Hot Forex Broker Review

Hot Forex Review by TradeForex.NG

Hot Forex Offer:hot forex review

  • 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

hot forex

9.7 / 10 Reviewer
Support9
Product Range10
Trading Tools and Education10

 

Hot Forex 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.

 

 

Hot Forex Facts

Regulation:

Hot Forex 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.

 

hot forex review website

 

Trading Instruments:

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.

 

Funds Safety:

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.

 

Broker Type:

HotForex is an ECN/STP (Electronic Communication Network/Straight Through Processing) type of broker.

 

Platforms:

MetaTrader 4 (MT4) accounts are offered and available on desktop, iphone, ipad, android, MT4 Multi Terminal  and the WebTrader (shown below).

 

hot forex

 

Hot Forex Account Types:

The follwing account types are offered: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. See the following table for comparison.

 

 MicroPremiumZeroFixVIPAutoHFcopy
SpreadsFrom 1 pipFrom 1 pipFrom 0 on ForexFixed for Forex**From 0 on ForexFrom 1 pipFrom 1 pip
InstrumentsAll AvailableAll AvailableAll AvailableAll AvailableAll AvailableAll AvailableForex and Bitcoin
Minimum Deposit$50$500$100$500$20,000/€18,500$500EUR 1000 for Strategy Provider, EUR 300 for Follower
Max. Leverage1:500*1:400*1:2001:400*1:300*1:400*1:100
CommissionNoNo$4 per lot on Majors, $6 per lot on Others.No$6/€5 per round-turn standard lot ***NoNo

*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.

 

Currencies:

They offer EUR and USD base currencies on accounts. If you live in Nigeria you can also open accounts in Naira (NGN).

 

Documents:

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 Hot Forex account.

 

Deposits and Withdrawals:

Credit Card, Wire Transfer, Skrill, Neteller, Western Union, Trust Pay.

 

Naira Accounts

Hot Forex offer clients living in Nigeria the option to open accounts in the Naira (NGN) base currency. Once you select Nigeria in the list of countries on the registration page the option for NGN becomes available. This is particularly useful in cutting out bank exchange charges when you are funding your account.

 

We hope you’ve enjoyed our Hot Forex review. To get started, sign up here.

Click here for more broker reviews!

Leave a Reply

Your email address will not be published. Required fields are marked *