HOTFOREX BROKER PROS AND CONS
We have used the service to test out the broker, trying to compare every aspect; Swap, Spread, Commission, Inquiries Service, Support, Deposit and Withdrawal, and all of the services of Hotforex Broker and figure out what is suitable for traders.
There are many types of accounts.
They also Offer a Copy account and a Pamm account.
- High spread
- Deposits and withdrawals must be kept with evidence. Otherwise, deposits and withdrawals may not be accepted after 24 hours.
- High swap fees
- No support in the Thai language
FREE VPS HOTFOREX INFORMATION
Hot Forex does not offer both Deposit Bonus and No-Deposit Bonus for traders in Thailand.
Free VPS HotForex
Hot Forex charges $30 per month for VPS usage from customers who do not meet the deposit and trading requirements. For customers who can use Free VPS, the conditions are as follows:
HOTFOREX SPREAD AND SWAP
1. HOTFOREX SPREAD
Our spread and swap cost calculations are already charged per 1 lot open order size of Standard account (100,000 USD per 1 lot), so the value shown is in USD.
Hotforex offers six account types: Micro Premium Zero Spread, Auto Account, PAMM Account, HFcopy Account. To assess the broker’s spread and swap, we conducted a test of the spread check including commission cost. In order to compare the commission-free brokerage from all 4 types of accounts in real-time situations at different times, then averaged spread data is obtained as follows;
|Currency||MICRO (MT4)||PREMIUM (MT4)||AUTO (MT4)||ZERO (MT4)|
2. HOTFOREX SWAP
The daily cost of holding a trader’s position when trading with HotForex is charged when opening a 1 Lot Standard (100,000 Lot) order. It shows the daily cost of holding 1 Lot Standard account size as follows:
Spread and Swap comparisons of all brokers can be viewed to create a trading strategy. Build your own trading advantage here.
3. HOTFOREX COMMISSION
OTHER HOTFOREX INFORMATION
Hotforex broker, year unknown. However, since the author entered the trading industry more than 10 years ago, Hotforex has entered the market. Hotforex does not obtain much of the market segment in Thailand. Nevertheless, Hotforex is another broker that offers options in the Asian region with accountable credibility
Hotforex is financially registered with the country in which its office is located with the following information:
- HF Markets (UK) Ltd. is registered with the UK FCA.
- HF Markets (DIFC) Ltd is registered with DFSA, United Arab Emirates.
- HF Markets SA (PTY) Ltd. is registered with FSCA in South Africa.
- HF Markets (Seychelles) Ltd. is registered with the FSA, Republic of Seychelles.
HOTFOREX ACCOUNT USAGE
Opening a Hotforex Broker account can be done through the Platform. However, there are support services available as well which can be contacted through Support.
1. Hotforex FOREX Account Opening Documents
Documents required to open a trading account with Hotforex include:
- Identity verification documents for Thais is ID card or passport.
- The address verification document must match the address shown on the identity card, a copy of the house registration is recommended.
2. HOTFOREX Account Types
There are several types of Hotforex Forex trading accounts, which can be compared with Hotforex account types as follows:
The table shows the account types of Hotforex Forex Account
There are some of the Hotforex account types that have a commission for the service. You can find the comparison of the pros and cons between other brokers on the Forex Broker Comparison page.
HOTFOREX Support Service
We conducted a test of communication with Support via chat and made an assessment according to the criteria; able to fix the problem, promptness of service, problem-solving intention, not just sending links to read to acquire answers. Therefore, we have reviewed the broker and found the following service problems;
Support service is not available on holidays.
Support on Facebook does not reply to customers, only on a business day.
- The Live Chat channel has no staff to answer.
- Live Chat asks to send inquiries via email.
- The staff does not answer questions via email but allows customers to contact via Line instead by sending Line ID via email.
“Overall, the disadvantages of HotForex’s Support are; it is difficult to contact, Live Chat asks to send questions to Email and then Email to send questions in Line.”