HFM Review formerly HotForex year Is it a Legit Broker?

HFM Review formerly HotForex year Is it a Legit Broker?

There are Demo accounts in addition to Micro, Premium, Islamic, and Auto Accounts. Ripple can be traded against just the USD while the other three cryptocurrencies can be traded against the USD or EUR. Margin requirements are typically 10 per cent, except XRPUSD, which has a 20 per cent margin requirement. Typical spreads vary by currency and as expected, are in the quote currency. As some examples, BTCEUR and BTCUSD both have typical spreads of 30.0 while XRPUSD has one of 0.031. The margin requirement for all is 7 per cent and the typical spread varies by share.

Client fund security

At the same time, the broker is also focused on the education and knowledge of the market that its individual clients have. hotforex broker Because of this, it provides very well-developed educational material to Forex traders. HotForex enables its traders to use the most common trading platforms, which are the MetaTrader 4 and MetaTrader 5. This can be a great indicator that HotForex is a good broker because of MT4 and MT5 only partner with reliable brokers.

• These account packages are filled with impressive and convenient trading conditions.
• You can trade the likes of Bitcoin/US Dollar, Ethereum/Euro, and Litecoin/US Dollar with just $1 commission.
• Review updates ensure that all the information we provide is current and correct.
• For their Zero account in which there are no spreads, commission is charged at a tiered rate.
• This highlights -HotForex’s commitment to offering competitive pricing and making trading accessible to a wide range of investors.
• This intuitive feature scans all the instruments in your Market Watch section and alerts you immediately when a pattern emerges.

How to create your account

Nevertheless, once HotForex paid off its penalties, the company has created a better structure that satisfies all necessary regulatory guidelines for increased investor protection. Any review will indicate that this broker supports both institutional and retail clients. It also prides itself on offering the best trading conditions, giving traders and scalpers access to liquidity and expert advisors. The HotForex account types are shaped to fit beginner and experienced traders alike. Starting with the Micro Account, which requires a minimum deposit of $5 and can be a great fit for new traders.

HotForex customer service features 27 different languages and you can contact the customer care team anytime you want. Card paymentsThere is credit card support for Maestro, MasterCard, Visa, Visa Electron, and Union Pay. Union Pay can take up to 24 hours to process while the other cards take up to 10 minutes. Minimum deposit for Union Pay is $50, while the others only have $5 minimum deposits. It is also multi-lingual and features stop-loss and real-time account summaries.

HFM Regulation and Security

On the other hand, Auto Account deals with EUR and USD only, while the HF Copy Account deals only with USD. HotForex is one of the leading Forex brokers that has made huge steps towards reliability and expanded in many different ways. It was founded in 2010, and still makes the frontier when we talk about trustworthy financial brokers. They are well respected in the industry and this is reflected by the numerous awards they win each and every year. They are involved with numerous charities, including the likes of Unicef and Red Cross, as well as sponsoring numerous events over the years, such as the 2017 Carrera Cup.

From Google to Coca Cola, you’ll be able to enjoy strong liquidity, reliable execution, tight spreads, and fixed commissions of just 0.1%. To open an account with HotForex, you’ll need to provide proof of identity and proof of address to have a live account. This process allows HotForex to meet KYC (Know Your Customer) guidelines.

Featuring a wide range of trading tools, trading platforms, account types, and educational resources, HotForex is great for beginners, intermediates, and seasoned traders. We couldn’t find any serious user complaints or negative customer reviews for HotForex. HotForex is a Forex broker that is dedicated to increasing its market exposure by offering amazing products and services that are designed with the trader in mind. Most CFD reviews for this broker will also mention the vast range of account types available, in addition to the ability to trade derivatives and forex online.

• If you are new to trading, you’ll appreciate how easy these videos are to understand.
• Following are some of the choices and the corresponding withdrawal time.
• These regulations demonstrate HotForex’s commitment to operating in a regulated and transparent environment.
• Features include a full-time online course, webinars, and educational events suited to all levels of trader.
• In addition to trading signals, you can find new trading ideas by looking at the HotForex Traders’ Board.

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There is a live chat, a contact form, email support, and phone support via a local UK phone number. There are also five commodities future contracts available, for US Cocoa, Coffee, Copper, US Cotton No. 2, and Sugar #11. Typical spreads and margin requirements vary, with US Cocoa at 9.6 and 1.5 per cent respectively, and Copper at 0.005 and 1,500 USD respectively.

As you review HotForex deposit options, you will appreciate the range of choices as well as the lack of deposit fees. Broker also offers a FIX/API for those who want direct market access while trading. HotForex does an excellent job at providing transparency in terms of its fees and spreads, something which this UK review appreciates. In addition to the English language, the support team is operative in Arabic, Spanish, Chinese and Korean language. The main reason behind this is to make sure both the broker and the trader have common ground and can understand each other.

He shorted the market crash in 1987 that made him one of the luckiest traders alive in the present days and owns a net worth of $4.5. Demo accounts remain valid for an unlimited period of time, giving you access to real market conditions so that you can test trading strategies. The company supports up to 27 different languages and has been in operation for more than 8 years. Also, it has secured the hearts of 20 industry awards and proves that its one of the online trade broker that’s worth considering.

Regulated by multiple financial authorities, HotForex provides a secure and reliable trading environment. With features like high leverage, swap-free accounts, and zero spreads on specific accounts, HotForex caters to traders of all levels. This review lets potential clients know that the costs of trading with the broker are reasonable but not highly competitive. As is typical of most brokers specialising in CFDs and forex, they charge fees in the form of spreads, without commissions. There are some account types that feature commissions, but this is all clearly outlined.

Not Supported Country

Hot Forex has won numerous awards for its excellent services and customer satisfaction. HotForex can be trusted as a reliable brokerage company that will work in the best interest of their clients. You can always test out the broker’s products by signing up for a demo account or sample the broker’s micro account by making a small initial deposit. However, in case you are opting for a bonus, make sure that you understand all the terms and conditions before making any withdrawal request. Since 2010, HFM has enabled traders to explore opportunities in the financial markets. We have transformed into a one-stop hub for advanced technology, comprehensive education, and the finest trading conditions.