HotForex Review – Is it a Scam or Legit Broker (2024)

Information source:
The source of this information is the website and the broker's trading platform listed in the Web section of this review. The operator of this website does not verify this information and is not responsible for its accuracy, completeness, timeliness, truthfulness or the compliance of a broker with legal regulations. Please verify whether the broker is authorized to provide its services in your country of residence in accordance with the legal regulations that apply to its business.

In this HotForex Review, we are going to take a look at the offer that this broker prepared for its traders. HotForex is regulated by the CySEC in Cyprus and by the FCA in the UK. HotForex operates on the financial market since 2010. When it comes to trading platforms, the broker features WebTrader and MetaTrader 4. The HotForex minimum deposit is 5 USD.

Between 74-89% of retail investor accounts lose money when trading CFDs You should consider whether you can afford to take the high risk of losing your money

Basic information from this HotForex Review

Operated by: HF Markets Ltd
Licensed and authorised by regulatory bodies:CySec FCA FSA DFSA FSCA
Supported languages:English, Spanish and Portuguese
Customer support available via:E-mail, phone
Contact details:[email protected] +44-2033185978
Available deposit methods:Bank transfer, VISA, MasterCard, Maestro, Skrill
Available withdrawal methods:Bank transfer, VISA, MasterCard, Maestro, Skrill
Minimum deposit:5 USD
Min. trade in lots:0.01
Spreads:Typical spread on the currency pair EUR/USD - 1,2 pips * on standard account type
Tradable assets:
Might be a CFD.
Forex (45), commodities, cryptocurrencies (5)
Mobile app: Yes
MetaTrader 4:Yes
Other trading platforms:WebTrader
Maximum leverage:

The maximum available leverage can be limited by local financial regulators or by international regulations, in such case, the displayed maximum leverage may not match the leverage you can actually trade with.

For instance, in the European Union, the financial regulator ESMA restricts the maximum available leverage to 1:30 when trading major currency pairs, 1:20 when trading minor pairs and commodities and 1:2 when trading cryptocurrencies. Similar restrictions apply in Australia and possibly in other jurisdictions.

Social trading:No

HotForex Fees (typical spreads)

We have scanned fees (typical spreads) that HotForex charges when trading popular currency pairs, here is their breakdown in pips.

* 1,2* * * 1,8* 1,7*

*Typical spreads were recorded on 17.01.2020 at 21:21 for the standard account. HotForex spreads in the table above serve as illustrative examples only as they for instance, may change according to the market conditions.

Random reviews of competing FX & CFD brokers: Parker-Prime, NelsonFX, XtreamForex and SpreadCo

Frequently Asked Questions

🧐 Is HotForex a Scam?

HotForex is a broker licensed and regulated by the CySec, FCA, FSA, DFSA and FSCA. While regulation gives to brokers much needed credibility, it still does not mean every regulated broker is honest. In order to be sure that HotForex is not a scam, read our trader reviews and check other popular trading related websites and forums.

🆓 What is the HotForex minimum deposit?

In order to start trading with HotForex, you have to deposit at least 5 USD.

📵 What deposit and withdrawal methods HotForex supports?

HotForex allows funding your account via Bank transfer, VISA, MasterCard, Maestro, Skrill.

⚖️ Would you recommend me choosing HotForex?

We don’t have our own personal experience with HotForex. However, because the broker is regulated by the CySec, FCA, FSA, DFSA and FSCA, there is a high chance that it is not a scam. With that being said, it still does not mean that HotForex is the best option, as there are also hundreds of other regulated brokers with similar or even better trading conditions.

Should you be looking for a highly reliable broker featuring forex trading and CFDs, you can get your hands on our marketing broker Etoro – (77% of of retail investor accounts lose money when trading CFDs with this provider), which is a CySEC regulated company that allows trading from as little as $50 and charges highly competitive fees on all assets.

Broker Regulated by Regulatory agencies ensure that brokers operate in a transparent and honest way. They protect the best interests of clients and also feature an investor compensation scheme which protects trader´s deposits up to a certain limit. Some of the major regulators in the industry include the CySEC in Cyprus, the FCA in the UK and the ASIC in Australia. Min. deposit Trading platforms A trading platform is a computer or mobile software program used to execute transactions within the financial markets. Spreads Spreads of the following companies can be as low as Special features A list of features that provide a given broker with a competitive edge. Ad Disclosure The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
CySEC FCAFSCA $ 10 MT4 & MT5 0.3 PIPs ¹
  • Competitive spreads
  • International support
Start tradingRead a review
CySECASIC £/€/$ 100 MT4 & MT5 1.0 PIPs¹
  • Competitive spreads
  • Great customer support
Start tradingRead a review
FCACySECASIC £/€/$ 0 MT4, MT5 & TradingView 1.0 PIPs¹
  • Competitive spreads
  • Great customer support
Start tradingRead a review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading CFDs You should consider whether you can afford to take the high risk of losing your money

¹ Variable spreads, spreads recorded for the EUR/USD on 06.07.2024 at 11:42 GMT.

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