up to 50%
HotForex is a multi-regulated Forex broker with a low minimum deposit. They offer tight spreads on over 50 currency pairs.
A top-five broker in 2020, HotForex has consistently grown and gained traders’ trust since its establishment. HotForex is a leading Forex broker that has made great strides toward stability and has expanded in various ways.
As of 2010, it is still the leading financial brokerage for trustworthiness. The HotForex registration process is straightforward. Depending on what account type you choose, you will get your registration.
Aside from differences in minimum deposits, maximum leverages spread, and maximum orders.
HotForex is part of the HF Markets Group and has operated as a unified brand since its launch. It is regulated in Europe through HF Markets Europe Ltd in Cyprus and the UK through the medium of HF Markets UK Ltd, regulated by the Financial Conduct Authority (FCA).
HotForex is licensed to provide financial services are the UAE, South Africa, Cyprus, Saint Vincent, and the Grenadines.
Known for its award-winning services, HotForex also offers many account types, including forex pairs, currency pairs, cryptocurrencies, bonds, ETFs, and equities.
HotForex is based in London and offers clients unique investment opportunities through its forex and CFD (contracts for difference) products. These products include metals, indices, energies, shares, bonds, commodities, or ETFs.
Customers choose HotForex for several reasons, including its wide range of account options, competitive spreads, competitive commission, technical charts, financial analysis, features, educational offerings, and value-added functionality.
up to 50%
HotForex is a multi-regulated Forex broker with a low minimum deposit. They offer tight spreads on over 50 currency pairs.
What is the regulation of HotForex?
In addition to being regulated by St. Vincent and the Grenadines, HotForex is also registered as HF Markets (SV) Ltd.
As a result of the appropriate fees and measures of control provided by the law, Saint Vincent and the Grenadines have risen to become a hotspot for Forex brokers and those who conduct international transactions.
HotForex regulations on different financial markets complement recognized licenses like the FCA, DFSA, FSCA, and FSA. As a result, the broker can simultaneously engage in international financial transactions and investments in multiple countries.
HotForex is licensed and registered in the United Kingdom under the FCA, one of the highest certifications available.
These licenses indicate that the broker adheres to very high safety standards, and any attempt at illicit behaviour can lead to the broker losing the license.
Registration for Hotforex live accounts
Hotforex live accounts can be registered in three minutes. When traders sign up with a broker, they join a community with more than 2,000,000 live accounts.
Over ten years, the broker has received 35+ awards and maintains a 5-million euro insurance fund. They are truly reliable.
An investor or trader who chooses Hotforex will open a live account by clicking on the Live Account button at the top of the website. This takes him to the registration page. Among the three options for registration are:
- For the individuals
- Big corporate
- Great Partner
The trader also provides the data within the first case:
- Phone number along with the country of residence
- Surname and the last name
- Date of birth with a valid email address
Information about the company is somehow added to the corporate account form: its name, country of incorporation, and registration number.
A Joint Account requires the information of two people. In the second note, it is mentioned that the first is relevant, namely the family, the business partner, and others.
A quick guide on different types of Hotforex account
According to a trader’s preferences, experience, and opportunities, he can choose from seven different types of accounts.
You may be able to get Custom Accounts in some cases, but you must contact the broker’s manager to find out whether they are available.
- Beginners and traders with small trade volumes are advised to use the micro account.
- Traders with experience should use Premium. Transaction limits range from 0.01 to 60 lots.
- Scalping, large volumes, and expert advisors are best suited to Zero Spread.
- MQL5 Community signals can be automatically copied using the MQL5 Auto Account.
- A PAMM account is where the manager trades the client’s money and earns interest if the trade is successful.
- With HF Copy, you can copy live experts’ trades.
- Holding overnight positions does not include swap/rollover percentages. Perfect for long-term traders and Muslims.
See the table below to get a more in-depth idea
|Account Type||Micro||Premium||Zero Spread||Auto||PAMM||Hfcopy|
|Spread||From 1 pip||From 1 pip||From 0 pips||From 1 pip||From 1 pips||From 1 pips|
What documents do you need for opening a HotForex account?
To accept you as an individual client, we require the following documents:
- Valid passport photo (in PDF or JPG format) and current (not expired) proof of identification. A driving license or national identification card may be uploaded in place of a passport if none is available.
- Bank statements or utility bills are acceptable proof of address. If you provide documents, please make sure they are no older than six months old, and make sure your name and address are displayed.
- In addition, you can scan and email documents to email@example.com or upload them from your myHF area.
We kindly ask you to keep in mind that deposits will only be credited to your account once your documents are approved, and you have fully activated your myHF area.
What are the steps to open a HotForex demo account?
On the website, click on the demo button in the upper right corner to open the HotForex demo account!
Upon opening the demo account page, you will see a registration form. Fill out the form with all required information, including your phone number, address, name, etc. There are three types of demo accounts: corporate, individual, and joint.
You will be provided with a user ID and a strong password to become a demo customer.
The broker will also assign HFMarketsSV-Demo Servers specially designed for such accounts. Additionally, it displays a list of all the domains or trading platforms that you must connect to your demo account to continue.
The MT4/MT5 platform must be installed if you do not have one. Demo accounts cannot be worked on these platforms.
HotForex offers a demo account. What are its benefits?
HotForex demo accounts offer the following benefits:
1. Registration is free
Demo accounts are free to sign up for. No payment is required. Traders use demo accounts to familiarize themselves with basic trading rules and strategies. As a result, they are free.
2. Trading conditions in real-time
An investor can step into real-time market conditions by opening a demo account.
3. Great opportunity for practice
Trading on a demo account with HotForex is completely free. Additionally, you can open a second account if you have an expired account.
With the demo account, you can learn how to close and open positions in a Forex market and try out different trading conditions. Of course, you will use this platform regularly, but you will learn about Forex with it.
4. Unrestricted use of forex strategies
This is a free demo account to try unlimited trading strategies and methodologies. Additionally, you can often explore new trading strategies and test the profit rate to ensure you score high.
Which assets can be traded on a Hotforex live account?
Forex traders can open positions in every financial market except the cryptocurrency market with HotForex. The platform offers over 1200 trading instruments.
Many traders are attracted to HotForex. However, as HotForex offers a variety of trading assets, such as Forex, metals, energies, stocks, indices, bonds, commodities, and DMA stocks, the leverage varies.
At HotForex, you can trade 53 currency pairs. Forex brokers offer a leverage of 1:000 and variable spreads based on the currency pairs traded. For example, the EUR/USD spread is 1.3 pips.
Among the six metals traded, gold and silver are the top two. Silver’s maximum leverage is 1:100 while gold’s is 1:200. At HotForex, the spreads for metals are very low, making them very popular trading assets.
Bonds are not available at all brokers; however, HotForex offers ten-year US government bonds, UK Gilts, and Euro Bunds. In addition, Forex offers bonds traders leverage of 1:50.
What are the steps to delete a Hotforex live account?
Send the company an email requesting that your account be deleted from their database, and they will remove your account from their database.
Here are the steps you need to follow:
- Sign in with the email address you registered with the website.
- Write an email to firstname.lastname@example.org and enter the email
- Type “Deletion Request” in the Subject line.
- Your e-maile-mail should request that they delete your account from their database, as well as all the information they have about you.
How can you cancel your live chat account?
- Please visit http://www.hotforex.com/sv/en/index.html
- Scroll down the homepage to the bottom and click on LIVE CHAT.
- Type in your name.
- Select the E-mailE-mail account with which you wish to delete the account.
- Provide your phone number.
- Choose “I HAVE AN HF ACCOUNT” under “Please choose one of the following:”
- Log in with your myHF ID.
- Click on SUBMIT to access their live chat support in the last step.
- Tell them you want to delete your account once you are connected with them
- Remove your account permanently by following their instructions
What is the process of deleting your account via the dashboard?
- Log in to Hotforex.
- Find the account list.
- Delete your account by clicking on Delete Account.
What is the process for withdrawing funds from a HotForex account?
Funds that are surplus to margin requirements can be withdrawn at any time. Log in to your Client Area (myHF area) and select Withdrawal to request a withdrawal. We process withdrawal requests submitted before 10:00 am server time between 7:00 am and 5:00 pm server time the next business day.
When a withdrawal request is received after 10:00 am server time, it will be processed between 7:00 am and 5:00 pm server time the following business day.
Withdrawals and deposits are free. However, it takes between 2-10 days to complete the withdrawal process, which may be too long for some.
Paying HotForex commissions or making an initial deposit to HotForex is hassle-free with the appropriate payment model.
HotForex offers a wide selection of payment options, including Credit Card, Crypto-currency, MasterCard, Visa, iDeal, Neteller, Przelewy QIWI, Skrill, Sofort, UnionPay, Web money, Western Union, Wire Transfer, and more.
Complete the checkout processes in one go and choose the best payment method that you trust.
|Deposit||Credit Card, Cryptocurrencies, FasaPay, iDeal, Maestro, Moneybookers, Neteller, Przelewy, QIWI, Skrill, Sofort, Union Pay, Webmoney, Western Union, Wire Transfer|
|Withdraw||Credit Card, Cryptocurrencies, FasaPay, iDeal, Maestro, Moneybookers, Neteller, Przelewy, QIWI, Skrill, Sofort, Union Pay, Webmoney, Western Union, Wire Transfer|
1. What is the duration of the HotForex demo account?
For at least 90 days, you can use a demo account. Inactive accounts will expire after 90 days. A new demo account can be opened after the expiration date.
2. Can you trade with real money on a demo account?
It is not possible to trade with real money through a demo account. So instead of actual money, this whole process is based on virtual money.
3. How are demo and live accounts different?
Demo and live accounts differ in that virtual money are used during trading while real money is not. Since you open a demo account, you don’t need to pay any charges, commissions, or spreads. When you open a live account, the opposite is true.
4. Can a demo account earn you a profit?
Due to the availability of virtual money, a trader cannot earn profits on a demo account.
To conclude, HotForex is an experienced and well-established online broker that offers a safe, regulated, and secure trading environment that might suit every trader.
Various accounts, tools, platforms, and investment instruments can offer their services and investment products. They can choose the trading strategy that works best for them as well.
In addition to commodities, forex pairs, shares, bonds, indices, and cryptocurrency CFDs, the brokers offer their customers a wide range of trading instruments. As well as a demo account, an Islamic account is also available.
Users must know how important it is to select a reliable broker to succeed with online trading; they should also ensure that they meet their requirements.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
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