HotForex Review – Are They a Scam?

HotForex Overview

Founded2010
PlatformHotForex MT4, HotForex MT4 WebTerminal, MT4 MultiTerminal, HotForex Android, HotForex iPhone Trader, HotForex iPad Trader, SmartPhone Mobile Trading, HotForex FIX/API
Minimum account size$5
Minimum lot size0.01
Tradable Assets100+
Maximum margin1:1000
Spread on EUR/USD0.1 pip
Payment methodsCredit Cards, Wire Transfers, WebMoney, Skrill, Neteller, UnionPay
Demo accountYes
Accepts traders from the PhilippinesYes
RegulatedFSA (Saint Vincent and the Grenadines)
SupportPhone, Email, Live Chat
Websitewww.hotforex.com

 

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Pros

  • Wide choice of platforms
  • Free live forex webinars

Cons

  • Platform design very plain
  • Other online payment options not available
  • Growing number of user complaints

 

HotForex is a forex and commodities broker that was established in 2010. Based in St. Vincent and the Grenadines, they have various accounts types and tools for trading forex and CFDs online. How does this broker compare to other popular forex brokers in the market? Let’s look at the fine details.

Platform

Included in their portfolio of platforms is the popular MetaTrader 4 which can be accessed in a variety of way. This can be accessed on a desktop, browser, iPhone, iPad, Android, Windows smartphone and even manage multiple accounts simultaneously. This deserves a Platform score of 9/10.

Design

The design is very much similar to other brokers that are also using the MT4 platform so basically there’s not much of a difference so for this I am giving them a Design score of 4/5.

hotforex platform

Minimum Deposit

You can place a minimum of $5 on your account to be able to trade with this broker. If you have a small capital to use for trading then this is a great benefit for you. This earns a Minimum Deposit score of 5/5.

Minimum Lot Size

With a minimum lot of 0.01 which is basically the standard size in the market, you don’t have to risk more money and it’s a good thing that HotForex was able to keep up with this. This warrants a Minimum Lot Size score of 5/5.

Tradable Assets

There are over 100 assets which can be traded with this broker. Among their trading products include forex, metals and energies, indices, shares, commodity CFDs and even binary options. For such diversity, this broker notches a Tradable assets score of 4/5.

hotforex assets

Payouts

HotForex has a fix spread of 1.8 pips and typical zero spread of 0.1 pip. These numbers are competitively better than the offerings of other brokers which is why they earn a Payouts score of 10/10.

Withdrawal Time

They process withdrawals on the same day if the request was submitted before 10:00am server time. If not, it will be processed the next day. For such speed, this deserves a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods

Credit cards (Visa, Visa Electron, MasterCard, Maestro), Wire Transfers, WebMoney, Skrill, Neteller and UnionPay. With these wide choice of banking options, I am giving them a Deposit and Withdrawal Methods score of 5/5.

hotforex deposit

Customer Support

They have a phone, email and live chat support but the customer service quality was not remarkable due to the long waiting time. This warrants a Support score of 9/15.

hotforex support

Quote Accuracy

I tested the platform in terms of quote accuracy and experienced slight slippages even when there were rapid changes in the market. This is why I am giving them a Quote Accuracy Score of 9/10.

Reputation

Based on the research that we’ve done, we were able to see a lot of negative comments about this broker. The strong number of bad feedbacks is the basis as to why we are giving them a Reputation Score of 9/20.

hotforex reputation
hotforex reputation
hotforex reputation

Conclusion

HotForex has been in this business for quite some time now but they failed to improve on what they can offer to their clients. There were only a few enhancements on their platforms and while their customer service and company reputation are far below the industry standards.

Final Score: 79/100

We highly recommend that you sign-up with much more stable brands such as XM or Pepperstone as an alternative so you can continue with your trading activities.

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66% of retail CFD accounts lose money.