Is HotForex a Scam? - Detailed HotForex Review

Read our in-depth HotForex review 2021 covering HotForex licenses and advantages this broker offer.

HotForex Professional Review from Trading Gurus

HotForex was registered in the island state of Saint Vincent and the Grenadines in 2010. According to the official statistics provided on the website to date:

   - More than 500 thousand clients have registered with the company and have opened trading deposits;

   - More than 200 employees around the world;

   - The website is available in 27 languages;

   - Over 20 awards in various categories.

Among the latest recognized achievements of the broker, experts call the fact that the activity is not controlled by any financial regulators, although sometimes you can find information on the network that the broker is checked by the Cypriot CySEC or the FSA company. On the official website of the company, have a look in the section "Regulation and License." You can notice a certificate issued by the relevant authority of the state of Saint Vincent and the Grenadines. 

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The certificate indicates that HotForex is an international business company, registered on June 10, 2015. Thus, traders cannot get a 100% guarantee that they will be able to challenge the broker's decisions in any controversial situations. Therefore, you have to act only at your own peril and risk. On the other hand, customer funds are insured for up to 5 million euros. According to the company, it allows for a guaranteed withdrawal of funds from your account without fear of blocking your account. 

How to Register on the Website

The user can open a live or demo trading account. To do this, he or she has to provide the following data:

   - Account currency and type of client;

   - Name and surname (in Latin);

   - Date of Birth;

   - Address;

   - Email;

   - Phone number.


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Next, you need to go through the verification process in order to freely use all the functions of the trading platform. To do this, upload a scan or photo of the passport (the main page and the page with the address), as well as the payment receipt for utilities (for the last 3 months).


Web Version

This version of HotForex has exactly the same features and interface. However, you do not need to download any software to install it. The user enters the site, types in the data received during registration, and opens the terminal directly in the browser. It is especially convenient for trading and observing the market from any place in the world. 

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Mobile Versions

You can download mobile applications from the terminal on Android, as well as Apple mobile devices. The capabilities and appearance of the terminals are similar to those of the stationary versions. The user can literally follow the market on the go not to miss the profitable position. Therefore, the likelihood of making a profit increases significantly.

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Classic Terminal MT4 as the Main Trading Platform

MT4 is one of the most common and convenient trading platforms that is used not only by HotForex clients, but also by traders cooperating with other brokers. The program can be easily installed on a computer, laptop, or mobile gadget. Mobile versions are also available for opening or closing positions directly from your smartphone.

Among the advantages of the program, experts and clients name:

   - clear, simple interface that can be mastered very quickly;

   - usability - the entire menu bar is located above the chart window;

   - opening deals in 1 click using a small panel in the upper left corner;

   - a set of built-in indicators, settings, and colors to come up with an effective strategy;

   - the ability to add any other indicators that will allow creating personal trading strategy.


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Balance Replenishment and Withdrawals

The company does not charge a fee for deposits or withdrawals if the initial balance is $100. At the same time, for any input operation, there are restrictions on the minimum and maximum withdrawal amount. As for replenishment, there are no restrictions (except for the minimum deposit amounts indicated on the official site).


Education and Research

Both beginners and more experienced users can find quite a lot of free materials on the site:

   - video tutorials on the main topics of the Forex market;

   - answers to the most popular questions about trading;

   - webinars (held regularly, available only for registered users).

On the website, some pages are available only in English, which creates certain inconveniences for traders. You can translate them using the special software or "manually".

In case of any questions, you may use broker contacts to reach out to its agents. Clients of the company can get any advice in one of the following ways:

   - using online chat;

   - by calling toll-free 8 (800) 100-63-22;

   - at the email address [email protected]  



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Verdict

On the web, most of the reviews about the company are positive. Users admit good trading options, correct, hassle-free functionality, and timely withdrawal of funds. There are also negative aspects, such as a rather lengthy verification procedure, lack of licenses, and frequent calls from managers. There are some comments on the quotes as well. Some traders indicate that the candle does not close immediately (in time).

In general, the company makes a good impression, which allows us to recommend it for cooperation for both experienced and novice traders. For dummies, it is preferable not to risk large sums at the start.



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