HotForex – Forex Broker Review
HotForex was established in 2008, has headquarters in Mauritius, and is regulated by the Financial Services Commissions (FSC) for their Mauritius offices, and is also regulated by the CySEC for their Cyprus center.
In 2012, HotForex was awarded the “Best Online Broker for Asia” by World Finance. HotForex offers Forex, commodities, indices, CFD’s and even binary options trading, so there’s a little bit of everything for all types of investors.
Let’s look at the specifics behind HotForex to uncover why they’re one of the most popular Forex brokers in the world.
HotForex Trading Accounts
Aside from their free demo, HotForex offers 9 types of trading accounts with some of the most competitive features and bonuses in the industry.
Micro Account – The most optimal account type for beginners, the HotForex Micro account requires a minimum deposit of only $5, allows a maximum 1:1000 leverage, and has floating spreads starting at just 1 pip.
Premium Account – For the experienced Forex trader, the Premium account allows position sizes up to 60 whole lots. The maximum leverage allowed is 1:400.
Fixed Account – Some Forex traders prefer using accounts with fixed spreads in order to know the cost of executing a trade in advance. This type of account is suited for traders who have strategies revolving around fixed spreads, and it’s also commonly used by traders who utilize Expert Advisors. Minimum deposit required remains at $500, with maximum leverage up to 1:400.
Zero Spread Account – Zero spread accounts do not have spreads. Instead, each trade comes with a commission, with prices starting at $0.04 for every 1,000 lots. This type of account is utilized by scalpers who open and close dozens of trades within a single trading session.
HotForex also offers a VIP, auto, social and PAMM account.
The main trading platform used by HotForex is the popular MetaTrader 4. Their MT4 options are available as a download, web-based, or multi-terminal. The busy, on-the-go trader can download the MT4 app for Android, iPhone and even iPad.
Why Trade With HotForex?
There are a multitude of reasons why traders should use HotForex as their next Forex broker. Here are just a few:
Over 200 tradable assets spanning 20 different markets
Binary options trading is available through their OptionTrade subsidiary company
Available in 25 different languages
Social trading feature that allows traders from around the world to connect, interact, and help each other earn more pips
Extremely helpful customer service team