Looking For The Best Customer Service In FX Trading? Read Our HotForex Review Today!
- Website: www.hotforex.com
- Phone: +357-24-400561
- Office address:
- Spirou Kyprianou 50 Irida 3 Tower 10th Floor,
- Larnaca 6057
HotForex is quite new to the Forex trading market concerning the popularity and brand awareness, even though the company has been in operation since 2008. The broker has recently re-invented its customer-oriented attitude by offering an excellent customer service platform, which has enabled the company to receive a ton of awards from several recognized institutions from Europe, Asia, Africa, and the Middle East. The primary requisite for any broker to achieve recognition in the Forex trading industry is to listen to their customers, which is exactly the strategy that HotForex followed to achieve immense success among global retail traders.
HotForex is also extremely popular among Introducing Brokers and affiliates, and it is indeed seen as a positive approach by the company to promote its brand among lesser known markets. The company’s prime attention towards ensuring an excellent customer-service oriented brokerage service is one of the key reasons why existing HotForex clients continue to do business with the broker.
HotForex regulation is also one of the hot topics of discussion among traders, as HotForex is one of the few brokers that have multiple regulatory statuses throughout the world. HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets moniker. It is interesting to note that the broker has based its corporate offices in some of the highly popular tax havens in the world, which can be a bit of an issue with traders from countries such as the US and Australia. US-based brokers are required to be regulated by the CFTC and be a member of the NFA to be able to offer their services to US citizens. Nevertheless, almost all the modern regulatory organizations these days are committed to the welfare of traders in general, which is a good thing, considering that the number of scams is increasing on a day-by-day basis.
What Are HotForex Trading Account Specifications?
HotForex has covered a significant part of the financial markets by offering Forex, Metals, Energies, Indices, Shares, CFDs, ETFs, and Binary Options through its different trading accounts. HotForex certainly understands their clients’ tastes and preferences, which is why they have incorporated a multitude of trading instruments to offer a diverse product portfolio. However, when it comes to choosing an account, HotForex provides nine different types of accounts, which is a lot for the average trader. The minimum deposit required to open an account is $5, while the maximum HotForex leverage is 1:1000. In our opinion, the leverage is too high for a Forex trader, but larger accounts have comparatively rational leverage to the tune of 1:400 or lesser margin. The different types of trading accounts are as follows:
- Micro Account: $5 deposit, 1:1000 leverage, spreads from 1 pip
- Premium Account: $500 deposit, 1:400 leverage, spreads from 1 pip
- Zero Account: $100 deposit, 1:200 leverage, spread from 0 pip
- Currenex Account: $500 deposit, 1:400 leverage, spreads from 0.2 pips
- Fixed Account: $500 deposit, 1:400 leverage, fixed spread
- VIP Account: $20,000 deposit, 1:300 leverage, spreads from 0.2 pips
- Auto Account: $500 deposit, 1:400 leverage, spread from 1 pip
- HF Social Account: $100 deposit, 1:100 leverage, spread from 1 pip
- PAMM Account: $500 deposit, 1:300 leverage, spread from 1 pip
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The Zero Account, Currenex Account, and the VIP Account options are ECN platforms that provide tight spreads along with a commission per trade. The Auto and HF Social accounts are social trading accounts that allow investors to copy trades from other successful traders. HotForex has excellent trading conditions, and the only problem is that traders can be confused by the sheer number of options available, which can negatively affect the broker’s conversion ratio. On a positive note, HotForex offers an account for every type of trader, which is one of the reasons why HotForex continues to be a popular FX broker among modern traders. The HotForex spreads are also highly competitive, and the spreads starting from 1 pip for the standard accounts are acceptable.
All accounts have access to the full range of trading instruments, and can be traded using the MT4 as the standard HotForex trading platform. Meta Trader is the most commonly used and highly popular trading terminal for Forex traders, which has prompted HotForex to utilize several versions of the MT4 terminal across its different account offerings. The MT4 mobile apps for iOS, Android, and Windows devices serve as the HotForex mobile trading platform, while the MT4 WebTrader can be used for both desktop and mobile trading. The MT4 MultiTerminal can be used to manage multiple accounts, and is a useful tool for PAMM account holders or for traders who trade on multiple investor accounts.
How Can I Receive A HotForex Bonus?
The broker offers an attractive HotForex bonus of 100% on the deposited amount either as a cash bonus or a credit bonus, which essentially doubles the equity in a trading account. HotForex is one of the very few mainstream Forex brokers that offer a bonus, and along with exceptional trading conditions, traders will find the bonus to be quite useful in trading. You can receive a bonus by just verifying your trading account, making a deposit, and by choosing your deposit bonus.
Deposits are taken care of through credit cards, bank transfers, online payment processors and e-wallets such as Skrill and Neteller. Traders can make instant deposits and withdrawals. However, withdrawals do take some when compared to the time required for deposits. Accepting a bonus also puts several trading conditions into play, which should be satisfied before making a withdrawal request.
HotForex has multiple channels for customer support, including live chat, web contact form, active phone numbers, emails, and multi-lingual support. The broker has made it exceptionally clear that dedicate their service towards maintaining an excellent relationship with their traders by keeping their client’s welfare in their mind, and this is the very core principle of the company that is guaranteed to ensure the safety of the traders and keep them secure against broker issues in the highly risk financial markets.