Who is HotForex? Is it a good broker? Is HotForex regulated and legit? Read our in-depth HotForex review 2021, and find out everything about this broker.
| Regulated by: FSA SVG, CySEC, FSCA, FSA Seychelles |
| Headquarters Country: Saint Vincent and the Grenadines |
| Foundation year: 2015 |
| Supported Platforms: MT4, MT5 |
Regulation and Security
HotForex is a brand of HF Markets (SV) Ltd, based in Saint Vincent and the Grenadines. The company has been operating since 2015. Besides this operation, the company is also registered under the same name in Cyprus, South Africa, and Seychelles. HF markets also have offices in the UK and FCA regulation, and office in Dubai and DFSA regulation.
The company has a license from FSA SVG, CySEC, FSCA, and FSA Seychelles.
When it comes to security, the company is keeping the funds in segregated accounts (yet, unknown in which banks). Also, this broker is providing negative balance protection.
In which countries does this broker work?
Based on its various licenses, this broker can operate world-wide.
However, there are few exceptions: the broker’s main operation from Saint Vincent and the Grenadines does not operate in the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, and the EEA zone.
In the EEA zone in charge is the operation from Cyprus, with permission to operate also in Switzerland, Mauritius, and the United Arab Emirates.
However, we advise clients to check carefully if this broker is registered in their country.
What can you trade with a HotForex broker?
With HotForex broker you can trade all the main assets – currencies, commodities, indicies, shares, and cryptocurrencies. There are over 150 trading assets available.
This broker is offering MT4 and MT5 trading platforms. Clients can choose what is more suitable for them. Both platforms are available on any device – PC, laptop, phone, tablet. Supported platforms are Mac, Windows, Android, and iOS.
Depending on the regulatory zone you belong to, the leverage varies from 1:30 up to 1:1000.
There are 6 account types available with this broker: Micro, Premium, Zero spread, HFCOPY, Auto, and PAMM Premium Account. The main differences are in the spread, leverage, and minimum deposits.
The minimum deposit for the Micro account is only 5$, while the HFCOPY strategy provider needs to deposit 500$, and follower 100$. On the other accounts’ deposits vary from 100$ to 250$.
Besides these accounts, clients can open a Demo account or swap-free Islamic account.
The deposit can be made using debit/credit card, wire transfer, and E-wallets. The minimum deposit for wire transfer is 100$, for Union Pay card 50$, and the rest of the methods 5$ for the Micro account. Funds deposited via wire transfer are visible on the trading account within 2 – 7 business days, via Union Pay within 24h, and via other methods immediately.
The same methods are available for withdrawals too. This broker takes no fees for withdrawal. The time for the funds to appear in the clients’ bank is within 2 – 10 business days.
Scammed by HotForex? What to do?
So far, our HotForex review showed that this broker can be trusted within its area of regulation. However, you can never be too safe when it comes to money. If you experienced any issues with the HotForex broker or got scammed by this broker, do not hesitate to contact us immediately.
Our team of experts will help you request a chargeback, guide you through the process, and help you get your money back.
Contact us today!
Is HotForex a good broker?
HotForex is a broker regulated by several regulatory bodies such as CySEC, FCA, FSCA, etc. This broker can be trusted in the countries where the regulation is coming from tier-1 regulators.
Is HotForex regulated?
Yes. HotForex broker has the regulation by CySEC, FCA, FSCA, FSA SVG, FSA Seychelles, and DFSA. Therefore, it is considered safe in the domain of its regulation.
Where is HotForex broker based?
The headquarters of HotForex broker is in Saint Vincent and the Grenadines. The broker also has offices in South Africa, Cyprus, the UK, Dubai, and Seychelles.
