HotForex

Added on January 18, 2012 04:31 AM
(4.5 / 5)
Spread: 0.8 Min. lot: 0.01 Execution: STP
Leverage: 1:1000 Country: Cyprus Regulated by: FSC
Min. deposit: $5 Platforms: Metatrader, Currenex, Web Trader, druidTrader, PAMM, FIX/API Payment methods: Bank Wire, Credit card, Skrill (MoneyBookers), Liberty Reserve, WebMoney, Neteller, Perfect Money, CashU
Bonus: Flexible Bonus Offerings

Brokers remain a major force that could mean success or failure to your bottomline. Here, you will find a detailed review on HotForex.

HotForex is an ECN broker and is licensed as HF Markets Ltd. Based in Mauritius, the broking firm has been serving scores of clients ever since 2010.

The salient features of this broker are that they offer a wide basket of currency pairs, both major and exotic. The trading conditions offered are highly competitive and has a website that’s fully translated into as many as 19 popular languages including Spanish, German, French, Polish, Chinese, Japanese and many more.

HotForex offers MT4 trading platform and several other standard features. The minimum deposit required to open a micro account is only $5. The firm offers a maximum leverage of 1:1000 on Micro Account and 1:400 on Premium and Islamic accounts. The minimum lot size is 0.01 lots, which works in the interest of traders.

Trading Platform

HotForex seems to be keeping pace with the technological advancements. Users can use the broker’s MT4 platform not just on their desktops, but also on their smartphones and the PDA.

For traders who prefer to work on a browser based trading platform, HotForex offers them the Hot WebTrader. Not just that, they have made this facility available on various new platforms such as PAMM, Smartphone, Android, iPhone, iPad, Blackberry. Soon they would be adding MirrorTrader and ZuluTrader for the convenience of their global traders.

Salient Features of the HotForex Broker

While the most favorable features of this broker is undoubtedly their fantastic trader friendly conditions and their rollover policies, they also offer a valuable tools and education to newcomers. Some of the tools that are worth mentioning are the Pivot Point Calculator, the Fibonacci Calculator and the pip calculator. These tools greatly help advanced Forex traders.

One of the most important things offered by HotForex is the free unrestricted access to the TradeSingals.com. Of course, you will need to have a standard account to access this. The traders can opt for either a 15% rescue bonus or a 50% withdrawal bonus, both according to us are great options.

HotForex is quite serious about servicing their customers. Therefore they have provided the international phone numbers in 10 languages. Also, for the email queries, they have 6 virtual destinations to ascertain that the email reaches the right hands. Their response time is superb. When we wrote to them for the purpose of this review, we received a reply in 1 hour 30 minutes, which is quite commendable.

In addition, traders can gain access to the chat support team 24/5. We found chat support staff to be courteous, polite and knowledgeable, as we spoke to them at the time of doing this review.

Registration Process

The registration process is quite simple. We were impressed by the fact that we could select the account type on the registration page itself and also that they didn’t ask too many personal question like most other brokers do.

To open a live account, the traders need to submit 2 types of identity proof. First, the trader can submit any of the national ID namely passport, any ID issued by the government or driver’s license. In addition, the trader will also need to provide an address proof. Any of the above documentary proof can be used for the purpose if it has address mentioned on it.

There were 2 things that nagged us…One, that although the website is available in as many as 19 languages, the site accepts deposits in just 2 currencies- the USD and the EUR.

Another thing is that although they offer as many as 7 funding options such as Webmoney, Alertpay, credit card, wire transfer, Skrill (moneybookers), UnionPay, U-Kash and Cash-U, the single most popular payment portal Paypal is not a part of their payment option.

All said and done, we could easily deposit and withdraw money from our trading account with HotForex. The payment processing takes place within 24 hours, which is quite swift, since most Forex brokers take 42 to 72 hours for payment processing.

The feature we liked most is that in case when a trader faces connectivity problems or when he cannot access the trading platform for some reasons, the trader can close his trades through phone. This is one useful feature that works in the best interest of the traders.

Conclusion

HotForex excelled on all the parameters. It is user friendly, has great many trading options and some fabulous features. The trades can be executed swiftly and the trading conditions are quite competitive. All in all, HotForex is one broker that traders would absolutely love.

The only drawback we thought was that it has not added Paypal as a funding medium. But other than that, HotForex gets a clear thumps up.


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