HotForex Reviews & Ratings
License: CySEC, FSC Mauritius, FSB of South Africa
USA Accepted: No
Trust Score: 94
I was so disappointed not to be able to give this broker a higher Trust Score because in all honesty, they do everything else so well. But rules are rules and in our scoring system, we had to take 1 point away for not having over 10 years of presence (which is fair) and 5 points for in my opinion not having a current major partner / sponsorship.
I will say however that their social responsibility page glows with donations and work with many charities including the Red Cross and UNICEF so once again, they really would be right up the top. Perhaps a re-work of our scoring system is on the menu.
Throughout their website, what was apparent to me was transparency. They present as much information as they can to satisfy all potential and current clients that this is the best forex broker for them.
Opening my Hot Forex account
Very easy. Fill in a few details and you're taken to the next stage where you have to upload the standard ID copies. Once that's done, took less than 24 hours for everything to be approved (obviously only if you upload the correct ID!).
Hot Forex features
Oh so many! Now here's one broker that promises the world and delivers and looks like they have been doing so for a long time. To start, every one of their social media channels are updated regularly and current. Their Facebook page has over 800,000 likes, their YouTube channel has daily market analysis videos. The main website is full of information, tools, educational materials and more.
One of the best features of this broker is that they have a dedicated website for daily analysis, led by Stuart Cowell. Now admittedly I don't know anything about Stuart but his profile reads well and I did some background research on him and found an article on HotForex as far back as August 2011 so at the very least, he has been working for them since then. I assume they wouldn't keep an analyst that wasn't performing so there's some credibility there.
There appears to be 3-4 LIVE webinars each week, that's a big commitment of resources and again they deliver.
Security of funds
Hot Forex make it very clear that client funds are segregated in stating "These funds are off balance sheet and cannot be used to pay back creditors in the unlikely event of default of the Company."
Additionally, Hot Forex provide negative balance protection. This safeguard against unexpected swings in the market ensures that your account will never go into a negative balance where open positions are unable to be closed due to wild fluctuations.
Hot Forex MasterCard
The icing on the cake for this broker is their very own MasterCard. A few other brokers have it too and I think it's a fantastic addition. There's a maximum withdrawal of $5000 per month to the card and you can only withdraw profit (because all deposited funds first need to be returned to the original deposit source) but nonetheless it's a very convenient way of transferring money and having it available immediately. Profited on a trade in the morning? Go spend it at night!
Give Hot Forex a try
I'm pretty confident that you won't be dissapointed. There's a lot of material available on their website which might make it look like a mountain to climb, but it's well organised, meaningful and helpful all at once.
HotForex User ReviewsNo user reviews submitted yet
What is Trust Score?
This is a rating out of 100 which we calculate for each broker based on a combination of factors, all of which you will find below on the scorecard.
Every broker starts with a base score of 100 and we subtract points according to what criteria they match in each category.
Whilst Trust Score provides a good insight into the broker's reputation, our overall rankings are based off our own thorough reviews plus the user reviews. Therefore, brokers with a high Trust Score aren't always guaranteed to be ranked at the top.
HotForex Scorecard - 94 / 100
|Category & Criteria||Point Deduction||Score|
|Years in operation|
|Over 10 years||0||0|
|Between 5-10 years||-1||-1|
|Between 1-5 years||-2||0|
|Less than a year||-10||0|
|No phone number||-10||0|
|No e-mail address||-10||0|
|No live chat||-2||0|
|Social media accounts|
|No Facebook page||-5||0|
|No LinkedIn page||-5||0|
|No Twitter account||-3||0|
|No YouTube channel||-1||0|
|No Google+ account||-1||0|
|No Instagram account||-1||0|
|Not on Apple App Store||-5||0|
|Not on Google Play||-5||0|
|Major partnerships / Public Exposure|
|No major partnerships||-5||-5|
|No negative balance protection||-20||0|
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