HOTFOREX RATING -OVERALL SCORE {79.38%} (?)
HotForex is an ECN/STP broker based in Cyprus. The broker offers a great variety of trading options including CurreneX accounts, Automatic Trading, Free VPS, PAMM accounts, many trading platfomrs, wide asset index, CFDs on Futures, etc.
■ Deposit Requirements: 10 USD for Regular Accounts | 500 USD for the CurreneX Account
■ Funding: Cards | Bank Wire | Neteller | iDeal | Skrill | SoFort | WebMoney | Qiwi | Many More Local Funding Methods
■ Platforms: MetaTrader-4 | MT4 MultiTerminal | MT4 WebTrader | Mobile Traders
■ Customer Support: English | Arabic | Russian | Spanish | Chinese | German | Greek | Hindi | Japanese | Korean | Persian
The RatingFormula 5.0 gives a good rating score as concerns 'Trading Options' and 'Technology' and an average score for 'Competition'. As concerns trading styles, HotForex is a good choice for intraday and swing traders, but not for carry traders (not competitive swaps).
-Note: The trading conditions of HotForex were rated under the HotForex CurreneX account (min deposit $500).
HOTFOREX RATING SUMMARY
The following table contains HotForex's rating summary based on (i) three rating aspects, (i) three experience levels, and (iii) three trading styles.
| FOREX BROKER RATING | (MAX 100%) |
|
66.5% |
|
71.4% |
|
88.4% |
|
100.0% |
|
79.4% |
| TRADING EXPERIENCE | |
|
77.8% |
|
73.5% |
|
71.7.% |
| TRADING STYLE | |
|
76.1% |
|
77.1% |
|
42.5% |
HOTFOREX DETAILED RATING REVIEW
| HOTFOREX RATING ANALYSIS | ||||
| HOTFOREX TOTAL RATING | 100.0% | |||
| 79.38% | FULL ANALYSIS | |||
| A. HOTFOREX SAFETY OF FUNDS | MAX WEIGHT→ | 28.0% | 18.63% | Rating the HotForex Safety |
| A.1 HotForex License / Regulation | FCA (UK) = 10.0% | FINMA (Swiss) = 10.0% | NFA/CFTC (US) = 10.0% | BAFIN (GE) = 8.0% | ASIC (AU) = 8.0% | FSC (NZ) = 6.0% | CYSEC (Cyprus) = 6.0% | HCMC (GR) = 3.0% | FSC (BVI) = 1.0% | MiFID (EU) = +0.5% rating | 10.0% | 6.50% | HotForex is regulated by the CySEC = 6.0% rating, MiFID Rating = +0.5% | Total = 6.5% |
| A.2 HotForex Client Compensation in Case of Insolvency | Covering 50,000 USD/EUR/GBP = 5.0% | Covering 20,000 USD/EUR/GBP = 4.0% | Covering 10,000 USD/EUR/GBP = 3.0% Covering 50,000 USD/EUR/GBP = 5.0% | Covering 20,000 USD/EUR/GBP = 4.0% | Covering 10,000 USD/EUR/GBP = 3.0% Covering 50,000 USD/EUR/GBP = 5.0% | Covering 20,000 USD/EUR/GBP = 4.0% | Covering 10,000 USD/EUR/GBP = 3.0% Covering 50,000 USD/EUR/GBP = 5.0% | Covering 20,000 USD/EUR/GBP = 4.0% | Covering 10,000 USD/EUR/GBP = 3.0% |
5.0% | 4.00% | HotForex offers client compensation (in case of insolvency) up to 20,000 EUR through ICF = 4.0% rating |
| A.3 HotForex Country of Headquarters | UK, USA, Germany, France, Canada, Switzerland, and similar = 5.0% rating | Australia, New Zealand = 4.0% rating | Ireland, Spain, Italy, Cyrpus, and similar countries = 3.0% rating | Greece, Malta, South Africa = 2.0% rating | Offshore Countries = 0% | 5.0% | 0.00% | HotForex is the trading name of HF Markets (SV) Ltd, registered in St. Vincent and The Grenadines = 0.0% rating |
| A.4 HotForex Years in the Market | 10+ Years of Operation = 5.0% rating | 5-10 Years of Operation = 4.0% rating | 2-5 Years of Operation = 2.0% rating | 0-2 Years of Operation = 0% | 5.0% | 5.00% | HotForex was found in 2007 (10+ years) = 5.0% rating |
| A.5 HotForex Client Account Segregation | Client bank account segregation = 2.5% rating | No = 0.0% | 2.5% | 2.50% | HotForex provides client bank segregated accounts = 2.5% |
| A.6 HotForex Web Ratings | ForexPeaceArmy Rating = 0.5% rating | 0.5% | 0.38% | HotForex ForexPeaceArmy Rating is 3.8/5.00 = 0.38% rating |
| A.7 (+) HotForex ADJUSTING RESULTS | ||||
| A.7.1 HotForex Corporate Size | 1 million Trading Accounts = +1.0% rating | 500,000+ Accounts = +0.5% rating | 250,000+ Accounts = +0.25% rating | 1.0% | 0.25% | HotForex handles 350,000+ accounts = 0.25% Rating |
| B. HOTFOREX TRANSACTION COST | MAX WEIGHT→ | 28.0% | 20.00% | Rating the HotForex Transaction Cost |
| B.1 HotForex spread on EURUSD | <0.3 pip = 7.0% rating | <0.4 pip = 6.5% | <0.5 pip = 6.0% | <0.6 pip = 5.5% | <0.7 pip = 5.0% | <0.8 pip = 4.5% | <1.0 pip = 4.0% | <1.25 pip = 3.5% | <1.50 pip = 3.0% | <1.75 pip = 2.5% | <2.00 pip = 2.0% | <2.25 pip = 1.5% | <2.50 pip = 1.0% | <2.75 pip = 0.5% | 7.0% | 7.00% | CurreneX Account -Typical HotForex EURUSD spread is 0.3 pip = 7.0% rating |
| B.2 HotForex spread on GBPUSD | <0.85 pip = 4.5% rating | <1.00 pip = 4.0% rating | <1.25 pip = 3.5% rating | <1.50 pip = 3.0% rating | <1.75 pip = 2.5% rating | <2.00 pip = 2.0% rating | <2.25 pip = 1.5% rating | <2.50 pip = 1.0% rating | 3.00 pip = 0.5% rating | 4.5% | 3.50% | CurreneX Account -Typical HotForex GBPUSD spread is 1.1 pips = 3.5% rating |
| B.3 HotForex spread on USDJPY | <0.85 pip = 4.5% rating | <1.00 pip = 4.0% rating | <1.25 pip = 3.5% rating | <1.50 pip = 3.0% rating | <1.75 pip = 2.5% rating | <2.00 pip = 2.0% rating | <2.25 pip = 1.5% rating | <2.50 pip = 1.0% rating | 3.00 pip = 0.5% rating | 4.5% | 4.50% | CurreneX Account -Typical HotForex USDJPY spread is 0.6 pips = 4.5% rating |
| B.4 HotForex Trade Commissions | No Commissions = 7.0% rating | Commissions < $1.0 / lot = 6% rating | < $1.5 / lot = 5% rating | < $2.0 / lot = 4% rating | < $3.0 / lot = 3% rating | < $4.0 / lot = 2.0% rating | < $5.0 / lot = 1% rating | < $6.0 / lot = 0.5% rating | Higher Commissions = 0% rating | 7.0% | 0.00% | CurreneX Account -HotForex charge trading commissions $5.00 per Lot Traded ($10 round turn) = 0.0% rating |
| B.5 HotForex Overnight (SWAP) rates | Cost < $1.5 = 2.00% rating | Cost < $2.0 = 1.75% | Cost < $2.5 = 1.50% | Cost < $3.0 = 1.25% | Cost < $3.5 = 1.00% | Cost < $4.0 = 0.75% | Cost < $4.5 = 0.50% | Cost < $5.0 = 0.25% | 2.0% | 0.00% | HotForex rollover on a Long EURUSD trade worth 1 lot ($100,000) is -$5.4 | HotForex rollover on a Short EURUSD trade worth 1 lot ($100,000) is -$1.76 | Total cost in absolute value is $7.16, rating = 0.00% |
| B.6 HotForex Commissions on Funding | No Funding Fees = 2.0 % rating | One (1) Free Withdrawal Per Month = 1.0 % rating | Funding Fees Without Free Withdrawal = 0 % rating | 2.0% | 2.00% | HotForex does not charge withdrawal commissions = 2.0% rating |
| B.7 HotForex Inactive Fees | No Inactive Fees = 1.0 % rating | Yes Inactive Fees = 0 % rating | 1.0% | 1.00% | HotForex does not charge Inactive Fees = 1.0% rating |
| B.8 (+) HotForex ADJUSTING RESULTS | ||||
| B.8.1 HotForex Execution Model | ECN Execution = +2.0 % rating | STP = +1.5 % rating | Dealing Desk = +0.0% rating | 2.0% | 2.00% | ECN Order Execution Model (CurreneX) = +2% rating |
| C. HOTFOREX TRADING OPTIONS | MAX WEIGHT→ | 28.0% | 24.75% | Rating the HotForex Options for Traders |
| C.1 HotForex Forex Asset Index | 45+ Pairs = 8.0% rating | 40+ Pairs = 7.0% rating | 35+Pairs = 6.0% rating | 30+ Pairs = 5.0% rating | 25+ Pairs = 4.0% rating | 20+ Pairs = 3.0% rating | 15+ Pairs = 2.0% rating | 10+ Pairs = 1.0% rating | Less than 10 Pairs = 0% rating | 8.0% | 8.00% | HotForex Provides 45 Forex Pairs plus the USDX (US Dollar Index) = 8.0% rating |
| C.2 HotForex CFDs | CFD Trading on MT4 = 2.5% rating | CFD Trading on WebTrader = 1.5% rating | No CFDs = 0.0% | 2.5% | 2.50% | HotForex offers CFD trading = 2.5% rating |
| C.3 HotForex CFDs on Futures | CFDs on Futures = 1.5 % rating | No CFDs on Futures = 0.0 % rating | 1.5% | 1.50% | HotForex Offers CFDs on Futures = 1.5% rating | No CFDs on Futures = 0.0% rating |
| C.4 HotForex Free Practice Account | Practice Account = 2.0 % rating, No = 0.0 % rating | 2.0% | 2.00% | HotForex Provides a free Demo/Practice account = 2.0% rating |
| C.5 HotForex Trading Leverage | Leverage > 100:1 = 1.0% rating | Leverage > 75:1 =0.75% rating Leverage > 50:1 = 0.5% rating | 1.0% | 1.00% | 888:1 max Trading Leverage = 1.0% rating |
| C.6 HotForex Bonus/Rebate Promotions | 5.0% | |||
| C.6.1 HotForex Welcome Bonus (%) | Welcome Bonus >50% = 5% rating | Bonus >40% = 4% rating | Bonus >30% = 3% rating | Bonus >20% = 2% rating | Bonus >10% = 1% rating | 1.50% | 30% Rescure Bonus (Credit Bonus / Not Withdrawable) | Receives 50% of a 3.0% rating as you can't withdraw it = Final Rating is 1.5% | |
| C.6.2 HotForex Trading Rebate (%) | Trading Rebate >30% = 5% rating | Rebate >25% = 4% rating | Rebate >20% = 3% rating | Rebate >15% = 2% rating | Rebate >10% = 1% rating | Rebate >5% = 0.5% rating | 0.50% | HotForex Offers Trade Rebates via Forex-Rebates.com = 0.5% rating (CurreneX Account) | |
| C.7 HotForex Min. Account Size | Min Account < $100 = 2.00% | Min Account < $250 = 1.50% rating | Min Account < $500 = 1.00% rating | Min Account < $1,000 = 0.50% rating | 2.0% | 2.00% | The min. deposit amount is $10 = 2.0% rating |
| C.8 HotForex Number of Deposit Methods | For every deposit method = 0.5% rating | max = 5 methods | 2.5% | 2.50% | HotForex offers 5+ deposit methods = 2.5% rating |
| C.9 HotForex Number of Withdrawal Methods | For every withdrawal method = 0.5% rating | max = 5 methods | 2.5% | 2.50% | HotForex offers 5+ withdrawal methods = 2.5% rating |
| C.10 Minimum Stop-Order Levels (in pips) | 2 pips or less = 1% rating | 3 pips or less = 0.5% rating | 4 pips or less = 0.25% rating | 1.0% | 0.50% | HotForex offers 3 pips minimum stop-out levels = 0.50% rating |
| C.11 (+) HotForex ADJUSTING RESULTS | ||||
| C.11.1 Offering more than 100 Forex Pairs | Offering more than 100 Pairs = 1.0 % rating / No = 0 % rating | 1.0% | 0.00% | 45 Forex Pairs = +0% rating |
| C.11.2 Paying Interest on unused funds | Paying interest on Unused Funds = 0.50 % rating No = 0.0 % rating | 0.5% | 0.00% | No = +0% |
| C.11.3 HotForex Contests | Contests = 0.25 % rating | No = 0 % rating | 0.25% | 0.25% | HotForex offers Real/Demo Account Competitions = +0.25% rating |
| D. HOTFOREX TECHNOLOGY | MAX WEIGHT→ | 16.0% | 16.00% | Rating the HotForex Technological Efficiency |
| D.1 HotForex Trading Platforms Availability | For every Platform = 1.0% | max = three (3) platforms | 3.0% | 3.00% | HotForex offers MT4, MT4 Multiterminal, WebTrader, FIX trading platform = 4.0% rating |
| D.2 Trading-On-Charts | Offering Trading-On-Charts = 1.0 rating | No=0% | 1.0% | 1.00% | HotForex is offering 'Trading-On-Charts' = 1.0% rating |
| D.3 HotForex Slippage on Execution | Slippage < 1.00 pip = 1.0% rating | < 1.25 pip = 0.75% rating | < 1.50 pip = 0.5% rating | < 1.75 pip = 0.25% rating | 1.0% | 1.00% | HotForex Slippage on execution is less than 1.0 pip = 1.0% rating |
| D.4 HotForex Allowance of Automated Trading | Automated Trading is Allowed = 2.0 % rating / No = 0 % rating | 2.0% | 2.00% | HotForex fully allows automated trading = 2.0% rating |
| D.5 HotForex MT4 Platform Availability | MT4 is Provided = 2.0 % rating / No = 0 % rating | 2.0% | 2.00% | HotForex offers the MT4 platform = 2.0% rating |
| D.6 HotForex Mobile Apps | iOs= 1% rating | Android = 1% rating | Windows Mobile is 0.5% rating | max = 2% rating points | 2.0% | 2.00% | HotForex offers an MT4 App for iPhone and Android = 2.0% rating |
| D.7 HotForex Allowing Scalping / Hedging | Yes, both are allowed = 1.0 % rating | Only Hedging / Scalping = 0.5% rating | Both are Forbidden = 0 % rating | 1.0% | 1.00% | HotForex allows both Scalping and Hedging = 1.0% rating |
| D.8 HotForex Customer Service | 24/7 Support = 1.0 % rating | 24/6 Support = 0.5 % rating | 24/5 Support = 0 % rating | email support = 1.0% rating | Phone support = 1.0 %. | Live Chat support = 1.0% | Skype support = 1.0 % | Forum support = 1% | Call-Back = 0.5 % rating | 4.0% | 3.00% | HotForex offers 24/5 Customer support = 0%, via eMail, Phone, Live Chat = 3.0% | Total rating is 3.0% |
| D.9 (+) HotForex ADJUSTING RESULTS | ||||
| D.9.1 HotForex PAMM / MAM Accounts | PAMM / MAM Accounts = 0.5% rating | No = 0 % rating | 0.5% | 0.50% | HotForex is offering PAMM accounts = +0.5% |
| D.9.2 HotForex Free VPS | Free VPS = +0.5% rating | No = 0 % | 0.5% | 0.50% | Yes, Free VPS under policy = 0.5% |
| D.9.3 HotForex API Trading | API trading = 0.5 % rating | No API = 0.0 % rating | 0.5% | 0.50% | HotForex is offering API trading = +0.5% |
| TOTAL HOTFOREX RATING | 79.38% | |||
HOTFOREX LICENSES AND SIMILAR INFORMATION
The broker handles more than 350,000 trading accounts and offers customer support in 22 different languages.
■ HotForex is the trading name of HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582
■ HotForex is regulated by CySEC (Cyprus), Registration Number: 183/12
■ Banking through Barclays UK and BNP Paribas
■ HotForex is a member of ICF and covers up to 20,000 EUR per client in case of corporate insolvency
■ FOREX RATINGS: ► IC MARKETS | ► FXOPEN | ► FP MARKETS | ► FBS Group | ► AXI RATING
■ COMPARE: » BROKERS DIRECTORY | » AUTOMATED TRADING SYSTEMS
□ HotForex Rating Review
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