HotForex Review 2020

HotForex review
HotForex Fees Explained

• HotForex withdrawal fees varies on payment method
• HotForex does charge a fee for inactive accounts.
• HotForex does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How HotForex Fees Compare Against Other Brokers

HotForex review
HotForex Minimum Deposit

HotForex require a minimum desposit of 5 GBP/USD when opening an HotForex trading account.

A minimum deposit is the minimum amount of money required by HotForex to open a new online brokerage account with them.

Dont be scared off by brokers like HotForex charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

HotForex review
HotForex Withdrawal Fees

HotForex withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

HotForex for example allow you to withdraw your funds to Credit cards, Skrill, Neteller, Bitcoins, Bank Transfer, .

HotForex review
HotForex Inactivity Fees

HotForex does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

HotForex review
HotForex Desposit Fees

HotForex does charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

HotForex review
HotForex Commission Fees

HotForex does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

HotForex review
Trading on HotForex web platforms and other applications

HotForex offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

An HotForex IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

HotForex also offer mobile apps, for Android and iOS making it easier to keep an eye on and execute your trades while you’re on the move.

See HotForex's platforms

HotForex review
Is the HotForex Trading Platform Secure?

HotForex safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. HotForex also urges its clients through its web platform to always look for the SSL security sign (a lock sign) o the browser while operating HotForex.

HotForex review
HotForex Trading Platform Options

Once you have logged into your HotForex account you will see the below trading platform options available to you.

• MetaTrader 4 (MT4)

HotForex does not offer the cTrader trading platform. You can find a broker that supports cTrader here

Lets explore each of these trading platforms in detail and what options HotForex gives you.

HotForex review
HotForex MetaTrader 4 (MT4)

MetaTrader 4 also known as MT4 is the number one trading platform on the planet and has been in active use on financial markets since 2005. The MetaTrader 4 software delivers a feature-rich, user-friendly interface and an extremely customisable trading environment, designed to ful fill all of your trading needs and boost your trading performance. Charting functionality and advanced order management tools make certain you could monitor your positions quickly and economically.

Understand that the MetaTrader 4 (MT4) trading platform was developed primarily to trade Forex but you can also trade other types of financial instruments through CFDs and Spread Betting. You will not be able to trade Stocks, Indices, Commodities, ETFs, Futures on any MetaTrader 4 (MT4) platform unless they are CFD contracts or Spread bets. You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with HotForex. You can learn more about the MT4 Platform here.

You can start using the MetaTrader 4 platform with HotForex in multiple formats including through an online web platform, Through a downloadable application for Windows PC's and Apple Macintosh computers. HotForex MetaTrader 4 is compatible with the latest macOS Mojave. HotForex allows traders to trade on mobile devices through Android and IOS devices like the iPhone.

Metatrader 4 Webtrader on HotForex

MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. MetaTrader 4 web software provides the same easy to use performance as the desktop version using advanced charting, a highly customisable trading environment, easy to access online trading tools and many different indicators. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world.

Trade HotForex MetaTrader 4 on IOS Devices

You can download the HotForex app or also trade with HotForex through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program for free of charge from Apple's App Store. IC Markets customers have instant access to this Financial markets, with the ability to completely manage a Portfolio on the go.

Trade HotForex MetaTrader 4 on Android Devices

Andorid mobile devices and tablets are used by millions of people globally. HotForex provides its clients access to the MetaTrader 4 platform on Android supported devices so that customers can monitor the financial marketplace and trade directly from their Android-based Smartphones and tablets. The Android HotForex MetaTrader 4 Android application enable traders to make the most of multiple advanced trading features which enables them to monitor and trade Forex quickly on the go, simply and securely.

Trade HotForex MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators is a Bundle of three Major indicators including:

• Analyst Perspectives - A go-to resource for leadership and key levels.
• Adaptive Candlesticks - Identifies chart patterns which illustrate important changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Much like MACD however useful at shorter lengths and provides more timely signs.

HotForex MetaTrader 4 Advanced Trading Tools

The HotForex advanced trading tools for MetaTrader 4 are aimed at improving the total trading experience and providing traders with a competitive advantage. HotForex offers access to 20 exclusive tools which includes feature rich trade execution & management programs, sophisticated notification alarms, messaging facilities, innovative market data & more.

Trade HotForex MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. All Trading accounts must be in on the same MetaTrader server. MultiTerminal doesn't support Automated Trading scripts like Expert Advisors.

HotForex MetaTrader 4 AutoChartist

HotForex Autochartist provides the world's first Market Scanner available for MT4 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

HotForex Trading benefits :

• Offers STP
• Low min deposit

HotForex Trading Accounts Offered :

• Demo account
• Standard account
• ECN account
• STP account
• Islamic account

Can I try HotForex before I buy?

HotForex offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

HotForex withdrawal and funding methods.

Please note that the list of HotForex payment methods below depend on the HotForex Entity and the Clients Country of Residence.

HotForex offer the below funding payment methods. learn more about HotForex

HotForex Payment Methods

• HotForex accepts Credit cards
• HotForex accepts Skrill
• HotForex accepts Neteller
• HotForex accepts Bitcoins
• HotForex accepts Bank Transfer

How can I start trading with HotForex?

When opening a trading account with HotForex, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on HotForex trading platforms here.

Your capital is at risk

Performing trades with HotForex

HotForex allow you to execute a minimum of trade of varies. This may vary depending on the account you open. HotForex allow you to execute a maxium trade of varies. As HotForex offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

HotForex Leverage and HotForex CFDs Explained

let's take a look at some of the basics of using HotForex leverage.

HotForex offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

HotForex leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the HotForex trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The HotForex leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

HotForex CFDs are typically used for short to medium term trades. For example HotForex intraday trading.

Education resources at HotForex

To trade effectively with HotForex, it's important to get a have a good understanding of the HotForex trading tools and the markets.

HotForex offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with HotForex.

Take time to look around the HotForex platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at HotForex

HotForex support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

HotForex have a D grade support rating because because sometimes the response was slow or our query wasnt answered. HotForex less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at HotForex

We tested the HotForex live chat and it works well. We sent messages to HotForex livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with HotForex support in multiple languages in multiple countries. HotForex where able to resolve our customer issues.

Email Support at HotForex

We sent several emails to HotForex and answer times overall were excellent. The fastest response from HotForex was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with HotForex, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from HotForex.

Phone Support at HotForex

We called HotForex and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The HotForex phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual HotForex team by calling in varying languages. HotForex made an effort to make sure our queries were answered.

Overall the phone support from HotForex was okay.

See how HotForex Support Compares Against Other Brokers

What you will need to open an account with HotForex

As HotForex is regulated by Financial Conduct Authority (FCA), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under HotForex Brand may be different.

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore HotForex's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with HotForex you can visit the HotForex trading platform here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.hotforex.com on November 21, 2020.

HotForex review written by Andrew Blumer and Mark Hansen