HF Markets, originally known as HotForex, is a regulated online trading broker offering trading in multiple markets through the well known MetaTrader4 platform. The broker has licences all over the world, most notable the CySEC license for HF Markets (Europe) Ltd. They are also registered in Germany, Italy, Denmark, Netherlands, Spain, Poland, Sweden, Slovakia, Estonia, Portugal and in the UK with the FCA, in Europe, while they also have a South African FSB license. Moving away from the “boring” part – in our review we found HotForex extremely easy to use thanks to a plethora of options that are offered to traders. Platforms are very customizable in addition to being widely known and offers on the various account types make forex and CFDs trading truly accessible with low minimum deposit requirements.
Account Features
HotForex will provide access to unlimited funds on a demo account before the trader makes any kind of deposit. The no-deposit demo in the CFDs forex industry is nothing new, but it’s a nice touch that the demo is unlimited. The registration is fast as expected. The “hard part” comes with live account registration, there traders need to go through short eligibility test required by the regulators to determine if trading forex and CFDs is good for you and the amount leverage you should be allowed to use while trading. The types of accounts with HotForex are as follows:
HotForex Micro Account
- Min $50 deposit
- USD or EUR account
- Up to 1:500 leverage
- Variable spread from 1 pips
- 150 orders at once max
- Max trade 5 lots
- Stop out at 10%
HotForex Auto Account
- Minimum $500 deposit
- Offers opportunity to subscribe to a signal service via MQL5 Community
- Signals can be free and paid
- Spread from 1 pip
- Leverage up to 1:400
- Max simultaneous orders: 300
- 20% stop out
HotForex Premium account
- Min $500 deposit
- USD or EUR account
- Up to 1:400 leverage
- Spread from 1 pip/ variable
- Max trade 60 lots
- 300 orders at once max
- 20% stop out
HotForex VIP Account
- Min deposit $20,000
- 3 private half hour consultations with a senior analyst
- SMS service upon request
- Spread from 0 pips
- Up to 1:300 leverage
- $6/€5 commission per round turn on FX
- 20% stop out
- max 400 orders at once
- 60 lots trade size max
HotForex Zero Account
- Min $100 deposit
- From 0 pips spread on FX
- Max 1:200 leverage
- Commission per lot $4 for USD majors, $6 for others
- Commission per lot $3 for EUR majors, $4 for others
- Max open orders: 500
- 20% stop loss
HotForex Fixed Account
- Fixed forex spreads
- Min $500 deposit
- Max leverage 1:400
- 300 max orders at once
- 60 lots per position
We love the fact that HotForex has the dedicated auto account with access to free signals by the Community. This is definitely something that many traders may be interested in. Another “auto”-type feature is the auto chartist, which is also available for free with HotForex. Autochartist enables traders to use the feature and get automatic pattern recognition on their charts, making the technical analysis faster and better. Patterns recognized are based on support-resistance levels and the autochartist has to be installed in the MetaTrader4.
Trading Software & Assets
The platform used by HotForex is MetaTrader4 in all its iterations. This means that traders will be able to use this gold standard of online trading across all their devices – PC, tablets and smartphones. On the desktop, they don’t even need to install software, they can use the web trader, however, be advised to check if the desired features work with the MT4 web platforms. In some cases, download of the client will be necessary to use the full power of the platforms.
Support Information
Best way to get in touch with HotForex personnel is to use the live chat function. If you ever read any of our reviews, it won’t come as surprise we are recommending this in HotForex review as well. Reasons are simple – most traders do not encounter issues that aren’t easily solved by a quick chat. Another reason is the fact that chat is fast and usually one does not have to wait long to get a response from HotForex support.
Other methods include phone and email with separate emails and phone numbers for individual markets. Further info can be found on HotForex website.
Banking & Company Information
HotForex offers very favourable terms for traders since they can start trading already from minimum deposit of $50. There are really many ways to deposit with the broker and we will list them below. Good thing about HotForex is that the broker will cover the fees for most types of deposits, meaning they are free.
HotForex Payment Methods
- Bank wire
- Credit cards (Visa, Mastercard, AmEx)
- Debit Cards (Maestro, Visa electron, HotForex MasterCard)
- WebMoney
- Skrill
- Neteller
- Sofort
- iDeal
- Przelewy24
- TrustPay
- Qiwi
With wire transfers the broker will not cover the fees for deposits lesser than $250, while American Express card carries 6.5% fee.
HotForex Withdrawal
HotForex Withdrawal Methods are almost the same, but of the e-wallets, only Skrill and Neteller can be used. Minimum withdrawals with all the methods other than bank wire is just $5. Bank wire has minimum $150 withdrawal requirement.
HotForex MasterCard
HotForex offers also a debit MasterCard which makes the access to client’s account easier since the card can be used for cash withdrawals. Issuance of the card and the delivery cost $10 with the standard shipping.