Key features of our HotForex broker review
HFEU or Hotforex is an online commodity and forex broker platform. It allows their customers to purchase, sell, and trade products online. HotForex customers can create an account, which is then managed by the HFEU brokers. With a minimum deposit of $50 dollars, you can start investing and trading. You can also learn how to trade on Hotforex, using myhotforex to create a demo account. You use the trial account to exchange unlimited demo funds on the Hotforex mt4 and Hotforex mt5 system. Once you have learned how everything on the platform works, you can start investing on a live account and trade in different varieties of products that are available. There are up to nine different types of accounts that you can invest in on the Hotforex login page after depositing the minimum fifty-dollar deposit fee.
Mainly, Hotforex is a Meta trader-only platform for broker trade. Using the Hotforex mt5 system, the products you can trade on the platform include:
- Forex trade
- Shares trade
- Metals and energies
Hotforex launched in 2010 in Cyprus, and the website has been updated many times throughout the decade. The main office of the HFEU broker company is located in Larnaca in Cyprus. The sole claim of the Hotforex and HF markets belongs to the HF Markets Group. The current CEO of the company Hotforex is George Koumantaris. Let us dive into the HotForex broker review.
Hotforex claims that its staff is experienced and highly professional in their field of work. The company works with approximately 300 employees, including brokers and customer support. The main goal of the company is to work with experienced, skilled and knowledgeable brokers who can provide high-quality services to investors on the HFEU broker platform. In recent years, clients have faced difficulties investing in the Hotforex broker platform. Though the platform is improving over time, the limited options in stock and products put the clients in uncertainty. It may also jeopardize their investments to some degree.
The HFEU is not traded in public and does not operate any bank at all. This issue puts an amount of average to a high degree of risk for the clients who invest their hard-earned life savings in the Hotforex broker. The company has attained some amount of trade licenses over the years, which consist of:
- One Tier-1 license
- Three Tier-2 licenses
- Two Tier-2 licenses
Some customers have as well been getting inadequate treatment from the customer help and support. Records show that over 45% of investors have had significant losses, and some investors have had bad investment experience on the Hotforex broker platform. This characteristic led to a rise in trust issues amongst potential future clients and drove down the confidence in the investors working already on the Hotforex platform. Overall, the reliance score of the site is considered to a close eighty percent, acknowledging that the broker also helps educate the people wishing to invest in products in the future. As mentioned, the broker is making improvements in the platform by updating features, courses, and launching apps that help track and compare products and prices.
New features and updates
The Hotforex broker has been adding new features and updates which include:
- Updated courses and tutorials on their education forums.
- New products to invest and trade.
- Development of new mobile applications.
Updated courses and tutorials on their education forums
Hotforex offers free classes and tutorial videos and guides for their signed-in users. This feature enables new forex traders to learn and gain expertise on the Hotforex platform. The Hotforex website can be reasonably informative once the user takes advantage of the free education features available to them. Amongst free education that HFEU offers are:
- E-Courses on Forex education.
- Video tutorials.
- Web seminars.
- “How to” video guides.
It is appropriate that Hot Forex does provide a fair percentage of start-up information to new users and offers them a fresh start in the immense sea of the forex industry.
New products to invest and trade
The services Hotforex provides for business were also expanded. They added the cryptocurrency trade for interested clients. Cryptocurrency is a reasonably new product added to the Hotforex broker platform. However, HF does not offer you to buy or sell cryptocurrency as an actual (as a deliverable) purchase. But instead, it allows you to trade cryptocurrency with CFD (Contract for difference). Therefore the main focus of Hotforex brokers doesn’t appear to be on cryptocurrency.
Despite the Hot forex mt5, that claims to increase MetaTrader experience, HF offers a limited range of products for trade. In other words, HF has comparatively less digital assets available for business than other high-rated broker websites. Even though Hotforex is continuously improving and increasing its services to its clients, the current condition of the platform is not suitable for traders looking for more than “only” MetaTrader brokers.
Development of new mobile applications
Over the years Hot forex has been making some efforts and developing few programs. They launched the HF market analysis apps, developed with the help of FX Blue Labs. Initially, they provided premium trader tools that help investors monitor their trade history and evaluate their profits and losses. HFEU also introduced “HF copy,” which is a copy-trading platform. HOTFOREX is a relatively new platform, but it has a long trading history compared to many other similar platforms. This platform may be a unique factor that makes this broker different from others.
HFEU also provides the HF Mobile App for both Android and IOS. The HF Mobile App allows investors to organise their investments on their mobile devices. Thanks to its easy-to-use interface and menu options, the HF Mobile App is almost similar to the website version. However, the data does not synchronize with the client’s online account. The app offers real-time data in the form of charts and graphs, but HFEU did not include forex calendar in the options while developing the app.
This broker has demonstrated their efforts to improve their platform. The founders of Hotforex invested a lot to make the website informative and attractive to the visitors who wish to use their trading platform. Hotforex claims to have won many awards for its service throughout the decade. The development is visible to the viewers and potential investors, which is what the primary purpose of creating any website is. The commitment and transparency HFEU shows is worth some attention and would agree to rate it a four-star for development.
- Insubordinate Service
Perhaps it is not the liability of the developer. However, several comments made by investors in recent reviews about how poorly their experiences with this platform have been. The broker does not share its staff statistics. Several investors had concerns regarding customer service and support. Some investor problems got ignored, and their reports were unanswered. Therefore, after all the analysis and review, customer support receives an unfavourable rating of 2.5 stars.
- Limitation of products and services
One common issue in which everybody complains is that the company restricts the service information of the live account. This is one of the main issues faced by a large number of investors of HotForex. They argue that the range of products is inadequate compared to other leading forex trade platforms. Investors have encountered this problem for a long time, and it seems to be disregarded by the platform authorities. Therefore the trading service receives no more than 3.5 stars.
Conclusion HotForex broker review
HotForex deals with CFDs and CFDs come with a high risk of losing large amounts of capital rapidly. Recent reports and studies indicate that more than 70% percent of the retail investors lose massive amounts when they trade CFDs on this platform. Consider getting expert advice and recommendation before investing in CFDs. HFEU platform is recommended for experienced investors who have a full understanding of trading in CFDs. The overall rate for this platform is 6.0.
After our research and review we advise to not trade via this broker, especially when you are a beginning trader. A better option for new traders is eToro. The eToro platform offers many key features, find out which ones in our eToro broker review.