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HotForex

HotForex is a Forex broker approved by St. Vincent and the Grenadines(SVG, IBC), founded in 2010. The HotForex Group as a whole also holds five other financial licenses, currently expanding its services around the world, mainly in Europe.

The feature of HotForex is its extensive product lineup. In particular, they have a wide variety of CFD products, and in addition to precious metals, energy, stock indexes, cryptocurrencies, and stocks, bonds and ETF products can be traded with MetaTrader5. As instruments such as US dollar index and US 10-year treasury note, and the stocks of all 948 companies listed on the US stock market are available, it is recommended for advanced users.

Of the five account types provided by HotForex, the same spread is applied to Micro account, Premium account, Auto account, and HFcopy account, and the average spread is USD/JPY 1.6pips and EUR/USD 1.1pips. Micro account with high leverage of 1:1,000 is designed for small transactions with a maximum order size of 7 lots per position, and Premium account with maximum leverage of 1:500 allows trades up to 60 lots per position. They also offer Auto account that can automatically copy the trades of signal providers provided by the MQL5 community, and HFcopy account that offers HotForex's original copy trading service, so you can experience the latest trading methods, which is one of the charms of HotForex.

Zero Spread account is the only account with different spreads among the five account types offered by HotForex, with low average spreads of USD/JPY 0.1pips and EUR/USD 0.1pips, and the transaction fee of $ 3(USD)one way for major currency pairs. It is a popular account for scalping traders due to its low transaction costs.

There are various incentive programs, although there are some restrictions as to which account type is applicable. There are a loyalty program called HotForex Bar that can be exchanged for cash and benefits, a 100% credit bonus that can be transferred to the account balance after trading the specified number of lots, and a 100% supercharged bonus that allows you to receive $ 2(USD)worth of cashback for each lot transaction. In addition, a trading contest with prizes is held monthly on demo and real accounts.

The inconvenience of HotForex is that the bonus system is complicated and difficult to use. Both the 100% credit bonus and the 100% supercharged bonus will disappear when the unrealized loss falls below your own funds(deposit amount + profit amount). Therefore, practically, the main benefits are to increase the transaction volume and transfer to the account balance, and receive cashback.

The appeal of HotForex is that it is possible to manage the assets of more than 1,000 abundant products using various methods while considering risk diversification. It is a popular overseas Forex broker among the traders who want to actively adopt new trading methods such as Expert Advisor(EA)and copy trading.

Official Website

Pros

  1. Wide range of products
  2. High leverage up to 1:1,000
  3. Wide range of bonus programs
  4. Highly recognized and reliable worldwide

Cons

  1. Complicated bonus system
  2. With requote

Operating Company

Company name:
HF Markets(SV)Ltd.
Head office address:
Suite 305, Griffith Corporate Center, P.O.Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
Financial license:
St. Vincent and the Grenadines(SVG, IBC)
Founded:
2010
Capital:
Undisclosed

Customer Service

Website language:

【Asia】Simplified Chinese・Traditional Chinese・Thai・Indonesian・Bengali・Malaysian・Japanese・Tagalog・Vietnamese・Korean
【Europe and America】English・Italian・Portuguese・French・Spanish・German
【Middle East・Africa】Arabic・Turkish

Trading platform:
MetaTrader4/5
English support:
Email・Support Chat
Business hours:
(Weekdays)24 hours
Email address:
[email protected]
Phone number:
(+44)203-097-8571

Trading Rules

Roll over:
0:00(Server time)
Margin call:
【Micro】When the margin maintenance rate falls below 40% 
【Premium・Zero Spread・Auto・HFcopy】When the margin maintenance rate falls below 50%
Loss cut:
【Micro】When the margin maintenance rate falls below 10% 
【Premium・Zero Spread・Auto・HFcopy】When the margin maintenance rate falls below 20%
Matched order:
Permitted(*1)
EA restrictions:
None
Request for additional margin:
None(If the margin becomes negative, zero cut will be performed)
Funds management:
Managed in a segregated bank account
Bankruptcy compensation:
Guaranteed up to € 5,000,000 by civil liability insurance program

(*1)Matched orders between multiple accounts are prohibited.

Conditions for Each Account Type

Trading platform:
MetaTrader4/5
Brokerage model:
STP method
Spread method:
Variable spreads
Trading account currency:

【Micro・Premium・Zero Spread】US Dollar・Euro・Nigerian Naira 
【Auto】US Dollar・Euro 
【HFcopy】US Dollar

Maximum leverage:

【Micro】1:1,000 
【Premium・Zero Spread・Auto】1:500 
【HFcopy】1:400

Initial minimum deposit:

【Micro】$ 5(USD) 
【Premium・ HFcopy】$ 100(USD) 
【 Zero Spread・Auto】$ 200(USD)

Lot size:
100,000 units
Minimum order size:
0.01 lot
Maximum order size:
【Micro】7 lots 
【Premium・Zero Spread・Auto・HFcopy】60 lots
Maximum open orders:
【Micro】7 lots 
【Zero Spread】30,000 lots 
【Premium・Auto・HFcopy】18,000 lots
Instruments(symbols):

【FX/Currency Pair】:53(*1) 
【CFD/Metals】:7 
【CFD/Indices】:23 
【CFD/Energy】:4 
【CFD/Cryptocurrencies】:19 
【CFD/Commodities】:4 
【CFD/Stock】:950(*2) 
【CFD/ETF】:34(*3) 
【CFD/Bonds】:3

Available trading hours:

(Monday)0:00 am - (Friday)11:59 pm(Server time)

Transaction fees:
【Micro・Premium・Auto・HFcopy】None 
【Zero Spread】 $ 3 - $ 4(USD)(*4)
Account maintenance fee:
None
Holding multiple accounts:
Permitted
GMT time difference:
【MT4/MT5】Daylight saving time:+3 hours, Winter time:+2 hours

(*1)52 FX/Currency Pairs are tradeable with Zero Spread account.

(*2)54 CFD/Stocks are tradeable with MT4.

(*3)CFD/ETF cannot be traded wit MT4.

(*4)The fee is per order(One way).


Disclaimer:arw

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