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HotForex India Review

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HotForex is a multi-asset broker that offers Forex and Commodities through CFDs trading services through the choice of 7 account types and trading platforms with tight spreads averaged EUR USD 0.1. The broker brings access to unrestricted liquidity allowing any size or profile trader to make a choice between various spreads and liquidity providers via automated trading platforms and performance of any strategy.

HotForex Review The brokerage firm itself was established in 2010 with its headquarter in Cyprus, yet in addition serves several global offices including Dubai, South Africa also offshore entities in St Vincent and the Grenadines. While indeed HotForex shows great interest and impacts mainly in African, Asian and MENA regions which brings some of the great opportunities to the global residents. Meanwhile, HotForex offers its trading service along with the applicable licenses that regulate the Forex industry, therefore delivers service trustworthily.

Pros Cons
• Founded in Cyprus known for its great technology

• Regulated by the financial Investment Commission ASIC, CySEC, Financial Conduct Authority FCA

• Broker with some of the best range of Forex and Commodities markets

• Numerous industry awards

• Low Fees

• Only Forex and CFDs products

Besides its attractive trading proposal at the first look, there are some confirmations about its trustworthy business due to official figures and numbers, as well as numerous industry awards that HoForex holds and counting. Until now there are more than 500,000 Live accounts opened with the HotForex, along with multiple Industry awards and sponsorship HotForex prestigious titles recognizing them as Best Clients Funds Security Broker, Best Forex Provider, Top 100 Companies etc.

HotForex awards and HotForex sponsorship

Is HotForex safe or a scam?

Экспертная оценка истории и современности информационной ...

HotForex is a brand name of the HF Markets (Europe) Ltd. that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, along with cross border licenses due to its European position, authorizing the company to provide investment services within EEA zone.

Pros Cons
• Authorized and Regulated by CySEC, Financial Conduct Authority FCA, FSCA South Africa

• Enabled Negative balance protection

• Additional Civil Liability Insurance

• Three entities based in offshore zones

In simple terms it means the broker is regulated and authorized to offers its trading service along with necessary safety measures and controls applied.

For the funds protection, which is an important part of the regulated broker, HF Markets (Europe) Ltd. is a member of the Cyprus Investor Compensation Fund. It constitutes a claim of the covered clients against investment firms. Clients’ deposits are protected under the requirements of the regulators.

IS HOTFOREX A SCAM BROKER? SHOULD I TRY IT OUT? - BRKV

While in addition to that HotForex made further efforts to safeguard traders with a Civil Liability insurance program for a limit of €5,000,000, which includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss. However, according to applicable laws and regulations, the conditions vary from one entity to another.

Leverage

While trading with HotForex you can operate with fixed or floating leverage, which is indeed a very useful tool, especially for traders of smaller size. Leverage brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly.

HotForex leverage

HotForex offers various leverage levels from the “modest” one as determined by European regulations and various other measures, and up to very high ratios. Yet, again always make sure to learn about high risks of leverage, as retail trading accounts lose money rapidly due to high leverage.

Therefore, your leverage levels are firstly settled according to the regulatory requirement in the region or another also your prof level in finance, so make sure to verify with the customer support team which one you entitled to.

  • European entities that oblige to ESMA regulation, the maximum leverage ratio is set to a 1:30 on Forex instruments, 1:25 Spot Metals, etc.
  • South Africa residents may access leverage of up to 1:200
  • Higher leverage ratios like 1:400, 1:500 or even 1:1000 are offered through HotForex offshore entities since a particular registration does not limit offering and allows high leverage levels.

HotForex accounts

HotForex’s three best accounts are: Micro account, Premium account, and Zero Spread account.

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  1. HotForex Micro account

The HotForex Micro account allows investors to trade on smaller sizes and open an account with a lower initial deposit than other accounts.

  • Minimum deposit: $5
  • Maximum leverage: 1: 1000
  • Spread Type: Floating
  • Spread from: 1 pip
  • Commission: No.
  • Maximum Number of Concurrent Orders: 150
  • Maximum total volume: 7 lots
  1. HotForex Premium account

This account is suitable for experienced traders. Minimum trading volume is 0.01 lot.

  • Minimum deposit: $100
  • Maximum leverage: 1: 500
  • Spread Type: Floating
  • Spread from: 1 pip
  • Commission: No.
  • Maximum Number of Concurrent Orders: 300
  • Maximum total volume: 60 lots
  1. HotForex Zero Spread account

This is a popular account that is chosen and appreciated by most traders on HotForex. With minimum deposit only from $200 and extremely low spread.

  • Minimum deposit: $200
  • Maximum leverage: 1: 500
  • Spread Type: Floating
  • Spread from: 0
  • Commission: $6 — $8 depending on the product
  • Maximum Number of Concurrent Orders: 500
  • Maximum total volume: 60 lots

Account Opening

HotForex provides access to 6 different trading accounts called Micro, Premium, Zero Spread, Auto, PAMM (Premium) and HFcopy 3 core trading accounts called Premium, Zero Spread and Premium Pro, as shown below. Different accounts are available under different regulated entities. As such, some accounts are only available under specific regulation and not under the other. They also offer free demo trading accounts and Islamic swap-free accounts.

Every account except the Zero Spread account comes with commission-free trading on Forex pairs with spreads starting from 1 pip. The Zero Spread account offers spreads from 0 pips on Forex but with commissions per trade which are detailed later on in this review. A live trading account can be opened by clicking the ‘Open Live Account’ button on the broker’s website. This will then redirect you to a registration page, as shown below:

Once this has been filled in, users are then able to start in just 3 steps after confirming your email address and then entering the myHF Area to open a trading account, as shown below:

Once logged in to the myHF Area, users can open new trading accounts, access free VPS services, view the different trading tools and deposit and withdrawal methods. To complete the account opening users will need to verify their identity and proof of address, of which details are sent in the confirmation email:

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Deposit & Withdrawals options

HotForex offers a wide variety of deposit and withdrawal methods which include credit and debit cards bank wire transfer and a variety of e-wallets such as Neteller, Trustly, Skrill and others. Processing times and fees vary but can be found on the broker’s website as shown below.

Deposits can take between 10 minutes and 2 business days depending on the method and are mostly fee-free:

Withdrawals are processed 24 hours after the submission of a request Monday to Friday and are mostly fee-free as shown below:

Mobile Trading via App

In an advanced market like this, your HotForex account and your financial trading are right in the palm of your hand. With the use of the HF app, all you need to do on the website are made available in a few clicks. The mobile app will enable you to comprehend the markets using fast trading tools and recent news updates plus financial market analysis. The myHF area feature has been integrated on the HF app so that no users can have direct access to the app.

Mobile Application | HotForex | HotForex Broker

Also, the MT4 and MT5 versions can be downloaded on an android and iOS devices from the app store, also you can download directly from the HotForex official website. They are just exactly what you will find in the web version, and it has all the features and tools found on the web version. You can contact HotForex directly from the app.

Listed in the next paragraph are some of the important features and functions of MT4 and MT5 mobile applications:

  • Carry out trading activities easily from anywhere with just a click.
  • It displays real-time quotes and current market price preview.
  • There is permission for full account control plus order activities.
  • There are more than 20 multiple time monitors and indicators.
  • Real time charts are integrated for quick and constant analysis plus chart transactions.

Account Types of HotForex

  • Micro Account

For micro account users, MT4, MT5, WebTraders, and mobile trading platforms are available. The maximum deposit on this account is 1:1000, while the minimum is $5. The trading contracts are smaller than in the normal accounts.

  • Premium Account

This account is made for pro traders on the MT4, MT5, WebTrader, and Mobile platforms. On this platform, spreads can begin from 1 pip. The minimum deposit is $100.

  • Zero Account

This account has a zero spread but you have to pay commissions each trade. MT4, WebTrader, and Mobile trading are available on this platform. The minimum deposit is $200.

  • Auto Account

This is specially made for starters and inexperienced traders. Just one platform MT4 is made available. Traders on this platform are permitted to subscribe to trading signals. However, a minimum of $200 is the minimum deposit to open this type of account.

  • HF Copy Account

This account is best for Strategy Providers and Followers. It is a social trading account. In this kind of account, followers are allowed to copy trades from SPs they want. SPs are privileged to open an account and grow their followers up to 30; at this point, they can get a performance fee. MT4, WebTrader, and Mobile trading are the platforms available on this account. The trading instruments on the account are bitcoin and Forex. The minimum balance here is $500 for SPs, and for followers, it is $100, while the leverage is 1:400.

 

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