Traders are already familiar with HotForex. A broker specializing in Forex and CFDs, which since its launch in 2008, has been making noise in the field. It is notably known for its very competitive, or even unparalleled, spreads that allow traders to invest at lower costs. That being said, with the numerous scams in the sector, this kind of enticing conditions automatically raises doubts. So is this really a serious broker? Here is our opinion:
The best spreads on the market
It should be recognized that HotForex offers in trading are very interesting. Already, the broker is not limited to 3 types of account, but proposes 5. Thus, new traders can choose between a Micro, Premium, VIP, Currenex and FIX account, with minimum deposits ranging from $ 5 Only $ 10,000. HotForex also offers a Zero Spread option, which makes it stand out on the market.
Indeed, it is possible to benefit from "zero" spreads, and even with traditional accounts, applied spreads can reach 0.4 pips, virtually the best proposals on the market. For that you will still have to leave on a substantial investment.
As for the assets available, the traders at HotForex do not have to complain either. It includes the main currency pairs, global equities, stock market indices, and commodities and metals.
The trades are on the famous platform Metadata 4, available in web and mobile version. Many people have found problems with upgrades and even bugs using mt4 and hotforex. In most cases, customer service corrected errors or made repayments within a certain limit. This is perhaps the biggest negative point especially if one manually closes his positions or when one seeks to modify his stop-loss. Having to run after his broker for recurring technical problems, here is all that one hates when one is trader.
Guides and Customer Support
The trading portal of HotForex wants to be very complete. Members of the site can access training courses in trading, as well as various practical guides. Regular webinars are also offered by the broker for those wishing to know the techniques in trading.
In addition, HotForex makes available to its traders various tools such as economic calendars, trading calculators and analysis tools. The broker's customer service is also available at any time and can be reached directly by chat.
By chasing the reviews and comments we saw that the broker replied on the forums about the problems that his traders could encounter. This is a good point, alas, by the fact that his clients had tried several times to contact the support team. Even if today seems to be in order, we remain suspicious of his services.
A trusted broker?
Competitive spreads, wide asset selection, trading training, customer support ... we can not deny that HotForex today brings together virtually all elements of good trading.
And fortunately for traders, it is also a regulated broker. It is part of the register of financial agents REGAFI, which authorizes it to exercise legally in France. It also holds a license from CySEC and is regulated by the FCA in the United Kingdom.
Traders can invest in this broker even if the broker is slow to respond to the complaints. It is not included in the latest black list of the AMF. And if there is a dispute, you can always file a complaint with the regulators but also go through a truly reliable broker like IG.