HotForex 2019 Review: Is It Right For You?

HotForex has 45 currency pairs on offer at the time of writing, including Bitcoin, gold, silver, bonds, shares, and indices. When it comes to FX trading, it’s one of the top-rated.

In this HotForex review, we’ll be taking a closer look at what HotForex is all about to help you decide whether it’s the right forex broker for you. We’ll be taking a look at the pros and cons, account specifications, bonuses and more.

What Is HotForex?

HotForex is an online STP broker that specialises in forex trading and commodities. It has been on the trading market since 2008, which still makes it a relatively new name. It reformed its customer-oriented platform recently after listening to client feedback and has since won numerous awards in the Middle East, Europe and Asia.

Popular with both brokers and affiliate, HotForex has in recent times grown to become one of the better customer-service oriented forex brokerage services, establishing itself as one of a handful that enjoys multiple regulatory statuses all over the globe.

HotForex also has corporate offices in various parts of the world, including tax havens such as Switzerland, and its clients include both institutional and retail clients.

HotForex Account Types

HotForex offers 6 different account types which should satisfy most client needs. It’s the sheer number of accounts on offer that ensures HotForex really stands out.

  • Micro account – Minimum deposit is just $4 and leverage is 1:1000 max. MT4 and MT5 trading platforms are available for this account
  • Premium account – Aimed at pro traders, MT4 and MT5 are available, leverage is 1:500 max and minimum deposit is $100. Spreads begin at 1 pip
  • Zero account – Raw spreads are available from zero pips while 1:500 is the maximum leverage. Minimum deposit is $200
  • Auto Account – Aimed at newcomers and those with little technical knowledge, the Auto Account only offers MT4. Minimum deposit is $200
  • HF Copy account – A social trading account, the HF Copy account lets followers copy trades from their preferred Strategy Providers. Performance fees are available but there are only two trading instruments on offer – Bitcoin and forex. 1:400 is the maximum leverage while the minimum deposit is $500
  • Islamic Account – Available as an Auto, Zero, Premium or Micro account, the Islamic account type lets you hold positions overnight without being charged a rollover or swap fee

You can also launch a demo account to help ease you into the process.

HotForex Trading Features

HotForex offers CFDs on commodities, stocks, indices – and, of course, forex.

However, its coverage is lacking in depth compared to competitors. While you can trade shares, indices and commodities, you can only trade a relative handful of each. For example, you can only trade 36 shares and just 11 indices.

Still, there are a variety of options available to allow you to tackle the forex market if you’re a busy trader who really wants to get stuck into forex. An Auto account lets you copy trade signals from different providers in the MQL5 market so that you can automate your trading.

Moreover, HotForex is a managed forex broker, which means you can put your money (and your trades) in the hands of an experienced pro forex trader via a PAMM account. A PAMM account is a managed forex account that’s controlled by a vetted money manager (trader) who uses their own trading strategy to make your trades for you.

To help you choose the right trader, HotForex gives you fully transparent data on their past performance, their positions, their use of leverage, their maximum drawdown and their win/loss ratio.

PAMM managers on HotForex managed forex accounts have to invest too, which means they have money to lose (or win) as well. Real time performance data is on hand to help you keep up.

Hot Forex Education & Market Analysis Tools

The best forex brokers offer a reasonable amount of education and market analysis tools that help active traders level up and make better forex trading decisions. HotForex is no different. Its research team offers you exclusive daily market analysis, while the premium accounts (those with higher minimum deposits) give you access to Trading Central, a leading Technical Analysis firm.

Tools and resources are available to help you calculate your targets, stops, ideal trade size and pip value, too.

Other resources include:

  • Video courses
  • Software tutorials
  • In-depth articles
  • Free webinars
  • Hot Forex Trading Costs

HotForex doesn’t have the overhead that comes with a dealing desk, which means it can offer some of the lowest transaction costs around. On an average day, EURUSD fixed spread is available from 1.8 pips. Most other forex brokers will offer that at 3 pips.

If you open a Zero account, you won’t be charged commission, while EURUSD spreads start out from just 0.2 pips on most days. That said, a $5 commission is thrown on top of these accounts.

HotForex Bonuses

Like all the best forex brokers, HotForex offers its fair share of bonuses and promotions.

  • Loyalty program – HotForex Bars are handed out to active traders. Keep making trades and the bars will keep coming. You can then exchange these bars for cash
  • Trading contests – HotForex is always organising contests which offer cash prizes. Other items are occasionally available as a prize. Contests in the past have included the HotForex Gadget Giveaway and the Demo Contest
  • Other bonuses offered by HotForex include:
  • 100% Super Charged Bonus
  • 100% Credit Bonus
  • 30% Rescue Bonus

HotForex Pros and Cons


  • Excellent customer support in the forms of 24/5 live chat and multilingual phone calls
  • Plenty of bonuses and promos
  • Extensive educational material
  • Real-time performance data
  • MT4/MT5 web terminals can be run on all devices and operating systems


  • Mainly focused on forex, with less depth and variety than other brokers
  • Bonuses unavailable for European clients
  • European clients also not eligible for the PAMM account

Is HotForex A Good Choice?

HotForex is one of the best forex brokers around when it comes to giving investors what they want – a slick, user-friendly trading platform, numerous account types and plenty of help along the way. Trading conditions are exceptional, the bonuses are good and customer support is second to none. It represents a safe, reputable and simple way to kickstart your forex trading career.