ForexBrokers com Awards: Best Brokers for User Experience

ForexBrokers com Awards: Best Brokers for User Experience

HotForex charges an inactivity fee of $5 from accounts that have conducted no trading activity in the last six months. You can avoid inactivity fees by using another broker such as Axi. Although cryptocurrencies are a new addition to HotForex, our reviewers were pleased to find that the broker still manages to deliver 12 of the most popular crypto pairs. You can trade the likes of Bitcoin/US Dollar, Ethereum/Euro, and Litecoin/US Dollar with just $1 commission. To open an account with HotForex, you’ll need to provide proof of identity and proof of address to have a live account.

• HotForex has some of the most competitive rates and fees in the online trading industry.
• Traders can deposit money into their HotForex trading accounts through Credit/Debit cards, Skrill, Neteller, UnionPay, WebMoney, FasPay, and Wire transfer.
• These videos explain various aspects of trading such as basic terms, how to use both MetaTrader 4 and 5, how to use technical indicators, and even trader psychology.
• To start, the minimum deposit is relatively low, and the account opening process is fully digital and super-fast.
• So we suggest you learn the pros and cons, risk of trading with high leverage priorly.
• The demo account functions exactly like the live account, only that the cash is not real.

Best Forex Brokers by Country

At HotForex, you can trade commodities as both spot and futures contracts. This includes energy derivatives such as Brent and Crude oil, as well as natural gas, which has low spreads and no commissions. There are also agricultural commodities to choose from, including coffee, copper, and sugar.

Which Account Types Are Available with HFM?

The broker clearly outlines the typical spreads, available leverage, swaps, and trading values for each asset on its website, so there are no surprises. HotForex promises fast transactions 24/5 during normal trading hours, and does not apply any deposit fees. A number of payment methods are supported including Visa and Mastercard, wire transfer, American Express, WebMoney, Skrill, Neteller, and a number of others. This Cyprus-based investment firm is licensed and regulated by CySEC, and also operates within the guidelines laid out by the Markets in Financial Instruments Directive (MiFID) of the EU.

Before you trade, AskTraders.

Tight spreads, fair deposit limits, and low non-trading fees also make this broker highly accessible. We’d be happy to recommend this broker to traders of all levels, yet we found that intermediate and experienced traders will find it particularly appealing. This is thanks to the advanced platforms and features it supports.

• HotForex is licensed by a number of high-tier financial regulators, including the one from the UK, UAE, and South Africa.
• As for the maximum number of parallel trades, you’re able to run 500 different trades simultaneously, and each one can be 60 lots in size.
• Furthermore, HFM gives traders access to indexes and shares, fixed-income securities and diversified funds, the availability of bonds and ETFs is another advantage.
• The information and videos are not investment recommendations and serve to clarify the market mechanisms.
• Plus, MT4 has a much larger user base and more pre-existing tools and scripts available online.
• You can get access to the markets and trade on your web, desktop and mobile devices.

HotForex customer support is up there with the best of them.

But when you are a new client, begin by registering a new myHF account to gain access to myHF area then launch the Demo Account. Moving on to MetaTrader 5, it is important to note that almost all features available on MT4 are also accessible on it, with one exception being the copy trading functionality. In this section, it is also important to point out the areas where HotForex is available for traders. As of right now, HotForex’s reach goes over 180 individual countries across the globe, which is pretty much all continents on Earth. As our team has discovered, creating an account at HotForex is a pretty simple and fast process.

We will start off with education because as a licensed broker, HotForex has to have a top-tier educational section with sophisticated materials, and we want to check out whether that is the case or not. As we have discovered, HotForex features a top-tier execution mechanism that ensures ultra-fast trades and convenient executions. The STP platform means that HotForex takes your orders and directly delivers them to liquidity providers. Well, according to HotForex, its RapidTrader FIX/API is an ideal platform for the highest-end traders, be they companies or individuals. With this software, the users can create more advanced orders, take advantage of automated quote engines and trading systems, and also use order-routing management systems.

If you head over to the “tools” section of the HotForex website, you will see hundreds of different in-house tools or third-party tools available for traders at no additional cost. This most positive selling point of this account is the low deposit rate as it helps different traders lay down a strong foundation before moving on to other options. And if something goes wrong, the system that you’re testing is losing or it’s not your type of trading, you can just restart or open a new demo account.

HotForex offers a social trading platform to HFCOPY account holders. This account allows you to copy the trades and strategies of successful traders, focussing on forex, gold, and bitcoin. This feature is especially useful if you are a beginner trader who wants to polish their skills by learning from professionals. As MT 4 is one of the most popular trading platforms in the world, this is a huge benefit as it means you may already be familiar with the software. If you’re not, don’t worry, as it’s very user friendly.With the MT4 platform, the broker promises you can trade all of the available instruments. However, as our HotForex reviewers found, you may need to configure the software to work with shares and cryptos.

What are the commissions at HotForex?

On your Android or iOS phone or tablet, the MT5 mobile terminal offers you complete control over your account. This platform is beneficial for hotforex broker review traders who need to access their accounts from anywhere in the world. MT5 is a sophisticated yet user-friendly platform that gives you complete control over your positions for a more enjoyable trading experience. While MT4 is ideal for the majority of traders, MT5 is also simple to use and available on desktop (Windows / Mac), online, and mobile (iPhone / iPad / Android / Tablet).

Its standout social trading capabilities allow users to copy the strategies of experienced investors or share their own trading ideas to earn exclusive perks. Identity must be approved before permission is granted to access live accounts to prevent money laundering, and this is according to the law governing the system. HF Markets offers the trading platform MetaTrader in version 4 or 5. This platform is multifunctional and offered by many other brokers. HF Markets’s regulation is one of the trending subjects amongst other top traders because HF Markets is among part of the few brokers that own multiple regulatory ranks across the world. However, the broker is one of the most regulated in the world and has certifications from more than 27 additional national agencies, mainly from various European countries.