This article is mainly for forex traders in Asia, or especially South and South East Asia. Why? Because HotForex is one of the few forex brokers that target the market there. So if you are from Asia, don’t skip this article. Today we’ll be talking about HotForex forex broker. Is it good? How good is it? Why should you open HotForex accounts? You can find all the answer below.
Why you should open HotForex accounts
First of all, HotForex is undoubtedly a reliable forex broker. As of 2019, HotForex has acquired up to 4 different forex regulations, which are FCA of the U.K, DFSA of Dubai, FSCA of South Africa, and FSA of Seychelles. Those regulations clearly show that HotForex aim at multiple markets across the world, from Europe to Africa and Asia. This broker wants to make sure traders can feel safe and confident when trading with them.
About trading cost, HotForex is the leader in terms of precious metals. Its spread for gold trading is among the lowest in the market. For the major currency pairs, HotForex spreads are from 1 to 1.2 pips, an acceptable rate. Especially for slippages, HotForex rarely lets them happen.
Slippage is a notification on the trading platform letting you know that the price on the market has changed dramatically from the price you entered. Slippage happens most frequently when the market is highly volatile.
Traders of HotForex experience very few slippages thanks to the strong servers of the broker. They help execute the orders quickly so slippages cannot happen.
Finally, since HotForex mainly aim at the Asian forex market, it has a very strong support team in this region. You can contact HotForex 24/5 and they can assist you in as many as 20 different languages including Chinese, Thai, Vietnamese, Filipino, Korean, and Arabic…
HotForex Micro account
The HotForex Micro account is available on all trading platforms (MT4, MT5, WebTrader, and Mobile Trading). You can trade anything with this account, including: forex, cryptocurrencies, metals, indices, shares, energies, commodities, and bonds. The possibility is endless. To open this account, you have to deposit at least 5 dollars only, the same rate as XM. Leverage of this account is up to 1:1000. The downside is that you can open 7 lots at once for one trade. This account is commission free.
HotForex Premium account
The HotForex Premium account is for traders with more experience in forex trading. Leverage is now lower, only 1:500. This is understandable. Because HotForex has acquired too many regulations, it has to limit down the leverage. To open the account, you have to deposit at least $100. Now you can open up to 60 lots for one trade. It is also available on all platforms just like the Micro account.
HotForex Zero Spread account
You can view the HotForex Zero Spread account as an ECN account. Since the spread is zero, commission is charged at the rate of 6 USD for the main currency pairs. The leverage is the same as Premium account, 1:500 maximum. However, the minimum deposit rate for this account is only $200, while other brokers charge up to thousands. This account is not available on the MT5 platform. No bonus can be applied to this account.
Those are the three most chosen accounts of HotForex. Now you know the best sides of HotForex forex broker as well as HotForex accounts. Let’s start trading with HotForex now.
Source from: Top6forexbrokers.net/broker-reviews