HotForex Cryptocurrency Broker Review
Since 2008 HotForex has quickly risen to become a popular Forex and CFD broker among international traders. Recently they have added cryptocurrencies to their trading portfolios. HotForex’s main offices are located in Mauritius, where they are also licensed. HotForex is also regulated by Europe’s Financial Services Commission (FSC).
Platforms & Tools
HotForex offers only a few different platform options. Their primary platform is MetaTrader 4, which is offered both as a download and in a web terminal. There is also a MT4 platform compatible with Mac devices.
The one thing I like about their platform offerings is the fact that they put their own unique spin on the MT4 web-based terminal, which was smooth, easy to navigate, and I never experienced slow loading times or lag – which is a common issue with web-based trading platforms.
Available cryptocurrencies to trade on the HotForex platform are Bitcoin, Ethereum, Litecoin and Dashcoin. This is only 4 cryptocurrencies but it is a good start for this popular brokerage and we plan to see them add more variety in the future.
HotForex Account Types
Overall, HotForex offers 5 different types of trading accounts. They include: Micro, Premium, VIP, Currenex, Auto, and an Islamic trading account.
- Micro – The minimum deposit required for opening a new Micro account is just $5. Maximum available leverage is a massive 1:1000. Spreads vary, but start at just 1 pip.
- Premium – The premium account requires a $500 initial deposit and comes with a maximum 1:400 leverage. Spreads also start at just 1 pip.
- Currenex – This account also requires a $500 initial deposit, comes equipped with 1:400 leverage, but has spreads starting at only 0.2 per trade!
- VIP – The VIP account is for high rollers, and requires an initial deposit of $20,000. Maximum available leverage is 1:300 with spreads starting at only 0.2 pips.
Their Micro account is the best way to get started trading right away without a ton of risk. Definitely a value buy.
Pros & Cons
There a multiple reasons why we recommend using HotForex as your next cryptocurrency broker.
- Licensed and regulated
- Small trader friendly – start trading for as little as $5
- Very large leverage, maximum 1:1000
- Highly competitive spreads
- Total of 8 different types of accounts
- Large diversity of trading instruments
- Award winning broker
- Does not accept US traders
- Not many trading platform options