HotForex forex broker: HFM Review 2023: Is HotForex HFM Scam or Legit Broker️

HotForex forex broker
HotForex forex broker

HotForex broker is located and officially registered in Mauritius. The website is claimed to be quite trustworthy since the safety for the customer`s personal data and money is guaranteed by the regulation measures, provided by Financial Services Commission . Just like most of today`s popular Forex brokers, HotForex has an additional double protection and regulation arrangement by EU, too.

The broker encourages SPs to open HFCopy accounts to get followers and trade for performance fees up to 35%. Followers can open this type of account of copy the trades of SPs of their choice. HotForex Broking Company provides a top-notch forex education.

Fully regulated by the financial LimeFx commission ASIC, the FCA and CySEC. Simply put, HotForex is well established and highly regulated in both the U.S. and the EU, and follows all the measures and controls needed to ensure the safety of its clients’ money. HotForex is authorized and regulated by CySEC, the regulatory authority in Cyprus. As well as some of the other top-tier regulators like Financial Services Authority , Dubai Financial Services Authority , and Financial Conduct Authority .

HotForex forex broker

So, in relation to Client CFD transactions, the Company does not execute the Client orders on an own account basis as a counterparty. The Company transmits limefx the Clients orders or arranges for the execution with Third Parties. The Parties are entering into this Agreement as principal to principal.

HotForex Promotions & Bonuses

They have a great education centre which will allow you to educate yourself on all manners of training, as well as keeping up to date with the latest market analysis. There are more than a dozen languages catered for through the customer support team and the support is available five days per week. They also have a comprehensive FAQ section in which you will very likely find answers to your questions. There is also a version for general smartphones that do not fall under the Android or iPhone categories.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. HotForex is headquartered in London and provides its clients with unique LimeFx opportunities by providing forex and CFDs for metals, indices, energies, shares, bonds, commodities, and ETFs. HotForex trading platform is designed in such a way that it is simple to understand and competitive.

  • The user will receive an email from HotForex, which contains a verification link.
  • HotForex fees are transparent with the only charge being a variable spread.
  • With HFM card, you can easily withdraw your funds directly to this card.
  • Further, the minimum requirement depends on the account type as well.
  • Since I trade very intensively throughout the day and often scalp, it is very important for me to enter the market without a hassle.

It features flexible position sizing and limits the size of a single trade to 60 lots. Did added some more funds later because I wasn’t aware fo the FOMC volatility. Since these funds are growing, did made many withdrawals as well. I have to agree with this, note that 3nd money processing companies might be your fastest way to withdraw, skrill and neteller are really good. If im not mistaken bank transfer for withdrawals might take up to 12 working days.

HFM technology overall might be suitable for day trading, long or short trading, copy trading, Robot Trading, EAs all with quality execution. There are multiple ways to fund trading accounts supported by HFM. Besides broker issue its very own HFM MasterCard for a straight transaction and the ability to make safe online payments. While trading with HFM we founf availabilitty of fixed or floating leverage, which is indeed a very useful tool, especially for traders of smaller size. Leverage brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly.

Winner of over 60 Industry Awards

The Rescue Program could be used as a stop loss as there is was no limitation in using it for trading. Unfortunately this is not a current promotion, but it may be worth looking out for such bonuses in the future. The minimum withdrawal from HF Markets is Ksh600 or $5 for mobile money payments, cards and e-wallets. The minimum deposit is $5 with cards or e-wallets (Skrill & Neteller) with a maximum deposit amount of $10,000. Although each account type has a required minimum balance, they are $5 or Ksh550 for Micro Accounts, $10 or Ksh1,100 for Premium Accounts, and $200 or Ksh22,000 for Zero Spread Accounts. You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

Based on the type of trading strategy, trading volume, and frequency of the trades, this account is beneficial to specific traders, and it is a bit expensive to other traders. This review of HotForex will cover their account types, available tradable instruments, deposit/withdrawal options, trading/non-trading fees, and customer support. The global broker HotForex offers four generous bonus programs for new and existing traders to have the chance to double their deposits, protect their funds from drawdowns and even get daily cash rebates.

HotForex forex broker

Global award-winning broker HotForex is very happy to announce that from July 2021 its Traders Awards is getting bigger and the prize money has been increased to 3000 USD! In its ten years of successful running, the Traders Awards contest has gathered numerous experienced and talented traders all over the world and continues to appeal… Various payment methods limefx courses scam will process withdraw money in slightly different time. HFM accounting team confirms transactions quite quickly as we had on our trade test, yet the matter might take longer due to payment providers. Alike Wire transfer will take 2-10 working days, also depending on your bank and international policy processing, while ewallets will load the request Instant.

Minimum initial deposit

Only the NFA regulated brokers featured on this site are available to U.S. customers. HotForex offers traders an overall competitive product and services portfolio, but low-frequency traders face a high pricing environment. Trading costs decrease for active traders via the volume-based loyalty program. Therefore, purely based on trading costs, LimeFx remains a more competitive choice. Given the dismal asset selection at LimeFx, it is best for scalpers who only trade a few assets. HotForex presents traders with more balance and a significantly better choice in trading instruments.

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Needs to review the security of your connection before proceeding. You can also register with an Islamic account where you can trade according to Islamic laws. I manage a PAMM account at HotForex, so far they are good in general. The only downside on their PAMM platform is communication between investor and manager. Overall, HotForex is one of the best brokers on the scene today and are definitely a great option if you are looking for a new broker.

Several account types is something that I like, and truthfully, I choose brokers according to this parameter. HotForex have an extensive education section as part of their platform to help their traders as much as possible. They have everything from live webinars to market analysis, general training videos and step by step courses. While often times HotForex has interesting bonuses and promotions running, at the moment they do not having anything of note on offer. In the past for example, if a client deposited 250 USD into his/her approved Bonus Scheme Account he could receive a 100 % Supercharge Bonus Credit of 250 USD. If a client deposited 100 USD, he/she could receive 30 USD as part of a Rescue Program.

This is very important since the regulator employs international standards when it comes to regulating broker companies. This means that HotForex underlies the same strict laws and regulations as any European company. It is no surprise that the FSC gained a great reputation for the management of brokers.

Brokers By Licenses

If you’re seeking a trustworthy trading platform, look no further than this company. HotForex is a brokerage that boasts an advanced trading platform, multiple pricing options, and account types, as well as competitive fees along with spreads that average 0.1 for the EUR/USD currency pair. Using the HotForex trading rewards loyalty program, the users can earn Bars for each qualifying round when they trade with gold, silver, and Forex.

This means that HotForex is also regulated by ther EU regulators such as the FCA and BaFin. The MT5 platform of HotForex provides all the best features of MT5 and adapts to the needs of the traders who would like to master the trading markets irrespective of their preferred trading style or assets. This user-friendly and powerful platform provides several features, superior support, advanced premium trader tools, and full control of the trades by enhancing their trading experience. The traders can get efficient trading of different types of markets with trading platforms globally.

HotForex forex broker

While our general recommendation is not to trade with offshore brokers as they simply do not regulate Forex trading, due to HFM multiple parallel regulations it is considered to be safe to trade with them. In addition to its main license from CySEC, the broker holds other licenses to be able to serve clients from some specific jurisdictions including South Africa, Dubai, England etc. Besides, wee see obvious evolvement in HFM growth and regulation, now Broker operates fully legally in Africa region too with South Africa and Kenya obtained licenses. On the other hand, HFM has limited portfolio for EU clients, with only Forex and CFDs are offered.

How Do I Deposit Money on HotForex? 💷

HotForex is CMA-authorized and regulated in other top-tier jurisdictions. HotForex customer support is available in Kenya and they respond quickly to enquiries on business days. Traders can request for the bonus to be released after meeting the volume requirement within 3 months, after 3 months, they lose the right to claim this bonus. It is important to note that not all trading instruments count towards the volume requirements. To start trading on the HotForex platform, you need to open a live account. You can convert your Micro, Premium or Zero Spread Accounts to Islamic status and the same features and fees will apply except for the swap fees.

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The above-mentioned features help the traders to start trading different types of markets. As per our HotForex review, HotForex offers an award-winning MT4 and MT5, the latest version as its trading software. This trading platform enables one-click trading, several tools, and provides institutional-grade technology via advanced configuration. Whether the trader is a beginner or an advanced trader the software offered by HotForex suits all types of traders. The traders can enjoy several tradable assets, and this platform offers access to more than 1,000 securities, including Metals, Forex pairs, energies, cryptocurrencies, ETFs, and stock indices.

HotForex ( broker) offers a social copy-trading platform HF Copy. Traders also get access to the client sentiment data, in-house produced market analytics, and educational materials including training videos, books, and articles. HotForex is a MetaTrader broker founded in 2010 and is regulated by FCA, SySEC, and other regulators.

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