Hot Forex Review – Is Hot Forex a Truly Trader Focused Online Forex Broker?
Hot Forex Review
If you are looking for an online forex broker that has a laser focus on giving the best to its traders, you should consider Hot Forex. This particular broker has done a lot of great things that make it one of the best in the world today. Every option that you can think of to facilitate your trading experience is there on its platform or the website. However, you don’t have to take our word for it. Today, you can read this Hot Forex review to know in detail what this broker is all about.
Introducing Hot Forex
Hot Forex is currently one of the best online brokers providing traders a platform to trade forex and many other assets in the form of CFDs. The company has been around for only a little more than 7 years, but it has achieved what many older companies have not been able to achieve. With more than 200 employees working in many countries of the world, this broker has already crossed the milestone of having 500,000 trader accounts. That’s half a million trading account and they are only increasing as the time passes. During these 7 years, the company has earned more than 27 awards too.
Traders from around the world are happy to open their accounts with the broker because they know it is safe to have one with Hot Forex. The company has obtained proper registration to operate around the world. The International Business Company license comes from Saint Vincent and the Grenadines. Hot Forex takes pride in offering some of the tightest spreads in the industry and promotes safe operations. It is also active in the corporate responsibility world where it actively donates to several organizations that are serving noble causes. One of the values of the company, according to its website, is to impress the clients with high level of service.
Assets You Can Trade with Hot Forex
You won’t be disappointed with the list of assets that you can trade as you become a trader with Hot Forex. The company has dedicated to bringing its traders the best from hundreds of markets from around the world. In a nutshell, you can trade CFDs on a variety of assets including commodities, metals, energies, etc. In addition to that, you have plenty of options to trade foreign currencies while using the Hot Forex trading platform. You will be surprised to know that there are so many currency pairs that you can trade with the broker that it has put them in two different categories.
There is a major currency pairs category in which you have the 15 major currency pairs of the world to trade. Of course, that’s not it because you have 36 more currency pairs in the minor currency pairs category. You can choose the major currency pairs if you are looking at stability in the value or you can go for the minor currency pairs if you think you can benefit from volatility. The spreads when you are trade currencies depend on the currency par you choose. You will notice that the spreads for major currency pairs are much smaller than those of minor currency pairs.
You also have energies and metals that you can share on the Hot Forex platform. You can go for the spot or future contracts in this particular section as well. Silver, Gold, Crude Oil and Brent Oil are some of the spot metals and currencies. On the other hand, if you are looking for futures contracts, you have US Crude Oil, UK Brent Oil, and US Natural Gas. You can enjoy some tight spreads in this particular category and a very small margin requirement as well. You also have more than 20 indices available for you to trade. These indices include all the major names such as US Wall Street 30, Australia 200, Japan 225, UK100, US Tech 100, etc.
In the shares category, you have more than 50 shares to choose from. However, there are not many commodities for you to share, but the most important ones are there. You have copper, coffee, US Cocoa, platinum, and sugar in this category.
The most amazing thing about the products that you can trade on is the addition of cryptocurrencies. Yes, the broker has also added cryptocurrencies to its product offerings recently. People who have been associated with the cryptocurrency market will love this offer from Hot Forex because it offers more options than most other brokers. You have eight different currency combinations in the cryptocurrency category for you to trade. On the other hand, most other brokers only offer the four big cryptocurrencies against USD.
Hot Forex Trading Platforms for Traders
You will not regret signing up with Hot Forex if you are picky about the platform that you use for trading. You can find many different options and choose the one that suits your trading style the most. First of all, Hot Forex is not limited to just one trading platform. It offers you MetaTrader 4 as well as MetaTrader 5. There are only a handful of brokers that offer you both these options. Of course, when you have MT4, you don’t need any other trading platform. It is the most robust trading platform and has stayed that way for several years now.
However, your MT4 is not limited to your desktop computer anymore. You can use it on any device that you own. Whether you use a tablet, an iPhone or any of the thousands of Android phones, you can use MetaTrader on your device without a care. You also have the MT4 web terminal available with Hot Forex. With the web terminal, you don’t have to download any software on your computer or tablet. In addition to that, you can access your account, market charts, trading information, and all the trading tools in one place from anywhere in the world.
What makes the platform offering even better from Hot Forex is that the broker has paid equal attention to MT5 platform as well. Just like MT4, MT5 platform is also available not only for desktops but any device that you own. From the choice of platforms, you can see that Hot Forex is not just for individuals at home but institutional entities as well.
Trader Account Types with Hot Forex
This is one area where you can say that no other broker can beat Hot Forex. The broker has given you so many account options that you will find something that meets your exact needs no matter how specific you are with your requirements. If you have not checked the accounts page on the website already, you will be surprised to know that you have eight different types of accounts to choose from. The first and the most basic account is the Micro account. This particular account is meant for new traders who do not have a lot of money to put into trading.
You can open this basic account with just $5 and still enjoy a huge leverage of 1:1000. The spreads will change depending on the asset you choose for trading. Maximum number of orders that you can open at any given moment is 150. Move to the premium account and you can open it with a minimum deposit of just $500. You can open 300 orders at the same time and the maximum leverage available to you is 1:400. The most mentionable account is the VIP account wherein you can enjoy spreads of up to 0 pips. The leverage available to you with this account is still huge at 1:300.
You have to have a minimum of $20,000 to open the VIP account. All the other accounts are very reasonable because you don’t need to have a lot of money to open them. With all the other accounts, the maximum deposit that you need to open any is just $500. You will also love the fact that with the micro account, you can trade with a micro lot of just 0.01 units. There is no restriction on which assets you can trade even if you have signed up with the most basic account.
Other commendable things that Hot Forex has done include the availability of Islamic account for people who can’t open regular accounts due to religious reasons. From the account types, you can easily tell that this broker is truly serious about giving its traders the best of the trading world.
Hot Forex Trading Education
If you are a new trader who wants to learn how to trade before putting money on the line, you have enough material on Hot Forex to learn. There is a dedicated course available for you to learn everything about forex trading. It is an e-course, so you can complete everything from the comfort of your bedroom. In addition to that, you have video tutorials to learn how to place your trades, protect yourself from losses, and much more. The best thing is that you have live webinars where you can learn a lot.
Many other brokers offer the feature of webinars in the training section. However, they often charge you for them. On the other hand, the webinars are available for you for free. What’s even more impressive about these webinars is that you can ask your questions live during the webinar. This is definitely something any new trader would want before trading live. In short, there is a lot of educational material available with this broker for new traders.
Hot Forex Deposit and Withdrawal Options
Depositing money into your account and withdrawing from it is as easy as anything else with Hot Forex. All the options that you have available for depositing funds in your accounts are also available for you to withdraw money from your account. First, you have the wire transfer option, which requires you to deposit at least $100 in your account. When it comes to credit cards, you can use your Union Pay, Visa, MasterCard, and Maestro credit cards with Hot Forex. You can deposit a small amount of just $5 with every credit card other than the Union Pay.
Of course, no broker today can ignore the option of electronic transfers. You will be impressed with the number of options that have been given to you buy Hot Forex when it comes to e-payments. First of all, you can use Bitpay to transfer bitcoins to your account. In addition to that, you have Neteller, FasaPay, Skrill, WebMoney, etc. options available for transferring funds to your account. The same options are also available when it comes to pulling funds out of your accounts. For all the deposit types, you don’t have to pay any deposit fees unless your wire transfer is less than $100.
Hot Forex Customer Support
Just like all the other options, Hot Forex is not behind in the customer support department as well. First, you have a web form available for contacting the company with general inquiries. You can also see the FAQs section for these inquiries. In addition to this option, you can send an email on any of the five email addresses depending on the nature of your inquiry. You also have separate numbers available for customer support and sales departments. For nine countries, the company has arranged toll free numbers. These countries are: Turkey, Nigeria, Indonesia, India, Taiwan, Brazil, China Russia, and the rest of the world.
The customer department is available to help you from Monday to Friday during regular business hours. People who speak Arabic, Farsi or Chinese can receive customer support in their languages as well.
After reading all of the information about Hot Forex, you can tell that the broker is definitely dedicated to helping its traders with everything it can. From the eight different account types and trading platforms available on all types of devices to dozens of deposit options without a deposit fee, everything is a proof that Hot Forex is focused on making trading a breeze for new and experienced traders. Before starting your trading career with the broker, you might also want to look at the many promotions and bonus offers that it has available for its new and existing traders.