The Forex business used to be reserved for big investors on Wall Street, but thanks to the Internet every individual can have access to the promising market. Forex started to flourish around the globe, and Asian brokers have their share in it too. HotForex is a well-known Asian Forex broker that offers its services worldwide. It was awarded the best online Asian broker in 2012. This HotForex review focuses on one of the best Asian broker companies and summarizes the main characteristics of HotForex.
The History of HotForex
HotForex was established in 2008, and their longevity proves that the company is stable and able to adjust its services to the market conditions. Mauritius is the head seat of this flourishing broker company, and it is licensed by the Financial Services Commission (FSC). This is very important since the regulator employs international standards when it comes to regulating broker companies. This means that HotForex underlies the same strict laws and regulations as any European company. It is no surprise that the FSC gained a great reputation for the management of brokers. The FSC is supported by the Ministry of Finance and Economic Development of Mauritius which means that it is very influential. The financial assets of clients are handled by a third party and kept safe from abuse. Customers enjoy their trading rights under the law and are free to enter the business without fear of being ripped off.
Numerous Trading Platforms of HotForex
Some Forex brokers offer just a single trading platform but HotForex goes a step further and offer numerous different trading platforms to meet their clients’ different preferences. HotForex offers, of course, the MetaTrader 4 which is the favorite of the majority. It is very rare that a broker does not offer this platform (though it can happen) because it is the most trusted platform and among easiest ones to use. Another MT4 platform is offered specifically for Mac users. HotForex has another independent platform as well, which is called the Webtrader. HotForex Webtrader is also multilingual. The browser-based platform requires no download and is easy to use as well. Many clients find this platform as convenient as the MT4. These platforms are accompanied by the corresponding HotForex mobile app for iPads, iPhones, Android devices, and even Blackberries. The mobile trading trend keeps rising given that no one wants to miss out on a good trading opportunity due to unavailability. Therefore, many people prefer to observe the market changes several times a day; and to avoid sitting in front of the desktop computer, they conveniently do it over their mobile phones.
HotForex distinguishes between four account categories. The first one is the Demo account with free access to test the business in general. After that, they offer:
- The Micro Trading account is a modest account with small deposit requirements and suitable for small volume and casual traders.
- The Premium Trading account is for users with unlimited trade volume, and it is usually used by the more experienced and devoted traders.
- The VIP Trading account allows scalping and includes other benefits that very experienced and passionate traders know to appreciate.
You can also register with an Islamic account where you can trade according to Islamic laws.
HotForex Spreads and Bonuses
HotForex offers many currency pairs ranging from the major ones to exotic. Even if beginners are advised to stick to narrow spreads, the very narrow spreads are only offered with accounts that require high deposits, like the VIP account. The VIP account offers spreads as narrow as 0.2 pips. Leverage can be as high as 1:1,000, which is above average. If you deposit more than $50, you qualify for the 30% rescue bonus which increases leverage and opens the door to earn up to $7,000 of trading credit. Please note that you can use this bonus for trading and lose it, but you cannot withdraw it. Other attractive HotForex bonus offers include a 100% credit bonus, 100% supercharged bonus, etc. Make sure that you read all the Terms and Conditions related to these bonuses.
Deposits and Withdrawals
HotForex does not charge fees or commissions on deposits and withdrawals. The broker offers a variety of funding options in order to run transactions smoothly with no complications, including international transfers. The minimum deposit is very low, i.e. $5. Deposit and withdraw using the following options: wire transfer, credit cards, eWallets like PerfectMoney, Neteller, Cashu, Liberty reverse, Ukash, Webmoney and MoneyBookers.
Customer Support at HotForex
If you should have any questions, inquiries, or issues with registering, depositing, withdrawing, or trading, contact the competent Customer Support employees who are at your disposal 24/5.
As an international broker company, HotForex maintains a multilingual customer support service, namely in 12 different languages (English, Norwegian, Swedish, German, Portuguese, Spanish, Arabic, Japanese, Chinese, Thai, Farsi and Russian). Customer support plays one of the major roles in the business, since everything takes place online, and one might need assistance with all the rules, account types, trading platform, and everything else.
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