Hotforex, also known as HFM, is an award-winning forex and commodities broker providing trading services and facilities to both retail and institutional clients. Founded in 2010, Hotforex is regulated across multiple jurisdictions and has grown to serve over 2 million clients worldwide. This detailed Hotforex review covers everything potential traders need to know, including available markets, fees and commissions, account types, platforms and tools, customer support, and more.
What Is HFM - Hotforex Broker?
HFM - Hotforex is a popular online forex and commodities trading broker that was founded in 2010. The broker provides access to various financial markets and assets for traders of all experience levels. In this detailed Hotforex review, we will cover everything you need to know about this broker.
HFM or Hotforex is an international multi-regulated forex broker headquartered in Mauritius. The company provides online trading services in currencies, indices, commodities, shares, metals and cryptocurrencies to clients in over 150 countries.
Some key things to know about Hotforex:
Overall, Hotforex is recognised as a reliable and trusted online broker catering well to active traders, beginners and investors alike.
Overall Summary
Regulations & Safety
Hotforex holds multiple regulation licenses from tier-1 authorities across the globe including CySEC, FCA and FSCA. This ensures client funds safety and strong corporate governance. The broker also provides trader protection through its segregated accounts and mandatory FSCS compensation scheme.
Spreads, Fees & Leverage
The broker offers tight spreads averaging 0.7 pips on the benchmark EUR/USD for regular accounts. There are no commissions charged on forex trading. Swap fees apply for keeping trades open overnight. The maximum leverage offered goes up to 1:1000 based on the underlying asset and regulatory limits.
Platforms & Tools
Hotforex provides access to the robust MetaTrader suite including MT4 and MT5 platforms across devices. It also offers various advanced trading tools, insights and support through add-ons like the HF App and HF signals. Auto-trading options are available too.
Account Types
There is a selection of Hotforex account offerings tailored to new and seasoned traders. These include a demo account, swap-free Islamic accounts, Zero and Hero spread fixed account, auto account for automated trading as well as PAMM managed accounts.
Assets & Spreads
Hotforex allows traders to access over 45 currency pairs as well as CFDs on commodities, indices, shares, energies, metals, bonds and both crypto coins and crypto coin indices. Average spreads are competitively low across different asset classes.
Awards
Since its founding over a decade ago, Hotforex has earned many industry awards recognising its trading offerings and conditions. Namely:
Does HFM - Hotforex have a license? How to check license
Yes, Hotforex has multiple licenses and regulations from globally recognised authorities. Some of its key regulators and licenses are:
The multiple licenses from tier-1 regulators in Europe, UK and South Africa ensures HotForex adheres to strict standards around client fund handling, trade transparency, personal data protection and systematic risk management.
Clients can verify the regulatory status from the regulators' websites - FCA, CySEC and FSCA.
HFM - Hotforex forex broker review
Market Instruments
Hotforex provides access to 50+ currency pairs alongside CFDs, commodities, cryptocurrencies, stocks, indices, and ETFs. Tradable markets include:
Forex
Major, minor and exotic currency pairs across various regions. Tight spreads from as low as 0 pips.
Commodities
CFDs on commodities like gold, silver, oil, natural gas, and softs.
Cryptocurrencies
Leading crypto assets such as Bitcoin, Ethereum, Litecoin and more against USD and EUR.
Stocks
CFDs on stocks from exchanges like NYSE and Nasdaq. Access to leading tech stocks.
Indices
CFDs on major global indices like S&P 500, FTSE 100, Nikkei 225 and more.
ETFs
A range of Exchange-Traded Funds from leading providers.
With regulatory licenses in South Africa, Europe, and the Caribbean, Hotforex provides a broad range of markets while adhering to strict regulatory standards across jurisdictions.
HFM Commissions and Fees
As a forex and CFD broker, Hotforex makes money through the bid-ask spread on trades as well as certain commissions and fees:
Spreads
Hotforex offers both fixed and variable spreads, depending on the account type chosen. The all-in cost of trading includes the spread plus commissions (if applicable).
Commissions
Commissions are charged on certain account types and apply per lot traded. For example, the Zero spread account has a commission charge per trade to make up for having 0 pip spreads.
Inactivity Fees
Accounts that do not meet certain trading volume requirements within a 6 month period may be changed an inactivity fee, to cover administrative costs. This generally only applies to ECN accounts.
Conversion Fees
A small fee may apply when depositing in one currency and converting to another trading currency in your account. Hotforex offers multi-currency accounts to avoid conversion fees.
Withdrawal Fees
Bank wire withdrawals may incur small processing fees charged by intermediary banks. These are usually minor compared to other brokers in the industry.
By offering both commission and spread-based accounts, Hotforex provides clients flexibility in choosing a cost structure that fits their trading style and preferences. Overall trading costs are competitive compared to the industry average.
HFM Spreads
As a No Dealing Desk forex broker, HFM is able to access institutional liquidity from various providers and offer both fixed and variable spreads:
Fixed Spread Accounts
The Micro and Premium account options come with fixed spreads from 1.7 pips on EURUSD. No additional commissions are charged, providing predictable trading costs.
Variable Spread Accounts
For lower overall trading costs, variable spread accounts are also available. EURUSD spreads can be as low as 0.0 pips in some cases depending on market conditions and liquidity. A commission charge per lot traded applies to make up the cost for HFM.
In addition to tight spreads, HFM regularly runs spread-reduction promotions around major news events, holidays, and more. This provides additional savings for active traders on applicable dates.
HFM Commission Rates
On certain HFM account types, commissions apply per lot traded to compensate the broker in lieu of a spread mark-up. Commissions depend on the account chosen:
Zero Spread Account
This account has raw spreads from 0.0 pips before markup. A round-turn commission of $6 per lot applies to trades, which is billed when positions are closed.
HF Pro Account
The HF Pro account offers institutional grade spreads from 0.1 pips, with round-turn commissions of $4 per lot applying to all trades. Volume discounts on commissions are also available.
For active traders executing a high numbers of lots per month, the slightly higher commissions paid on these accounts are usually more than offset by the tighter spreads and reduced overall trading costs.
HFM Leverage
Given its focus on forex and CFD trading, Hotforex provides substantial leverage across all account types:
Forex Leverage
Up to 1:1000 leverage is available on forex trades for clients outside Europe. In Europe, maximum forex leverage is capped at 1:30 in line with ESMA regulations.
Other Markets Leverage
For CFD products, maximum leverage ranges from 1:5 on cryptocurrency CFDs up to 1:500 on major indices. Hotforex adjusts leverage by product based on underlying volatility.
While such high leverage may seem attractive initially, keep in mind that leverage magnifies both gains and losses. Responsible risk management is required, even when trading with leverage. Hotforex offers guaranteed stops and negative balance protection alongside educational resources to keep trading safe.
HFM Account Types
Hotforex caters to both retail and institutional traders, offering these core accounts:
Micro Account
The starter Micro account has fixed spreads from 1.7 pips, over 45 instruments available, and minimum deposit of just $5. A great option to get started.
Premium Account
Step up with even lower fixed spreads plus higher leverage (up to 1:1000), faster execution and extra products like crypto. Minimum deposit is $250.
Zero Spread Account
Experience institutional grade trading with raw spreads from 0 pips, plus commissions of $6 per lot round-turn. For active traders seeking the lowest spreads.
HFcopy Account
Enables traders to copy expert strategies from others or have new traders copy their portfolio for profit splits. Minimum deposit is $100. More in the Copy Trading section.
VIP Account
The flagship VIP account offers premium spreads as low as 0.0 pips, dedicated account manager, and $4,000 minimum deposit. Tailored to high net worth traders.
HF Pro Account
HF Pro provides traders direct market access via dedicated liquidity pools using a prime broker model. Spreads from 0.1 pips plus $4 per lot commission apply. Institutional grade service.
No matter your skill level or account size, Hotforex caters to all trader types with their diversity of account offerings. Open a demo account to test each model risk-free.
HFM Deposits and Withdrawals
Hotforex supports a wide variety of deposit and withdrawal methods:
Deposit Methods
Deposits are processed instantly in most cases, allowing traders to fund accounts and access markets without delay.
Withdrawal Times
Hotforex commits to processing withdrawals within 24 hours. However in practice withdrawal times are often much quicker, with some e-wallet and cryptocurrency withdrawals processed in under an hour.
For bank transfers, additional transit time applies for the funds to clear although HFM submits all withdrawal requests in a timely manner.
HFM Trading Platforms
HFM provides access to the popular MetaTrader suite of platforms:
HFM MT4 Platform
The industry-standard MT4 platform is supported with full functionality, allowing traders to access markets, conduct analysis, auto-trade expert advisors and more from their desktop and mobile devices.
HFM MT5 Platform
For multi-asset portfolios, the MT5 platform also available with support for stocks, futures and expanded technical indicators. MT5 comes standard with cryptos and shares.
Both MT4 and MT5 support one-click trading, advanced charting, hundreds of technical indicators, extensive backtesting capabilities and more. Custom indicators can also be installed for further enhancement and automation.
Read more: Top 10 Best MetaTrader Brokers in Saudi Arabia
Hotforex Copy Trading
In addition to traditional trading accounts, Hotforex offers a social trading product named HFcopy:
HFcopy allows you to copy expert traders or become a strategy provider yourself, sharing your portfolio for others to mirror. Follow rules are highly customizable so you only copy specific trades meeting defined criteria.
For new traders still learning, HFcopy allows you to kickstart your portfolio by mirroring profitable strategies from experts. It helps shorten the learning curve.
As a strategy provider, you can also profit from others copying your trades based on an agreed upon profit split. All copy trading performance can be viewed transparently with detailed statistics before committing capital.
HFM Customer Support
Hotforex offers multi-lingual 24/5 customer support via these channels:
Support is currently available in English, Portuguese, Chinese, Thai, Vietnamese, Indonesian and Spanish languages. Email queries are typically handled within 8 business hours but often much quicker, based on urgency.
Education
Given many new traders are attracted to the forex and CFD products offered by Hotforex, the broker provides an extensive education portal to get clients up to speed:
Video Tutorials
Detailed video walkthroughs cover account setup, platforms, technical/fundamental analysis, auto-trading, risk management and more.
Trading Courses
Structured online courses teach the step-by-step processes successful traders follow. Everything from beginner to advanced strategies are covered to shorten your learning curve regardless of your starting skill level.
Glossary / Guides
Reference materials provide definitions for key terms and detailed walkthroughs for conducting research or placing your first trade. Helpful resources to better understand complex topics.
Webinars
Hotforex hosts free webinars for continuing education. Led by professional market analysts, these sessions deliver actionable insights into current market opportunities.
Through its multi-media education portal combined with multi-lingual support teams, Hotforex provides traders all the necessary tools to build skills and trade confidently across expanding global markets.
HFM Bonus Programs
Eligible traders can qualify for the following bonus programs offered by Hotforex:
New Trader Bonus
Open your first live account with a minimum $250 deposit (or equivalent in other currencies) to earn a welcome bonus worth up to $5,000. Actual bonus amount will match 50% of your initial deposit. Great way to expand your account balance as you get started.
Deposit Bonuses
All clients are eligible for a 30% reload bonus on additional deposits over $100 (or equivalent). This applies to one deposit per customer per calendar month. Ongoing bonus opportunity.
Refer-a-Friend
Unlimited earning potential with the referral program. Refer new traders to open an account and receive up to $500 per qualified referral after trading activity milestones are met. The more traders you refer, the more you can earn.
Leverage bonus funds to your advantage when trading markets. Keep account balance and volume requirements in mind.
Is HFM - Hotforex a good broker? HFM - Hotforex pros & cons
Pros
Cons
Overall Hotforex is generally considered a good forex broker and is well rated in most third party broker reviews. It combines strong regulation with a wide choice of assets, platforms and pricing models to suit most traders and investors.
The broker also has a decade long track record and continues to win industry awards evidencing its position as a leader in its domain.
HFM - Hotforex legit or scam
Hotforex is a legitimate forex brokerage firm good standing - definitely not a scam broker. A few reasons why traders can confidently trust Hotforex:
Considering these checkpoints, Hotforex can be safely classified as a legitimate and authentic retail trading broker for both new and experienced traders. Responsible regulation and compliance ensures it is not a scam operator.
How to forex trading HFM - Hotforex for Beginners
Beginner traders just starting out on Hotforex can follow these steps:
Step 1: Open Free Demo Account
Sign up for a free unlimited lifetime demo account to practice risk-free with virtual funds. Familiarize with the broker's platforms, spreads, tools without committing funds.
Step 2: Deposit & Fund Live Account
Once confident, open a live trading account and fund it via card or wire transfer as per regulatory requirements. Recommended to start small.
Step 3: Download MT4 / MT5 Platform
Download the industry-standard Metatrader 4 or MetaTrader 5 terminal provided by HotForex onto your laptop or mobile device to setup live account access.
Step 4: Analyze Markets
Using the broker's market analysis materials and the platform's technical analysis tools, find trading opportunities suiting your strategy. You can also use automated trading signals for guidance.
Step 5: Open Orders & Manage Risk
Place buy or sell orders on forex pairs or any other trading instrument like commodities, indices, crypto etc. Use prudent position sizing, limit orders and risk management tools like stop losses & take profits.
Hotforex has detailed education materials covering the basics of forex and CFD trading for beginners guiding through these steps. Make use of their market insights and risk management tools as well to stay profitable.
How to open HFM - Hotforex Account
Clients can easily open a HotForex trading account online in a few quick steps:
Step 1) Visit the Hotforex website and click on “Open Live Account” option to access account opening form
Step 2) Select account type based in trading style and deposit amount (Choose from Micro, Premium, Zero Spread, Auto Account etc)
Step 3) Fill in personal details after reading T&Cs and accept (Details like full name, DOB, country, email etc)
Step 4) Upload verification documents like ID card and proof of address per regulatory requirements
Step 5) Fund your account via Debit/Credit card or Bank wire transfer
The online form generally takes 5-10 minutes to fill. Verification procedure may take 1-2 days. Overall, opening a new HFM account is quick and smooth. Reach their support in case any queries.
How to download HFM - Hotforex station
Follow below steps to download and install the HotForex desktop stations i.e. the MetaTrader 4 & MetaTrader 5 platforms.
Step 1) Login to HotForex client portal using account credentials
Step 2) Navigate to Platforms section and select MetaTrader option
Step 3) Click download button under MT4 Windows station OR MT5 Windows station
Step 4) Save the executable installer file on local computer
Step 5) Run the installer and follow prompts to finish platform setup
Step 6) Launch platform terminal & login using account details from HotForex
That completes the MetaTrader platform installation. The web trader versions can also be easily accessed directly through the login portal without any downloads. Reach support if any install issues.
How to withdraw money from HFM - Hotforex
Withdrawing funds from a Hotforex trading account involves a few quick steps:
Step 1) Login to Client Portal and click Withdrawal button
Step 2) Enter amount to withdraw and select withdrawal method
Step 3) Specify withdrawal destination details
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For Bank wire transfer: Bank Name, SWIFT Code, Account Number, IBAN
For E-Wallets : Email, Phone number associated
Step 4) Set withdrawal reason and submit ticket
Step 5) Allow 24 hours for funds clearing
Step 6) Withdrawal processing team will ensure compliance checks
Step 7) Confirm receipt of funds in destination in 5-7 business days
To withdraw first time, account identity verification may be needed per regulations. Reach Hotforex support for any withdrawal or compliance queries.
Evaluate HFM - Hotforex broker with other Forex brokers
Hotforex is a well-regulated and trusted forex and CFD broker that has been operating since 2010. It offers competitive trading conditions, including tight spreads and up to 1:1000 leverage. In this section, we will compare Hotforex to other leading forex brokers like XTB and XM to see how it stacks up.
HFM vs XTB
XTB is another large European broker that offers forex and CFD trading. Here is how Hotforex and XTB compare on some key points:
XM vs Hotforex
XM Group and Hotforex are two well-established international brokers. Let's see how they compare across various categories:
HFM - vs RoboForex
RoboForex and Hotforex are two of the largest forex brokers catering to clients globally. Let's{"completion":" some of their key features:
Regulation and Trust
Hotforex holds multiple regulations including an FCA license. RoboForex's R Trader Ltd. unit is regulated by CySEC. Overall, Hotforex edges out due to FCA oversight which guarantees up to GBP 85,000 in compensation under FSCS scheme.
Trading Platforms
Both brokers support the MT4 and MT5 trading platforms and their associated mobile apps. Hotforex has a slightly smoother interface and integration for newbies. For advanced traders, both are excellent.
Spreads and Execution Quality
Hotforex offers flexible spread accounts down to zero pip spreads on the proprietary HF Prime account. RoboForex also claims ECN spreads and fast execution for clients. Real world spreads are very similar around 0.8-1 pip for major currency pairs.
Account Types
Hotforex has wider choices from fixed spreads through Islamic swap-free accounts to premium HF Prime accounts. RoboForex lacks an Islamic account option but offers ECN style accounts across 4 tiers: Fix, Pro, Zero and VIP. More flexibility with Hotforex.
Client Support
Hotforex customer support is available 24X5 via Live Chat, email and local phone numbers. Several regional support centers service clients internationally. RoboForex also maintains multiple global offices but service is more limited outside European hours.
Overall Recommendation
For non-EU traders, Hotforex pips RoboForex slightly when it comes to regulation, account flexibility and around the clock client service. For EU clients, RoboForex is on par and also worth considering.
FAQs
HFM minimum withdrawal
The minimum withdrawal amount on HotForex is only $5 per transaction, which is competitive compared to many other online forex brokers. The low threshold allows traders to easily withdraw money without tying up excess capital in their trading account.
HFM - Hotforex contact number
HotForex has several regional contact numbers that clients can use to reach their support staff and account managers:
In addition, registered clients can also contact HotForex support directly from their Client Area inside their funded account.
Minimum deposit for HFM
The minimum deposit to open an account with HotForex is $5 for a Cent account. The minimum will vary depending on the account type selected:
So traders can get started on a real HotForex account with as little as $5 as an initial deposit.
is HFM good for beginners?
Yes, HotForex is an excellent forex broker for beginners for a few key reasons:
With multiple account types, tight spreads and an abundance of learning resources, HotForex checks all the boxes for what new forex and CFD traders should be looking for in a broker.
How much HFM maximum leverage
The maximum leverage offered across various HotForex accounts are:
So the maximum leverage can range from 200:1 on the HFcopy account up to 1000:1 on regular accounts. However, leverage limits can vary based on your country of residence due to regulatory requirements. Always trade responsibly when using leverage.
How to delete HFM account
If you wish to delete an existing live or demo HotForex account, you can easily do so directly through the portal with these steps:
Once confirmed, your HotForex account will be scheduled for closure. Make sure any open positions are closed beforehand as leaving them open will prevent a deletion request from proceeding immediately. Also ensure no remaining balance or you may forfeit such funds.
How much HFM - Hotforex maximum lot size
HotForex allows maximum lot sizes (position sizes) of up to 1,000 lots, depending on account type. Maximum lot sizes per product are:
The definition of 1 standardized lot is 100,000 base currency units (i.e 100k EUR for EURUSD). So for forex pairs, the max position size is 100 Million base currency units. Always use proper risk management and never risk more than 2% of capital per trade.
HFM minimum deposit zar
For South African clients looking to deposit Rand (ZAR), the minimum deposit amount on HotForex is:
The minimum will vary from $5 (for Cent accounts) up to $2000 depending on account type. South African clients can deposit via credit/debit cards, bank wire transfers or local payment methods specific to ZA.
What is the minimum spread in Hotforex?
The lowest spreads available on HotForex accounts are:
So the absolute minimum spread possible is 0 pips on the proprietary Zero Spread Account. This uses a market maker model with commissions charged per trade instead of a spread markup.
Even on regular accounts, average spreads are very competitive from just 0.8 pips and dropping to 0.1 pips for high volume traders on the VIP account. This makes costs very affordable for active traders on HotForex.
How much leverage does Hotforex have?
HotForex offers clients very high leverage across various account types available:
So maximum leverage ranges from 200:1 on premium VIP accounts to as high as 1000:1 on standard accounts. However, regulation in certain countries can impose lower limits (e.g. 30:1 in Japan, 50:1 in US). Always trade responsibly when using leverage from any broker.
What type of broker is HFM?
HotForex is an Straight Through Processing (STP) broker offering both STP and Electronic Communication Network (ECN) style accounts which provide direct market access:
This allows HotForex clients to enjoy institutional grade liquidity and spreads from top tier banks and dark pools aggregated across its platforms. Overall costs and transparency are very competitive comparable to the largest forex and CFD brokers globally.
Does HFM have swap free account?
Yes, HotForex offers swap-free "Islamic" accounts that avoid any overnight interest or rollover swaps. This account is designed for Muslim clients who cannot pay or receive interest due to religious restrictions.
Key features are:
This provides an excellent alternative for Islamic traders looking to abide by Sharia law while accessing the forex and CFD markets. Opening an Islamic account is quick and seamless during the HotForex registration process.
Conclusion
With 10+ years of operation, Hotforex has rightfully earned recognition as a top global multi-asset broker with over 50 tradable products available across currencies, cryptocurrencies, commodities, shares, bonds and indices.
Coupled with multiple account offerings tailored to varying trader requirements, institutional grade execution via direct liquidity access, and an extensive education portal suited especially for beginners, Hotforex delivers a well-rounded solution for accessing global trading markets.
Read more: Top 12 Best High Leverage Brokers In India
