customer service representatives speak a dozen or more languages and can be reached “24X5” via phone, email, live chat, or even Skype. The website can actually be read in 25 languages. The firm’s educational center is filled with training materials, videos, charting tools, free signal alerts, daily commentary, and more, for both beginners and veterans.
HotForex has gone over the top to give its customers what they truly want. The firm exemplifies the true meaning of the words “full-service” and “one-stop-shop”. If you want it, you will find it here: competitive spreads and leverage; special account features; customized trading platforms for all operating systems; social trading; accommodative fees for scalpers and EA enthusiasts; and all wrapped together with excellent customer service and support materials. You will be hard pressed to find another broker that tries this hard to win you over, and, judging by its awards and favorable testimonials, the trading public agrees that HotForex is definitely “HOT” and top tier.