HotForex Review

The best way to assess an online broker is by taking into account the opinions of its clients. On this occasion I will proceed to analyze the conditions of service and reliability of the HotForex broker.
What opinions does the trading community have regarding HotForex? If you keep reading you will know the impressions it produces.
Contents:

What is HotForex?
2. Opinions on HotForex trading platforms
2.1. Computer equipment
2.2. Mobile devices
3. Opinions about the HotForex service
3.1. Instruments available
3.2. Trading accounts
3.2.1. Demo account
3.3. Customer Support
4. Opinions on the reliability of HotForex
4.1. Company data
4.2. Regulations
4.3. Security of funds
4.4. Deposit and withdrawal policy
5. Conclusion

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What is Reddit HotForex?

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HotForex is a Forex and CFD broker that allows you to trade online on different financial instruments . In this article we are going to discover many more aspects about this financial intermediary through the opinions and comments that circulate in the main forums and pages dedicated to trading.
For now, we can say that it is a broker that offers its services through direct intermediation . In other words, it does not offer us the consideration for our operations. This type of brokers offer their clients access to negotiation with other market participants by taking the operations to the market and only the broker acting as an intermediary.
If there is something for which HotForex stands out, according to the valuations we have found, it is its transparency , its wide range of products and the possibility of scalping and hedging (hedging operations, that is, opening a long and a short position simultaneously on the same financial instrument).
Next, we are going to observe each of these aspects in a more detailed way.

HotForex trading platforms

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At this point it offers simplicity. It does not have its own platform and the only option available to choose from is MetaTrader 4 . Although it must be said that it is not just any platform, but the most popular and one of the best valued in the sector.
UPDATE: This broker has also started to offer its clients the MetaTrader 5 platformand its versions in web format and for mobile devices.
MetaTrader is a free platform belonging to MetaQuotes Software . Many of the online Forex and CFD brokers, including HotForex, offer this platform through a client terminal.
Beyond some personal and isolated case, this platform generally enjoys great acceptance due to its easy handling , its depth of analysis , its versatility and its possibility of customization (to which we should add the ease of operating through automatic systems or Expert Advisors). Therefore, we can conclude that the platform option is not bad in itself, although some other alternative may be missing.
In turn, this broker gives us the possibility of trading with MetaTrader 4 through a computer or a mobile device with an iOS or Android system.
Trading Platforms
We have the option of downloading the HotForex MetaTrader 4 client terminal onto the computer . Whether we work with a Windows operating system, a MAC or a Linux.
If we do not have a preference for downloading, for whatever reason (mainly because we intend to operate from several computers), we can access the WebTerminal that HotForex has with this platform.
MetaTrader 4 WebTerminal allows us to operate from a web server , which does not require a download.
Mobile devices
The MetaTrader 4 platform has a version adapted for mobile devices (both SmarPhones and Tablets); and HotForex gives us access to this version, called MetaTrader 4 Mobile .
It is practically the same platform , although, for functional reasons, the analysis tools may not be as complete. However, it allows efficient trading .
The Mobile version is only available for download to the device of the corresponding trading app .
This version can be used both on mobile devices that use the Android, iOS and iPad (Tablets) operating systems.
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Opinion about the trading app for mobile devices of HotForex

In summary, we could determine that HotForex uses a trading platform with a good opinion of the trading community . Although we could also admit that it is the only option available.

Opinions about the HotForex service

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To correctly assess the general service that HotForex offers to traders , we will subdivide it into several sections or factors. Although in general terms, in view of the opinions, we could define it as satisfactory.

Instruments available

One of the reasons for hiring this broker, as we have seen in the comments of the Rankia community, is the wide range of instruments available to trade and among which it is likely to frequently find trading opportunities.
The financial assets available to trade with HotForex are the following:

Forex (currency market): It is a broker specialized in this market, therefore, it offers us a large number of currency pairs (we can count more than 50).
Metals and Energies: They are a type of commodities or raw materials that are listed in the financial markets and that we can operate through CFDs. HotForex offers us oil (Brent priced in British pounds and West Texas priced in dollars), natural gas, gold and silver. That is, two metals and two energy products (three if we subdivide oil). It also offers us the possibility of trading metals priced in euros.
Stock Indices: A total of 11 of the indices of the world's major equity markets. Among them is the Ibex 35.
Shares: A large number of shares of companies that are listed on various Stock Exchanges (more than 50). You can find stocks that are listed on European and US markets.
Commodities: Although metals and energy products are also considered raw materials, HotForex makes a distinction between them and food products (although it also includes metals such as copper, palladium and platinum in this section). In total we can find about 7 raw materials (cocoa, coffee, cotton, sugar and the metals described above).
Cryptocurrencies: HotForex could not be left out of the intermediaries that provide access to the cryptocurrency market. It offers a total of up to 8 of these assets (if we take into account that Bitcoin, Ethereum and Litecoin can be traded against the euro and against the dollar).
Bonds: It is possible to trade the bond markets through CFDs. Specifically, we have three of the main 10-year public debt instruments; the German Bund, the UK Gilt and the US T-Notes.

In view of what has been observed, HotForex offers a sufficient number of markets and assets ; and even higher than other brokers in the sector.

Trading accounts

In this aspect, HotForex provides us with multiple options . The truth is that there are a large number. In such a way that, depending on our profile as traders, our capital and other issues of our operations, we can choose between the following:

Premium account: This type of account is prepared for the most experienced traders. It is necessary to open minimum operations with a size of 1 minilot (0.1 lots or contracts). Subsequently, the operations can be increased in micro lots (0.01 lots or contracts).
Zero spread account: It is one of the most commented accounts on trading websites (such as Rankia). The opening deposit is somewhat higher than that of the Micro Account, but perfectly acceptable for a non-professional trader. It is useful for those who perform scalping or a type of trading with large operations. Net spreads are very tight on this type of account.
Islamic Account: This type of account complies with Islamic laws in which the charging of interest is prohibited. Thus eliminating the Swap commission. In return, it has different conditions.
HF Copy Account: Account designed for those who intend to offer a social trading service, generating a series of followers who can copy our operations in exchange for a percentage of the performance obtained.
Premium Pro Account: It is a type of account designed to meet the needs of professional operators. Must have the category of Professional Client for access. It allows greater leverage because the ESMA rules do not affect those who are considered professionals (they only affect retail traders.

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Demo account
We cannot forget the HotForex demo account . A trading simulator in which you can perform operations with fictitious capital . It is ideal to test the services of the broker as well as to test our trading strategies and to gain security in the markets, completing our training as operators.
HotForex offers us a free demo account for an unlimited time . In this simulator you can trade without risk under conditions similar to a real account. The initial (virtual) balance of this account is 100,000 dollars (or euros).
Regarding the demo account, we have an opinion about the experience of a real customer taken from trustpilot.com showing the good functioning of the same and the intention to open an Account with zero spread.

HotForex Customer Support

We enter one of the best valued aspects of this financial intermediary . There are certain opinions of HotForex that circulate on the network which affect this point.
The truth is that this online broker makes an account manager (Personal Account Manager) available to each trader. This fact makes it stand out in terms of a personalized customer support service.
HotForex customer service consists of an online chat to be able to hold conversations in real time. Very useful due to its simplicity and agility.
At the same time , an email is also available to discuss matters that require greater depth or to record the conversations held. Complementing the support with a telephone line for cases in which the online route may not be available.
Therefore, the service has the appropriate channels , exclusive staff for inquiries and a 24-hour service schedule (only in English).

Reliability and Regulations

Another factor that most influences when deciding to hire an online broker (in addition to the service offered in general terms that we have just discussed) is security. In this aspect, HotForex also stands out , it is seen by the investment community as a reliable intermediary.
Next, we will see the various points that make up the HotForex reliability sector dealt with in more detail .
Company data
The company is named HotForex is HF Markets Ltd Europe . So we conclude that HotForex is simply a trade name .
This Cypriot company has the following data:

HF Markets (Europe) Ltd.
Spirou Kyprianou 50
Irida 3 Tower
10th Floor
Larnaca 6057 (Cyprus)

However, the company belongs to a business holding company that has offices in several countries, for example:

HF Markets (SA) Limited (South Africa)
HF Markets Limited (Republic of Mauritius)
HF Markets SV (Grenadine Islands)

These venues do not affect the Spanish trader . It is HF Markets (Europe), a company registered in Cyprus, which offers its services in Spain . The reason is none other than regulation; precisely what we are going to expose in the next section.
Regulations
One of the essential tasks (if not the most fundamental) when hiring an online broker is to verify that it is properly regulated.
The supervisory bodies engaged in this purpose they ensure that the laws are enforced in financial services and the safety of customers . Thus, it is a necessary requirement to proceed to commercialize financial intermediation services to have a license from the regulatory body of the country in which the company has its headquarters.
Upon obtaining this license, the broker becomes part of a public registry and it is considered that it complies with the regulations regarding solvency and good practices for its clients.
In this way, and after carrying out the appropriate verification, we observe that HotForex is registered in the registry of the Cyprus Securities and Exchange Commission , with license number 183/12 and registration date of 20 November 2012.
As shown in the following image.
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Although there are brokers with different headquarters and therefore different regulators (some with more prestige), the CySEC provides all the guarantees that European regulations on financial matters are being complied with . Cyprus is a member country of the European Union, therefore, a broker regulated in Cyprus is authorized to market its services in any member country. The reasons why a financial intermediary establishes its headquarters in Cyprus are basically fiscal.
Now, what is really important is that it is regulated by an EU member country , which implies that it meets the conditions of European regulations regarding investor protection.
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Security of funds
In the previous point we talked about the importance of regulation . This has a direct impact on the security of the funds.
A regulated broker is under constant surveillance by the supervisory body . Which makes it difficult for you to commit fraud .
Therefore, the first point to take into account regarding the security of the funds is the regulatory supervision to which it is subject.
The regulatory body imposes on the broker compliance with security regulations for client funds . These regulations are established by each country, but following the framework dictated by the MiFID Directive.
The first requirement of the European MiFID Directive is given by the need to keep client funds totally separate from the assets of the intermediary itself . So our money is in the custody of a bank outside of HotForex and the latter can only access it to fulfill our trading orders. Not being able to cover their liquidity needs, not even temporarily, with client funds.
With this we also ensure that, in the event of insolvency, creditors 'payments are not met with clients' funds.
Continuing with the hypothesis of an alleged insolvency or bankruptcy of a regulated broker and subject to the MiFID Directive, if the case arises in which they cannot return the funds , there is a compensation body.
Regulated brokers in Europe are required to be attached to a guarantee fund that compensates the client in cases of insolvency . The guarantee fund imposed by Cypriot regulations has a maximum coverage of € 20,000 per client and account . Although HotForex has contracted a private liability insurance that raises this amount up to € 5,000,000 for cases of errors, omissions, negligence, fraud and other series of risks.

Deposit and withdrawal policy

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As a last point to define the reliability of HotForex, we will talk about the cash operations between the trader and the intermediary . Basically, it is about establishing deposits of funds in the account and withdrawing capital and / or profits from it.
When opening a trading account with HotForex it is necessary to make a deposit of funds.
Said deposit will be made by one of the means of payment that the broker itself makes available. HotForex works with the following:

Wire transfer
Debit / credit card
Skrill
Neteller
Payoneer
Webmoney
Fasapay
Bitcoin

The same means of payment for deposits are those available for withdrawals. One of them is chosen and is established to carry out both types of cash operations with HotForex.
Generally, the commissions that may be generated come from your own means of payment. Which is foreign to the broker.
In the initial comment (opinion taken from Rankia) we have observed that the deposit and withdrawal policies work well with this intermediary, establishing a quick process to attend to requests (the rest depends on the chosen payment method).

Reddit HotForex - Conclusion

We can finish this article of opinions about HotForex by showing another one that summarizes in a general way the service and reliability provided by this online broker.

HotForex is a broker with a good reputation

Good reputation, transparency, reliability and good service would be the aspects to highlight . However, as a summary, we will expand on these concepts:

HotForex is a regulated broker that guarantees good security of funds
It has good customer service. In addition, it offers its clients a personal account manager.
You have a large number of accounts with different characteristics to choose from.
It is a broker that allows scalping and hedging and does not act as a counterpart to our operations.
You have a wide range of financial instruments available for trading.
On the other hand, as negative aspects , we will highlight:
You only have one type of trading platform (MetaTrader 4).
Some users say that the spreads are quite high.

UPDATE: This broker has also started to offer its clients the MetaTrader 5 platformand its versions in web format and for mobile devices.

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