Hotforex is a forex and commodity broker site that was founded in 2010 and is based in Cyprus and united Kingdom. Being a forex and commodity broker, it is able to connect traders around the globe to different trading platforms where they can execute their trade upon depositing some funds to their trading account.
Hotforex is well regulated by different financial watchdogs across the globe thus making it safe for traders. Some of the financial watchdogs is FCA( Financial Conduct Authority),DFSA(Dubai Financial Service Authority), FSA(Financial Service Authority) and FSCA(Financial Sector Conduct Authority).
DEPOSIT AND WITHDRAWAL METHOD
Hotforex provides several ways of depositing and withdrawing funds in their platform. Some of them are neteller, skrill, bitcoin, mpesa, visa card and fasapay. Deposit can take up to 10 minutes while withdrawal takes up to 3 days depending on the method used . Traders can deposit as little as $5 to their trading account.
In hotforex platform, there are two trading platforms being offered to traders. There is MT4 and MT5. Traders can use both webtrader as well as they can download the app to their computer or their mobile devices.
CATEGORY OF ACCOUNTS
In hotforex platform, there is both micro and premium account. In both accounts, traders can trade as little as 0.01 lot size.
This is the transaction cost that is being charged by brokers whenever a trader opens a certain position. It is the difference between the buy and sell. In hotforex, there will be a 0.1 pip charged whenever a position is being opened.
MINIMUM LOT SIZE
In forex trading, lot is the amount to be executed by a trader. 1 lot is equivalent to 100,000 units in forex trading. The minimum lot size both in micro and premium account that a trader can open is 0.01 lot.
This is the borrowing ratio that gives the trader the power to open positions. The maximum leverage that a trader can use in hotforex is 1:1000. That is, if the trader has $100 in their account, then he/she can be in a position of opening a position size of up to $100,000 if he chooses to use the leverage of 1:1000.
OPENING A TRADING ACCOUNT
Now that you have an idea about hotforex broker, it is time to open a trading account with them. You can simply follow the link from below and open an account and make sure to upload the required documents in order for your account to be verified;