Although there are many trading platforms available, only a few are designed with the beginner trader’s needs in mind. One such platform is Hotforex, rebranded as HFM, created by the experienced team at HotForex Group in 2006.
HFM (new name of HotForex) is a well-known player in the forex trading market. Despite being one of the most widely used online trading platforms in the market, Hotforex also has a bad image. What then do you do? How can you determine whether the Hotforex trading review is reliable or whether you should stay away from this broker completely? An extensive analysis of HotForex is given in this article, with particular attention to HFM costs, and the broker’s reliability.
Company Overview
HotForex provides a variety of tools to support your success, regardless of your level of experience or interest in finance. Utilize the HotForex mobile app to trade with ease. Engage in immediate live chat with customer support agents, browse the educational portal for useful publications, and use the Trading Calculator to discover what options traders require. With so many tools at your disposal, it’s safe to say that HotForex offers a simple approach to trade at your own speed, even for inexperienced traders.
Trading Platform
With the HFM platform, traders may trade on 20 distinct currency pairings all on one direct-access trading platform. Among the various characteristics offered by Hotforex, the platform has very low spreads, quick execution, and no commissions.
Account Types
When it comes to trading as a beginner, there are various account kinds available. Regular, mini, and micro-accounts are the three primary account categories. More seasoned traders would be better suited with a standard account. Micro and mini accounts are intended for those who are just getting started.
Customer Service
Customer service is one of the most crucial aspects about trading. You need patience, support, and the appropriate resources and knowledge to succeed. HotForex is fortunate to have a top-notch customer support staff that is always available to assist traders with any inquiries regarding trading.
HFM Fees, Spreads, and Commissions
Understanding the HFM fees can assist traders make sense of what they have to pay, why they have to pay, and how their expenses compare to those of their competitors. Broker trading expenses are divided into two groups: trading and non-trading fees.
Trading fees are:
- Spreads (the difference between an asset’s ask and bid prices, with HFM being the average)
- Commissions (only available on Zero Spread accounts; competitiveness depends on assets)
- Swap rates (applied to leveraged positions overnight, where HFM is competitive)
- Currency conversion fee (undisclosed)
Non-trading fees are:
- Deposit fees (not charged at HFM)
- Withdrawal fees (not charged at HFM, except for a 1% fee on BitPay transactions)
- Inactivity fees ($5 per month after six months, $10 after a year, and an additional $10 each following year)
- Currency conversion fees
Is HFM Scam or Legit?
HotForex’s regulation by respectable organizations, such as the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Financial Conduct Authority (FCA) in the UK, is one of the main features contributing to its reputation. These oversight organizations make sure HotForex follows strict guidelines and offers customers a safe and reliable trading environment.
Conclusion
There is something that HotForex offers that will meet your demands and make you feel like a member of the family, regardless of how long you have been trading for. HotForex is among the greatest options available because of its expert setting, customer support, and affordable prices.
