Hotforex – Forex broker review

Hotforex is a multi-award recipient recognizing it as a leader among the best forex brokers.

I gladly recommend Hotforex to anyone looking for a good forex broker.

You will experience some of the best trading conditions with any of the account types they offer.

Hotforex – Forex broker review.

HotForex- forex brokers in Africa

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Quick info
Founded: 2010
Regulator: FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa
Account currency: USD, EUR, GBP
Minimum deposit: $5
Leverage: Up to 1:1000
Average spreads: EURUSD – 1 pip, GBPUSD
Commissions: $7 per lot round-turn on the Zero Spread account.
Platforms: MT4, Web, Mobile  
  Why trade forex with HotForex.
– Up to 100% trading bonus on deposits on some accounts
– Multiple withdraw and deposit methods
– Tight spreads on the Zero spread account
– Regulated in many countries
– Negative balance protection

Hotforex broker Review

Regulation – 5

FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa

Trading Instruments – 4.9

Hotforex offers a range of trading instruments for every trader. They have: Forex, Metals and Energies, Indices, Shares, Commodities, Cryptocurrencies, and Bonds.

Trading costs – 4.3

Hotforex has the tightest spreads in its zero spread account starting from 0 pips and oscillating around 0 – 0.3 on major pairs (EURUSD, GBPUSD, USDJPY). That’s tight.

The micro, standard and premium accounts have wide spreads compared to the other brokers I trade with.

The zero spread account on Hotforex attracts a commission of $7.0 per lot round-turn.

Withdrawal and deposit methods – 4.6

VISA, Mastercard, Maestro, Fasapay, UnionPay, WebMoney, NETELLER, Skrill, and Wire Transfer.

It also one of the forex brokers that accept M-Pesa in Kenya.

Client funds are held in bank accounts separate from those used by the company.

Trading Platforms – 4.7

MetaTrader 4, MetaTrader 5, MT WebTrader, MT iPhone/iPad, MT Android, MT Mac

Trading tools – 4.9

HF App, VPS Hosting Service, Premium Trader Tools, Autochartist Tool, Trading Calculators.

Trade Execution – 4.8

Very fast without re-quotes.

Customer care and support – 4.6

Available 24/7

How to choose a forex broker

Our Forex Broker Review Criteria

Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.

  • Regulation – As a trader, your deposits must be safe. Only regulated brokers can give that assurance. They are required to meet stringent conditions before they are licensed. This protects your money.
  • Withdrawal and deposit methods. Once you are sure that your money is secure, you want to know how fast and conveniently you can deposit and withdraw your money. Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win.
  • Costs and fees – Even accounts that don’t have commissions have fees – we call those fees spreads. For scalpers, you want to trade with a broker who provides the tightest spreads and lowest commissions possible.
  • Platform and trading tools – The weapons of warfare to a trader are their laptop or computer or mobile phone, running the right trading platforms and trading tools. Always trade with a broker who provides the platforms and tools you are most comfortable trading with. All the above brokers come with Metatrader 4 as the standard. Others have Metatrader 5, and ICM markets additionally have cTrader. They all have web traders and apps for mobile trading.
  • Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. It’s got to be fast—instant fast. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds.
  • Customer care and support – once in a while, you may need the help of the guys behind your computer. Hasn’t a deposit gone through? Can’t log in? Can’t trade? Anything happens; a good broker like your partner should be a call away, a chat away, or an email away with the help you need to execute your trades.

Final thoughts on Hotforex.

Do you want a good forex broker? You should try Hotforex. It meets the criteria for the best forex broker to trade with.

Do you trade with Hotforex? Share with us your trading experience in the comments section below.

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