HotForex Review – 5 Industry Regulations
In today’s world, it is hard to keep up with the rapid progression of society, technology, and industries. Especially, when it comes to the trading environment the competition is extremely high. More and more brokerage firms appear on market every day and many of them fail to remain. Nowadays, the broker has to be excelling in its services in order to get and maintain customer loyalty. For that reason, it is not easy to find a reputable and decent broker which will suit most of the traders’ requirements. However, HotForex Forex broker is the top choice for over 2.5 million traders for at least 10 years now. The brokerage firm possesses various industry awards for its dedication to the customer base and ambitious approach to their experience.
HotForex holds five different industry regulations, offers competitive trading conditions with tightest spreads and flexible leverages, provides numerous promotional programs, and supports its clients in every way. Moreover, the broker presents 18 trading tools, 6 different account types, an instruments’ portfolio with 1000+ trading products, and 12 trading platforms. The methods and services of the broker have been tested multiple times. However, we are going to cover all aspects of the brokerage’s services in greater detail in this review.
How is HotForex Regulated
The primary reason for the trustworthiness of the broker is the multiplicity of the regulations that it holds. The broker is licensed by the most recognized regulatory authorities and is rightfully operating its business according to the standards set by the official bodies. Furthermore, the broker complies with all the laws applicable to the countries where it operates. Below is the list of the regulatory bodies that recognize HotForex as an official and licensed financial services provider:
- Financial Conduct Authority of the United Kingdom (FCA)
- Dubai Financial Services Authority (DFSA)
- Financial Sector Conduct Authority of South Africa (FSCA)
- Financial Services Authority of Seychelles (FSA)
As per the above-mentioned regulations require, the HotForex broker holds segregated accounts for its clients and is audited regularly by the largest Big Four organization, Deloitte. Moreover, due to increasing demand for the broker, the company partnered up with major banks worldwide.
The brokerage firm was first established in 2010. The company operates worldwide in multiple regions. It has over 200 employees globally and supports millions of customers monthly in 27 different languages. Furthermore, HotForex has received over 45 industry awards for its exceptional services, trading conditions, transparency, and the security of the customers’ funds. Recently, the broker also joined the list of the Top 100 Global Companies named by the World Finance Magazine. The numerous awards that the company owns include the titles of the Best Forex and Commodities Broker in Latin America, Best Client Fund Security Africa 2020, Best Trading Experience South East Asia 2020, Best Partners Program Middle East, and many more.
We have to necessarily point out in our HotForex Forex broker review that the broker has one of the most diversified portfolios of the trading instruments globally. There are over 1000 instruments available on the trading platform of the clients and includes all of the major markets that are available worldwide. Furthermore, the trading conditions for each of the products are quite competitive with surprisingly tight spreads, flexible leverage, and account types that offer additional benefits of even further improved conditions. The instruments are available on the following products:
- Forex – with over 50 currency pairs available for trade
- Metals – 6 different products including Palladium, Platinum, Silver/Euro, Silver/USD, Gold/Euro, and Gold/USD
- Energies – UK Brent Oil and US Crude Oil with spreads from 0.08 pips
- Shares – with over 55 shares available including Facebook, Google, Amazon, and Apple
- Indices – 10+ best of global indices available
- Bonds – Euro Bund, UK Gilt, US 10-year Treasury Note with spreads from 0.05
- Commodities – Cotton, Sugar, Coffee, Cocoa and Copper with spreads from 0.06
- DMA Stocks – 950+ stocks from around the world
- ETFs – 34 low-cost and high-quality ETFs to trade as derivatives
- Cryptocurrencies – 12 of the world’s dominant currencies available
HotForex Trading Platforms
It is not surprising that the broker won dozens of awards for the most user-friendly and high-quality trading platforms. The clients of the HotForex broker have over 10 different options for trading platforms. The broker provides the most popular and trustworthy platforms – MetaTrader 4 and MetaTrader5 compatible with multiple devices, browsers, and systems. The platforms are suitable for various needs and requirements of the clients, as some would like to trade on the go and some prefer to control multiple trading accounts simultaneously. Therefore, the traders can choose the most suitable option for them from the below options:
- MetaTrader 4 and MetaTrader 5 Terminals for Desktop
- MetaTrader 4 and MetaTrader 5 WebTerminals
- MetaTrader 4 MultiTerminal
- Iphone Trader for both MetaTrader 4 and MetaTrader 5
- Ipad Trader for MetaTrader 4 and MetaTrader 5
- Androit Trader on MetaTrader 4 and MetaTrader 5
- RapidTrader API
In our HotForex opinion, we would like to emphasize the fact that the broker offers numerous types of accounts that are indeed suitable for any type of trader. The accounts vary in terms of the limitations and minimum deposit requirements. Each account has its own minimum spreads and maximum leverage specifications, deposit requirement, and limit to the maximum amount of the simultaneous open orders. There are a total of 6 different account types, as well as the Islamic account which is applicable to Micro, Premium, Zero Spread, and Auto accounts. Furthermore, all account types can be tested on the HotForex demo account which will simulate the real-life experience for the traders.
The following account types are offered to all clients of HotForex with appropriate trading conditions:
- Micro Account – Minimum deposit from $5, spreads from 1 pip, leverage up to 1:1000, simultaneous open orders up to 150;
- Premium Account – Minimum deposit from $100, spreads from 1 pip, leverage up to 1:500, simultaneous open orders up to 300;
- Zero Spread Account – Minimum deposit from $200, spreads 0 on Forex, leverage up to 1:500, simultaneous open orders up to 500;
- Auto Account – Minimum deposit from $200, spreads from 1 pip, leverage up to 1:500, simultaneous open orders up to 300;
- PAMM (Premium) Account – Minimum deposit from $250, spreads from 1 pip, leverage up to 1:300, simultaneous open orders up to 500;
- HFCOPY Account – Minimum deposit from $100/$500, spreads from 1 pip, leverage up to 1:400, simultaneous open orders up to 300;
Special Treats from HotForex
Another reason, why HotForex Forex broker is one of the leading brokerage service providers in the industry is its abundance of rewarding programs. The broker offers different types of promotional packages, including performance based trading contests, generous bonus schemes, and loyalty programs. Some of the exceptional prizes are provided to the winners of the contests and bonuses, including cash prizes, an amazing trip to Paris Saint-Germain with luxurious treats, and additional premium trading features. Below are some examples of the promotions that the broker offers to both new and existing clients:
- Road to Paris Trading Contest: 2 matchday VIP seats, a luxurious hotel, business class flight ticket
- 10th Anniversary promotion – 2 million US dollars prize pool
- HotForex Gadget Giveaway – GoPRO HERO 7, iPhone 12 PRO, PlayStation 5, etc.
- Traders Award 2021 – monthly cash prizes for top 10 traders $1000, HotForex Hall of Fame
- 100% Supercharged Bonus – cash rebates of 2 USD per lot, applies to all deposits over $250
- 30% Rescue Bonus – applies to all deposits over 50 USD, additional ‘stop-out bonus’ available
- 100% Credit Bonus – withdrawable bonus, increases account leverage
- Loyalty Program – 4 reward levels, earns HotForex Bars (exchangeable to cash), 25 bars = 1 USD
Customer Support of HotForex
The support team of the HotForex broker is available 24 hours for five days a week. The traders have multiple methods of contacting the broker either online or offline. There is an inbuilt live chat available on the official website of HotForex, where clients can directly chat with the support team specialists and request help. Apart from the email address and general phone number, there are toll-free and international numbers available for the residents of Brazil, Colombia, Russia, China, Taiwan, India, Indonesia, Nigeria, Turkey, and Global Support. Once again to remind you, the support team operates in 27 different languages.
Furthermore, HotForex provides assistance from specialty departments with corresponding email addresses. Additionally, the broker provides an extensive FAQ page where all the important matters are addressed and the most common questions that traders ask are explained in great detail. The company has won an award for Excellence in Customer Service Global in 2020.
Final review of HotForex Forex broker
HotForex is a legit and regulated Forex broker that has won dozens of industry awards due to the excellence of the services that it provides. After researching the company in-depth it becomes obvious that HotForex is a consumer-oriented company that puts immense efforts into providing the best trading conditions, high-quality instruments and platforms, and an efficient customer support team. The company has multiple incentive programs such as promotional events, negative balance protection, and a range of educational material, such as free workshops, courses, and explanatory videos.
Undoubtedly, the brokerage firm HotForex is indeed a leading services provider in the industry and satisfies all the requirements, regulations, and market standards existing currently. If the award-winning broker maintains the same level and quality of the services that it offers, it is expected to see HotForex competing with much larger brokerages on the largest markets of the United States and Europe.