HotForex (HF Markets ltd) is an online forex and commodities trader. It was established in 2010, and has since made a global presence and serves to an international clientele. It offers multiple assets through CFDs and allows clients to choose from a total of 7 different account types. HotForex (HF Markets ltd) has multiple trading platforms with tight spreads.
The firm has its headquarters in Cyprus, and is regulated through multiple regulatory authorities. The firm also operates physically in Dubai, South Africa, St Vincent and Grenadines. The firm focuses majorly on Asian, African and MENA regions and provides trading opportunities to residents of these regions. The firm doesn’t just have a license to operate in Cyprus, it has also been issued licenses to operate in multiple jurisdictions. In order to facilitate its clients, the firm offers excellent customer service and demo accounts to help clients in familiarizing themselves with the trading world.
In this review we will look at different aspects of trading through HotForex (HF Markets ltd) and the platforms they offer, their regulations, pricing and various other factors that need to be taken into consideration before shortlisting a broker.
HOTFOREX (HF MAKRETS LTD) OVERVIEW:
- Strictly regulated through multiple regulatory bodies
- Offers more than a thousand of CFDs
- 7 different account types
- Various trading platforms
- Fast execution and research tools
COMPANY PROFILEHOTFOREX (HF MAKRETS LTD):
Established in 2010, HotForex (HF Markets ltd) has its headquarters located in 2010. The firm is regulated by one top-tier and three top-tier regulatory authorities which include the Cyprus Securities and Exchange Commissions (CySEC), Financial Conduct Authority (FCA), DFSA and FSCA. It offers two trading platforms to its clients which include the award winning MetaTrader 4 and MetaTrader 5 platform.
The firm offers 17 trading tools and more than 150 trading products to aid the trading process and provides access to global financial markets. The firm includes Indices, Metals, Energies, Shares, Bonds, Commodities and Cryptocurrencies. The firm also offers a demo account to its clients and requires a minimum deposit of $5 for account activation. The firm has spreads starting from 1.2 pips and has several currencies available for trading purposes. The firm offers a 24/5 customer service. The firm has won several awards and has more than 500,000 Live accounts and also has some prestigious titles.
HOTFOREX (HF MAKRETS LTD) REGULATIONS:
HotForex (HF Markets ltd) is regulated by multiple regulatory authorities. In Cyprus, the Cyprus Securities and Exchange Commission (CySEC) regulates the firm and has registered the company under the number 183/12. In the UK, the Financial Conduct Authority (FCA) the firm has been issued a license under the number 801701. Since the firm has offices in Dubai, DFSA is responsible for monitoring the firm’s activities and has registered it thus making it applicable for carrying out trading activities. The registration number of the firm in Dubai is F004885. For offices located in South Africa, the firm has been registered as a financial trading company under the number 46632.
In addition to the multiple licenses and registration issued to the firm, the firm has also been authorized by the FSA, SVG and FSC in Mauritius. HotForex (HF Markets ltd) understands the importance of protecting the funds of clients and for this reason the firm is a member of the Cyprus Investor Compensation Fund and a Civil Liability Insurance which offers a €5,000,000 insurance to clients.
HOTFOREX (HF MAKRETS LTD) TRADING PLATFORMS:
HotForex (HF Markets ltd) offers two different platforms for its clients to choose from. Both these platforms are an excellent choice and allow for customization in the trading process. The platforms offered by HotForex (HF Markets ltd) are two of the most popular and most preferred trading platforms.
1. METATRADER 4 PLATFORM:
The MetaTrader 4 platform is an award-winning platform that caters to the industry standards of trading. It is an excellent choice for both, novice and expert clients and offers a wide range of tools that are utilized in the trading process. The MT4 platform has a customer friendly design and its user interface is very interactive.
The platform is designed to carry out automated trading in addition to manual trading and supports the PAMM feature. There is no restriction placed on the trading strategies and clients have the ability to customize their trading strategies and tweak it according to their own preferences. The platform is famous for its multiple charting and graphing tools.
2. METATRADER 5 PLATFORM:
MetaTrader 5 is a technologically advanced trading platform that is ideal for professional traders who are looking for innovative methods of incorporating technological tools and updates into their trading strategies and activities. It as an upgraded and more advanced version of the MT4 platform and unlike its ancestor, the MT5 platform isn’t the best choice for beginners.
The features of the MT5 platform are similar to those of the MT4 platform with certain additional tools and 24 analytical tools. Both the MT4 and MT5 platform are compatible with android, iOS and windows and clients can choose to either install the software or use the web version which provides a online version of the MT4 and MT5 platform.
3. MOBILE APPS:
In order to increase the ease of trading for its clients, HotForex (HF Markets ltd) has a mobile app that allows clients to continue trading while they’re on the move. The software of the mobile app falls in line with the MetaTrader 4 and MetaTrader5 platform and has certain additional features like 30 technical indicators that improve the overall trading experience for clients and provides them with a more comprehensive approach.
HOTFOREX (HF MAKRETS LTD) DEMO ACCOUNT:
For clients who are looking for a way to gain some trading experience prior to the actual trading, HotForex (HF Markets ltd) has the option of a demo account. The purpose of this demo account is to allow clients to trade in a virtual and risk-free environment through virtual funds that are deposited into the client’s accounts once the demo account is created.
With HotForex (HF Markets ltd), the demo account opening process is simple and the demo account supports both, the MT4 and MT5 platform. One of the major advantages of opening a demo account with HotForex (HF Markets ltd) is that there is no limit to the virtual funds available and clients can carry out simulated trading through an unlimited supply of funds. Once clients think they have a good grasp of trading and are prepared to trade with real capital, then they can open a Live account and start trading in the real market.
HotForex – Open Trading Account
HOTFOREX (HF MAKRETS LTD) DEPOSITS AND WITHDRAWALS:
The firm offers a total of 14 options of withdrawing and depositing funds. These methods include the following:
- Credit card
- Debit card
- Visa
- Mastercard
- Wire transfer
- Domestic transfer
- Cryptocurrency transfer
- Skrill
- Neteller
- HotForex Mastercard
- Bitcoin
- WebMoney
- FasaPay
ACCOUNT CURRENCIES SUPPORTED BY HOTFOREX (HF MAKRETS LTD):
HotForex (HF Markets ltd) supports several base currencies for clients to trade in. Some of these currencies are:
- EUR
- USD
- GBP
- CAD
- CHF
HOTFOREX (HF MAKRETS LTD) FEES AND COMISSION:
The firm charges market competitive trading fees alongside tight spreads and inactivity fees. The firm itself charges no non-trading fees. The spreads charges are dependent on the account type.
1. TRADING FEE:
The firm does not charge a commission but variable spread charges are applicable. These variable spreads are the difference between bid and ask price. Like some of its competitors, HotForex (HF Markets ltd) does not offer a fixed trading spread. There are no hidden trading or commission charges and the overall fee imposed on each client per trade is the same regardless of the level at which they trade. Any variations in the charges are subject to the spreads.
For micro account holders, spreads start from 1 pip and for zero account holders charge zero fee and spreads also start from 0 pips and rise to an average of 0.2 pips. These spreads vary amongst different asset classes and currency pairs.
2. NON-TRADING FEE:
The firm has no non-trading fee and all charges related to deposits and withdrawals are dependent upon the financial intermediary through which the transactions are made. If accounts are left open overnight, then rollover charges are also imposed on the client’s account.
3. INACTIVITY FEE:
HotForex (HF Markets ltd) imposes an inactivity fee on accounts that haven’t had any trading activity for over 6 months. This inactivity fee is $5 per month and is deducted every month from the client’s account until their account balance is reduced to $0.
PROS:
- Minimum deposit is $5 for micro accounts
- Wide variety of transaction options
- Free deposits and withdrawals
- Negative Protection Balance
- Compensation schemes to protect investments
CONS:
- Three of the firm’s entities are based in off-shore zones
- No proprietary platform available
- Customer service is not available on a 24/7 basis
CONCLUSION: SHOULD YOU TRADE WITH HOTFOREX (HF MAKRETS LTD)?
HotForex (HF Markets ltd) is a good choice since it has a variety of options and clients have the liberty to trade in a way that best suits their needs. Through its years of experience the firm has established a credible reputation and has a wide range of accounts available for clients to choose from. Due to its technologically aligned trading methods and various educational and research tools, it is safe to conclude that the firm is suitable for amateur traders as well as professionals.
HOTFOREX (HF MAKRETS LTD) FREQUENTLY ASKED QUESTIONS:
1. Does HotForex (HF Markets ltd) offer a demo account?
Yes HotForex (HF Markets ltd) offers a demo account that helps clients in gaining prior experience.
2. Does HotForex (HF Markets ltd) charge an inactivity fee?
Yes, an inactivity fee of $5 is charged per month on all dormant accounts.
3. Is HotForex (HF Markets ltd) a legit firm?
Yes, the intervention of multiple regulatory authorities in the activity of the firm is a testament to its credibility.
4. What leverage is offered to clients?
The firm offers a 1:30 and 1:1000 leverage.
