Hotforex - Broker review of 2018
Hotforex, working on transparent STP ordering technology, was established in Cyprus in 2010. Over the last 7 years, Hotforex has grown from a small broker to an internationally recognized company with more than 350,000 traders and employees 140 employees from around the world. Hotforex also operates on the Czech market and have a large part of its clientele is made up of Czech traders. Thanks to them, the HotForex team has grown to include Czech and Slovak employees who are currently on the broker support weekdays and are always ready to answer your questions or solve your problem. Of course, a broker is his participation in a client compensation fund that, in the event of a company's insolvency, fully compensates broker's clients up to € 20,000 per person, so you do not have to worry about your money.Hotforex is a highly professional company with many years of background. Let's move on to our review.
Regulation and security at the Hotforex broker
Hotforex is notified by the Czech National Bank and falls under its supervision, the broker regulator is Cyprus CySec. The Broker is a member of the Compensation Fund of Clients, who takes care of the bankruptcy bankruptcy to repay the entire amount of funds back to the client up to € 20,000. The broker also manages a special, separate account in a recognized international bank where he deposits all his clients. In the event of bankruptcy, the deposits will remain intact and the trader will be fully compensated by the fund.
Regulation and Security of Client Resources: 5/5
Account types for HotFrax
Hotforex has 6 different types of accounts in its offer so that each trader chooses an account that is tailor-made for him. All types of bills, except for the VIP account, have a minimum tradable volume of 0.01 batch. You can create a Micro account with a deposit of $ 50 or higher. Hotforex also offers special types of business accounts. The FIX account for which your spread is fixed, or vice versa, the ZERO account, in which the spread decreased to 0.1ppm, replaced it with a fixed fee of $ 4 for opening and closing the position. All account types are profitable and have their positives, the most advantageous is the Mikro and Premium account, where the spread is the lowest and trading is the most advantageous.
Types of accounts offered: 5/5
Business software at HotFox
Hotforex offers the standard MetaTrader 4 platform, the most widely used Forex trading tool. The broker also has a web platform in case you can not download the MT4 terminal for any reason. If you own an Android mobile device or own an Iphone, you can use one of the mobile applications that HotForex offers and trade on the go or work.
Business software: 5/5
Spreads, fees and leverage
Hotforex offers 6 types of merchant accounts, which can greatly simplify trading for merchants, but they have to account for different spreads and charges between accounts. The Micro, Premium and Auto accounts are processed using transparent STP technology, and the average spread is around 1.2p on the EUR / USD pair, while at the time of increased market interest it is even lower. Other major currency pairs hold on these accounts at an average of 1.2p - 1.6p (GBP / USD, USD / JPY ..).
Another very specific account type is named FIX; this account is characterized by a fixed - fixed spread locked at 1.8p for major currency pairs.
The last type of account offered is a special type of VIP account for mobile clients with a basic deposit of $ 20,000 and above, which offers, among other things, an average spread of 0.2p to most senior couples, assigned manager to merchant account and gift items.
The financial leverage differs from each account separately, starting at 1: 500 for the Micro account, and further downwards, downgrading is possible in the client's custom settings.
Spread and fees: 5/5
Deposits and withdrawals
Hotforex offers a wide range of deposit payments from bank transfer to card payments or through merchant account financing using popular Skrill, Neteller, Webmoney and other Internet wallets. The company also pays all fees for transferring money using electronic wallets, card transfer fees, and bank charges for deposits over $ 250. When choosing to 9:00 in the morning, you can look forward to the money on the same day; for a bank transfer, you can count on a 2-5 days delay for your withdrawal and deposit before your bank processes your payment.
Deposits and withdrawals: 5/5