HF Markets Review
HotForex is a broker that is partners with MetaTrader; when you use their services, you gain access to a complete MetaTrader suite, as well as optional premium tools. It’s also known as HF Markets, for short. Is this broker a good solution for your trading needs? Read our comprehensive HotForex review to find out!
Pros and Cons
What sets HotForex apart from other brokers, and what could be improved?
| Pros | Cons |
|
+ HotForex offers negative balance protection; therefore, you don’t have to worry about paying back a sub-zero balance during highly volatile conditions. + Strictly regulated and regularly audited + Unparalleled liability insurance of 5,000,000 EUR + Investor compensation fund + Excellent HotForex swap calculator |
– Not as beginner-friendly as other brokerages – We’d like to see a wider variety of account base currencies |
Key Features
There are plenty of features you get to enjoy when using HotForex. For instance:
- Online account management via myHF portal
- Rollover policy
- Affiliate program
- Free account funding
- Spreads starting from 0.1 (EUR/USD)
- Hedging and scalping are allowed
- One-click training
- Free educational material
- Breaking market news
| Trading Instruments | 1000+ tradable instruments across: Forex Metals Shares Energies Indices Bonds Commodities |
| Spreads | HF Markets offers low commissions and very tight spreads. Find more information on HF Markets Spreads Comparison page. |
| Leverage | – HF Markets removed their leverage quotes from their site. Instead, they say leverage is variable dependent on the product. – Reach out to them to find out what leverage they can offer you. |
| Trading Platforms | Hotforex platforms for PC: – HF Markets MT4 Terminal – HotForex MT4 Multiterminal – MT4 WebTerminal Hotforex platforms for mobile devices: – Ipad Trader HotForex app – HF Android app – HotForex iPhone Trader app |
| Base Account Currencies | USD EUR NGN |
| Regulation | – FCA – CYSeC – DFSA – FSCA – FSA – other regulators in certain countries |
| Demo Account | Yes |
| Islamic Account | Yes |
| Deposit Compensation Scheme | 180+ countries are supported |
Account Types
There are six main types of HotForex accounts. We have compared them on several grounds:
| Micro | Premium | Zero Spread | |
| Minimum Deposit | $5 | $100 | $200 |
| Trading instruments | Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, Dma stocks, ETFs, Cryptocurrencies | Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, Dma stocks, ETFs, Cryptocurrencies | Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, Dma stocks, ETFs, Cryptocurrencies |
| Spreads | from 1 pip | from 1 pip | from 0 on Forex |
| Maximum Leverage | 1:1000 | 1:500 | 1:500 |
| Max Simultaneous Open Orders | 150 | 300 | 500 |
| Stop Out Level | 10% | 20% | 20% |
| Account Currency | USD, EUR, NGN | USD, EUR, NGN | USD, EUR, NGN |
| Commission for forex pairs | No | No | Yes |
| Flexible Bonus Offerings | Yes | Yes | No |
| Auto | PAMM (Premium) | HFCopy | |
| Minimum Deposit | $200 | $250 | $500 for Strategy Provider, $100 for Follower |
| Trading instruments | Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, Dma stocks, ETFs, Cryptocurrencies | Forex, Indices Spot, Commodities, Shares | Forex, Indices Spot, Bitcoin, Gold |
| Spreads | from 1 pip | from 1 pip | from 1 pip |
| Maximum Leverage | 1:500 | 1:300 | 1:400 |
| Max Simultaneous Open Orders | 300 | 500 | 300 |
| Stop Out Level | 20% | 20% | 20% |
| Account Currency | USD, EUR, NGN | USD | USD |
| Commission for forex pairs | No | No | No |
| Flexible Bonus Offerings | No | No | No |
Deposit Options
| Deposit Option | Min. Deposit Amount | Max. Deposit Amount | Processing Time |
| Bank Wire Transfer | $250 | Unlimited | Depends on the banks involved. Once funds are shown in our bank account they will be credited within one day to your account. |
| Bank Cards (VISA, MasterCard, Maestro) | $50 | $15 000 | Up to 10 minutes |
| E-Wallets (Skrill, Neteller) | $50 | $10 000 | Up to 10 minutes |
Withdrawal Options
| Withdrawal option | Min. Withdrawal Amount | Processing Time |
| Bank wire transfer | $150 | 2-10 business days |
| Bank Cards (VISA, MasterCard, Maestro) | $5 | 2-10 business days |
| E-Wallets (Skrill, Neteller) | $5 | Instant |
Note: There are no fees charged by HF Markets for bank wire transfers, but the fees can be charged by the bank you currently use for making transactions according to its terms.
HF Markets Bonus and Promotions
HotForex bonuses give account benefits to users. There are a couple of bonuses that you can use: the 100% supercharged bonus and the 100% credit bonus.
100% credit bonus: HF Markets users are able to increase their account leverage, get a relaxed time limit for volume requirements, withdraw the bonus once volume requirements are fulfilled, and it essentially makes the cash balance stop-out level equal to zero.
100% supercharged bonus: you can earn $2 per lot in daily cash rebates — these are credited directly to your HF Markets account. This bonus is applicable to each deposit you make of $250+. You can earn a limit of $8,000 in cumulative rebates! That money can then be traded or withdrawn.
Best Payment Solutions for HotForex Users
A bit earlier in the review, we discussed the various deposit and withdrawal options. While HotForex might not have as many payment solutions available as other trading platforms, there are still enough to be conflicted over. On the one hand, wire transfers allow you to make huge deposits – on the other hand, they also have greater minimum withdrawals.
For a solution that allows sufficient minimum and maximum deposit/withdrawals, as well as unparalleled safety, we strongly recommend using Neteller or Skrill. When you work with a third-party e-wallet, you don’t have to worry about inputting your bank details or credit card number into the HotForex site. The e-wallet offers you protection and great terms – plus, we can make those terms even better. Do speedy verification processes, improved limits, and simplified VIP access sound good to you? If so, just use our links to sign up for a Neteller or Skrill account.
If you are going to make deposits/withdrawals via your VISA card on HotForex you should try Trastra. Registering in Trastra via Baxity you get a range of benefits: a rebate on the Trastra VISA card, IBAN account, card purchases and crypto2crypto transfers free of charge and cards available without a bank account.
FAQ
What is the minimum deposit/withdrawal on HotForex?
This depends on your deposit or withdrawal method. The absolute minimum withdrawal is $5, and the absolute minimum deposit is $50. Those are applicable with HF Market’s accepted online wallets and credit cards.
Are there any deposit/withdrawal fees?
HotForex does not charge any withdrawal or deposit fees. However, your banking institution may charge a fee of its own.
How do I manage my risk?
HotForex offers risk protection by enabling limit orders and stop-loss orders. The former restricts the minimum price to earn or the maximum price to pay. The latter dictates that a certain position should be automatically sold at a set price.
How do I contact HotForex customer support?
HotForex customer support is available 24/5 (Monday through Friday). You can fill out a contact form with your HotForex login details or call their customer service phone number. Also, there is a live chat option that will be suitable for you if your issue is a matter of some urgency.
Went demo trading for more than 2 months to live training and I still have a less way to go. Def a lot to learn as well, especially after dipping into crypto trading.
Talha, thank you for sharing your experience! We hope our Forex materials will help you when you reach a new level of trading.
this is no beginner friendly. what cans I do to gets familiarize with it?
Kerem, you are right. HotForex isn’t so beginner-friendly compared with some of the other forex brokers we were writing about. However, HotForex offers educating materials for its users to become acquainted with its key features and peculiarities of operating with it.
You can find educational materials on their website, or you can try another forex broker. You can learn more about different brokers here: https://baxity.com/category/forex
ok, I register in Axi. I want to deposit money with trastra card, but I don’t know how to get…I created account, but I can’t order card, why?
Kerem, at the moment, the Trastra service is only available in the EEA region. Therefore, you will not be able to get a Trastra card in Turkey, only if you do provide documents confirming your residence in Europe.
Got skrill throgh youre link so I bypass the $5 deposit, but is that all I get with you?
Flo909, thank you for your comment! In addition to bypass the pre-deposit, you can also count on accelerated verification (usually up to 24 hours), as well as the opportunity to upgrade your status for a quarter to Vip Silver status for 5,000 euros of deposits to merchants, instead of the standard 15,000. You can read more here about vip system and our offer – https://baxity.com/skrill-vip-program
I’m novice so I mostly signed up for their demo account which allowed me to experiment in real markets conditions, monthly on the MT4 terminal. I consider myself tech-savvy but HotForex is hard to unravel, especially if you’re new to trading like I was. If I had to start all over again I would go with either E*TRADE or TD Ameritzrade. Both have commission-free stock, options and ETF trades & they’re a lot easier to understand.
Thank you for such a detailed comment. We appreciate that very much!
Tbh I am satisfied with my currents, earnings. I am on micro now and if you take in account the fact that I keeps it inactive for up to 3 days at a time I think, I manage pretty well. Withdrawals go directly to my e-wallet so instant money.
Thanks a lot for sharing your experience with us. It will be useful for us and other customers. We appreciate that.