HotForex Reviews

★ ★ ★ ★

+Rate and review this broker below

Broker information

HotForex

  • Website:
  • Year since: 2010
  • Headquarters: St. Vincent and the Grenadines
  • Company registration: HF Markets Ltd., Company No.: 094286/GBL, Republic of Mauritius
  • Regulation: CySEC (license 183/12), FSC Mauritius (license #C110008214).

Rate and Review this Broker

Add Review

7 Reviews


CySEC fines HotForex and OptionTrade parent €105,000 for misleading investors

https://www.leaprate.com/2016/08/cysec-fines-cif-hf-markets-ltd-e105-000/

The Board of the Cyprus Securities and Exchange Commission (CySEC) has informed that it has decided to impose a total administrative fine of €105,000 to the CIF HF Markets (Europe) Ltd.

HotForex_Logo_bigHF Markets (Europe) Ltd runs the retail forex broker HotForex (hotforex.com) and binary options firm OptionTrade (optiontrade.com) businesses.

The full breakdown of the fine is linked to below. However the largest portion of the fine was due to information provided to the company’s clients being not fair, clear and non-misleading. In particular, CySEC noted that the company’s employees downgraded the risk of loses in trading the products offered by the company.

The fines were for noncompliance with the following legislation:

the Directive DI 144-2007-01 of 2012 of the Securities and Exchange Commission for the Authorisation and Operating Conditions of CIFs,
the Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the professional competence of Investment Firms and the natural persons employed by them.
In reaching its decision, the CySEC has taken into consideration the following:

the amount of administrative sanctions provided in the relevant legislation,
the importance attributed to the need to ensure that the persons subject to the supervision of the CySEC fully comply with the provisions of the Laws and the relevant Directives,
the seriousness attributed to the CIF’s obligation to act fairly, honestly and professionally in accordance to the best interests of their clients,
The importance attributed to the exercise of efficient supervision of the externally outsourced provider, such as not to prejudice the quality of control of the CIF and the interests of the clients,
The importance attributed to the protection of CIF clients’ interests,
the adoption of correctives measures/actions on behalf of the Company such as, inter alia, the following:
-the Company has proceeded in terminating its business relationship with the Provider,

-the Company has proceeded in reviewing its existing agreements (introducing brokers agreements with Service Providers), so that the type of services that Service Providers (introducing broker/affiliate) may offer have been clarified, and specifically that the Service Providers’ employees may not offer investment advice the Company’s clients.

-the Company has not committed a similar violation in the past.

To view the full report, http://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=1888f6fa-f385-4c1d-a967-7aa9d9a5e6f0


I started my forex career with hotforex because they were able to get me up and running the quickest. (They accept credit cards to start your account right away, but then ask you for all the same documentation as the other guys) Yes, the spreads are terribly high. In my opinion, this broker preys on the new and uninformed. When you first enter a trade you are required to risk the highest possible amount. After the trade is entered, you can go back and change your stop, BUT they will only let you move it to within 15-20 pips. They don’t like for people to minimize their risk. I quit using them in under a week.


I have an account with HOTFOREX.They are great scammers ever i seen in internet.My first deposited taked 1 week to be in my account in hotforex.i deposited via webmoney and usualy it take only 1 day.My favorite currency is gbp/jpy. i had a position on gbp/jpy 2 weeks ago and it was in profit 110pip. i left that open.after 1 day the gbp/jpy went down about other 180 pip.i puted takeprofit for position.the price raeched my tp.but i saw the chart they deleted my position and delet all my profit(about3000$).i contacted them via phone but no answer.the online support terminated the chat.and they didn’t answer my e-mails.i requested to withdraw my initial money .i sent them the withdrawal form by fax and e-mail.but after 10 days they didn’t answer me.do not pay attention to positive reviews.this company is really big scam.


Trading with HOTFOREX BROKER is not good enough I have been trading with HOTFOREX BROKER for a little over two months, using a VPS in the same data center. High spreads, slow execution, high slippage, very much unhappy with the service.
Big scammers!


the only JOKE I see here is a Mexican dude named Filipe Rodriguez trading forex from RUSSIA.. SERIOUSLY???!!! of all fake names to choose from you had to use a Hespanic name to post your fake review from a RUSSIAN IP? the same goes for the past 7 reviews posted below all coming from most probably the same person.

A reminder to all page users, pls back up your claim with evident details, account number or email address. lets not abuse the privileges provided by such a good site. and be wary of what we take in.


Come on guys, what a joke this Hotforex is . don’t believe to fake good reviews this is worst ever bucketshop i ever tryed in my life! always slippage and 2 minutes delays when you in profit. poor service.


Wheneve i submit my withdraw request to hotforex they do not reply me. Chat support always tell me, my request is in process..After few days they don’t respond me.I can’t find out the reason till now.


Hotforex company had told me that I have not earned ib rebats,even though my clients had done 200 lots trade.Hotforex company is cheater


I would like to draw the attention of the Mods, and Fellow traders, Its sad to see spam reviews, with claims with out having the decency to actually back it up with account numbers or even decent details, the last 7 reviews/comments posted are pretty much cheap paid for comments, the marketing is heavy in the forex industry, but spamming such silly claims might mislead honest traders looking for honest brokers, just a reminder that claims for bad reviews should be atleast decent or backed up with actual data this will work for both traders and brokers alike.


Hotforex is more of like a Casino or a game. Not at all fit for Professional Forex Trading. The Platform is one of their major drawbacks


I lost $150 in a single day because of a problem with their server.I was in good profit suddenly their platform stuck and I couldnt close my positions, and I talked to their support but didnt help me at all , after while the platform backed to work but i found my self in loses. Never trade with Hotforex.


One and only broker to scam you !! Never Deposit your money here…


Hotforex is the worst broker i ever experienced. Connection very slow, I decided to close my account but i can’t.


When I started trading with Hotforex, I deposited $500. It was transferred to my account within a hour. In first week I
make a profit of $400 and they disable my account saying illegal trading. I am surprised because I have 3 years of experience in trading. They are just scammers ..I will not suggest any trader to trade with hotforex.


Beware all positive comment you found on different site about Hotforex are made my themselves…they spend lot of money for making positive review…Hotforex is just a scammer.They closed my account without no reason.



They’re FCA authorized so I fell safe with them. I trade mostly on GBP and UK, EU indices and US stocks best CFD conditions I found so far. Withdrawals are always processed in time within 24 hours, mostly the same day I apply for them. Account manager is a quite skilled guy always bring me up to the speed when they introduce new features, etc. Here in my town Hotforex is all the rage so it adds up to my trust to them.
Good company and I give them 5 stars.


I deposited and started trading with this brokers , when i made some money i found that broker was trying to cheat me in trading , like i was closing the positive trade but it was closing in negative pips ,so i decided to withdraw the funds , i sent the withdrawal request but they rejected and stated that the account is under investigation , even my account was verified before i started trading. they asked me to send the documents by post , i sent them the docs but they are asking for 1 month to complete the investigation.
I don’t know what investigation they want????


It seems a scam, I`ve been trading with few money and lost everything in a fair way.Worst Broker!!


HotForex scam me, and don´t like pay me 50 USD of profits that i take with scalping EA. This is a Market maker and not real ECN



Love this broker very competitive spreads and decent execution speed. They offer NY close synchronized charts as well as stocks traded at NY bourses as CFD’s (US and EU stocks with even less spreads). Probably they have best trading conditions at JPY pairs, feed is very smooth and spreads don’t widen too much. I have small Premium account with 2500$ equity there and there is nothing to worry about them. Average monthly profit is 300-400$ bucks from it. Not too much but it’s good considering it’s and offshore broker and it do pays. My rate for them is 5-



I have acct with Hot Forex they are very profesiona they give me good spreads on EUR/USD. I trade everyday with them first week was loss but last week was gread I made 200 dolar profit. They pay me in my bank account all money.very good.



EA works perfectly with this broker. No slippage or significant spread widenings, opted for zero spread account to have my orders SL’ed rarely than on spread+markup accounts (what is very important). Platform is fast didn’t noticed requotes, market gaps or platform freezes as described in experiences of other brokers.



Testing EA there, no requotes, no stupid accusations in illegal trading as I received before from another broker. Withdraw profits regularly no hassle, hidden fees, processed within 24 hours. Very satisfied with Hotforex and recommend them as best broker!



First decent offshore broker I’ve found so far. No unfair slippage, though it’s crazy but manageable at NFP. Support is kind, fast and courteous, fulfilled my account audit request after hours same day! Like their various withdrawal options, use Skrill and Wire transfer, no issues. Going to move in premium account in several days will share my feelings later about that
Cheers.


I’m on their Micro account (267432) trading commodities using COT reports. Glad to have live CBOT data provided for free, while other services charges a good penny for that stuff. It’s traded as CFD’s so transactions costs are a bit cheaper than with standard futures brokers, charging per contract. Execution is quite stable but sometimes I get some slippage at the start of trading session, I believe it’s because of unstable liquidity.

Regarding support I would rate them at 4. Sometimes it takes a bit more time for their chart support to answer (I believe due to being over-busy) but when they are there it goes exceptionally professional. Still there are emergencies popping up in my trading and I demand for their quickest resolution.

A couple of words of of their Execution desk. There were intentional checks by me when settling down there to estimate how fast are positions closed using this option.Well, requests were handled properly, but market was quiet, so I wouldn’t count it as plus.

Haven’t made any withdrawals yet, only depositing through Wire Transfer. It’s really annoying policy that deposit and withdrawal methods should be the same as I am looking for workarounds of ducking taxes. Next time will try online payment system to optimize capital flow…

It is too early to make solid conclusions but what I can definitely say is that with my perfectionist nature, there are a lot of things to do for Hotforex to finally win my heart.


Here is what I get after 8 months trading with hotforex:

Relatively stable spreads close to the numbers stated on their website. Maybe not the tightest but for news trading it is pretty comfortable.
Regulated by financial commission of the charming island I had a chance to visit before.
Claims to have a STP execution what I strongly believe in and seems to get in trading (natural slippages, price changes)
Fast in processing your deposits. Somebody can find this statement jerky, but real traders know how important sometimes to support your positions with extra margin.
Good at withdrawals. Supports the system which is popular in VN (webmoney).

What I DON’T like is half-translated Vietnamese version. It could make some traders feel uneasy, but OK for me as I possess English, moreover trading advantages pretty make up for this drawback.


i cant get my money from this broker
what can i do i dont know
i just trade for get money and i dont know how can get money
every time i talk to get back my money and they say me we get back soon


I have done my research and this broker looks authentic. I opened a demo account with them about a week ago and l am doing well with my strategy…the spread is great but l noticed few re quotes on my orders. They respond to my text messages promptly every time I ask questions. Now, I am thinking about opening real account with them but l don’t think $10 round trip charge on ECN account is good enough compared to $4 from 1pipfix…l know the spread from 1pipfix is a bit higher but $6 difference on every round trip scalping is something to think about.


I am strongly advise to avoied open account with most currept broker. Anybody contact me for screen shot proof.
Uzair Mahmood Pakistn [email protected]


hotforex one of the best broker I used for 6 months.
bonus hotforex *****



I would like to commend hotforex for an excellent job, I had an issue with price and my position was liquidated, I contacted execution and the manager was kind enough to attend to my concern and reimbursed the amount that I’ve lost, and it was faster than I expected. What can I say, They are very professional and I am very pleased.


I have read in some forums that there will be a new contest with Hotforex this time its a demo contest and they offer great rewards up to 2k usd a month I will participate and see if they are good and see also how good I am in trading and how will I perform ) will try to get back here with a feedback, I see there are so positive reviews I hope I will be convinced .


I must confess that this is the best brokers i have seen so far. The customer support team are very good in response, the platform well OK very organize, good for trading no re quote, no stop loose hunting. i really appreciate them they are good i recommend any professional traders to trade with them and up coming traders as well. the are good, they are 99% good.



I Like this brokers, I trade with hotforex with a couple of friend, everything is easy, my questions are answered quickly and professionally, even though I have a small account but im treated fairly good, execution is more stable and improving a lot, I am a position trader so I do not face any problems with slippage, withdrawals is my biggest concern and im happy to say that I have no problems at all, my withdrawals are processed with in the day so it’s all good, I can safely recommend this broker.


My hotforex issue (acc. # 54684) has been resolved.

I have received full account withdrawal at this April 17, 2012.

It took long one and half month for the resolution.

It wouldn’t possible without your help and co-operation.

Thanks to all.

——————————————————————–

Case post (please ignore)

Please check the following snapshot
http://dl.dropbox.com/u/3526907/review/hotforx_scam.png

Here is the myfxbook statement
http://www.myfxbook.com/members/oliveruk/hotforexscam/255865

I deposited $178 and made around $1157 profit in one month
While paying out hotforex simply denied me to give me any profit
They have corrected the balance (excluded the whole account profit) by showing a withdrawal.

Hotforex has threaten me that they will block my initial deposit as well
I was using a 100% scalping robot
While withdrawing time they denied to pay me out.

These kind of forex brokers are getting Financial Services Commission (FSC) of the Republic of Mauritius license with small amount of money and carrying on their (STEALING) business remotely from different countries/locations I think.


one word “FRAUD”. Scammer is perfect word for Hot Forex. I am using
hotforex account number 49xxx from Jan-12.I am new forex trader and
much not aware of it hence i lost 2400usd in 3months.
Till the time i make loss,evertything is alright but when i open an
position 13/03/2012 of DAX index 7 lots order number 12220221 @6939
.After few hours of opening the position I got mail from Support team
asking to close my position immediately as they are closing my
account.

When I contact them for reason they said “They are closing my account
because of my husband as my husband already been scammed by them and
its deal between them is that my husband will never trade again with
hotforex.”Its a deal between my husband and Hotforex then how they can
close my account? .I am an individual and have seperate identity.

They can close anyone account if they feel that client has made enough
money or is going to make large profit.

I came to this forum because of it strenth and its power.I just want
to warn that they will eat your money by any way like
deposit,withdrawal,slippage,wrong stop out or closing of your account
by showing you client aggrement.
They are also not regulated and their license is also fake and you not
find it on FSC website
http://www.fscmauritius.org/media/43832/list_of_investment_dealers_and_representatives_of_investment_dealer270312.2012.mht

PS: My DAX position of 7 lots @6939 made high of 7200 without coming
down to my price and it has straight way of 6939 to 7200 .You can
check the chart of DAX during that period.My virtual loss is $2000 due
to thier mail of closing my account.After so much request for begging
my money they only sent $340 16/03/2012 on condition that I will never
trade with hotforex again and will not tell anyone about the
incident.Till time I am scared and never discussed with anyone but
after sharing it with my friends i cam to know that I became a victims
of scam and lost more than $2000. I concern with my lawyer and he said
that we can file a case against them in our regulatry.I will update
you again once i do any further step.

Beware of HOTFOREX and don’tlost you single money to them


I just check “http://www.fscmauritius.org/being-supervised/register-of-licensees.aspx” –>Global Business –>Management Companies (Management Companies- Last updated 20 March 2012). I couldn’t find any word “HF Markets Ltd” or “HotForex.com”. That’s weird or may be just my eye. Well if that’s certificate “http://www.hotforex.com/en/about-us/regulatory-environment.html” a fake (I hope not) then maybe the company also a fake/scam. Oooopss I am sorry too early to make conclusions.


Please check the following snapshot
http://dl.dropbox.com/u/3526907/review/hotforx_scam.png

Here is the myfxbook statement
http://www.myfxbook.com/members/oliveruk/hotforexscam/255865

I deposited $178 and made around $1157 profit in one month
While paying out hotforex simply denied me to give me any profit
They have corrected the balance (excluded the whole account profit) by showing a withdrawal

Hotforex has threaten me that they will block my initial deposit as well
I was using a 100% scalping robot
While withdrawing time they denied to pay me out.

These kind of forex brokers are getting Financial Services Commission (FSC) of the Republic of Mauritius license with small amount of money and carrying on their (STEALING) business remotely from different countries/locations I think.


It’s a positive experience with hotforex after I switched from my previous broker last October. So far there are no issues at all, and I can get help very quickly from the customer service via email when I met up with any question.

I’d withdrawn my profit once last december, and I am happy that it took me only 5-6 hours to get the money to my moneybooker account.

it seems that there are some good comments on its ipad app. I am planning to buy a new ipad 2 next month, still confused whether buying a 3G+wifi version or a wifi only version.


so far so good, no complains, super friendly customer service, like the execution, deposit was super fast, have not made any withdraws yet so will see, but based on what I am seeing so far I have to give them 5 star


Previously I use my domestic brokers, I took a chance to try somthing new after reading many reviews here.

I tried 3 brokers and finally found hotforex suits me the most,before I opened the live account, I’d used demo account for 2 months for scalping test to make sure everything is fine.

I’d used them for half a year now, and I’d say ‘m happy with the service.

I’d never had a problem with deposits and withdrawls, they support many payment gateways, i use moneybookers and there is no extra charge for withdrawl. and also there is no slippage for me, which is the most important thing I value.



I am maybe not so experienced trader, but lastly I have made a so good profits, maybe not because I am so good at trading but Its thank to Hotforex, this is the only company that I could trust I really feel that they want to help the traders and they have even got accounts for every category ! small account that allow any one to trade starting from 5$ + they have Islamic account !! its really great cause I am using one and I have happy with the way it works ! … they have got so low spreads and the execution is pretty fast !! .. I traded with them 8 months and they are just so great !



I have been trading with Hotforex since February 2011, and I find them pretty good, I have tried a couple of brokers before and I have had ups and downs with them it depended on mnay factors, but with Hotforex and during all the last 10 months that I have spent trading with them, I got no problem at all .. they had some connection issues last month as they were upgrading their system but it was all fine and they explained well via their costumer support service team …. in the last 10 months I have just been wishing that I found Hotforex long ago because my profits are amazing lastly ! and all what I can say is : I am so happy !



I’ve been trading for a couple of years now, I was introduced to hotforex by a good friend, and I decided to join them with a demo account on June of 2011. I tried their live chat first, it was really fast, and my simple inquiries were answered. I mainly use the mt4 platform even in my previous brokers, after a couple of weeks of trading demo, I decided to go with a micro live account, I had no problems opening an account, their support contacted me in a matter of minutes to verify, they were very nice. Things were ok, spreads was very reasonable, there were times that it went up, but all in all it’s a lot better than many brokers out there. There was a period of time (around September/October) where there were disconnection issues, I guess it was due to the increase of the number of traders (not sure though), but it was all manageable. Reading along the forums, there was news of hotforex adding servers which is really good. On mid November and December there were almost no disconnections at all. That issue was the only thing that I’ve noticed, and seems to be solved. Withdrawing money is easy with hotforex, honestly it only takes a couple of hours for me to see my money in my bank account, that is definitely a plus. I would safely recommend hotforex to any trader out there. I give them 10 /10.



I’d been dealing with forex for 3 year, using several accounts on various brokers, however there are problems from time to time. I started to use hotforex late last year and everything is fine. actually This is a good broker, I love it. their customer service is the best i’d met up with.


Hotforex is the best broker for me !
I am very happy with them !! and I must say that they have got a remarkable costumber service !
I wish that they will always be like they are now and they will go forward with time .. because they are simply the best !


I am using the Currenex MT4 account. Just this week, my EA turns on a trade on gbpchf. Suddenly, there was a spike of about 100 pips for no reason( no news and is very quiet trading period) and it hits my stoploss ( USD 2000).

I went to double check with my other Live account FX Primus and shows no spikes. I further double check on Axi Traders live account also shows no spike. I wrote an email to Hotforex with the screen shot showing my other 2 brokers have no spikes and to dispute the trade and requesting to void the trade and reimburse me on the losses.

They came back after a few hours sending me a screenshot of FXCB and other brokers stating that there is spikes. I demand a reason for the spike as there is no news at that timing and my other live brokers shows no spikes.

They are not able to explain but only to say that they will check with the liquity provider to check whether that is a bad tick or genuine price movement. They have not got back to me after 3 days.

This is the first time I experience this even though i heard lots of stories about this. If they are not going to reimburse me the looses, i will close the account as I dont want my client and my money goes into the drain.

I also have ECN account with FX primus and Fx open. None of them gives me this problem. I am still waiting for their reply.

I will send an update after their reply.

Thanks and Regards

Admund



I have been using HotForex for about 5 months now and I’m impressed with their customer service. They even offered me support in my own language (chinese). I’m also happy with the spreads and the execution times. As every other brokerage there are some small glitches from time to time, but it’s nothing too bad and if there is anything wrong they are on top of every issue very quickly. P.S. Sam I have checked your review and I think you had a margin call on your account, becaue you went with a very large volume for such a small account…



Hi guys,

I am satisfy with Hot Forex.
Accessing from Europe here is also very good.
Service is excellent, and I like their Trade Signals free forex predictions too…


good broker



Huge bonus,great customer service, tight spreads, 6 platforms! What else do I need? I withdraw my funds and deposit funds without any issues or delays…top forex broker I ever try 🙂

HotForex is great!

– The always reply to me promptly
– They just launched an incredible 50% BONUS on EVERY deposit campaign. (Withdrawable, conditions apply.)
– Amazing spreads! Currenex spreads as low as 0.6 pips plus a commission.
– Ton of deposit and withdrawal options.
– Nice execution speeds

I enjoyed their service so much that I decided to eventually become an affiliate.

For more info, please visit: http://www.hotforex.com/?refid=****

P.S.: Please use this specific link as it will appear as my referral.

Thank you.

very very good broker, they provide
30% Bonus on ALL deposits
support 24 hrs a day
Tight Spreads
Multiple Trading Platforms such as , MT4, Mobile trading

they never delay my payment just that they don’t support paypal. so im using liberty reserve.
Thanks

if you interested click the link below
http://www.hotforex.com/?refid=****

thanks..

Fantastic broker.

Free Trade Signals
30% Bonus on ALL deposits
Very good Executions
Great support 24 hrs a day
Tight Spreads
Multiple Trading Platforms such as , MT4, Mobile trading

would recommend them to all brokers out there.

check them out: http://www.hotforex.com

Hey everyone,

I have been trading with this broker for a little over a month and have abosolutely no complaints. Quick withdrawls, really nice spreads, great execution rate. They are a STP broker so they do not trade agains you and they offer a 20% bonus deposit on EVERY deposit. They acept major credit cards and many other funding possibilities.

If your interested, here’s the link (Copy/paste): http://hotforex.com/