A good Forex broker MUST offer a ton of features, so what about the best broker? Check out our unbiased review, where we dissect one of the most popular brokers currently online – Hot Forex.
Welcome, Forex traders, to our reviews of the most popular Forex brokers in the world. Some are good, others are better. Today we will talk about HotForex.
If you are a CTrust Network Business and Investment fan, you know that we spend at least a couple of months carefully testing every possible feature that a given Forex broker has. This time we spent more, a lot more, because HotForex is the best broker we have encountered so far. The registration is simple and fast; you can register a normal or a Currenex account (scalping account with a tiny spread). The account types suit every taste – high leverage, normal spreads, Islamic accounts, scalping account with 0.2 spreads and PAMM (investment account). There is a ton of education material and videos; HotForex offers a huge variety of trading platforms that work and synchronize flawlessly. Their brand new Trader's rooms is a high-end multi account management system with a virtual wallet! And their support is impeccable. On top of all that HotForex has the Best Online Broker Asia 2012 award from World Finance. The facts speak for themselves – HotForex is the best broker currently online! If you are interested in this broker, go on and read the full review, where we discuss the available accounts, platforms, bonuses, trading experience, reputation and more.
In CTrust Network Business and Investment we find information as one of most important elements. Can an ordinary person, with not Forex knowledge or experience, find the all the necessary information without much hassle? It doesn’t matter whether you are a Pro-Trader or a novice, you should be able to quickly access vital, detailed information like: education, accounts, platforms, bonuses, support, etc. We can easily state that HotForex has an extremely well-organized, helpful and user-friendly website.
Note that US residents cannot open accounts at HotForex!
Click a heading to expand!
Now, let’s talk about, arguably, the most important feature in any Forex broker – the available platforms. After all you are your platform; you will spend countless hours in front of the screen and you must have the most efficient, effort-less and sophisticated platforms at your disposal. We have seen them all: MetaTrader 4, various browser-based platforms, various custom trading software, multiple mobile trading platforms, etc. But we can easily state that HotForex is once again flawless. Why?
Well, think about it; what do you need? You need reliable trading software; well, this is easy – the world standard is called MetaTrader 4. Next, you have to be able to take your trading with you anywhere you want. This means you need a reliable mobile trading platform for your smartphone or iPad. Last, but not least, if everything else fails, you have to be able to access your account through any computer or device in the world; this is possible thanks to the browser-based trading platforms. HotForex has it all and even more, so bear with us.
We would like to talk a bit about HotForex’s high-end account management system – the trader’s room. Basically, when you register at HotForex, you open an account in the trader’s room. This is your private Forex world, where you have a virtual wallet, multiple trading accounts, comprehensive educational system and many more. Let’s talk about those multiple accounts and the virtual wallet.
Once your account has been verified and activated, you can open as many trading accounts as you like and you can do it with the push of a button – no new ID verifications, no new registration forms, no new activation links. This is fantastic, because you don’t have to put all of your apples in one basket. Instead, you can plan and execute your trading strategies more precisely with separate MetaTrader 4 accounts. At first we thought that the whole multiple account system will cause more confusion than good, but we were wrong. You can easily see each account’s financial, trading history, account type, leverage and more.
The second feature worth mentioning is the virtual wallet. You see, when you deposit money into your account, you actually deposit money in your virtual wallet in HotForex. Then you can redistribute your funds to your trading accounts with the push of a single button. You don’t have to wait for bank transfers is approvals; it is almost instant. Wait, there is more, just as easily you can then cash back money from a trading account to your wallet. This way you can manage your money extremely fast. This is how it’s done by the best in the Forex industry and that’s the HotForex way!
There isn’t much to say about the MetaTrader 4 platform. It is the best, period. HotForex hasn’t customized it in anyway, which is perfect!
HotForex’s WebTrader is one of the most sophisticated browser-based platforms we have ever seen. First of all, the screen is organized perfectly – huge space for the charts, active positions, favorite instruments and on-click trading buttons. Nothing more, no fancy pop-ups, no moving or sliding panels.
We won’t go into much details here, but we will stop by the charts. The charts are very nice; well, you can’t apply any indicators, which is bad, but the zoom is actually working properly and you can see your active positions on the chart.
The mobile trading platform is also very good. It doesn’t save your credentials, which is perfect. Note that the whole mobile industry is rather young and those sensitive personal details shouldn’t be saved on your phone or iPad. The mobile app does the job perfectly:
Now, let`s talk about education. HotForex offers one of the best education solutions currently online. It features:
The interactive video lessons in the education section are definitely awesome: straight to the point, comprehensive, detailed, understandable, practical. We are old-school trades, so our favorite lessons feature the candlestick analysis (candle patterns, bullish and bearish formations). However, there is one more interesting thing here; these interactive videos are identical to the videos that AvaFX and 4XP have in their websites. The question here is who was first and does it really matter? We contacted each one of these brokers and got really disappointed when 4XP stated that these videos are their intellectual property and know-how. This is a lie. The true creator is a company named Academy Center ltd, which specializes in developing educational courses for the Forex industry. We will not go into any more details here, because the main focus is HotForex, but we will be bringing articles on this subject.
Every trader wants to have an immediate access to the most important news as soon as they are being announced. That’s why a lot of Forex brokers have economic calendars and HotForex is not an exception. HotForex’s economic calendar looks great and is really fast. However, we experienced some technical issues, when we tried to access it with different web browsers, but after a brief consultation with the chat support everything worked just fine.
HotForex has a trading blog where you can find a lot of useful, updated information regarding the current economic situation. Personally, we like the daily analyses – both fundamental and technical. Apparently most analysts use only trend line, because all they talk about are support and resistance levels.
Unfortunately, HotForex doesn’t feature webinars, unlike 4XP which has a webinar called “Daily Trading Room”. Truth be told, HotForex already has more than enough educational options, so we can live with that.
Before we talk about the various account types that HotForex offers, we would like to spend a minute to tell you a thing or two about the registration process. The hardest part of Forex trading, should be forecasting the price’s movement, not the registration and verification process. Why do we bring this up? We had an absolutely terrible experience with AvaFX a few of days ago – we registered, then they took our deposit and THEN they decided to verify our identity. So far so good, but after two days of hassle, we gave up, because evidently our evidences weren’t convincing enough. By the way, we are still waiting for our deposit! HotForex is another case, their registration process is extremely fast; then they ask you to upload an image of your ID; THEN, deposit some cash and that’s it – 12 hours later we opened our first order with real money.
HotForex offers a wide variety of trading accounts, which is good, but how clumsy the registration procedure is? First of all, the obligatory fields are brought down to the bare minimum; name, email, employment status, account type and bonus type. That’s it! Next, you have to upload a copy of your ID card and in 24 hours you are good to go. This is one of the most clever and stress-free registrations in the industry today. HotForex has managed to obtain everything they need without causing massive headaches to its customers. Congrats!
HotForex offers a maximum leverage of 1:500; this is absolutely fantastic, because even people with smaller accounts can engage in big orders and possibly collect huge winnings. Truth be told, a leverage of 1:500 is way too powerful for people that don’t have enough experience in the market, because, yes you can win a lot, but you can also lose your entire account in a matter of minutes or even seconds.
While we are on the account topic, we cannot skip the member area. Once you log in to the official website, you have instant access to all sorts of cool features. On the top of the page you will see a few sub-menus, but there is one that caught our eye – “Tools”. Here you will find a few useful calculators. You can easily calculate pretty much anything: money/risk percentage, pivot points, etc. We really like the position size calculator, because here we can see how much lots we should open in order to maintain our own risk management strategy – perfect!
You can check out the Summary, if you want to take a quick look at the possible account types that HotForex provides. However, we would like to share our observations on two accounts in particular: PANN and Scalping.
If you have read our review about eToro, you already know that some people are not interested in spending countless hours learning technical and fundamental indicators, strategies and developing demo accounts. Some people just want to invest in the market, or maybe you are new to Forex and you would like to see how an experienced trader operates on the market: decision-making, strategies, currency pairs, etc. HotForex has developed a PAMM system that allows you to open an investor account, choose a trader (account manager) and to automatically follow his moves. Is this system any good? Yes, it is, however it is not as good as eToro. Keep in mind, though, that eToro’s main focus and concept is investment, not trading. Truth be told, there are a couple of things that caught our eye:
We did not like these conditions, simply because we can register at eToro with 50 USD and there is no success fee. Yes, there is a ridiculous spread, but it is better. Sure, HotForex claims that they control and supervise the account managers’ competence, but we haven’t got any proof to support this statement. Bottom line, if investment is the ONLY thing you are interested in, then HotForex should be your second pick – EToro dominates this territory.
HotForex offers a special account, designed specifically for Forex scalpers. This is good, but it is not that impressive by today’s standards in this industry. Yes, you will get an awesome spread (starting from 0.2 pips) and a low commission (5 USD for every 100 000 traded units), but this is what you would expect, right? Whe really liked two things in the Currenex account:
You can easily set up a free demo Currenex account and you can download a free demo version of the MYFX, too. This means that you can test your scalping strategy with this software as long as you want.
For those of you who are not familiar with ZuluTrade, this is an investment network, where people who don’t want to trade in Forex themselves, invest their money and follow/copy professional traders. Generally speaking, we love the concept of the investment networks, because these are places where people who don’t have the time and/or knowledge can still profit from the world of Forex.
First of all, here you have the chance to test this system with a demo account. You will receive an email containing an activation code and all you have to do is to paste it in the corresponding field. That’s it, now you have a demo account and are ready to pick a signal provider from the “Performance” section. It is worth noting that there are a lot of filters, which means that you can narrow down the search results using your personal preferences.
If we have to compare ZuluTrade to similar systems, we can say that the PAMM accounts don’t provide information about the number of followers and copiers that each manager has. What’s more, unlike eToro and PAMM, ZuluTrade has something called “Account Following”, this means that you can actually see the total funds that each manager/guru has and manages. Furthermore, in ZuluTrade and eToro you have total control over your own funds; this means that you can close a deal whenever you want; however, PAMM you can’t do that, you just pick a trader and he/she manages your money completely.
Stay tuned for a specialized article or a series of articles where we will talk about the pros and cons of ZuluTrade and how to pick a profitable signal provider.
However, we couldn't help noticing that HotForex lacks this personal touch that you get from most Forex brokers today. This is probably the oldest trick in the "customer service" handbook of the brokers around the world. Most Forex brokers today will assign you a personal account manager; this is a representative that is authorized to give you off-the-book bonuses, track your trading development and aid you with whatever you need. What's more, you will get a phone call from most brokers just to welcome you to their "family". This is nice, because you can sense a more personal attitude. Take UWC and 4XP, for example. We currently have a personal account manager with each one of these brokers and on top of that, 4XP's representative called us and offered us an off-the-book start-up bonus of 100%. It is good to feel that the Forex industry has a soul!
So far so good, HotForex is shaping out to be the best Forex broker around, but what about bonuses? Yes, you have a 50% bonus to the initial deposit of all new deposits OR a 15% rescue bonus, but you would want more from the best broker, right? Sure, HotForex won’t let you down, because there are three awesome bonus programs currently running:
Sure, Accent Forex has the most generous bonuses right now – Jaguar XJ, Land Rover, master scalper contests and so on. However, a good bonus system is a motivating bonus system and we can easily state that HotForex are definitely in the top 3, but they will have to spend a few extra bucks to catch up with Accent Forex.
Two words – The Best. They have it all – email support, 24/5 chat support and account managers. At CTrust Network Forex we are a real pain in the ass to nearly every customer support system in the world, because we tend to test their competence really well. We have contacted the chat support more than ten times and here are the results:
They are polite. These people never lost their nerves, even though we have asked them some really stupid and ridiculous questions.
HotForex is a rather young broker, but they have already set a world standard in the industry as far as trading experience is concerned. As a Forex trader what do you want?
One-click trading is a very convenient expert advisor, which could really boost your scaling strategies. The installation is also fairly simple and the activation is done directly in the MetaTrader 4. However, this is not something new, because we have seen similar expert advisor in other Forex brokers like AvaFX and eToro.
We have already published a detailed article, where we talk about the Traders’ Board, so here are the highlights. You have an online price chart, breaking news, percentage of clients’ positions and volume per symbol. All this data is available for everyone, not just registered users, which is really good. We see the traders’ board as a good tool in order to get a broader picture of the market, but we won’t base a trading strategy on it.
HotForex’s reputation is as clean as a baby’s conscience. It has been a long time since saw a broker that nobody wants to complain from. There are no complains like “withdraw problems”, “bad support” or whatever. We turned all of the Forex forums, blogs and social pages upside down, but could not find a single post or comment against HotForex. The situation is actually quite the opposite, everyone is perfectly satisfied and so are we.
See you soon, Forex traders. Check out our articles and reviews, because we are constantly working to provide as unbiased and helpful information as possible. We would like to hear from you – what are your thoughts, impressions and experience so far. If you want to get in touch with us, please sign in and use the “contact us” button. If you don’t have an account yet, you can click the “Join Us” button and 10 seconds later you will have a free account. CTrust Network Business and Investment has real accounts in every Forex broker featured here. A proper Forex broker research requires time, patience and skill; that’s why we will constantly update our reviews and bring new articles.
We are going to explore several important characteristics: Accounts, Platforms, Education, Bonuses, Payments, Support.
HotForex offers two types of demo accounts. DemoHotForex and DemoCurrenex. The first one is a regular account with 1:500 leverage and spreads starting from 1 pip. This account has no expiry date and you can open additional demo accounts straight from the MetaTrader 4 platform. DemoCurrenex is the demo scalping account of HotForex. If you pick this account you can try out our scalping strategies with spreads starting from 0.2. The good thing here is that you can also download a free trial of the MYFX platform and develop advanced scalping styles without losing a dime.
HotForex offers five different live account types.
Recommended for beginner traders.
Recommended from experienced traders that feel confident to trade with up to 60 lots.
Recommended for professional traders that do not fear to engage in big orders.
You can find two Islamic accounts that replicate either the Micro or the Premium accounts, but here you don’t have swap.
This is HotForex’s scalping account.
This is a special HotForex account system, designed specifically for investors. If you are interested in investing in the market, but not in trading, then you should open a PAMM account. With this account you can choose one or multiple account managers to follow. Basically, there is a master account, this is the trader’s own account and when he/she opens an order, the PAMM system opens the same order with your account. You still have full control over your funds; you can communicate with the account manager and you can switch between managers anytime you want.
HotForex offers every possible trading platform currently available. You have one master account ID and password that you should use to log in every platform:
HotForex offers a lot of educational solutions for beginner traders. Some are available only for registered users (demo or live accounts), but other can be accessed freely. When you enter the official website, you will see the “Forex Education” button in the top navigation panel. There you can read some basic information, but the really important button is this one – “Hot Video Tutorials”, because here you can access three additional courses:
Here you will find five video tutorials (yes, there are seven bullets in the official webpage, but there aren’t seven videos).
Here you will see five interactive video courses that will introduce you to the world of Forex.
This section is for those of you that have already chosen to start trading in Forex and are looking for more detailed information.
As soon as you log in the official website, you will notice the “Education” tab in the top navigation panel. Here you have access to additional courses; they are available for both demo and live accounts.
HotForex features a lot of bonuses and contests for its traders. Upon your registration you should pick one of the following bonuses:
Currently, there are three active contests for active traders:
HotForex offers three major ways to deposit and withdrawal funds.
You can access the broker’s FAQ database via the little pop up window in the bottom left corner of the screen.
If you believe that this broker is worthy of your trust, you can open an account by clicking the big blue button above. You will be redirected to the official website of HotForex, where you will instantly notice the two possible options: “Open LIVE account” and “Open DEMO account”. First, let’s talk about the Demo accounts.
Once you hit that red button, you will be redirected to a simple registration page, where you have to type in some basic information. We suggest that you leave the default amount (100 000), because it is better have some breathing room in your demo account. Next, you should choose whether you want a demo scalping account with tiny spread (DemoCurrenex) or a regular trading account (DemoHotForex). If you pick the Currenex account we suggest that you go and download the free trial of MYFX platform; we will cover the installation in an overview article later on. Next, you will receive a confirmation email with your account details: account ID, trader’s password, investor’s password, server, phone password. You will also get a link where you can download HotForex’s MetaTrader 4 and some information about the benefits you’ll get from a live account. You can use the trader’s password and ID to access MetaTrader 4, WebTrader and the Mobile trading platforms.
Registering a live account used to be pretty much the same, but now with the brand new trader’s room. Things have changed a bit. Once your click that green “open Live Account” button, you will see a short registration from. All you have to type in are your names, an email address and a phone number. Select your country and preferred currency and hit “open live account”. Now will see your login details, but even if you close the window, don’t worry because you have them in your email inbox. Right now you have created a HotForex live account and you can access the trader’s room.
We are not done, yet. Now, you have to activate your account by uploading some documents. Log in the trader’s room with your trader’s password and ID and click the “Upload Documents” tab from the top panel. You should scan or take a digital picture of your ID and some other document that proves that your address is correct. In our case, we uploaded a two-sided copy of my ID, because my ID states my legitimate address. 24 hours later, you will receive an email stating that your account is activated and you may deposit some funds. This step is pretty much standard and you are good to go. However, don’t forget that when you deposit money, they go into your virtual wallet and then you decide how to fund your trading accounts. Let’s see how to open a trading account; click “View accounts” and then “open new MT4 account”. Select your preferred account and you are good to go. Note that you can create as many accounts as you like and you don’t have to upload anymore documents.
Now that you have your account set up, let’s put some money in them. In the “view accounts” tab you can see all of your accounts; next, click the “cash in” button, enter your trader’s password and select the amount you wish to transfer. That’s it, not bank transfers, no fees, no waiting. We wish you good luck and profitable trading!
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