Wednesday, June 12, 2013

HotForex Review

Today we will examine a much talked about forex broker; HotForex. They have invested heavily in ad campaigns in order to get their name out and apparently they have had some success in doing so. It appears as they are closing the gap to InstaForex when it comes to top forex brokers in Asia who cater to retail clients as a market maker. InstaForex still enjoys the number one spot and is well established, but HotForex is worth to take a look at so here we go.

Their website offers a nice design and adds to a professional feel as you brows what they have to offer. They offer the standard MetaTrader 4 platform and have a Micro, Premium as well as VIP account. The Premium accounts are basically standard account with a few added features such as the MyFX plugin for deposits above $2,000 which is rather high as other brokerages offer them for half that. The annual subscription is $249.

Their VIP account carries a minimum deposit of $40,000 and charges a commission of $3 per $100,000 traded. They do not specify it as an ECN account and it makes no sense to deposit $40,000 into a market maker account. In addition they also offer the Currenex platform and advertise it to scalpers with a commission of $5 per $100,000 traded. The minimum deposit is $500.

Those who do not care about forex trading, but prefer to follow others will get access to Zulutrade through HotForex. The minimum deposit for a Zulutrader account is $50. Please never confuse forex trading with forex following as they are not the same. Professional traders do not social trade and you need to be aware that you follow someone else and depend on what they do which has nothing to do with trading. As long as you are happy with that keep forex following.

They offer leverage of 1:1000 on their micro account and 1:400 on their Premium account. The also offer two forex bonuses, a 100% credit bonus and a 15% rescue bonus. You can find the explanation as well as terms and conditions on their website. They offer PAMM accounts as well as Islamic accounts and have added a Fix account where spreads are fixed in order to complete their overall account offerings.

A few nice perks they offer are a debit card as well as various promotions plus what they claim is the best affiliate program in the forex industry which may just be the case with 60% revenue share, 25% refer-a-partner commission and up to $15 per lot. The Last Bear has not come across a better affiliate program to date.

HotForex is regulated by the FSC in Mauritius and does not accept U.S. clients. The do offer a VPS service and several educational tools and seem to have everything for the retail markets they need.

Conclusion

HotForex offers an affiliate program which may be unbeatable and earned its spot on our list as Best Affiliate Forex Broker. They are an overall great stop for retail traders and ranks second only to InstaForex when it comes to established forex brokers with PaxForex still holding the Top Spot Best New Forex Broker. The Last Bear gives HotForex two claws up!

12 comments:

I'm not personally sure whether they are genuinely the best affiliate program in the industry, have heard mixed things about the program. I personally don't promote them even though I do think they do offer a pretty decent service in regards to trading etc.

Hi Ed, thanks for your feedback. Who do you trade with?

I trade at xemarkets now (XM.com). The issue I have with the HotForex affiliate program is that they allow traders to start their own affiliate scheme and signup under themselves and thus make a rebate.

I definitely recommend their Affiliate program. Im their affiliate and they are really true with their words. Their support is very nice, payout is good and accept variety of payment method.

@Ed: Glad that you like XM better, I prefer them over HotForex as well.

@ Forex Affiliate Programs: Thanks for your feedback

I have account with them from almost 3 years and I haven't has any major issues with them so far. They are good broker.

Dear Azhar, thanks for your feedback.

As an hotforex affiliate, I've earned $12,000 so far without any major issue.
If you want proof, you are free to contact me for snapshot of my account etc.

I prefer IC Markets ECN Platform. you can get 20% discount from www.icmarketsfx.com

Ahmer, I would always be careful with bonuses. Make sure you read the terms and conditions properly.

John, IC Markets never gives any kind of bonus, They have zero bonus policy.

That's good Ahmer. Real traders stay away from bonuses.

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