HotForex Review by TradeForex.NG
- Naira (NGN) Accounts
- Tight Spreads from as low as 0.1
- Flexible leverage up to 1:1000
- FIX Account trade with Fixed Spreads
- Ongoing Promotions
HotForex has been around since 2010 and has already proven itself in being a multi award-winning brand that contributes to several communities through charitable donations and takes social corporate responsibility seriously. Based in Cyprus, they offer various types of accounts, trading software and tools to trade Forex and CFD’s online. Read on to find out more about this broker below.
HotForex is a registered brand name of HF Markets (Europe) and is regulated by the Cyprus Securities Exchange Commission (License Number 183/12) and holds a cross border license, authorising the company to provide investment services internationally.
Here you can trade Forex, Spot Metals and Energies, CFDs on commodities, as well as indices and popular shares like Google, Apple and Facebook. They also offer popular Cryptocurrencies – Bitcoin, Ethereum, Litecoin, Dashcoin and Ripple.
HotForex uses only major global banks and keep client funds separate from company funds. This segregation of funds means they cannot use clients’ money to pay back creditors if the company defaults.
As a regulated broker, they are required to submit financial reports on activity and also take part in an annual audit done by an independent auditor. This auditor then reports their findings back to the regulator who will take action if any errors are found.
They are also part of a Civil Liability insurance program with a limit of €5,000,000 which has a coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.
HotForex is an ECN/STP (Electronic Communication Network/Straight Through Processing) type of broker.
MetaTrader 4 (MT4) accounts are offered and available on desktop, iphone, ipad, android, MT4 Multi Terminal and the WebTrader (shown below).
HotForex Account Types:
The following account types are offered: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. See the following table for comparison.
|Spreads||From 1 pip||From 1 pip||From 0 on Forex||Fixed for Forex**||From 0 on Forex||From 1 pip||From 1 pip|
|Instruments||All Available||All Available||All Available||All Available||All Available||All Available||Forex and Bitcoin|
|Minimum Deposit||$50||$500||$100||$500||$20,000/€18,500||$500||EUR 1000 for Strategy Provider, EUR 300 for Follower|
|Commission||No||No||$4 per lot on Majors, $6 per lot on Others.||No||$6/€5 per round-turn standard lot ***||No||No|
*The Maximum leverage may vary based on clients’ appropriateness assessment process.
**Spreads remain fixed 99,73% of the time but may occasionally widen during major economic news announcements and rollover hours.
***Client’s commission $6/€5 applies on forex pairs only. Other products may apply commission based on their specifications. The commission changes to $8/7 EUR per round lot traded if the account is assigned to an affiliate.
They offer EUR and USD base currencies on accounts. If you live in Nigeria you can also open accounts in Naira (NGN).
To sign up for a Live account you’ll need to provide the following:
-A National ID card, Passport or Driving License
-A utility bill or a bank statement registered in your name that has been issued within the last 6 months, with the address and name matching the address in your HotForex account.
Deposits and Withdrawals:
Credit Card, Wire Transfer, Skrill, Neteller, Western Union, Trust Pay.
We hope you’ve enjoyed our HotForex review. To get started, sign up here.
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