HotForex Broker Review For Europe In 2023

HotForex Basics

🏛️ Based in	Larnaca, Cyprus
⚖️ Regulation	CySEC, FCA, DFSA, FSCA
💰 Minimum Deposit	$5
💳 Deposit Options	Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.
💳 Withdrawal Options	Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.
📌Open an account	Start Trading with HotForex

Our Opinion About HotForex

HotForex, also known as HFM, is an online forex broker. They are widely considered to be one of the best online forex companies in the industry. HotForex was first set up in 2010. They now operate on a global scale with more than 3,500,000 clients worldwide. They are a regulated company with licences from a number of regulatory authorities. They are also an award-winning brand with over 60 forex awards to date. 

As an established forex broker, HotForex offers highly competitive trading conditions. They give you access to over 1000 trading instruments including forex, shares, indices, energies, commodities, bonds, and ETFs. They also give you a great choice of trading accounts – all of which comes with low trading costs and fast trade executions. When it comes to trading platforms, HotForex also offers its traders top of the range tools. They have MetaTrader4, MetaTrader5, and their own HFM platform.

As a trustworthy forex broker, HotForex strives to offer world-class trading support. They have a nice selection of trading tools including calculators, market analysis, copy trading, and VPS services. They also have a nice range of educational resources including articles, guides, eBooks, video tutorials, webinars, and online courses. HotForex also aims to offer excellent customer support with a number of convenient contact options.

Key Benefits

HFM Regulation

HotForex is a trading name for the HF Markets Group. The Group has several smaller companies. These companies have licences from some of the top regulatory authorities in the world including the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority (DFSA). Here is the full breakdown of their companies, licences, and registrations:

• HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12.
• HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701.
• HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885.
• HFM Investments Ltd – authorized by CMA (Kenya), with registration no. 155
• HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
• HF Markets (SV) Ltd – authorized by FSA (SVG) registration no. 22747 IBC 2015.
• HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.

Regulations In Europe

If you are a forex trader in Europe, then you will be able to open a trading account with HF Markets (Europe) Ltd, which is licensed by the Cyprus Securities and Exchange Commission. This is so that HotForex can ensure you get the appropriate trading conditions and regulatory protections for traders in your country. That said, HotForex has an excellent reputation for offering a safe trading environment across all of their entities and all of their traders benefit from a high level of client fund protection.

Client Fund Safety

HotForex is a reliable forex broker. When it comes to client fund safety, they operate in line with the standard regulatory requirements, and provide comprehensive client fund protection measures. For example, HotForex keeps their clients’ funds in segregated accounts, separate from their own operational funds. This means that they never use your money for their own company purposes. HotForex also offers negative balance protection. This means that they never allow client funds to fall below zero.

HotForex has a fund insurance policy. They have made further efforts to safeguard their liabilities against clients and other third parties, by participating in a Civil Liability insurance program. The progam has  a limit of €5,000,000, which includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss. There is no additional cost to our clients for this cover. This means that if HotForex goes bankrupt, you will be able to recover your funds.

Industry Awards

HotForex has won more than 40 industry awards and accolades. It recently won awards for being the Most Transparent Broker and for having the Best Client Services. It was also selected to join the ranks of the World Finance Top 100 Global Companies. Here is a list of some of their recent achievements.

• Best Client Services (Capital Finance International Magazine),
• Most Transparent Broker (The European Global Banking & Finance Review Awards),
• Best Broker In Africa (AtoZ Forex),
• Best CFD Trading Conditions (World Economic Magazine)
• Excellence in Customer Service Global (International Investor Awards),
• Best Trading Experience South East Asia (International Finance Awards),
• Most Trusted Forex Broker Asia (Global Forex Broker Awards),
• Best Global Copy Trading Platform (Global Forex Awards).

HFM: Legit or Scam?

HotForex is a legit forex broker. They have been providing forex trading services for many years and have a large, international client base. They are regulated by some of the strictest financial authorities in the world and abide by  all local regulatory requirements. In terms of their trading services, they have a good choice of trading account and fair trading conditions. They also have a good choice of payment options and number of client fund protection measures. In our opinion, they are a legit forex company.

HFM Trading Assets

HotForex Europe offers a great selection of trading instruments. You can choose from forex, metals, energies, indices, shares, commodities, bonds, and ETFs.

Trading Instruments

• Forex: They have more than 50 forex pairs including major, minor, and exotic currency pairs..
• Metals: They offer trading on many metals including gold, silver, platinum, and palladium. 
• Energies: They have spot and futures contracts on many instruments including Brent and WTI oil. 
• Indices: They have spot and futures contracts on instruments such as S&P500, FTSE100, NASDAQ, Nikkei, and the DAX30.
• Shares: They have 70+ shares across all major stock markets. You can choose from sectors such as technology, finance, and energy. 
• Commodities: They have trading on many popular commodity futures including coffee and sugar. 
• Exchange Traded Funds: They offer spot contracts on 30+ ETFs enabling you to trade some of the most popular in the world. The maximum leverage is 1:50.

HFM Account Types

As part of our HotForex broker review, we took a close look at what trading accounts are on offer and how good their trading conditions are. Here is a summary of what we found. . There are four main HotForex live accounts you can choose from: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. There is also a demo account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Micro	From 0.1 pips	$5	1:1000	N/A
Premium	From 0.1 pips	$100	1:1000	N/A
Zero spread	From 0.1 pips	$200	1:1000	N/A
Auto	From 0.1 pips	$200	1:1000	N/A
HFCopy	From 0.1 pips	$300	1:1000	N/A
PAMM	From 0.1 pips	$250	1:1000	N/A
Islamic	From 0.1 pips	$5	1:1000	N/A

HFM Registration: How To Open An Account

As part of our HotForex review, we had a look at their online registration process. If you live in Europe, then you are eligible to open a trading account with HotForex. The first step is to visit their website and complete their online registration form. This will enable HotForex to collect some personal details and start creating your online account. At this stage of the process, you also need to provide an email address and password. These will be the login details for your account.

The next step is to take a short test about online trading. This will enable HotForex to assess your trading knowledge and decide if their services are right for you. If you pass the test, then you will be able to proceed with your account registration. The final step is to complete the HotForex KYC process and verify your online trading account. This enables HotForex to check and approve your account.

HFM Registration: How To Verify An Account

To verify your trading account you’ll need to send HotForex a proof of ID and a proof of address. This will enable them to confirm your identity and approve your trading account. The HotForex verification process is simple. You can send them copies of your National ID card, Passport or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

Micro Account

The HotForex Micro Account is a good option for new traders. The HotForex minimum deposit on this account is just $5, which makes it an affordable choice, especially for traders with less starting capital. You can have up to 150 trading positions open at any given time. You can also benefit from tight spreads, high leverage, and zero commissions. These are good trading conditions for new traders and will enable you to minimise your trading costs. The Micro Account is available on all platforms.

Premium Account

The HotForex Premium Account is a good option for intermediate traders. The minimum deposit is slightly higher at $100. However, with this account you can have up to 300 trading positions open at any given time. It’s worth noting that this account also comes with low spreads and zero commissions, enabling you to keep your trading costs low. With regard to the other trading conditions, the leverage is capped at 1:30 for forex instruments. The stop-out level is 50%. The Premium Account is available on the MT4 and MT5 trading platforms.

Zero Spread Account

The HotForex Zero Spread Account is a nice option for more experienced traders. The HotForex minimum deposit for this account is slightly higher at $200. However, it has slightly better conditions. It comes with zero spreads and there are no hidden markups. It also comes with a highly transparent commission-based structure. and commissions start as low as USD 0.03 per 1K lot. The HotForex Zero Spread Account is available on the MT4 and MT5 trading platforms.

HFCopy Account

The HFCopy Account is a good choice for traders who want to try copy trading. It can be used by both Strategy Providers (experienced traders) and Followers (new traders). If you want to be a Strategy Provider, you can use the account to find new followers and to share your trading ideas – in exchange for a performance fee. If you want to be a Follower, on the other hand, you can use the HFCopy account to deposit funds and start copying your favourite Strategy Providers.

The HFCopy Account is perfect for new forex traders who do not have much experience on the market and who want more help with their trading strategies. The minimum deposit for Followers is $300, which is slightly higher than the other accounts, but well worth it for the extra support. The HFCopy account comes with standard leverage and trade execution. It is available on the MT4 trading platform. However, it is important to note that you can only use this account to trade forex, indices, and gold.

Demo Accounts

The HotForex demo account is a test account with virtual money ( not real funds). You can use it to learn new skills and practise your trading. You can also use it to test new trading tools and develop more advanced strategies. The HotForex demo account comes with great trading conditions and closely mimics a live trading environment.

PAMM Accounts

HotForex has a PAMM account service. It is designed to enable expert traders (PAMM managers) with strong track records to offer managed account services. The manager trades on their own account, and other accounts indirectly using the PAMM technology, Any profits are then shared between the manager and the other account holders, according to the agreed investment percentage. The service enables you to get a fully-managed investment portfolio in exchange for a small fee.

Islamic Accounts

HotForex does offer swap-free trading accounts. All of the HotForex trading accounts are also available as swap-free accounts, on request.

HFM Leverage

HotForex does offer the option to trade with leverage. The available leverage varies depending on where you’re located and what trading instrument you choose. The maximum leverage for forex pairs is 1:30 for forex traders in Europe.

HFM Spreads

As part of our HotForex broker review, we have checked their trading conditions and what spreads are available. Overall, the company offers tight spreads, which are in line with what you would expect from a European broker. The spread varies depending on which trading account you choose, and which trading instrument you want to trade. For example, if you have a HotForex Zero Spread account then you can expect forex spreads on major markets from 0 pips. Check their website for more details.

HFM Commissions

As part of our HotForex broker review, we also checked their trading fees and what commission they charge. Their commission varies depending on which account type you choose. For example, if you have a HotForex Micro account, or a HotForex Premium account, then you can get zero commission trading on all instruments. If you have a HotForex Zero Spread Account, then you get low commission trading from $6 per lot.

HFM Base Currencies

HotForex has four main base currencies. These are USD, EUR, NGN, and ZAR. The best options for traders in Europe are EUR or USD, depending on where you live in Europe.

Payment Methods

As part of our HotForex broker review, we checked their deposit and withdrawal methods. Overall, they have a good range of payment options. They also have a smooth payment process. This means that you can expect fast deposits and hassle-free withdrawals.

HFM Deposits

Deposit Methods

Hotforex accepts many common payment methods including debit card, credit card, and wire transfer. They also accept many reputable e-wallets and payment apps. You can choose from Neteller, Skrill, Dusu pay, Mpesa, and FasaPay. You can also choose from other HotForex deposit options such as Perfect money, V-load, Web money, Bitpay and Bitcoin. It is important to check the minimum deposit for each deposit method, as it may be different to the minimum deposit for your trading account.

Minimum Deposit

The HotForex minimum deposit varies depending on which trading account you choose. For example, you can open a Micro Account with a $5 deposit, a Premium Account with a $100 deposit, or a Zero Spread Account with a $200 deposit.

HFM Deposit Times – How Long Does It Take

As part of our HotForex reviews, we have checked their payment process and how long deposits generally take. The processing time depends on which payment methods you choose. For example, if you fund your trading account using a payment app, then the HotForex deposit time for most apps is fast, and you may see the funds reflected in your account almost instantly.

HFM Deposit Fees – Rate

HotForex doesn’t charge any deposit fees. It is worth noting, however, that HotForex only offers four base currencies: USD, EUR, NGN, and ZAR. This means that any deposits made in NGN may be subject to conversion fees.

HFM Withdrawals

Withdrawal Methods

As part of our HotForex reviews, we have taken a look at what withdrawal methods are available. At the moment, the company offers withdrawals via wire transfer, debit card, and crest card. It also allows withdrawals via Neteller and Skrill.

Minimum Withdrawals

The minimum withdrawal varies depending on what payment type you choose. The best option is a debit card which you can use to make withdrawals from just $5.

HFM Withdrawal Fees: Rate

The HotForex withdrawal rate is good. There are no fees for withdrawals made via wire transfer, debit card, and credit card. The same is true for Neteller and Skrill. However, it’s worth keeping in mind that, for bank wires, your bank may still charge you a fee.

HFM Withdrawal Times: How Long Does It Take

As part of our Hotforex withdrawal review, we have looked at their average withdrawal times. The average withdrawal time varies slightly depending on which payment option you prefer. Withdrawals via wire transfer, debit card, and credit card can take 2 to 10 business days. Whereas, withdrawals made via Neteller and Skrill are instant.

HFM Withdrawal Problems

HotForex is a regulated forex broker, and as such, provides a high level of customer service. There are plenty of HotForex withdrawal methods to choose from, and there are good payment processing procedures in place. If clients experience issues withdrawing their funds, they are able to contact the HotForex customer support team for help.

HFM Minimum/Maximum Withdrawal

The HotForex minimum withdrawal amount varies depending on which payment options you choose. For example, the minimum amount for a debit card or credit card withdrawal is $5. However, the minimum amount for a wire transfer withdrawal is $100. The only payment method with a HotForex maximum withdrawal is a debit card.

HFM Trading Platforms

HotForex offers the MT4 and the MT5 trading platforms to all clients in Europe.

• MetaTrader4 – MetaTrader4 (MT4) is a good option for new forex traders. You can use this platform to trade many things including forex, shares, indices, commodities, and cryptocurrencies. The HotForex MT4 trading platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.

• MetaTrader5 – MetaTrader5 (MT5) is a good option for new forex traders. As with MetaTrader4, you can trade popular instruments such as forex, shares, and cryptos. It has a simple, modern design that is easy to use. The MT5 HotForex platform also has good trading features including 6 order execution types, 38 indicators, and 37 analytical objects.

HFM Mobile Trading Platforms

The HotForex Mobile App is a great app. It has a sleek design and intuitive interface. The HotForex mobile trading app lets you transfer, withdraw, and deposit funds. You can use it to search for instruments, and create watchlists. You can also use it to access trading tools, market research, and educational materials.

HFM Education and Research

HotForex offers a great range of learning resources. For new traders, they provide online articles that cover the most essential forex trading terminology such as pips, spreads, lots, margin, and leverage. They also cover forex trading skills, market analysis, simple risk management, and basic trading psychology. For beginner traders, they also provide trading videos and webinars.

HotForex also offers a great online training course. It is designed to help you develop your forex trading skills. The course covers many important topics such as forex theory, chart analysis, and trading strategies.. The course is completely free. To access it, all you need to do is sign up for a HotForex demo trading account. When you’re ready, you can then open a live trading account and start trading forex.

Trading Tools

As part of the HotForex broker review, we took a look at what trading tools they have available. Here is a quick summary of what is on offer:

• HF Copy -. The best tool, in our opinion, is the HF Copy social trading account. As mentioned above, you can sign up either as a Strategy Provider or as a Follower. The Strategy Providers are expert traders who broadcast their trades. Their Followers are generally new traders who replicate their strategies for a fee.

• Trading Calculators – HotForex has many free trading calculators. They have a Risk Percentage Calculator, a MultiTarget Calculator, a Pivot Points Calculator and a Pip Value Calculator. They also provide a Position Size Calculator, Swaps Calculator, Risk and Reward Calculator, and Fibonacci Calculator for free.

• Premium Tools – HotForex also has a Premium package. It comes with 12 downloadable trading tools including the Trade Terminal, Mini Terminal, Connect, Sentiment Trader, Session Map, and Alarm Manager. It also has Excel RTD, Market Manager, Correlation Matrix, Correlation Trader, Tick Trader, and the MT4/MT5 Indicator Package.

• AutoChartist – HotForex also offers AutoChartist. AutoChartist is a market analysis tool that you can use to find new trading opportunities. It helps you to monitor the financial markets and keep track of price trends. It then picks up three common chart patterns. These are the Chart Patterns, Fibonacci patterns, and Key Levels.

HFM Trading Hours

Their trading hours are in line with standard trading hours. You can open trades whenever the forex market is open. HotForex trading hours may vary on public holidays.

HFM Customer Support

HotForex offers great customer service. Their customer support team can be reached on up to eight phone numbers from different countries. They speak many different languages. You can also reach them via email, webchat, and the contact us form on the website. If you like social media, you can try following HotForex on Facebook, Twitter, Instagram, LinkedIn, Telegram and YouTube.

HFM Related Brokers

Our Verdict

HotForex is a well-known forex broker that offers good trading accounts and excellent online trading conditions.. They have a wide range of trading tools and education resources, making them a great choice for new traders. They also have low trading costs and excellent PAMM services, making them a great choice for expert traders too. In addition, they have a reliable and secure trading environment. As they have EUR accounts, they are therefore also a very convenient choice for forex traders in Europe

HFM Forex Broker Review FAQ