Table of contents:
- 1 HotForex Experience – All opinions and reviews in the review!
- 1.1 1 – good selection of currency pairs
- 1.2 2 – free demo account with virtual 100.000 USD
- 1.3 3 – account models under the microscope at HotForex
- 1.4 4 – selected range of training materials at HF Markets
- 1.5 5 – service at HotForex: MetaTrader and tools under the microscope
- 1.6 Further extras at HF Markets
- 1.7 6- no bonuses at HotForex
- 1.8 Reliability of HotForex / HF Markets
- 1.9 Security at HotForex / HF Markets
- 1.10 Evaluation of our HotForex experience
HotForex Experience – All opinions and reviews in the review!
HotForex (now HF Markets) is a Cyprus based Forex and CFD broker. However, the company’s headquarters are located in St. Vincent and the Grenadines. According to its own statements, the broker also serves institutional clients, but the focus is undoubtedly on the offer for private investors. In total, the broker is offered in 22 languages and the company employs 140 people worldwide. The broker currently manages 350,000 accounts. The Broker, which acts as a market maker as the sole trading partner of the traders, is regulated and licensed by the Cypriot Financial Supervisory Authority CySEC. The Broker did not remain inconspicuous at all times. In order to prevent HotForex from being accused of fraud, the regulatory authority imposed a low six-figure fine in August and encouraged the broker to advertise more fairly and to make risks clearer and more widely.
The broker offers a total of 47 currency pairs and, together with CFDs on commodities, indices and shares, comes up to a good 100 underlyings.
1 – good selection of currency pairs
HotForex currently offers a satisfactory selection of currency pairs, which will be quite sufficient for the purposes of most traders. Of course, the most frequently traded currency pairs and currencies are part of the offer. In addition, they are complemented by various currencies from Norway, Denmark, Sweden, Hungary, Turkey, Russia and South Africa, which are popular in Forex trading. The South American currencies are certainly underrepresented, but traders still have a good mix of volatile and liquid currencies and the opposite.
In addition, HotForex also has a smaller range of CFDs available. The underlyings come from international stocks, indices and currency pairs as well as commodities, with a focus on gold and oil. Overall, however, the broker with all underlyings only just reaches a three-digit number.
Customers can trade via MetaTrader 4, which is also offered as a browser-based web version and as an app for various operating systems.
HotForex or HF Markets offers a solid but not outstanding selection of currency pairs. With almost 50 currency pairs, the offer is more than sufficient for most traders, but very specialized traders might miss single underlying assets. Also in the context of CFDs the offer is rather limited with a good 60. Traders do not have to make any concessions with the trading platform, since MetaTrader 4 is one of the most popular software solutions.
2 – free demo account with virtual 100.000 USD
Whoever wants to make a HotForex test without real money can use the demo account without any problems. It will be filled with 100,000 USD play money and can be used unlimited according to the broker. Moreover, the client can trade under real market conditions.
Those who are then convinced of their experience with HotForex can open an account with a small minimum deposit of 50 Euro. Deposits are possible in many ways. In addition to bank transfers and Visa and MasterCard, the provider has also been able to win modern payment service providers such as SOFORT or the e-wallets Skrill and Neteller as partners. Deposits can be made free of charge.
In order to finally verify the account, it is usually necessary for HotForex to receive proof of identity. For this, the broker usually uses color scans of a valid photo ID and a utility bill. This is necessary for the company to be in compliance with anti-money laundering policies. This procedure also protects the customer’s account.
Deposits and withdrawals at HotForex can be made by bank transfer, credit card or modern financial services providers such as SOFORT, Skrill or Neteller. Only American Express deposits incur additional fees. The minimum deposit depends on the desired account model and is 50 Euros in the lowest case in the form of the micro account.
3 – account models under the microscope at HotForex
HotForex or HF Markets obviously tries to provide fee models that are optimally tailored to different customer groups and requirements. The online broker offers a total of seven different account types. They differ mainly in the fee structure and access requirements. Also the maximum number of simultaneously opened positions is limited, but this limitation will hardly be effective for average traders even in a micro account with a maximum of 150 open positions.
The micro-account is the easiest to access with a minimum deposit of 50 euros. Traders can also use a maximum leverage of up to 1:30 exclusively in this account. Professional traders can also use significantly higher leverage. In the Zero-Account the Raw Spread is 0 pips, for which the customer has to pay a commission of at least three Euro on Majors and four Euro on other currency pairs per 1.00 traded lot. The maximum leverage is also here limited to 1:30 This account can be used from 200 Euro. For the Premium Pro account, a 500 Euro deposit is required to access the account. The HF Copy account requires a minimum of 1,000 Euro credit, provided the dealer acts as a signal giver. For copiers the minimum deposit is 300 Euro. All these accounts allow trading with a leverage of 1:30. The company also offers a VIP account, which is only available upon request.
Customers can gain HotForex experience in seven different types of accounts, where the access requirements and fee models are sometimes significantly different. For example, an account with fixed spreads or commissions is offered. The accounts also differ in terms of minimum deposit and maximum leverage.
4 – selected range of training materials at HF Markets
HotForex offers some learning material for beginners, but the offer is not really extensive. The broker focuses more on mass rather than class and therefore offers webinars in addition to an e-course and a Forex FAQ, which both clarify fundamental questions. These are aimed primarily at beginners, but can also help advanced traders under certain circumstances. Examples of possible topics are scalping strategies, tips for using fractals in trading, or Ichimoku-Renko.
In addition, the broker HF Markets of course provides numerous analyses and reports and also offers trading signals.
The customer service is also available from Germany and helps by e-mail, phone or contact form. However, the support is only offered in English language.
HotForex / HF Markets offers a small but select selection of training materials. Especially the webinars are designed to help traders to educate themselves and think up relevant and interesting terms. If you still have questions, please contact the English speaking support. Advanced traders will find a large selection of further analysis and information.
5 – service at HotForex: MetaTrader and tools under the microscope
One of the core elements of the HotForex or HF Markets offer are the numerous tools that the broker offers to his clients. These come from a wide variety of fields and can represent information and analysis, technical applications, functional extensions or even VSP hosting.
It is obvious that the broker attaches great importance to providing his investors with sufficient and high-quality analyses. For this purpose, the broker employs Stuart Cowell, its own currency analyst with 25 years of experience in this business. The offer is supplemented by Trading Central Analysis, which can significantly facilitate technical analysis with expert information.
Although HotForex does not offer social trading, it does provide clients with information on the latest decisions of other HF Markets clients via the Traders Board.
A particular advantage is certainly the connection to the MQL5 community, where copy trading is possible. In connection with auto trading, HotForex VPS Hosting is also recommended in many cases. Customers who make a deposit of at least 5,000 Euros can use a Virtual Private Server (VPS) and run ExpertAdvisor 24 hours a day, five days a week.
Further extras at HF Markets
In addition, customers of the broker can use different computers, which should make it easier to determine important factors in trading. Among them are:
- Risk in relation to the entire account
- Limits with regard to return to risk
- Position size
- Value per pip
- Pivot Points
- Risk and profit
- Fibonacci Support
In this way, many strategies can be implemented without complications.
In addition, the broker offers the usual service program in the form of SMS service and economic calendar.
HotForex or HF Markets offers its clients an extensive range of services that sensibly complements trading and helps to professionally implement strategies. They often harmonize very well with the offer provided by MetaTrader 4. In addition, the broker also enables the use of Expert Advisor and virtual servers, so that no obstacles are put in the way of automatic trading, at least when a certain minimum deposit is made.
6- no bonuses at HotForex
PraemienHotForex / HF Markets does not offer bonuses, but traders should not focus on possible premiums when choosing a broker anyway.
However, HotForex offers various contests where clients can win up to five-digit amounts of money. However, most of the offers have already expired. Currently, the only option for customers is to win the Traders Award 2017 at HotForex and be rewarded with up to 1,000 USD in cash. The prize is awarded monthly and the TopTrader can even be inducted into a Hall of Fame.
Reliability of HotForex / HF Markets
HotForex and HF Markets are regulated by two different financial regulators. On the one hand, the St. Vincent and the Grenadines Authority is responsible for the company, while the subsidiary that provides services to the European market is under the supervision of CySEC, the Cypriot Financial Supervisory Authority.
Both regulators are not necessarily considered to be the strictest regulatory authorities in the world. Customers should therefore always ask themselves why a company prefers these countries to countries with stricter regulations such as Germany or the UK. Obviously, HotForex or HF Markets is also only willing to allow regulation with less strict requirements.
In addition, the company itself came into conflict with the Cypriot Financial Supervisory Authority CySEC and was fined 105,000 euros in August 2016. The reasons for this were, among others, that the broker advertised its services in a misleading manner, the call center was not always fair to customers, and customers were not sufficiently informed about the risk. This was not a really profound reason, but the broker nevertheless suffered image damage. Especially for market makers, trustworthiness and fairness towards customers are the most important characteristics.
HotForex is regulated by the Cypriot CySEC, among others, but has already come into conflict with it.
Security at HotForex / HF Markets
Of course, HotForex takes great care to ensure the security of its clients’ assets and data. For this purpose, among other things, the clients’ funds are kept separate from the company’s capital. The broker is also a member of the Cyprus Deposit Protection Fund, the ICF. There, customer funds of up to 20,000 euros are protected.
For technical security, the broker has its website checked by Norton by Symantec. In addition, all data transmissions take place via a secure connection, in some cases even with SSL encryption.
The company offers a very comprehensive set of rules for the legal protection of the data, in which the most important factors in handling the data are recorded. They define exactly which data is stored for which purpose. The company assures that personal data will be treated confidentially.
Evaluation of our HotForex experience
Field reportHotForex or HF Markets has a rather average offer in the Forex area with almost 50 currency pairs. The broker is characterized by the numerous fee models and generally quite low fees. It is regrettable that the broker has already come into conflict with the Cypriot regulation in the past, although the CySEC is certainly not known as the strictest financial supervisory authority in Europe. This of course ensures that the Broker can only be recommended to a limited extent. However, HotForex can be tested with minimal risk: either in a free demo account or with a minimum deposit of 50 Euros.