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Score
Mauritius
2-5 yearsSuspicious Regulatory License
Suspicious Scope of Business
High potential risk
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Comparison
Quantity 6
Exposure
Score
Regulatory Index0.00
Business Index6.68
Risk Management Index0.00
Software Index4.00
License Index0.00
No valid regulatory information, please be aware of the risk
Single Core
1G
40G
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Company Name
Hot Forex
Company Abbreviation
HotForex
Platform registered country and region
Mauritius
Company website
Company summary
Pyramid scheme complaint
Expose
this guy was cheating me to deposit gain profut and withdraw all inckuding profit. after deposit my money all burn and cant get it back
HotForex closed my account without prior notice, because as they told me that I traded on BTCEUR with its erratic prices, and the question is how do I know that the price is wrong or correct that I am trading on an electronic platform when you give me the approval, this is not my fault, but their problem is that if I took the approval for a price, that is True . Let us go back to their conditions in the company. This is correct. They can deduct the profits resulting from the wrong prices
HotForex closed my account without prior notice, because as they told me that I traded on BTCEUR with its erratic prices, and the question is how do I know that the price is wrong or correct that I am trading on an electronic platform when you give me the approval, this is not my fault, but their problem is that if I took the approval for a price, that is True . Let us go back to their conditions in the company. This is correct. They can deduct the profits resulting from the wrong prices.
I am writing this message with a saddened heart from Nigeria. Hot forex destroyed me and gave me reasons to fade off. Through HFcopy, positions were opened by my strategy provider on EURUSD and USDCHF since 6th Aug. but it was on loss and still holding. Just this moment HF manipulated the trade and placed EURUSD on high loss that was different from all other broker. HF dropped to 1.16637 while other brokers are still on 1.17364 or thereabout. My account is gone, the money isn't mine.
Someone on the social app invited me to invest. I was unable to withdraw and the email told me it was pending. Please help. Is it a fraud platform?
A person named Minmin in WeChat often posted pictures of operating profit in her Moments. At first, I didn't take it seriously. Later, when I saw her posting daily, I felt curious. What did she say about foreign exchange digital trading? , We programmers can make you 100% money, and they said that after I make a profit, I will charge a 10% commission. I was a little moved by what she said, and she sent me a QR code for the software for me to download I went in, I started to invest 40,000 in, and after I paid the money, I said that the 40,000 data was not good for an appointment. The more funds, the better the appointment. Later, the only 10,000 in the card was also sent to the card number given to me by the platform customer service. In the process of operation, the programmer said that I was wrong with a set of data and need to add 80,000 to the operation. I wondered if I was deceived, so I raised my vigilance and did not add any more money.
HotForex Review Summary | |
Founded | 2010 |
Registered Country/Region | Cyprus |
Regulation | Unregulated |
Market Instruments | Cryptocurrencies, forex, index, stock, energy, share CFDs and bond |
Demo Account | N/A |
Leverage | 1:1000 |
Spread | From 0.8 pips (Standard Account) |
Trading Platforms | MT4/5 |
Minimum Deposit | $5 |
Customer Support | Phone: 4001-200742 |
Email: cn@hotforex.com |
What is HotForex?
HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients. It offers a wide variety of account types, trading platforms, and brings a variety of opportunities for trading in forex markets with a focus on providing excellent customer service and attractive trading conditions. However, be cautious about the lack of valid regulation and some customer feedback reporting withdrawal issues.
Pros | Cons |
· Wide range of account types | · Lack of valid regulatory info |
· Low minimum deposit ($5) | · User reports claiming difficulties with withdrawals |
· Competitive spreads for Professional accounts | · Contradicting information about the availability of the MT5 trading platform |
· Offering of popular MT4 trading platform | |
· Variety of deposit and withdrawal options | |
· Attentive customer service via multiple channels |
Wide range of account types - HotForex provides five unique account types to cater to specific trading requirements and preferences.
Low minimum deposit ($5) - HotForex's minimum deposit requirement is just $5, an appealing feature making it an accessible platform for diverse traders.
Competitive spreads for Professional accounts - HotForex presents attractive spreads, especially for Professional Account holders, potentially translating into cost-effectiveness.
Offering of popular MT4 trading platform - HotForex utilizes the widely-accepted MT4 trading platform, along with its advanced version, MT4 Pro, catered to different account types.
Variety of deposit and withdrawal options - HotForex supports a variety of deposit and withdrawal options, including UnionPay transactions free of charge.
Attentive customer service via multiple channels - HotForex's customer service is efficient and reachable along multiple channels: phone, email, traditional mail.
Lack of valid regulatory info - The lack of concrete regulatory information about HotForex is a concern, signaling caution towards its legitimacy.
User reports claiming difficulties with withdrawals - There are several user allegations of difficulties encountered with HotForex while trying to withdraw funds.
Contradicting information about the availability of the MT5 trading platform - There is some inconsistency with HotForex's claims regarding the MT5 trading platform's availability, as it primarily seems to offer the MT4 platform.
HotForex claims to be a regulated platform, which typically serves as a confidence booster for traders. However, it is concerning to note that no valid regulatory information about HotForex has currently been found.
Furthermore, clients are urged to take into account the user exposures on WikiFX. To date, six exposures have surfaced where some users have accused HotForex of fraudulent operations, specifically expressing difficulties in making withdrawals.
Such user experiences suggest skepticism towards HotForex, and you are advised to be cautious when considering whether to trade with this platform. Make sure to fully investigate their credentials, update directly with the platform on any safety concerns, and review feedback from an array of sources.
According to HotForex's website, traders can engage in trading multiple instruments including, but not limited to, cryptocurrencies for digital currency enthusiasts, indices for those interested in broader financial markets, and even stock, energy, share CFDs, and bonds. This wide array of offerings caters to different trading preferences and risk appetites, making HotForex an appealing platform for multiple trading styles.
HotForex creates a diversified and flexible trading environment through its provision of five distinct account types, each with differing minimum deposit requirements.
Micro Account | Standard Account | Professional Account | Islamic Account | Currenex Account | |
Minimum Deposit | $5 | $500 | $5,000 | $25 | $500 |
Trading Instruments | 25 currency pairs | ||||
Maximum Leverage | 1:500 | 1:300 | 1:100 | 1:300 | 1:100 |
Spreads | From 0.8 pips | From 0.3 pips | From 0.8 pips | From 0.6 pips | |
Commission | None | $5/$10,000 for trades | |||
Trading Platform | MT4 | MT4 Pro | MT4 | ||
Minimum Order | 0.01 lots | 0.1 lots | 2 lots | 0.01 lots/0.1 lots | 0.1 lots |
Maximum Open Position | 2 lots | 20 lots | 50 lots | 2 lots/20 lots | 20 lots |
Maximum Holding Position | Unlimited | ||||
Deposit Bonus | 30% bonus on every deposit |
The Micro Account, with a modest minimum deposit of $5 and minimum order of 0.01 lots, is ideal for beginner traders taking their first steps in the Forex world.
For traders seeking greater market exposure, the Standard Account and Currenex Account demand a higher initial deposit of $500, offering a minimum order of 0.1 lots and a max open position of 20 lots.
The Professional Account, requiring a deposit of $5,000 and sporting a minimum order of 2 lots, is fitting for experienced traders aiming for significant trading volumes.
The Islamic Account, with variable minimum deposits of $25 and $500, and varying lot sizes of 0.01 and 0.1, caters to those adhering to the principles of Islamic finance.
All accounts offer unlimited maximum holding positions, adding to the overall flexibility of trading strategies across all account types at HotForex.
HotForex provides varying degrees of leverage across its different account types, despite the general assertion on their homepage of offering leverage up to 1:1000. As shown within their account comparison table, the leverage options range from a modest 1:100 to a generous 1:500, depending on the chosen account.
More specifically, the Micro account boasts a competitive leverage of up to 1:500, enabling traders to potentially amplify their profit margins. The Standard and Islamic accounts provide a reasonable leverage ratio of up to 1:300, balancing trading opportunities with risk management.
However, the Professional and Currenex accounts come with a more conservative leverage of up to 1:100, typically suitable for traders who prefer a lower risk strategy. This range of leverage options caters to various trader preferences on risk tolerance and trading style.
HotForex has a differentiated structure for spreads and commissions depending on the chosen account type, providing traders with a range of options to align with their trading strategy.
For the Micro, Standard and Islamic accounts, traders can benefit from spreads starting from as low as 0.8 pips, while Currenex account holders will see their spreads start from 0.6 pips. For those trading on Professional accounts, they can enjoy the most competitive spreads starting from just 0.3 pips, offering potential cost savings.
Commission plays an integral part in selecting an account type, as it directly impacts your trading costs. While the Currenex account attracts a commission of $5/$10,000 per trade, the rest of the account types, Micro, Standard, Islamic, and Professional, offer commission-free trading. This varied model of spreads and commissions allows for maximum financial flexibility, suiting traders with different investment capacities and trading scopes.
HotForex prominently states on their homepage that they offer both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms to their traders.
However, upon examining the information on the account comparison page, it appears that the broker mainly offers MT4 and a professional edition of it, referred to as MT4 Pro. These platforms correspond to different account types. The MT4 platform is provided to traders using the Micro, Standard, Islamic, and Currenex account types. On the other hand, the MT4 Pro platform, likely tailored with advanced features for seasoned traders, is exclusively available to holders of the Professional account. This differentiation highlights the broker's intent to accommodate different trading styles and sophistication levels among their clientele.
HotForex provides flexibility when it comes to managing your trading funds, accepting both deposits and withdrawals through several different channels. These include Wire Transfer, Credit Card, and a wide spectrum of e-wallets like Skrill, Webmoney, Payoneer, and Neteller.
The company has set a very accessible minimum deposit threshold of just $5, making it easy for traders with varying financial capacities to begin their trading journey. Additionally, HotForex emphasizes affordability by offering free transactions via UnionPay, a popular financial service provider. Every effort is made to ensure that transactions are smooth and efficient, with funds typically appearing in the wallet account within 24 hours after a successful transfer.
HotForex showcases a generous approach towards rewarding its clientele by offering a bonus scheme. They claim to provide an enticing 30% bonus on every deposit, applicable to all account types. This means that regardless of whether you have a Micro Account or a Professional Account, you're eligible to receive a bonus, thus enhancing your trading capital. This additional 30% may substantially bolster the trading volumes for clients and potentially offer increased exposure in the financial markets.
HotForex comprises an efficient and responsive customer service infrastructure, making it readily accessible to clients in need of support. Clients can quickly reach out to the support team by phone at 4001-200742 for immediate assistance, demonstrating a commitment to provide real-time solutions. For non-urgent and more detailed queries, clients can also use the e-mail address, cn@hotforex.com. This channel might be particularly useful for complex issues requiring comprehensive clarification.
HotForex also provides its office address, C/o SAFYR UTILIS LTD 7th Floor, Tower 1 NeXTeracom Cybercity Ebene MU, 72201, Mauritius, for clients who want to reach out through traditional mail.
In conclusion, while HotForex offers a wide range of account types, novel trading platforms, flexible deposit and withdrawal systems, and generous bonuses, there are certain elements to be cautious of. These primarily include the company's lack of valid of regulation and reports of withdrawal difficulties faced by users. Hence, as always, we advise conducting further detailed research and consultation with a financial advisor if required.
Q 1: | Is HotForex regulated? |
A 1: | No. The broker is currently under no valid regulation. |
Q 2: | Is HotForex a good broker for beginners? |
A 2: | No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its negative user feedback. |
Q 3: | Does HotForex offer industry leading MT4 & MT5? |
A 3: | Yes, HotForex claims to offer MT4 and MT5. |
Q 4: | Whats the minimum deposit does HotForex require? |
A 4: | HotForex requests a minimum deposit of $5. |
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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