HotForex and HF Markets are unified brand names of the HF Markets Group, a conglomerate that encompasses seven regulatory entities, including HF Markets SA (PTY) Ltd, regulated by the FSCA, HF Markets (Seychelles) Ltd, regulated by the FSA, and HF Markets (Europe) Ltd, regulated by CySEC.
With offices in Johannesburg, South Africa, their local presence has dramatically increased traders‘ trust. They have come a long way since their establishment in 2010, earning them a reputation for trust and transparent trading. Despite being a market maker broker, traders can expect tight spreads with fair executions.
Although HotForex only offers two account currency options, ZAR and USD, traders have an extensive selection of Forex pairs to trade.
There is no lack of trading platforms, MetaTrader 4 and MetaTrader 5 are offered.
Traders who use the 100% Supercharged bonus can enjoy rebates of up to USD 2 for every eligible lot traded. Please note that Terms and Conditions apply for all the HotForex bonus programs.
You can find our transparent HotForex review below. Broker reviews are updated frequently!
We value your feedback: Rate this broker by leaving a comment and rating below this review.
>HotForex Regulation
HotForex is regulated in several jurisdictions including the FSCA (South Africa), Cysec (Cyprus), DFSA (Dubai), FSA (Seychelles), FCA (UK) and the CMA. Having several approved regulators provides traders with additional comfort that the company adheres to the highest standards.
- FSCA (Financial Sector Conduct Authority): 46632
Some regulators offer a greater or lesser degree of protection under various compensation schemes so it is worth making yourself aware. UK clients, for example, benefit from the Financial Service Compensation Scheme up to the value of GBP 85,000.
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>HotForex Broker Type
HotForex is a market maker broker, where they provide liquidity directly to their clients. They offer market prices to clients which can often be more s than the underlying price feeds where spreads may widen over news events or times of low liquidity (between trading sessions).
>Execution
By adding additional liquidity to the market and allowing clients to trade against their prices, execution can often be improved. It does sometimes mean your word against the trading desk, but these instances should be few and far between.
We have not seen any evidence of stop hunting or market manipulation.
>Forex Trading Education
There is a wide variety of educational material on the website. The first port of call is the Forex Education and e-learning centre. These resources will give you a good understanding of the main concepts running through the financial markets and Forex and CFD trading.
HotForex runs regular webinars to help clients with the more technical aspects of trading. Much of this focuses on current trends in the markets as well as some technical analysis techniques. They seem mostly aimed at the amateur and intermediate trader, but largely exclude the expert trader.
For those that prefer to watch a video to explain individual concepts, there is a library of short clips to advance your Forex education. This makes them a beginner-friendly broker.
>HotForex Support
We found the account opening process a bit lengthy. There were a lot of industry-appropriate questions, but it took quite a long time to activate the account. We applied over a weekend, so the support follow-up was understandably a bit slow. The questions are designed to make sure clients have sui Forex and CFD knowledge to open an account which should be commended.
They offer 24/5 support via email, telephone and LiveChat. The markets open from 23:00 (GMT) and support is available from this time until the markets close on Friday at 22:00 (GMT).
>HotForex Deposit and Withdrawals
HotForex has a good variety of funding options. Minimums start from USD 10, which seems pretty fair for those looking to start with a small amount and to test out the broker.
There are no fees for deposits and withdrawals. Withdrawal times are dependent on the method used and seem to take between 2-10 days which may be a little long for some.
Options include:
- Bank Wire Transfer: Allow up to 2-3 business days for wire-transferred funds to be available in your trading account. Funds sometimes arrive sooner.
- Credit/Debit Card: Visa and Mastercard funding options, instant allocation to start trading immediately.
- Skrill: A popular e-wallet solution if you choose to add a level of security between bank and broker.
The client can enjoy a variety of well-structured bonuses of up to 100% on their deposit.
>HotForex Trading Conditions
HotForex states that they are committed to providing their clients with the best possible trading conditions across their five account types. A bold statement.
>Demo Account
Build trust and confidence with a risk-free demo account that simulates a live trading environment – this allows for a seamless transition to trading your hard-earned money. Demo with USD 100,000 virtual funds with unlimited usage.
>Leverage
These do vary from trading account type. Different levels of deposit or account size may determine different spread sizes or leverage options. The leverage offered is from 1:100 up to 1:1000.
We feel that 1:1000 is an excessive amount of leverage and may not be in the best interests of the clients’ accounts.
Their leverage is insanely high, which sets up new traders to fail.
>Spreads and Lot Sizes
They do have a Zero spread account which is a good option but this will attract commission instead of spread – a good option in less volatile markets where spreads can be very tight.
Average Standard Account Spreads on Majors
- EUR/USD: 1.0
- GBP/USD: 1.2
- USD/JPY: 0.8
- AUD/USD: 1.8
Spreads are advertised from 1 pip for the majors for the rest of the accounts where no commission is payable. They have accounts suited to automated or EA trading as well as a copy trading offering.
Clients can offer copy trading services, and they can copy traders too if they are short of time or uncomfor trading themselves.
>Account Types
Each of their five account types has unique features and benefits to suit the trader’s needs.
- Micro: Min. Deposit USD 10 – Max. Leverage 1:1000
- Premium: Min. Deposit USD 100 – Max. Leverage 1:500
- Zero Spread: Min. Deposit USD 200 – Max. Leverage 1:500
- Auto: Min. Deposit USD 200 – Max. Leverage 1:500
- HFCopy: Min. Deposit USD 100 – 300 – Max. Leverage 1:400
>HotForex Trading Platforms
HotForex provides the ever-popular MT4 platform, which is offered via download, mobile and web. They also offer the newer MT5 platform with the same ways to access namely download, mobile and web.
Both are powerful platforms and offer superior execution speeds. Your location and bandwidth may impact this slightly.
>HotForex IB Affiliate Program
HotForex possesses a powerful affiliate platform with generous referrer options. The platform allows for regular payouts and a globally recognised support network. There is no cap on commissions, and different types of deals are available. CPA, commission and a combination seem to be the most favoured.
Join the HotForex IB Affiliate Program: Join Now & Earn
>HotForex South Africa
What does HotForex South Africa bring to the SA marketplace? One highlight that sums it up as a South African trader.
They offer tight spreads with no commissions, a low minimum deposit and ultra-high leverage for those seeking it as necessary.
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>HotForex Review Summary
HotForex is a broker with a global presence, a sophisticated website with a considerable number of tools for traders to use. The language used is easy to understand, and they explain the concepts of trading Forex and CFDs exceptionally well.
There are more than enough trading options and flexible deposit methods to make it easy to recommend HotForex.
We value your feedback: Rate this broker by leaving a comment and rating below this review.
>Broker FAQ
Thinking of Trading with HotForex?
Which type of assets can I trade with HotForex?
Forex
Equities
Indices
Commodities
Futures
Metals
Energies
Shares
Bonds
Stocks
DMA
ETF
What platforms does HotForex support?
MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
Are HotForex platforms mobile friendly?
Yes, they are available on Android and IOS.
What leverage does HotForex offer?
HotForex offers maximum leverage of 1:1000.
What is the lowest spread I can expect with HotForex?
The lowest spread is typically on the EUR/USD at 0.1 pips.
Does HotForex offer commission-free trading?
Yes. But commissions can be charged on a different account type.
Is HotForex FSCA Regulated?
Yes. HotForex is FSCA regulated. FSP#46632.
What is the minimum deposit to open an HotForex account?
HotForex has a minimum deposit of ZAR 70 as a first-time deposit.
When was HotForex founded?
HotForex was founded in 2010.
What account currencies does HotForex offer?
ZAR, USD.
Which deposit options does HotForex offer?
Credit/Debit Card, Skrill, Bank Wire Transfer.
