Headquarters Saint Vincent
Website: www.hotforex.com
Minimum Deposit: $50
Minimum trade: $0.1 (0.001pips)
Spreads From 0.7 pips
Regulation FSB , CySEC
Platform types Web , MT4 , Mobile
Trading types Forex , CFD , Spread Betting
Number of payment methods 10 payment methods, including:

Neteller Skrill Fasapay Wire Allied Wallet Webmoney Ecommpay Union Pay Bitcoin Credit Card

HotForex, owned and operated by HF Markets Ltd has been around since 2007 with its online launch in 2010 and is based out of Saint Vincent. They are fully regulated by the CyCES and the FSB, trading under the name of HF Markets Limited. With HotForex, you have the option of a number different trading accounts, with varying types of spreads and commissions, making it easier for traders to choose plans that are most suited to your trading style.
Hotforex offers the standard MT4 platform available on multiple devices as well as their own HotForex Web platform. This is a pretty simple to use platform which is perfect for beginner traders who find themselves somewhat lost with all the complicated features of the more professional platforms. While simple, the web platform offers easy to navigate graphing and asset monitoring. It’s a really good platform for getting comfortable understanding commissions, pips and spreads, and tinkering a bit with stop losses and take profits. It doesn’t offer any advanced features or instruments, which is what makes it much more user friendly for beginners. The favourite asset section is also quite customizable and you can easily monitor everything that’s going on with your account through this platform. Needless to say, you can log in with various account types (discussed above) and trade on this platform without any problem.
Copy / Social trading
One of Hotforex's strong points is their PAMM (Percentage allocation management module) system, which is one of the best copy trading platforms of any of the forex brokers. PAMM is a form of pooled money forex trading. Qualified traders offer investors the chance to invest into the shared PAMM money pool, and they share the proportionate amount of profit as from what they hold in the entire account. Each trader also needs to invest their own capital in order to start offering PAMM services, and many of the traders on Hotforex have profitable PAMM accounts that are more than year old and have hundreds of thousands of dollars invested with them. You can easily filter out and choose which PAMM account you want to invest with, and this for of investment is ideal for long term investing. Don't be fooled however by great "gain" and profit statistics as this may be misleading. Drawdowns only include closed trades and some accounts may appear very profitable even though they are in face suffering heavy losses which simply haven't been closed. Let's take Eagle Fund 6 for example here: This appears to be a very stable and profitable account. However, if you look closely, you'll notice that while the balance is $156,049, the total equity is only $43,100. That's because the account has a floating loss of $112,935(!)...or in otherwords at a 72% drawdown.

An example of a great and highly recommended PAMM account would be the Eagle 14 account.

This account has a very high gain rate, and is currently only drawn down 13%. It also has a very good deposit/withdrawal rate, which means that people who have deposited into this account are generally happy with it and leave their money inject.

After trading and earning money, one of the most important things you may want to do is to withdraw your funds. Some brokers will drag their feet with the processing of your funds. So how about HotForex? Well, HotForex are committed to very fast processing of your withdrawal. If you submit the request before 7am GMT, it will be processed the same day, otherwise next business day. In any case, this is pretty fast processing, considering industry standard is around 2 days.

The process itself is also pretty nice. With Hotforex you have trading accounts and an ewallet. You can freely transfer available funds from trading accounts to your ewallet and back to different accounts. Withdrawals however can only be done from the ewaller, so if you want to withdraw profits, you need to transfer the funds first to the ewallet. This is actually a really good system since you want also remove profits from your trading account if you want to make sure not to trade them.

In order to withdraw, you just choose your withdrawal method and click the “Start withdrawal” button.

I chose Bank wire transfer, although this is usually the most costly. You then get another screen where you need to enter all of your account details. For security reasons they also ask you for a few details when making the withdrawal request. They also ask you what your reason for withdrawing is, which includes, Withdrawing profit, Account closing, Need cash, and Not happy with service. I guess this is for customer service just so they know where they stand with the customer.

Once you enter all your details and click the withdraw button you get a confirmation screen with all the details of the withdrawal.

As you can see, the entire withdrawal process is automated, fast and really hassle free.

Bottom Line
Hotforex while maybe not one of the largest Forex brokers around, definitely have a lot to offer to all types of traders, from complete beginners to the very experienced and professional. All of the platforms run very smoothly and quickly, with very accurate real-time market quotes. All in all, Hotforex is one of our favourite brokers here and comes highly recommended.

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