WikiFX Review: Is HotForex trustworthy?

What does HotForex look like？

Founded in 2010, HotForex is a brand name of HF Markets (Europe) Ltd. A financial broker that provides both individual and institutional clients with online trading services. HotForex itself has headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines, all under respective regulatory authorities.

If you want to know whether HotForex is a reliable forex broker or not, please continue to read.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of HotForex based on the facts.

What is WikiFX？

To explore whether HotForex is a scam or not, we evaluated HotForex from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1. Evaluate the reliability of HotForex based on its general information and regulatory status

(from HotForexs website)

To understand HotForex better, we explore HotForex by analyzing its main perspectives:

A. General Info of HotForex

B. Regulatory Status

C. Fund Security

A. General Info of HotForex

HotForex's general info has been shown below:

(from WikiFX)

• According to its website, HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients.

• This broker supports 19 languages, which gives worldwide traders a huge convenience.

Market Instruments

HotForex offers popular tradable instruments of the global financial markets, including forex, precious metals, energies, indices, commodities, electronic currencies, bonds, ETFs, stocksDMA, etc.

Account Type& Minimum deposit

In terms of minimum deposits, there are six account options on offer on HotForex platform, namely Micro, Premium, Zero Spread, Auto, PAMM Premium HFCOPY accounts. The minimum deposit for a Micro account is $5 (which is quite reasonable for beginners to get started), and $500 for strategy provides, $100 for followers in the HFCOPY account.

(Source: HotForex website)

Trading Platforms

This broker uses the MT4 and MT5 platforms as its main platform. These platforms can be used from different terminals, such as desktop, web, iphone, ipad. Moreover, this broker also offers clients HotForex FIX/API. The HotForex RapidTrader API is the perfect solution for professional traders looking to take advantage of a dynamic, integrated environment.

Customer Service

Their customer service team will always be there for you 24/5. You can contact HotForexs execution team through email, telephone, and Live-chat.

Spread&Commissions

The minimum spread for Mini accounts starts from 1 pip, and no commission is charged for trading. For Premium accounts, the minimum spread starts from 1 pip, and no commission is charged for trading. For Zero Spread accounts, the commission is $6 per lot (round turn). For Auto accounts, the minimum spread starts from 1 pip, and no commission is charged for trading. For PAMM accounts, the minimum spread for high users starts from 1.1 pips, and no commission is charged, and the minimum spread for high plus users starts at 0.3, a fee of US$6 per lot (round turn) charged. A comparison of HotFX spreads with other traders is shown in the chart below.

Restricted Areas or Countries

Please note that this broker doesn't offer service to U.S. citizens or residents.

B. Regulatory Status

The legitimate license of HotForex

HotForex is a regulated broker. It is regulated by the CySEC in Cyprus, with regulatory license number 183/12, its UK entity under the regulation of FCA in the UK (license number 801701), Dubai entity under the regulation of DFSA in Dubai ( license number F004885), and Spain entity is authorized and regulated by the CNMV under the license number 3427.

C. Fund Security

On its website, HotForex has a specific page to emphasize the safety of clients funds. Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back.

2. The feedback from Twitter

To figure out whether this broker is a scam or not, we made a survey about HotForex on Twitter.

Reviews on Twitter:

• As of April 13, 2022, HotForex does have an official account on Twitter. This account was registered in 2011. And it currently has 52.6K followers. It interacted with people very often.

• As a worldwide forex broker that has brunch addresses around the world. HotForex also has other official accounts that focus on a specific certain market or aspect, such as HotForex Analysis, HOTFOREXmarket@trading, and HotForex Nigeria.

3. Exposure related to HotForex on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

The complaints against this broker have reached 25 in the past 3 months. Below are some cases we found among them.

The trader who comes from Paraguay questioned the transparency of HotForex. He/She was not able to withdraw the money from this broker.

A client of HotForex from Bangladesh did not have his account updated after he deposited his money in the account. HotForex officials are also not helping him regarding this matter.

4. Special survey about HotForex from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

According to WikiFX, HotForex has been given a decent rating of 7.13/10.

(Note: Because different regions have different levels of regulatory strictness, the score of the same broker might be slightly varied in different regions. For details, please consult WikiFX customer service.)

(source:WikiFX)

According to the above, it seems that HotForex is not good at risk management. Risk management includes the measurement, assessment, and contingency strategy of risk. Ideally, risk management is a series of prioritized events.

B. Field Investigation

• To help you fully understand the broker, WikiFX investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• WikiFX did make a field survey on Exness on Dec 2018 and the survey team successfully found the physical address.

(source:WikiFX)

C. WikiFX Alerts

(source: WikiFX)

5. Conclusion: Is HotForex a legit broker or a scam？

HotForex is an award-winning financial broker, it is regulated by the CySEC and a retail foreign exchange licence issued by the Financial Services Commission of Mauritius. It is no doubt that HotForex is not a scam. However, due to too many recent complaints, we advise you to do more research and make yourself comfortable before making a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.