About the broker
Hotforex has been around since 2010 and they are under the ownership of the HF Markets Group. The company was initially created in Saint Vincent and the Grenadines. Their headquarters are in Cyprus and they also have an office in their founding country. They are well regulated across the world and they have tight spreads, which makes for affordable trading.
Since they started in business, they have had more than 1.3 million live accounts opened. They currently have over 120 workers across the world and have now more than 20 industry awards. Currently, they cater for over 27 languages.
HotForex is well regulated by respected bodies across the world. They are regulated by the FSCA in South Africa, the CySEC in Cyprus, the Financial Conduct Authority (FCA) in the United Kingdom, by the Dubai Financial Services Authority (DFSA), the Financial Services Commission (FSC) in the Republic of Mauritius, the Seychelles Financial Services Authority (FSA).
Pros and Cons
- Well regulated across the world
- Max leverage of 1:1000 that is greater than most forex brokers
- Many investment options to choose from
- Interesting and regular promotions
- Fees can be a bit high
- Only MetaTrader platforms
HotForex has a minimum deposit of just £5, which is ideal for beginner traders who are looking to just get their feet wet with trading. They also have max leverage of 1:1000, which is very good.
They can have lower spreads and have no conflicts of interest because they use a model of ECN/STP. There are more than 100 trading instruments to choose from and you have six different types of accounts to choose from.
There is no proprietary trading software on offer. Instead, you can choose from MetaTrader 4 or MetaTrader 5. They offer customer support on a 24/5 basis across a variety of different mediums.