HotForex has been offering forex trading services for over a decade, opening its doors in 2010. The company’s head office is located in Mauritius, and it also has offices in Cyprus and Seychelles. HotForex is a multi-asset broker that offers trading in more than 150 financial instruments across the foreign exchange market and CFDs on commodities, indices, energies, stocks, bonds, and cryptocurrencies. The broker is regulated by various regulatory bodies such as CySEC, FSCA, and DFSA.
HotForex is an award-winning forex and commodities broker, providing trading services and facilities to retail and institutional clients. Through its policy of providing the best possible trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity, HotForex has positioned itself as the forex broker of choice for traders worldwide. In this Hotforex review South Africa, we will take an in-depth look at the broker’s platform and its trading conditions to determine whether it’s worth your time and money.
Safety and Regulation
CySEC, MiFID, and SFC regulate HotForex. It is also registered with many other organizations worldwide.HotForex is a member of the Investor Compensation Fund (ICF), established to secure client funds if the company becomes insolvent. Clients can claim up to €20,000 from this fund.
The HotForex website has a section titled “Regulatory Bodies,” which provides information on the regulation and oversight of HotForex.HotForex offers its clients negative balance protection, which means that traders cannot lose more than the money they have in their accounts.
The built-in Market of Expert Advisors is an additional source of trading strategies that could be tested or bought directly from this terminal. This marketplace is connected to the MQL5 community website, where one can find helpful information about trading in general.
HotForex has various account types, and the most popular is the Micro Account, which is ideal for beginner traders. With spreads starting at one pip and leverage of up to 1000:1, this account is suitable for any trading, and it’s also available as an Islamic account. The minimum deposit requirement is 70 ZAR (5 USD), lower than most other brokers’ entry-level accounts.
For experienced traders, HotForex has a Zero Spread Account with EUR/USD spreads starting at 0.0 pips and a commission of 6 USD per lot round turn on major pairs. This account is perfect for scalping and high-volume traders who want meager trading costs for a premium account. HotForex also offers a Premium Account with professional-grade features such as raw spreads from 0.0 pips, 50% lower commissions, free VPS hosting, and exclusive strategy managers’ access. Still, the minimum deposit requirement is 1500 ZAR (100USD).
Spreads and Leverage
The minimum deposit required to open a standard account is $100, and the maximum leverage is 500:1. HotForex also offers a Zero Spread account with a minimum deposit of $200 and spreads as low as 0.0 pips. The maximum leverage for this account is 200:1.
In addition to the standard and zero spread accounts, HotForex has an ECN account that requires a minimum deposit of $500 and offers spreads as low as 0.2 pips with the same maximum leverage of 500:1. For Islamic accounts, commissions are added instead of interest charges to comply with Sharia law.
The broker allows scalping and news trading, although it does discourage traders from using automated trading software, claiming it could lead to accounts being flagged for internal investigations.
PAMM/MAM services are not available at HotForex, although traders have access to social trading platforms including DupliTrade, ZuluTrade, and Myfxbook Autotrade.
It offers the industry standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. The MT4 platform is for Forex, CFDs, cryptos, and stocks trading. The MT5 has all the features of the MT4 but also provides an option to trade stocks, futures markets, and bonds in addition to Forex and CFDs.
MT4 is available as desktop, web-terminal, and mobile apps for iOS and Android devices. The mobile application gives you access to real-time market updates wherever you are. It also allows you to set up price alerts to be notified whenever prices hit a specified level.
Both platforms have a user-friendly interface that incorporates multiple charting options, including technical indicators like moving averages, Fibonacci levels, price bands, stochastic oscillators, MACD, etc.
The platforms allow you to customize your dashboard to match your trading style and requirements. You can easily add or remove any chart or indicator from the main screen by simply dragging it across
We hope this HotForex Review South Africa will help you to make a decision. Many traders choose their broker by looking closely at its trading platform. The rest of the criteria are fixable. A good, reliable, and honest broker like HotForex will make a difference to your online trading experience, especially when you’re a beginner. You need a broker with plenty of trading assets that you can trade with and one that understands your trading needs even if you don’t trade in the same financial market. In short, you need a good broker like HotForex.