Interestingly, HotForex is considered an offshore company, despite the presence of a large number of regulators. These include FCA (UK), FSCA (South Africa), and (Cyprus EU), FSA (Seychelles), DFSA (Dubai). The reason – for clients from the CIS, an account is opened with the registration of a broker on the territory of St. Vincent & amp; the Grenadine. Accordingly, SV acts as a regulatory body.
HotForex. What can the company offer to its clients?
The broker is gradually losing users loyal to him. This is shown by the decreasing statistics of queries in Yandex. From trading terminals, RAPID TRADER FIX / API and HotForex MT4 are offered. The instruments available are cryptocurrencies, metals, energies, blue-chip stocks, commodities, bonds. There are more than 150 instruments in total. However, not all categories offer a wide choice.
If we talk about the types of accounts of the HotForex broker, then these are 6 types: Micro, Premium, ZERO SPREAD, Auto, PAMM (premium), HFCOPY. The minimum starting amount to enter is $ 5. The largest leverage looks like 1: 1000. The trade can have the smallest volume, starting at 0.01. There are no restrictions on scalping at short time intervals.
The firm offers 2-3 times higher spreads and significantly lower swaps compared to other brokers.
To make a HotForex withdrawal , you need to use one of the following methods: bank transfer or card, bitcoin, popular payment systems. An Islamic account (swap-free and not involving the withdrawal of commissions) can be opened within the types of accounts Auto, Micro, Zero Spread, Premium.
There is an opportunity to invest in PAMM accounts , however:
- Out of 492 accounts registered in the system, two hundred are almost merged – they have a drawdown of minus 75% or more. Another 60 accounts are near the “point of no return”: the drawdown indicator is minus 50%. You can imagine what the reviews will be about HotForex.
- Top-5 Leaders are three registered newcomers, with account ages barely over a month. Only two results can be said to have existed for a relatively long time: 1.5 and 2 years.
- If we pay attention to the third account of Adele, then the rapid departure to the profitable zone is noticeable even on the chart. When the circumstances were clarified, it was possible to understand that the account turned out to be profitable due to the increased lot of transactions. In total, the person operated more than 100 lots. Are you satisfied with this approach?
- The data provided on the HotForex PAMM accounts are sufficient, but the choice of traders can be called limited.
Specific conditions
A demo account is offered as a free service. Technical support uses e-mail, round-the-clock chat and telephone for communication. To protect client interests, a civil liability insurance system is applied. The amount for it is 5 million euros. It can be used in the context of combating fraud, for example, for cases when you lose money on the platform. This type of protection does not require additional payment from traders. Additionally, it is possible to receive a HotForex bonus . It is 100%, in the “super” and “credit” varieties.
