What services does HotForex provide?
- We provide access to the Forex, Indices, Shares and Commodity markets.
- HotForex acts as an intermediary between its liquidity providers and clients providing a secure environment from which clients can trade.
- HotForex provides the trading platforms from which all transactions are made. These platforms include the Metatrader platform(s), Mobile Platforms and also a Webtrader.
- We also provide many Trading Tools to our clients, such as Trading Calculators, Analysis reports from our Blog and Trading Central, Free Trading signal and many more.
Do you provide any recommendations or analysis for the Forex and other markets?
- HotForex does not directly provide trading recommendations, however we have a number of signal and recommendation providers that use our platform to execute their strategies. We can make this list available on request BUT do not endorse any of them over the other.
- We also offer highly sophisticated market analysis tools such as Trading Central reports.
How can I open an account?
- The first is the demo account, which provides you with access to the trading platform with real time price feeds but with a notional amount of money.
- The second is the Live Account. This allows you to open an account with real money to start trading straight away. You simply choose the account type that best suits you, complete the online registration and you are set to go. We advise you to read the risk disclosure, customer agreement and terms of business before you start trading.
- In both cases you can find the demo account or live account opening details under the account type tab at the top of the page or to the right by clicking the Open Live Account button or the Free Demo Account button.
- HotForex offers a sophisticated Client Portal called ‘myHotForex’. Within ‘myHotforex’ our clients can have all their accounts and related operations under ‘one roof.
Do I have to provide any documents to HotForex to open an account?
- We need at least two documents to accept you as an individual client.
- A National ID card, Passport, Driving License (or any other valid ID with your name and photo)
- A utility bill or a bank statement that has been issued within the last 3 months, with the address matching the address in your trading account.
- You need to scan your documents and forward them to us. Your documents will be checked by the verifications department within 48 hours. However, you will not be able to make money withdrawals before your account is verified.
What leverage is applied to my account?
- Leverage available for HotForex trading accounts is up to 1:1000 depending on the account type. For further details please go to our Account Types page on our website.
What is the minimum funding requirement to open an account?
- For the Micro account it is USD $5/$50 (for the Cysec regulated entity)
- For the Standard Account it is USD $500
- For the Volume Account it is USD $40,000
How can I deposit funds into my account?
- We accept deposits by wire transfer, credit or debit card, Neteller, American Express, Maestro, WebMoney, iDeal, Moneybookers, Sofort and China Union Pay and many more. The speed at which the funds appear on the account will depend on the method by which they were deposited.
How can I withdraw money?
- Money can be withdrawn at any time from the funds that are surplus to any margin requirement. To request a withdrawal simply login to myHotForex (your Client area) and select 'Fund
What is the spread?
- The spread is the difference between the bid and offer.
- At HotForex we offer both a fixed spread and a variable spread. Our spreads can be as low as 0.3 on EURUSD and many of the other major currency pairs.
What are the minimum trading volumes?
- The minimum trading volumes will depend on the account opened. However, the minimum trade size we accept is 1 micro lot.
What are the additional fees?
- There are no additional Fees.
Where do you get your prices from?
- HotForex clients have the ability to execute trades directly from real time streaming quotes, provided by the largest liquidity providers in the Forex market. Quotes are updated in real time.
Is HotForex regulated?
- The HotForex brand is regulated by the FSC in Mauritius which is operating under the name of HF Markets Ltd. and by CySec which is operating under the name of HF Markets Europe Ltd. Please note that HF Markets Europe Ltd. is operating as a white label of HF Markets Ltd.
When does the market open?
- A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, then London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night. The market is open 24/5.
What does it mean to be long or short a position?
- If you're buying some currency, you're opening a 'long' position, if selling - 'short'. For example, if you buy 1 lot of EUR/USD, it means you open long position for 100,000 of EUR against USD. And of you sell 10 lots of USD/CAD that means you open short position for 1 mln of USD versus CAD.
How do I manage my risk?
- The most common risk management tools in Forex trading are the limit order and the stop loss order. A limit order places restriction on the maximum price to be paid or the minimum price to be received. A stop loss order sets a particular position to be automatically liquidated at a predetermined price in order to limit potential losses should the market move against an investor's position.
What trading strategy should I use?
- Currency traders make decisions using both technical factors and economic fundamentals. Technical traders use charts, trend lines, support and resistance levels, and numerous patterns and mathematical analysis to identify trading opportunities, whereas fundamentalists predict price movements by interpreting a wide variety of economic information, including news, government-issued indicators and reports, and even rumor. The most dramatic price movements however, occur when unexpected events happen. The event can range from a Central Bank raising domestic interest rates to the outcome of a political election or even an act of war. Nonetheless, more often it is the expectation of an event that drives the market rather than the event itself.
What if I'm experiencing problems trading or would like to place an order over the phone or via the live chat feature?
- If you're experiencing problems with your trades, or would like to edit an order phone, please contact our execution team via phone . Please note that our trade execution team will only be able to edit or close existing trades only. Please note that you will be unable to open new trades.
I still have more questions
Please go to hotforex.com and select ‘Live Chat’. A live operator will be able to answer any questions you may have. We offer 24/5 live support to all of our clients.
Alternatively, simply send as an email to email@example.com.