HotForex Review: Is it Best for Customer Service in 2023?
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HotForex was founded back in 2010, and it is a regulated platform for trading Forex and CFDs. It is an entirely safe and reliable platform, and it offers a lot of tools and packages for the customers. These premium trader tools are very helpful in improving clients’ experience when they are using this platform to trade online without negative balance protection.
If you become a customer of HotForex, you will be given access to more than 1000 different securities. These securities will also include CFDs on various instruments and almost 50 other Forex pairs. Six other account options are available if you decide to go with HotForex trading with trading CFDs.
The price you will have to pay for every kind of account will depend upon your purchase type. The good news for you is that the pricing point of HotForex is a lot better than the traditional market and other trading platforms. Overall, it is a great platform that will give you a smooth user experience for trading CFDs.
This article will give you a HotForex review and give you complete information about its features and how it works. We will also be talking about the pricing plan, HotForex review, and the advantages and disadvantages of the trading platform.
Table of Contents
HotForex Review: What Is HotForex?
HotForex is a broker that is not only reliable but also multi-asset. Currently, it is offering commodities and Forex trading by using the trading services of CFDs. You get the option to choose from 6 different types of accounts on this hf markets trading platform, and you will also get an opportunity of tight spreads and financial sector conduct authority with zero spread account.
These Threads are available for 0.1 US dollars. The broker has all the accessibility, and they will provide you access to unrestricted liquidity and trading account. Check our HotForex review.
Furthermore, this liquidity will enable any size for profile trader to make their own choice. This choice is going to be among different spreads and liquidity providers. Hot Forex was brought forward and established in 2010.
Their headquarter is located in Cyprus. Moreover, they also have multiple global offices worldwide, including Dubai financial services authority and South Africa. They also have some offices are located in Grenadines and St. Vincent.
Currently, this platform is bringing a significant impact in Asian and African countries. Great interest is being shown in these regions. It is an excellent thing because it creates many positive opportunities for people living in different world areas with financial markets.
It is a great way to eliminate the communication gap and bring the world together like a global hub and with forex and commodities broker. HotForex is also getting its trading services with the applicable license.
It is an incredible feature because it regulates the entire Forex industry globally. Overall, this trading platform has a good reputation in the market for a forex broker, and you can try it out if you are a beginner and do not have a lot of experience at the start.
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How does HotForex work?
The primary license of HotForex is from the regulatory body CySEC for forex brokers. At the same time, the other permits are held by the other brokers serving this platform’s clients from particular jurisdictions. It is important to note that the jurisdictions include England, Dubai, South Africa, and many more!
Furthermore, there are some other entities as well which are registered in the offshore zones. However, in this article, we are not recommending you to trade with offshore brokers because they are not regulated. In general, HotForex is a safe platform, and you can quickly deal with them because of the multiple-layer regulations, which are also parallel. HotForex works efficiently to protect all your funds and investment in the trading platform.
The protection of funds is an essential component of any regulated broker without losing money rapidly, and that is why hot Forex has made sure that they provide enough opportunities for that.
The traders in this platform are protected with the civil liability insurance program and have a limit of 5,000,000 euros. This amount also includes the market-leading coverage against mistakes and negligence. It also includes other types of risks, including fraud and bankruptcy with forex and cfds trading. The condition and situation can be different, and it is essential to keep that in mind.
When using this platform for trading, you can operate by using two different types of leverage: floating and fixed. It is a very beneficial instrument for the traders who are not significant in number.
This leverage brings a lot of other opportunities to this platform, and you can increase your potential profit by using this. It will further enable you to increase the amount of balance and multiply further. But HotForex works so that the leverage can work in an opposite method.
It will further increase the risk for the award-winning forex platforms and that is why you need to learn and understand how to use this tool and then invest your money in it.
What are the Features of the HotForex platform?
HotForex is a reliable trading platform that offers many features for its customers. That is why the popularity of this platform is increasing. More and more and more traders want to try out the multi-asset broker and spread account.
So, let’s have a look at its features below to know more about currency pairs hf markets sv ltd and trading instruments.
Furthermore, HotForex is regulated by one tier-1, three tier-2, and one tier-3 regulator. It is authorized by the financial conduct authority, also known as the FCA. Suppose you are wondering whether you can trade cryptocurrency with this platform that the answer is that you can do this partially.
You cannot trade through underlining assets with negative balance protection, and you cannot buy Bitcoin by using this trading platform. Whereas what you can do is trade cryptocurrency through the channel of CFDs.
You need to look for an essential feature when choosing a trader and trade online. So keep this point in your mind when you are about to select a broker. It is why this is the first feature we discuss in our article today. The broker will offer an incredible quality to the customers in 27 different languages and many account types with trading conditions and micro-accounts too.
Twenty-seven other languages are an awe-inspiring number of languages covered by this platform, which is why more people are inclined to try this platform for trading.
These are the kind of features that will cover the trading needs of the entire world, and it will allow more traders from around the world to join the trading community and get good quality customer service from the trading platforms for mobile trading.
This feature is completely changing the game of cryptocurrency, online trading, hf markets Europe ltd, economic calendar, currency trading, auto account, good broker, Cyprus securities, traders worldwide, additional premium trading tools, mobile trading platform, investment objectives, and Forex trading. So do not miss out on the chance and try it out!
Research and Education
Education is another essential feature that is being offered by HotForex right now. The brokers are focusing more on the African and Asian countries. That is why you will get an opportunity to enhance your experience and get good quality results by using this platform online.
You can increase your knowledge because many courses and live webinars are available, along with comprehensive video tutorials. Moreover, you will also get access to the brokers’ daily analysis and market outlook if you choose to join this platform in the long run. HotForex will provide you the opportunity to become a better trader and enhance your skills in the long run.
It doesn’t matter whether you are a professional or a beginner in the field. You can join anytime you want.
The next most important feature of HotForex is security. Overall, it is a secure platform, and legal bodies and deposits regulate it. In general, you do not have anything to worry about because it is a safe platform that provides excellent trading tools.
You need to understand and educate all the valuable features the platform offers. After that, you are good to go, and you don’t need to worry about anything else.
However, it is essential to keep in mind that an average level of risk is always involved when you use this platform for trading online for Forex trading. HotForex has an overall score of 83 out of 99, which is pretty great!
It is not only trustworthy but also mobile application friendly. On the other hand, it is considered a safe platform, and it has a trust score of 83 without any negative balance protection. It is important to note that this platform does not operate any bank, and it is not traded publicly for trading CFDs.
More about features
You will get the ability to select the strategy you want without any restrictions, which is a very flexible way to move things forward. It is the best platform for you if you are a copy together and looking forward to the opportunity to expand your skill and experience level.
The best part is that they have a great pricing strategy that will be convenient for every kind of trader. And another unique thing about this platform is that they are entirely transparent about their prices, and they do not hide anything from their customers.
HotForex Pricing and Plan?
HotForex has brought forward some inspiring and attractive opportunities for the most attractive spread ever in the industry. The best part is that it offers space from zero pips on some accounts. There is also a nontrading fee and different charges for that. However, you will be charged a small amount for the inactivity fee and a small fee for fee ranking.
If you want to get your hands on the euro United States dollars spread, you will have to pay 1.2 pips.
The overnight fee is also known as the rollover fee. You have to pay a trading cost when you want to hold your position open for more than a day. This fee can be defined so that it is made by every instrument separately. You can directly look at it from the platform when the trade is opening at first.
If you haven’t used your account for six months or more, then you will be charged a small fee for that. After making the payment, your report will be in the title 5-dollar HotForex inactivity fee for one month.
On the other hand, you don’t have to worry about paying any additional amount because there is no deposit or withdrawal fee. If you want to find your trading account, you can do it in many ways because the HotForex platform for trading supports them all.
What Forex platform has its own MasterCard for making online payments quickly from the convenience of your own home.
If you want to make the process of funding your account very simple, then it is a straightforward process for you. This trading platform brings you 14 different methods to deposit money into your account and withdraw money whenever you want from your account.
Who is HotForex Best For?
HotForex trading platform is best for copy traders. They provide excellent customer support, research, and education to become better. It is the best platform for those looking forward to enhancing their skills further and learning more from video tutorials.
It is an excellent platform for experts and beginners because it is not complicated. If you do not have a lot of experience, you can easily adjust to this platform without much trouble. The best part is that they provide support in 27 different languages, and it will be great for you if you are from a country e that does not offer any other trading platform in your language.
It is also a web trading platform, and a desktop version is available. Let’s be honest; it is not the most convenient way. If you’re going to use a smartphone for Forex trading online, it can be beneficial but not at all times.
Desktop platforms and web terminals are great features that you should look for. If you constantly find it difficult to withdraw money or open your account, it is the perfect platform for you and retail investor accounts.
That is because the account opening process is straightforward, and there are no complicated features. If you want to withdraw money from your account, it will take at least eight working days, depending upon the international processing policy of your bank. Otherwise, it is a pretty seamless procedure and does not take a lot of time at all. Depositing money to this platform is easy, and major debit and credit cards are accepted.
HotForex Pros and Cons
- Virtual Trading
- Reliable Platform
- Perfect for copy traders
- Premium HotForex account
- Average risk is involved
- Could be more flexible
HotForex User Experience
HotForex provides a pretty solid User experience for their customers online who are interested in trading. They are also offering investments through cryptocurrency to the customers. But the only thing you need to keep in mind is that cryptocurrency trading is not available from the underlying asset option for forex brokers and retail investor accounts.
It means that you cannot purchase Bitcoin by using this option, but you can trade cryptocurrency through CFDs. HotForex provides an excellent experience for our customers because they offer six different types of accounts that do not charge any commission.
It is ideal if you have been scammed before and cannot trust a new trading platform. If you are looking for a new trading platform that will not scam you, then HotForex will be the best option in that regard for you for retail investor accounts.
HotForex will work out for you in the long run, and you will be able to polish your skills and enhance them even more after using this platform for trading online. Premium and Premium Pro account is also available, and it will cost you between $50 and $600. As zero version is also available, it is the most competitive account you can get your hands on with no Commission fee.
HotForex lists are typically spread across different account types, six in number. Many other instruments and tools are provided to the traders, so their work can be more accessible when trading online.
The research includes analysis and other trading tools offered to the traders. Clients and data are also available on their online platform in the desktop version of HotForex. Overall, it is an excellent platform for copy trading, and if you are a copy trader, you will not be able to find any other better trading platform than this one. It is the best platform for a beginner, and you do not want to spend a lot of money starting.
HotForex vs Competitors
1. HotForex vs Avatrade
We compared both trading platforms’ performance, including HotForex and average, which is why we conducted a complete survey about them. We found online that every trade offers a better experience regarding trading tools. It also provides excellent research tools for market research, and it is very beneficial in the long run for traders online.
But we also found out that HotForex has a pretty solid web-based customer experience for their clients, which is why it is a great option. Both of these trading platforms are good for copy traders, and they are pretty popular as well. HotForex offers a better copy trading experience as compared to the other one.