Founded in 2010, HotForex operates as a unified brand of the HF Markets Group and maintains a regulatory status in Europe. While indeed HotForex shows great interest and impacts mainly in African, Asian and MENA regions which brings some of the great opportunities to the global residents. HotForex offers its trading service along with the applicable licenses that regulate the Forex industry, therefore delivers service trustworthily. The FX Trade market with abundance of competition, Hot Forex stands their competing with some of the best Forex Trading Brokerage Firms
Hot Forex following the trend and trying to increase their grasp on the Asian Market have introduced Islamic Banking Accounts. Following the standard procedures of Islamic Accounts, that all CFD and funds should be transferred from the trading account to another before the market opens on the next day or a standard charge of about 10$ will be deducted from the account. The amount remains fix and will not change in accordance to the interest rate as of that moment or the funds present in the account at that time. Islamic Account is only viable for those who are currently presiding in an Islamic Republic State and can prove their geographical and religious upstanding as well.
HotForex is a MetaTrader specialist that offers the whole MetaTrader suite, including both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) desktop and web. Desktop version upholds mechanized exchanging frameworks known as Experts through the MQL5 signals local area.
While MT4 and MT5 come standard, HotForex gives clients a discretionary set-up of trading tools, called Premium Trader Tools, created by FX Blue Labs. Features from the 12 tools on offer gave in the bundle incorporate Trade Terminal for cutting edge request execution, Connect for news, Alarm Manager for cautions, and extra specialized markers like Renko bars, rotate focuses, and request history. The Advanced Insights module is additionally accessible.
HotForex offers the ‘HF App’, which is its restrictive versatile stage with different research and tools. You can’t trade from it though, which is a shame, they are expected to add trading features within the live market as well in the future so one can for that time use the standard MT4 trading mobile application that comes along with the MT4 Suite
The brokers mobile application is a useful asset that encourages helpful exchanging anyplace, whenever. The application offers generally similar highlights as the web stage, remembering the worked for Client Portal, 45 specialized markers and 6 graph types. It additionally comes in 10 unique dialects and is custom fitted to new and experienced brokers the same.
The customer support is available in a staggering 30 languages including Urdu as well, which makes it easier for people in different parts of the world communicate with ease. Pakistani’s because of the hurdle of English communication (for some people) this makes it easier to communicate and convey their insights to the customer support teams. They have the standard landline customer support who do not keep their customers waiting on hold for much time and are diligent in tackling all issues and solving any queries that the customer may be facing, the teams are well-versed in the product and service knowledge and are courteous in communication.
The email support has gradually improved, previously the reply time was expected to be in about 4-6 days but now they seem to have worked on that and usual response time elapsed is about 1-3 days. The email support has can be a bit better as some customers tend to find some issues with their responses, they feel their queries are still unanswered or they at times cannot understand the information that has been provided in concern. Sadly, Hot Forex do not have a live chat support system currently in place, which is a shame because their email support needs a bit more improvement and this flaw could have been overshadowed if a proper live chat support system was their for people to shift their queries towards.
Commission charges are only viable on one of the five account types on offer by this brokerage firm, the remaining five earn through their spread values. The minimum deposit required for the account ranges between 10$ to 600$ depending on the account type you have chosen, the most preferred is the standard pro account which has a minimum deposit requirement of about 25$– 35$.
The typical spread values given by the broker is about 0.3-0.7 pips. Although the Premium Pro account has standard pip spreads at about 1.2-1.8 pips. There is the little matter of an inactivity fee which will be charged if your account is inactive for 90 days ranging between 5$-10$/month, other than that there are no other non-trade charges, such as withdrawal and additional deposit is free of charge and will not cost you a penny, although there maybe some charges from third-party banks which the brokerage firm is not liable for. The expense makes it a bit more on the higher side as compared to other Top Forex Brokers in the market although the deposit amount does make it more of an easy access for future traders
As they are not regulated by the FCA, there is the possibility of your capital being at risk. Hot Forex has been trying to make waves in the Asian market specifically in countries such as Pakistan, seeing there isn’t an official Forex Trade Market here, but the idea of law safety and funds protection also do not apply here, so while investing make sure understand the risks, and as always trading is not a simple game of buying and selling but an art of understanding how to exactly do that, so before jumping in the trading circuit make sure to have clear understanding of how they operate.
Fill In Your Details To Get Registered For FREE Forex Training!