HotForex – Forex Broker Review
|Leverage||Up to 1:1000|
|Minimum Deposit||$5 Micro Accounts
$500 Premium Accounts
|Minimum Lot Size||0.01|
|Broker Type||ECN/STP Broker|
|Deposit methods||Bank WIRE, Credit Card, SBM, Neteller|
|Spread||0.2 pips on EURUSD|
|Account Types||Micro, Standard, Volume, Islamic, Currenex|
|Trading Platform||MT4, Currenex|
HotForex is a worldwide provider of retail Forex trading services, offering individual forex traders, fund managers and institutional customers proprietary technology and tools to trade Forex online.
Headquartered in Mauritius and supported by worldwide Customer Management Centre, HotForex offers Retail, IB and White Label Clients the opportunity to access interbank bank spreads via state of the art automated forex trading platforms. HotForex is a registered brand name of HF Markets Europe Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
Hotforex Trading Platform
HotForex uses the MT4 also known as the Metatrader 4 trading platform. MetaTrader is the most popular front-end application in the industry. HotForex MT4 has taken the MetaTrader MT4 platform and introduced its liquidity to create a user-friendly front-end trading interface with interbank liquidity and fast execution.
The HotForex MT4 Terminal is a perfectly equipped traders workplace that allows to trade in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading programs (Expert Advisors). It represents the all-in-one concept and is derived from the most popular trading terminal in the world.
The HotForex MT4 Terminal offers a number of impressive analytical tools. There are nine timeframes available for each financial instrument that provide detailed analysis of quote dynamics. More than 50 built-in indicators and tools help simplify the analysis, enabling to determine trends, define various shapes, determine entry and exit points, etc. Besides, one object can be applied over another one, which comes in very useful in various trading systems.
HotForex also provides the trading platform for PDA’s and smartphones.
HotForex Trading Tools
HotForex offers a wide range of trading tools to choose from.
- Fibonacci Calculator: The presented Fibonacci calculator will help you to generate four basic Fibonacci retracement values – 23.8%, 38.2%, 50% and 61.8%
- Pivot Points Calculator: The presented pivot points calculator is used to generate pivot points in four different systems for you in seconds
- Pip Value calculator: Use this pip value calculator if you want to know a price of a single pip for any Forex traded currency. Use this free Forex tool to calculate and plan your orders when dealing with many or exotic currency pairs.
- Position Size calculator: Position size calculator free Forex tool that lets you to calculate the size of the position in units and lots to accurately manage your risks.
- Risk and reward Calculator: The risk and reward calculator will help you to calculate the position’s best targets and their respective reward-to-risk ratios based on the Fibonacci retracements from the local peak and bottom. It’s a powerful tool to determine the potential risks before entering any positions.
Types of accounts at HotForex
HotForex is committed to providing its clients with the best trading conditions it can. To this end HotForex offers 5 different accounts to suit the specific requirements of different traders.
- Micro Account (Minimum deposit $5): Designed for traders new to the Forex market and those trading smaller volumes, the HotForex Micro account allows investors to trade smaller trade sizes and open an account with a lower initial deposit than a Classic account all from the powerful MetaTrader 4 platform.
- Standard Account (Minimum deposit $500): The Standard Account accommodates the experienced retail traders. A key feature is no maximum trade size or open position size. There is a minimum trade size of 0.1 lots and the trade size increment remains flexible at 0.01. The Standard Account uses the MetaTrader 4 platform.
- Volume Account (Minimum deposit $50,000): The HotForex Account is for those traders trading with a minimum transaction size of 2.0 standard lots. The benefits increase with the more volume transacted and can be asked for on request.
- Islamic Account (Minimum deposit $25): The Islamic Account accommodates the experienced retail traders. A key feature is no maximum trade size or open position size. There is a minimum trade size of 0.1 lots and the trade size increment remains flexible at 0.01. The Islamic Account uses the MetaTrader 4 platform.
- Currenex Account (Minimum deposit $500): The Currenex Account accommodates the experienced retail traders. A key feature is no maximum trade size or open position size. There is a minimum trade size of 0.1 lots and the trade size increment remains flexible at 0.01. The Currenex Account uses the MetaTrader 4 platform.
HotForex offers a variety of promotions and bonuses, targeted to both new and existing traders as well as demo account traders. Below are some of the promotions from HotForex.
HotForex ‘Virtual to Real’ demo trading contest
The HotForex ‘Virtual to Real’ Demo Contest is a contest only held on demo accounts. Therefore, there is no monetary risk for the participants but the cash prizes awaiting the winners are real! Furthermore, by offering this demo contest we allow our clients to master their trading skills with no risk but also get real money prizes!
Details of the contest
- Virtual deposit + Virtual trading = Real money
- Number of Prize winning Places – 3
- Initial Virtual Deposit – 100,000
More details, visit http://www.hotforex.com/demo_contest/
Hit the Bullseye and Win Real Account of $10,000
HotForex offers the Bullseye contest – Predict and Win Competition
Anyone can join in and its fun and easy! You simply need to predict where the price of a selected list of financial instruments will be by December 1st 2012 and you stand a chance to win a fully loaded Hotforex Trading account with $10,000!
Prove your financial acumen and win big!
Exclusive Deposit Reload Lottery
Tthe HotForex weekly lottery competition allows traders who reload any of their existing HotForex account(s) with a minimum amount of 2,500 USD to qualify in the lottery.
Each week, during the period of the competition, one winner will be randomly selected among the participants, who will be awarded $1,000.
Therefore, by continuing your trading with HotForex and enjoying the best trading conditions you will also have the opportunity to be one of the ‘Deposit Reloaded’ competition winners.
HotForex Customer Support
HotForex Customer support offers support via email, live chat and phone. The support works 24 hours a day, 5 days a week. HotForex also offer support Mandarin speakers as well as Arabic.
Why choose HotForex
Hotforex is a STP (Straight through Processor) type of a forex broker. With Hotforex, the orders placed is passed straight on to the liqudity providers. Trades are not hedged or manipulated thus eliminating the need for requotes. With no price manipulation and offering one of the lowest spreads from the interbank itself. Hotforex also offers an ECN account starting with only $500 deposit. Hotforex spreads start from 0.6 on major currency pairs.