Hotforex is one of the most popular forex brokers in South Africa and abroad. HF Markets, together with Hotforex are brand names of the HF Markets Group. One can trade beyond currencies with HF. Their product offering is diverse and includes commodities, shares, energies, indices, and cryptocurrencies.
This Hotforex review will summarize the basics so that you can make an informed decision.
HOTFOREX REVIEW: LICENSES & REGULATIONS
HF Markets SA (Pty) Ltd is registered with the Financial Sector Conduct Authority (FSCA – See no. 46632), as well as the FSC (no. C110008214).
Hotforex also holds a license to operate in Dubai (F004885), the UK (801701), and Europe (HE 277582).
The company ensures the security of its clients’ funds by banking with the major banks. The funds are banked separately and do not form part of the company’s balance sheet (assets). This way, the funds remain the clients’ possession under all circumstances.
Some of these awards are:
- Best Forex Broker Latin America 2018 by the International Business Magazine
- Top 100 Companies by the World Finance Magazine
- Best Global Forex Trading Education Provider 2018 by Global Brands Magazine
ACCOUNT TYPES THAT YOU CAN OPEN WITH HOTFOREX
Like most brokers, Hotforex offers different types of accounts to accommodate varying budgets. Whatever account type you choose, you will get a Demo trading account for practice and testing purposes.
Micro account – The minimum deposit for this account type is $5. As a Forex Coach and trader, I wouldn’t advise anyone to open this particular account. No one can trade successfully with that amount of money.
Premium account – This is a perfect account to help you deep your toes out of Demo into the live markets. The minimum deposit to trade this account is $100. This account type also offers telephone trading and support.
Zero account – Hotforex does not put a markup on the spreads (transaction costs for trading) for Zero account traders. You can get started with this account for as little as $200, with an added benefit of a Personal Account Manager.
Auto account – The auto account gives you access to the free and paid signals from the MQL5 community. You will be able to select your preferred signal providers and subscribe to them for a minimum of a week. In the case of paid signals, the subscription fee will be deducted from your trading balance. Hotforex monitors the signal providers for 30 days before they make them visible to Auto account traders.
HOTFOREX TRADING PLATFORMS
Like most Forex brokers, you will be able to trade your account on the MT4 & MT5 platforms for desktops.
You will be able also to trade on their web-based platform from any device, as well as through mobile devices.
The MT4 & MT5 platforms use similar technology, although the latter has advanced features and added capabilities. On the MT5 platform, you get a built-in economic calendar, and the ability to create your own technical indicators and EAs (Expert Advisors).
DEPOSITING AND WITHDRAWAL OF FUNDS
Hotforex does not charge deposit fees, but your bank may charge the usual transaction fees. They accept wire transfers, major credit cards, Bitcoin Cash, Bitcoin by Skrill, and Neteller. Each payment method has its own minimum deposit requirements.
Regulations dictate that Forex brokers only pay withdrawals to the funding source, meaning that you can only withdraw to the same option you used for depositing. Withdrawals submitted before 1:00 AM (server time) may be processed on the same day.