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HotForex Broker Review

HotForex Broker Review

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HotforexEstablished last 2010, HotForex is an online broker which have changed the trading industry during the past years. It was established in the Republic of Mauritius and has been an online trading platform which has been a customer-centric since then. 

They are very much known in the industry and in fact, they are one of the leading online brokers because they never ceased to deliver the services that their clients need, specifically, they deliver product and services that are tailored to meet the need and standards of their clients. With that being said, HotForex has earned the limelight in the trading industry and has been known as one of the most reputable and successful online brokers. 

Basic Information On the HotForex Broker

  • Regulator – CySec, FSB, FSC, MiFID
  • Trading Platforms – MT4, MT4 Multiterminal, MT4 WebTerminal
  • Available since – 2010
  • Minimum deposit– $5
  • Leverage – Up to 1:1000
  • Spreads (& commission)– 1.2 pips (10% commission for stocks CFDs)
  • Minimum trade size– 0.01 lot
  • Demo account – Available
  • Mobile Trading– Available
  • Trade Signals– Automated Trading
  • US Clients– No
  • Islamic Account– Yes

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100% SuperCharged Bonus

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Trading Platform 

Access to different trading platforms is not a problem with HotForex as clients are offered a variety of trading platforms to choose from. They have a number of custom made state of the art trading solutions to make trading enjoyable and easier. 

HotForex maximizes the MT4 trading platform which is the most used trading platform by brokers all over the world. It offers a wide selection of tools, comprehensive charting package and an enormous number of technical indicators which clients can use to level up their trading experience and capacity. Furthermore, it also supports multiple market order types and automated trading for an amazing trading experience. 

Furthermore, HotForex also offers clients the HotForex RapisTrader API which allow traders to have direct access to the markets.  Also, they offer automated trading as well. 

Mobile Trading 

HotForex also supports mobile trading to make trading more accessible for their clients. The mobile trading platform by HotForex is accessible via iOS, Android and Windows-powered devices wherein the software are available and can be downloaded via the app store or play store. 

Account Types 

Different clients have different needs. Obviously, HotForex has taken this too serious as they have created a wide range of trading accounts for their clients. 

  1. Micro Trading Account – Requires a minimum deposit of $5 with a leverage of 1:1000. It offers variable spread and a maximum simultaneous position of 150.
  2. Premium Trading Account – Requires a minimum deposit of $500 with a leverage of 1:400. It offers variable spread and a maximum simultaneous position of 300.
  3. Zero Trading Account – Requires a minimum deposit of $5 with a leverage of 1:200. It offers variable spread and a maximum simultaneous position of 500.
  4. Fixed Trading Account -Requires a minimum deposit of $500 with a leverage of 1:400. It offers variable spread and a maximum simultaneous position of 300.
  5. VIP Trading Account – Requires a minimum deposit of $20,000 with a leverage of 1:300. It offers variable spread and a maximum simultaneous position of 400.
  6. Auto Trading Account – Requires a minimum deposit of $500 with a leverage of 1:400. It offers variable spread and a maximum simultaneous position of 300.
  7. PAMM Trading Account – Requires a minimum deposit of $250 with a leverage of 1:300. It offers variable spread and a maximum simultaneous position of 350.

Demo Account

A demo account is also provided by HotForex for clients who wish to try out the market and have a feeling of how trading is done in HotForex without risking their money. 

HotForex Demo Contest

Minimum Deposit 

An initial deposit of $5 is needed in order to open a trading account with HotForex. Taking into account, this is one of the lowest initial deposit required in order to open a trading account in the forex industry.

Payment Methods 

HotForex accepts payment through a variety of platforms. They accept payment from all major credit and debit cards in as much as transactions are also done through different ePayment or eMoney methods. 

Maximum Leverage 

A leverage which is as high as 1:1000 is offered by HotForex to their clients which means that trading should be done carefully in order to avoid great losses. Leverage greatly depends on the account type that a client owns. 

Spreads and Commissions 

An average spread of 1.2 pips is forced to HotForex clients where they can also have a commission of 10%, depending on the account type that own.

Regulation and License

HotForex is regulated by CySec, FSB, FSC and MiFID. All of these are prestigious regulators which implement strict regulations in order to protect clients, investors and traders under them. HotForex is mandated to follow their rules which makes the broker a good choice for an online forex broker. 

Customer Service

HotForex customer service personnel are available for 24 hours during the 5 working days via phone, email, live chat or Skype. They cater the difference of their clients as they support over 24 languages. 

Benefits of Trading with HotForex

HotForex traders are enabled to choose a trading account according to what they prefer. In addition, they also got to be under a broker that is reputable and safe due to strict regulators. They offer competitive spreads and leverage, superb account features and trading platforms that can be customized.

Pros

  • Wide choice of trading account
  • Competitive spread
  • Low minimum deposit 
  • Secured funds/ trading 

Cons

  • Not available for US clients 

PAMM 250

Conclusion 

Truly, HotForex is a great broker as they put their clients in mind with their standards in the service of giving their clients the best trading experience possible. Almost everything needed by traders (Expert and Beginners) is offered by them, thus it can be said that they are the one-stop shop version of online trading.

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By |2018-07-31T13:03:20+00:00May 17th, 2018|Broker, Forex, Forex Broker, Forex Broker Review, Review|0 Comments

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