HotForex Review – Trading With HotForex
Welcome to my HotForex review. I have been trading with HotForex since early 2013 and sharing with everyone my trading experience with them. HotForex name kept coming up when I was searching for more Forex brokers to trade with at that time and I have been with them ever since.
It’s not that HotForex is the best for all types of trading strategy and because each broker do have their pros and cons, this trading account has been serving me well for some of my trading strategy and serve it’s purposes.
Brief Summary of HotForex
They have been in business since 2008, registered and located in Mauritius and has a Category 1 Global Business License issued by the Financial Services Commission (FSC) of the Republic of Mauritius under the name of HF Markets Limited.
Many convenient trading platform are available to suit different trader needs with the most popular being MT4.
Same goes for the type of account available from micro to unlimited trade sizes, they offer the flexibility to trade at a level each individual is best suited for. Flexible with leverage up to 1:1000 and no restriction to EAs, scalping and hedging.
Lots of trading tools that you can use from analysis, economic calendar, VPS hosting, risk to reward calculator, pivot point, Fibonacci calculator and others. Traders are spoilt for choice with the number of tools available.
Funding and withdrawals is through various means such as bank wire, credit cards, skrill and neteller (my favourite not only for HotForex but other brokers too).
My Experience Trading With HotForex.
Started manual trading before migrating over to trading with EAs. Didn’t see any problem with either and then decided to try using my micro account for trading news release.
However, things just don’t look quite right when trading news release as compared to other brokers MT4 M1 chart. Couldn’t quite put my finger down on it so decided not to use this account.
Tried using a fixed spread account. Things look ok but trading journal always show off quote when I tried trading news release. After trying for more than a month with no success, decided to moves fund back to my micro account and stick to manual and other semi-auto EA for trading.
Trading with this micro account minus trading news release has been working fine to date. EA execution is good.
No problems with deposit and withdrawal so far.
Customer support via live chat is excellent and available in multiple languages. I have never move beyond English or live chat support so I can only vouch for the English live chat support which I will rate 10/10.
Will I Continue Trading With HotForex?
I have not encountered any problem trading with HotForex since I started with them so I am going to continue to use them as one of our preferred broker. That is, until something happens that changes my trading experience which might make us change our mind.
Whether it’s going to work for you or not is dependant on individual trader’s experience. What works for me may not work for you.
They have unlimited use of their Demo so you can test it out to your heart’s content. However, demo trading is not the same as live trading so don’t wallow too long in demo trade or you will never go into live trading.