Instruments: Forex, CFDs, Shares, Indices, Metals and Oil
Experience: 6+ years
How is it possible to keep on top of all the changes and find out more about the latest newcomers to the world of CFD trading? Reviews are a great place to start as you will be able to find out the latest broker bonuses, trading conditions, possible trading instruments, spreads, leverage and so much more. When writing our reviews we spend some time researching what everyone else is saying but also get a real feel for the broker ourselves. Today weâ€™ve decided to focus our attention on HotForex, a relative newcomer to the world of online trading. On the surface, it looks to be a very reputable and caring provider. But letâ€™s see what lurks underneath with our HotForex review.
Introducing HotForex – A Cyprus-based award-winning provider
HF Markets (Europe) Ltd is the name behind HotForex and is an investment firm based in Cyprus. As such it is licensed and regulated by CySEC, but youâ€™ll also be pleased to know it operates in accordance with MiFID (Markets in Financial Instruments Directive), permitting it to offer its services throughout EU member states. HotForex has been around for less than a decade but has already managed to pick up some prestigious awards. These include:
- Best New Forex South Africa 2016
- Best Forex News and Analysis Provider 2016
- Best Customer Service 2015
- Best FX Online Broker 2015
- Business Excellence 2015
- Best Online Broker Asia 2013
And a whole lot more. With HotForex you can choose to trade in CFDs for commodities, stocks, indices, binary options and currency pairs. But what might grab your attention most of all is the stupendous array of bonuses.
HotForex bonuses – There really are too many to mention
If we had more space on the page we would try and give you the details of all of them but there really are far too many to include in one page. However, because there are so many it is more likely youâ€™ll be able to find one you like. Here are some examples:
- HotForex VIP Contest 2016 – Top prize of a luxury trip to Cyprus and an overall prize pool of $10,000.
- Traders Awards 2016 – The number 1 trader receives the HTA award and a $1,000 cash prize.
- 100% super-charged bonus – Applies to every deposit over $250 with a maximum cumulative bonus of $50,000 or cumulative rebates up to $8,000.
- 30% rescue bonus – Applies to deposits over $50 with a maximum cumulative bonus of $7,000 and an additional â€˜stop out bonusâ€™ for qualifying accounts.
- 100% credit bonus – Increases account leverage and can be withdrawn provided volume requirements are met.
- No fees for making a deposit into your account – This offer applies to all live account clients.
- HotForex Loyalty program – 4 different reward levels red, silver, gold, and platinum, each with its own set of benefits.
- Great HotForex merchandise – On offer are a wide range of HotForex branded products completely free of charge including t-shirts, caps, USBs, pens, keyrings, umbrellas, stress balls, and coffee mugs.
This is just a small selection of what is available. Further details can be found in the promotions pages of the HotForex website.
HotForex offers more than just a demo and one real money account
With a wide range of account options, you should have no problems finding one you like, as well as one which suits your own style of trading. For complete beginners, the best option is possibly a Micro account. This is because it requires a minimum deposit of just $50 along with maximum leverage of 1000:1 and variable spreads starting at 1 pip. The next step up for those with a little more experience are a couple of choices. Premium and VIP accounts allow larger positions with much tighter spreads and require a minimum deposit of $500. There is also a Currenex account designed for more experienced traders. Again with a minimum deposit of $500. The key feature of this account is the spread received which is more favorable for scalping strategies. If you prefer to trade with a fixed spread there is the aptly named Fixed account which offers low fixed spreads, maximum leverage of 400:1 and a minimum deposit of $500. And if youâ€™re hooked on the phenomenon of social trading youâ€™ll find everything you need using the popular trading platform FxStat. The usual run of payment methods are supported with the added bonus of no payment fees.
HotForex has decided to stick with MetaTrader 4
At HotForex youâ€™ll have no problems finding the trading platform you need, whether you choose to trade from your desktop or trade on the go. The following options are available:
- HotForex MT4 terminal
- HotForex multiterminal
- MetaTrader 4 web terminal
- HtForex iPhone trader
- HotForex iPad trader
- HotForex Android
- Smartphone Forex trading
HotForex provides plenty of resources for customer education
While HotForex may not be up there with the best in terms of trader education it does provide a more than adequate array of material. The education section of the website includes trading videos hosted by some of the industryâ€™s leading experts, Forex videos, daily market and fundamental analysis, and webinars covering such topics as using volume and volatility to enhance your trading skills. If you ever need to get in touch with customer service there are a few toll-free international numbers, emails and a live chat option. There is also a very handy FAQs section with the answers to the most common questions. So what do we think of HotForex? Itâ€™s definitely up there with the best of them and has a lot to offer not just CFD traders. Trading conditions are favorable for a wide range of trading styles, and there is unlimited earning potential. It has received a number of prestigious awards over the years which is testament to its high-quality service. Start your journey by opening a demo account and it wonâ€™t be long before youâ€™re ready to start trading live.