Before diving into this hot forex markets review, I’m sure this forex broker isn’t peculiar to traders due to the high social presence through ads and campaigns.
Furthermore, it shows how efficient this broker is, but does this also transmit to their actual trading services?
Besides, 200 employees are working around the clock to ensure everything ticks.
In this Hot Forex Markets review, all the relevant information relating to this reputable broker will be discussed in the headings below:
- My Findings on The Broker
- My Personal Experience with Hot Forex Markets
- Demo Trading on Hot Forex Markets
|Free Bonus||20% top-up bonus on every deposit|
|Minimum Deposit||Minimum deposit is $5|
|Spread||Spreads start from 0.1pips|
|Leverage||Maximum leverage of 1:2000|
|Deposit Methods||Bank transfers, Master card/ Visa card, Skrill, Neteller, Perfect Money, Payredeem, Bitpay, Fasapay, Crypto|
|Withdrawal Methods||Bank transfers, Master card/ Visa card, Skrill, Neteller, Perfect Money, Payredeem, Bitpay, Fasapay, Crypto|
Hot Forex Review Summary and Rating
HFM used to be known as hot forex, but their core values didn’t change. Retail and institutional traders can still expect the best customer service and trading services.
Low minimum deposit
Spreads are low
Multiple trading platforms
Copy trading is available.
Deposit and withdrawal fees are not charged.
Not enough educational and research content
Support is only available on weekdays.
Is Hot Forex Legit?
Hot Forex is a legit forex broker that has been providing financial services for over a decade globally.
With 200 employers and partnerships with prestigious brands, there are no red flags to question their legitimacy.
What’s more, taking a trip around memory lane, HFM was regulated first in Saint Vincent and the Grenadines in 2009 with the registration number- 22747 IBC 2015.
At the time, the license granted authorized the broker to provide trading services, educational and account management services using currencies, commodities, indices, CFDs, and financial instruments.
Years later, they are registered by the following regulators as well:
The hot forex broker recently rebranded for a more streamlined business model. The entire enterprise is now regarded as HF Group, while the subsidiaries in different regions are called HF Markets.
Moreover, the major complaints of customers that have dwelled these past years are the lack of educational content and high trading fees.
Five trading accounts are available on HF Markets: Cent, Pro Plus, Pro, Premium, and Zero Spread.
First, the cent account is directed to new traders with low capital or experienced traders looking for a platform to test their strategies.
Contrarily, as the name suggests, the pro accounts are suited for clients with more robust demands.
Floating spreads start from 1.2 pips and can creep up on different trading pairs. However, zero spaces are offered if that’s preferred.
HF Markets spreads are dependent on the trader’s account choice. Precise information is given on the website under the “Trading” tab.
Maximum leverage on HF Market is impressively 1:2000 on all trading accounts. Ideally, except for the cent account, there isn’t a need to go this high, but it’s good to have it nonetheless.
The minimum lot size on all accounts is 0.01 lot (1000 units of a currency pair). On the other hand, the maximum trade size of all open trades can’t exceed 60 lots.
HF Market’s minimum deposit is $5 on the Cent account and can go as high as $250 on the Pro Plus accounts.
Furthermore, deposits can be made with the medium shown in the summary table above. To my delight, deposit and withdrawal commissions are not charged.
The primary trading platforms are MetaTrader 4 and MetaTrader 5, available on mobile and PC; these platforms enable traders to analyze charts, place orders, etc.
HFM has its propriety platform, but there are barely any charting tools—also, HFCopy is a service that caters to copy trading from different strategy providers.
Moreover, another trading tool available to use is “Autochartist.” The software program uses AI to determine forex chart patterns using various technical indicators. This program runs all day and sends free forex signals directly to your device.
HFM offers variety in its educational content with podcasts, videos, and articles. But it’s not good enough, one of the broker’s weaknesses.
Support is available at all hours during the week in over 27 languages. The most convenient means to reach support is through live chat.
If you want to learn about certain things before signing up, you can contact an agent, too.
Alternatively, an electronic mail or a phone call can be placed to lay a complaint.
Expert Opinion on HF Markets’ Services
HF Markets does well to a decent degree on all metrics. Firstly, spreads and fees aren’t higher than the competition.
Furthermore, the initial deposit is low on regular accounts, not just cent accounts. Lastly, they offer 3% interest annually on unused margins, which is a nice touch.
My Personal Experience With Hot Forex
The sign-up process was well-defined and automated. Only a few clicks were required, and then the login credentials for the web portal were sent to my mail.
A phone number registration is mandatory; hence, two-factor authentication can be enabled to secure accounts further.
Trading With HF Markets
1000 CFDs can be traded on HF Markets with low spread and fees. Besides, the trading platforms supported are adequate, and all trading strategies are permitted.
Additionally, copy trading accounts and PAMM accounts are options for a quick buck if your trading isn’t great.
Demo Trading on Hot Forex
As seen below, this test was conducted on the EURUSD and GBPUSD currency pairs.
Moreover, slightly higher spreads were experienced on the GBPUSD pair due to floating spreads.
Hot Forex Alternatives
After reading this hot forex review and the broker’s shortcomings are a deal breaker for you, check out some other reviews below.
- FBS an alternative to Hotforex – Read FBS Review
- IC Markets champions itself as a Social Trading Platform – Read IC Markets Review.
Hot Forex Review Summary
HF Markets isn’t as alluring as the other options, but they do just enough.
This broker offers services in the nation’s local currency in some regions like Nigeria. Therefore elevating the clients’ experience by a mile.
On the flip side, the broker doesn’t have a license to operate in the United States, China, etc.