Tools and Charts
TickMill provides users with a suite of trading tools to aid in decision-making. The trading program also lets you make charts and look at multiple time frames simultaneously.
A Trustable Trading Platform for Investors
HotForex Review
As you read this review of HotForex, you will become familiar with its many features. Although the broker has been in business since 2008, it still feels quite fresh because customers have only recently revamped their products and services. HotForex’s new approach to customer service and business operations helped the company win multiple awards from different groups. This shows how good the broker’s work is.
To find out why HotForex is the finest forex broker, read this. Hotforex is a leading foreign exchange (FX) and commodities (CFD) broker because of its high-quality trading services to individual and institutional traders. Hotforex stands distinguished from other ECN brokerage firms by offering superior customer service, a wide range of account options, and all the tools and software required for effective online forex and different commodities trading.
Trading Platform
With MetaTrader 4, one of the most widely used front-end software in the forex trading market, Hotforex provides traders with the greatest platform. With MT4 and Hotforex’s incorporation, traders are now provided with a user-friendly interface, interbank liquidity, and lightning-fast execution.
As a complete trading platform, MT4 equips users with everything they need to conduct in-depth market research, employ automated trading strategies (Expert Advisors), and execute transactions in a flash. Multi-terminal trading is another time-saving feature made available by Hotforex, letting users monitor and control multiple accounts from the same terminal.
Mobile App
You may have MT4 up and running on your desktop and ready for trading in minutes. This platform is good for both new and experienced traders because it is easy to use and has strong features. For those who would rather trade on the go using a mobile device other than a desktop computer, HotForex has a number of options, including the iPad Trader, MT4 Smartphone, iPhone Trader, and Droid Trader.
Trading Conditions
The high degree of competitiveness at Hotforex can be credited with creating favorable trading circumstances. Because of the low minimum deposit requirement and leverage of up to 1:500, clients can use multiple valuable practices and evaluate the operation of the accounts and terminal. The spread changes according to the conditions of the market, and the smallest possible spread is one pip wide; however, if you have a zero account, the spread will never be lower than zero.
Segregated Bank Account
You can be assured that your funds are secure in a segregated bank account with Barclay’s Bank, although not all brokers offer negative-balance protection. The broker takes security seriously, doing thorough background checks on each client to stop fraudsters.
As Cysec has received minimal complaints from HotForex’s previous customers, it can be safely added to the list of recommended brokers.
Safety and Protection
When it comes to the safety of its customers’ money, HotForex takes precautions. All money from clients is kept in separate accounts that are completely separate from the business’s main funds. Because of this, it can’t use customer money to pay its own bills or debts. An additional layer of protection is provided by civil liability insurance. Errors, mistakes, carelessness, and fraud are all covered up to €5,000,000. In addition, your negative balance is protected on HotForex. In this way, we know that the balance in our account will never go below zero.
Affiliate Program
A comprehensive affiliate platform that provides substantial referral opportunities is available through HotForex.com. The software lets users get paid regularly and connects them to a well-known support network around the world. There is no upper limit on commissions, and a wide variety of business arrangements can be negotiated. The most popular option is CPA, commission, or a combination of the two.
Leverage
These do change depending on the type of trading account. Depending on how much you deposit or how big your account is, you will have different options for spread sizes or leverage. The leverage available ranges from 1:100 up to 1:1000. Everyone agrees that a leverage ratio of 1:1,000 is too high and might not be in the best interests of the company’s customers.
Their leverage is exceptionally high, which makes it nearly impossible for rookie traders to succeed.
Spreads and Commissions
Due to the large number of currency pairs it offers, HotForex has a wide range of currency pairs to choose from. If you are starting out in currency trading, you should always begin with currency pairs that have a tight spread. In this scenario, even if you lose money, it will not be a significant setback for you.
The spreads by HotForex change based on the type of account that is ed with the company. The spread might begin as low as 0.2 pips for customers with VIP and Currenex accounts. In most cases, spreads for that other account begin at one pip. There is a maximum leverage of one to one thousand.
Non-trading Fee
In addition, users will be subject to an inactivity fee when their account has been dormant for six months or more. After this, around $5 will be deducted from your account every month. Despite this, there won’t be any fees associated with your withdrawals.
Deposit and Withdrawal
- Deposits : Although the standard minimum deposit to open a HotForex account is $5, the amount required will vary depending on the payment method you select.
- Withdrawals : The fees associated with withdrawals from HotForex change based on your chosen withdrawal payment option.
Payment Methods
TickMill gives its customers a number of different deposit alternatives for their convenience. Because deposits are processed instantly, you can get started investing right away. Additionally, there are no charges incurred when depositing monies. The following payment methods are accepted:
- Bank Transfer
- Visa
- Mastercard
- Skrill
- Paysafecard
- Neteller
- DotPay
- Sofort
- Rapid
License and Regulations
Several reputable monetary authorities keep tabs on this market-maker, which has its main office in the island nation of St. Vincent and the Grenadines in the Caribbean and numerous satellite trading offices worldwide. Since the Financial Conduct Authority (FCA), based in the United Kingdom, is the top-level regulator who watches over HotForex, the company has to follow several laws that keep its customers safe.
Customer Support
A good broker must provide a number of services, one of the most important being customer support. Kindness and perseverance in customer service are other hallmarks of a highly-regarded broker. Many testimonials attest to the significance of having helpful customer service representatives. If you have any questions or issues, you can contact HotForex’s support team anytime, day or night. During the onboarding process, new users often have questions or concerns about the platform and could benefit greatly from personalized help. HotForex’s support team is fluent in 12 different languages.
The Pros and Cons of Using Hotforex
- There are many different types of intriguing accounts to pick
- A better trading experience by providing a wide variety of tools that provide value
- A comprehensive assortment of commercial sources of information and products
- There are over 1000 different equities and nearly 50 different FX pairs available for trading.
Cons
- Customers in the United States and Canada should be served.
- There is no institutional trading platform.
Final Words
If you’re a trader looking for a cheap trading platform with no account minimum, you might have fewer options and less access to data than you’d like. HotForex, with its low spreads and expert trading platform, stands out from the competition.
For the novice and seasoned forex traders, the platform’s wide variety of accounts and types of assets, as well as its comprehensive information and analytical tools, make it an excellent choice.