As with all raw spread accounts, you will be charged a commission – in this case, the charge is 3 USD per lot on majors and 4 USD per lot on minors and exotics. Global clients of HotForex will be trading with HF Markets Ltd, which is authorised by the Financial Services Authority of St Vincent and the Grenadines. Unlike other regulators, such as ASIC in Australia and the FCA in the UK, the FSA St Vincent and Grenadines does not force HotForex to restrict leverage or to be members of a client compensation scheme. But all client funds are held in segregated accounts with top-tier banks and HotForex is subject to frequent audits of its finances and client operations. In addition, all clients have negative balance protection, meaning they can never lose more money than is held in their trading account.
Social media helps a service provider in communicating with its customers. Maybe they shy away from these platforms because they don’t want to face criticism for their terrible actions. In the case of HotForex, the trading accounts are not serviceable and thus multiply the gripe of traders. Underlying The leverage of the benefits of the client categorization by aiming the loss of services to traders is not worthy at all. There is a difference in the client categorization based on the competitive leverages. A detailed check reveals the authenticity of this categorization.
The Company And Security Of Funds
Particularly about scalping, there is no restriction and HotForex range of accounts alike with Zero spread may assist you even better to trade this strategy. Various payment methods will process withdraw money I slightly different time. HotForex accounting team confirms transactions quite quickly, within business days of course, yet the matter might take longer due to payment providers. Despite this, there are no deposit fees or some of the withdrawals are free as well, which we will see in our HotForex review further.
The broker not only uses the mobile applications of its partners but has also developed its own application. It is available for free downloading from App Store and Google Play Market. And at first glance, the services provider seems to be reliable, but is it really so? HotForex is just a bubble scheme or a profitable platform for investments?
Is Hotforex Trading Good?
A margin call is the requirement of a broker to maintain the minimum funds in the trading accounts. According to the policy of HotForex, it does not notify any trader about the margin calls and in addition to this enjoys the leverage of stopping the trades at its sole discretion. It wouldn’t matter having all these great products if you didn’t have proper access to the markets, and HotForex has worked very hard to make sure the trading conditions are suitable to every kind of trader.
- On this account, rollovers and swap fees are not charged for holding trades overnight.
- Whether the trader is a beginner or an advanced trader the software offered by HotForex suits all types of traders.
- Your documents will be checked by the verifications department within 48 hours.
- Whatever you are looking to trade the varying HotForex account types will be able to provide you with what you need.
You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with HotForex. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. 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. That said, please note that you can lose funds when trading in financial assets.
Is Hotforex Safe?
Minimum withdrawal amounts range from $150 for wire transfers and $5 for all other options. The time frame for credit and debit card withdrawals is listed as up to 10 days which appears a bit on long. This is packed with a series of nice hotforex forex broker review features to enhance your trading platform, allow for quick and simple overview of the Forex market and customize how you trade. A very nice job from Hot Forex to offer comprehensive package to upgrade the standard trading platform.
Conversion fees can make trading expensive, and are usually not presented on the fee report, but will affect your profitability. The average cost of trading one lot of EUR/USD at similar Forex brokers tends to be 9 USD or lower. Hotforex does not charge any withdrawal or deposit fees, allows hedging, scalping, and copy trading, and offers an excellent selection of educational and market analysis materials to get new traders started. All information presented on TopBrokers.com website, including charts, quotes and financial analysis, is informational and doesn`t imply direct instructions for investing. TopBrokers.com will not accept any liability for loss or damage as a result of reliance on the information on this site.
It is calculated by comparing the total deposit made by the trader and the profit that he or she generated. In the financial industry, nowadays traders come across much more difficulties when choosing the broker than ever. It has become increasingly difficult to identify a decent broker and distinguish it from a scam. The only way to find a reputable and reliable brokerage firm is to go through multiple reviews that examine the features of the broker.
Unique Features Of Trading With Hotforex
It offers both software on Desktop terminals, as well as web terminals. Also, MetaTrader4 is available on the MultiTerminal, which allows customers to manage trades on several accounts at the same time. Also, these platforms are compatible with all types of devices, including iPhone, iPad, and Android. The last option is a RapidTrader API which is a premium feature and presents an ideal platform for traders with advanced order types and automated trading systems outside of the MetaTrader 4.
Hotforex Withdrawal Fees
The HotForex trading platform has been tested by several users and by us. One of the users on the HotForex platform gives a story of how he proved the account. He illustrated that when filling the registration form, accurate details must be provided because Credit default swap one of the HotForex representatives will put a call through to verify the user’s identity. This process is very important to the company because of the regulatory authorities. This company HotForex is highly regulated, and it has just one tier license.
The research team is offering comprehensive analytics to its traders and this broker is loaded with educational material for new traders. Forex traders will also enjoy a range of trading tools which include the Autochartist, free of charge to Hot Forex clients. This alone makes it worth to include Hot Forex in a diversified broker package. HFcopy allows signal providers and Forex followers to find the right approach to earning money from the Forex market.
The customer base of HotForex currently comprises over 2 and a half million traders. The company employs over two hundred workers worldwide and operates in 27 different languages to suit the needs of residents of various countries and regions. It has won more than 45 industry awards in various nominations and offers a wide variety of trading products.
The site offers everything you need as an investor, teaches you how to invest and even allows you to make moves on the go. Given the knowledge base, quality pricing, variety and design, HotForex deserves 5 stars. If you’re the kind of person who wants Promissory Note to DIY your trading, the tools are there. If you want HotForex to hold your hand, the customer support team is more than capable. Those looking for smaller spreads, will like the Zero Account, which features variable spreads starting from 0 pips.
The methods of depositing funds include wire, bank card, and cryptocurrencies such as Bitcoin. Timing varies for each as a wire can take as little as 2 days, while a bankcard may take only 10 minutes. This option is more of a personal preference but being informed of your options is important. Other tools include trader boards, one click trading, and auto trading. There are several other tools and this is another reason that the value of this broker may be known throughout the community. HotForex iPhone Trader– Use this platform to trade on your iPhone wherever you are and enjoy features such as one-click trading, advanced trading functions, and interactive charts in nine timeframes.