HotForex Review
HotForex Video Review:
Introduction
Voted by World Finance as the Best Online Broker for Asia for 2012, Hotforex.com is an upcoming broker that is making waves in the online Forex brokerage arena. Registered and located in Mauritius, Hotforex.com is a regulated by the Financial Services Commission. The company thrives on Honesty, Openness and Transparency.
Trading Platforms
All in all, there are 8 trading platforms to choose from at Hotforex.com. These include:
- HotForex MT4
- MT4 on Mac
- HotForex WebTrader
- Smartphone Mobile Trading
- HotForex iPhone Trader
- HotForex iPad Trader
- HotForex Droid
- Blackberry Trader (Coming Soon)
MetaTrader MT4
HotForex Review
Like most heavyweight forex brokerages, Hotforex offers its clients the MetaTrader MT4 platform as the mainstay of their trading platforms. The MT4 trading platform is regarded by the industry as being extremely reliable and offers users a wide range of tools and resources for trading in the volatile Forex market. One major advantage of the MT4 trading platform is the fact that it allows users to use automated trading programs. Hotforex also provide a Mac compatible version of the MT4 trading platform for their clients.
Hotforex Webtrader
For those requiring something simpler, they can opt for the Hotforex Webtrader. This trading platform requires no software download and installation. Their main advantages are:
- Instant Access on the Internet
- Multi-lingual and compatible with the MT4 trading environment
- No installation and Download required
- Single Login details as in MT4 Account
- Web-based charting provided
Mobile Trading
As mentioned above, Hotforex also provide support for traders who want to trade on the go. Most of the popular mobile devices are supported.
Types of Trading Accounts
Committed to giving the best to their clients, traders have the choice of 5 different types of trading accounts. They comprise of:
- Micro Trading Account
For trading small volumes with low initial deposit.
- Premium Trading Account
For more experienced traders with no maximum trade size.
- VIP Trading Account
Need minimum trading volume of half a standard lot. Benefits commensurate with trading volume.
- Islamic Trading Account
Trading based on Sharia Principles.
- Currenex Trading Account
For experienced traders where scalping is the name of the game.
Commission & Spreads
With respect to the spreads charged by Hotforex, this will depend on the type of trading account as well as the volume traded. For VIP and Currenex account holders, the spread starts from 0.2 pips. The spread for the other types of trading accounts start from 1 pips.
Reliability
In terms of reliability, Hotforex.com offers their clients several funding options ensuring that they have no problems depositing or withdrawing their funds. Traders choose the various options listed below if they want to deposit funds into their accounts.
- Bank Wire
- Cashu
- Credit Cards
- Liberty Reserve
- Moneybookers
- Neteller
- Perfectmoney
- Ukash
- Webmoney
For the withdrawal of funds, traders can decide on the following methods:
- Bank wire
- CashU
- Credit cards
- Liberty Reserve
- Moneybookers
- Neteller
- PerfectMoney
- Webmoney
With regards to the safety of their money, clients of Hotforex can rest assure that their money will be safe as a third party (NinetyEast Fund Services Limited) is independently administering their money in separate segregated clients’ accounts. In addition, Hotforex only deal with top tier banks like Barclays as their liquidity provider.
In addition to the above measures, Hotforex is also strictly regulated by the regulatory authorities in the Republic of Mauritius to ensure that they meet the financial standards required of a company providing financial services to the general public.
Customer Support
For those traders who require additional assistance, Hotforex provide customer support 24/5 in 12 different languages like:
- Arabic
- Chinese
- English
- Farsi
- German
- Japanese
- Norwegian
- Portuguese
- Russian
- Spanish
- Swedish
- Thai
Customer support is reachable through live chat, email, fax, skype and phone.
Pros
To recap, the main advantages of dealing with Hotforex include:
- Can trade in small volume
- Comprehensive Customer support
- High Bonuses
- High Leverage of 1:1000
- Low minimum deposit to open a trading account ($5)
- Low spreads starting from 0.2 pips
- Multiple choices of trading platforms
- Wide varieties of trading instruments
Cons
Considering what has been offered by Hotforex, it is difficult to find fault with them. When we compare Hotforex with other forex brokers, it’s hard to find another that come close to the advantages which Hotforex are offering their clients.
Conclusion
Established since 2008, Hotforex have been gaining popularity among many retail traders. While most brokers will try to concentrate on the big traders, Hotforex have not neglected the small trader. This is evident in features of their micro trading account. You don’t need a small fortune to start trading and furthermore, their spreads are quite reasonable. It is no wonder that Hotforex managed to capture an award from World Finance for 2012.