Hotforex is an established platform in the forex trading industry. The firm is registered as Hotforex Markets Ltd and started its journey in the year 2008. It has its headquarters located in Mauritius and is not available for US clients at present. The Mauritius operations are authorized and regulated by Financial Services Commission (FSC) and CySec monitors its Cyprus Operating System.
Hotforex offers its clients a host of options to involve themselves in forex trading. They can deal with conventional currency pairs and also in binary trading. In binary trading, a trader buys a call if he believes the market is rising and a put in the reverse situation. To make money, the price of the call should be above the strike price and that of the put should be below it. The strike price is the closing price that is the price at the time of the expiry. The Binary trading in HotForex is handled by a separate subsidiary called Option Trade.com which is only a click away from the HotForex website.
CFD trading which involves speculating the rise or fall of the prices of shares, commodities, treasuries, oils, currencies and betting on it rather than buying or selling the assets is also available.
Account Structure
A trader can start trading in Hotforex with three accounts. Rather than standardizing and fixing the minimum deposits, Hotforex has put an open different range of deposits to the customers. The micro account deals with a minimum deposit of $5-$499 whereas the premium and VIP accounts deal with a minimum range of $500-$39999 and $40000 –above respectively. The leverage similarly varies from 1000:1 from micro to 400:1 to premium and 300:1 for VIP.
There is also a fourth variant known as Currenex account that starts with a minimum deposit of $500. An Islamic Trading account is an account where the traders can swap free trading accounts for trades that last for not more than 7 days. The minimum opening balance for such accounts is $150.
The offer that attracts the customers to invest in Hotforex is the opening account bonus of 50% on the deposited amount. The platform also allows scalping currency trading. There is also an automated trading platform available under Hotforex that the traders can own and are operated by the Expert Advisors. The demo account worth $100000 is another feature available that the traders can use for learning the different features of the platform.
Hotforex offers very tight broker spreads. The spreads available for various currencies are as follows:
- EURUSD: 1.6 pip
- USDCHF: 1.9pips
- USDJPY: 1.7 pips
- GBPUSD:2.5 pips
Hotforex deals with a vast variety of assets that include metals and energies, indices, shares, and commodities. The entire spectrum covers nearly 200 assets over a choice of 20 different markets. Lately, it has also started dealing with a cryptocurrency which refers to the dealing in terms of bitcoins.
Platforms to use
The platform operates on MT4 (Meta Trader 4) which is the most widely used. There are various customized operating systems that are available both on the desktop and mobile. The MT4 multi-terminal is one such platform where the traders can handle multiple trading accounts. The other options available are iPhone trader, iPad trader, droid trader, trader, and MT4 for Smartphone that comes under the mobile-based applications.
There is also another application available that goes under the name Webtrader. The new social trading feature helps the customers to connect with other traders and look up their actions. The novice traders make out most of this feature. The experienced traders find it a relaxing deviation from the other mundane platforms. The traders can select anyone from among the plethora of these platforms that best suit their requirements.
The deposit and withdrawal of the money can be done through a host of options that includes payments through wired transactions, credit card, liberty reserve, perfect money, web money, skrill Moneybookers, and Netteller. The transactions are processed within a day reducing the hassle for the traders.
Hotforex is a highly secure and reliable platform that has links with some prestigious banks. So the traders can sit and relax as their money is well-handled. The website comes in 25 different languages. There is also a well-trained 24*7 customer support that provides expert advice round the clock. Support materials and documents are abundant and are available easily. They are extensive and cover a wide range of subjects on foreign exchange markets, leverage, and other trading strategies to trade currencies. In fact, the tagline for support goes like ‘Hotness Openness and Transparency’ (HOT) which relates their brand name to the motto of the company.
- Tools & Training
- Hot Forex offers the following when it comes to educational materials:
- Currency Analysis
- Video Tutorial
- Economic Calendar
- Training Education
- Calculator for calculating the pip value.
The wide range of features available has made the platform gain popularity in the world of Forex trading. It has also made its presence felt by bagging 14 prestigious industry awards over the past seven years. It always comes up with exciting offers and awards that lure customers to invest in its website.
Pros & Cons
The platform, however, suffers from the limitations faced by any other online trading platform. The traders who are affluent in their business need rigorous analysis of the market trends to predict the upcoming price point changes. These traders, therefore, find their software irreplaceable with an online platform where the options are restricted. The tools though advanced and versatile are limited in their functionality. Also, the traders find it cumbersome to download the charts to analyze them under different parameters.
Nevertheless, the platform is one of the best in the industry. The firm is continuously evolving with the addition of new features that make it stand apart. The new additions are directed toward addressing the shortcomings that the traders find in the existing platform. Unfortunately, it does not support US Clients at present. However, considering the dynamic nature of the company, we can very soon also see US clients as a part of this firm. Therefore if you are not satisfied with your present trading environment Hotforex is worth a shot. An alternative would be JP Markets.