HotForex Review 2021 – What You Need to Know Before Getting Involved in a Hot Forex Scam
The HotForex review 2021 warns traders to stay away from HotForex and recommends other service providers. The company claims to be a global broker, accepts Bitcoin, and doesn’t allow scalping. However, in reality, the company does not meet these criteria. Here’s what you need to know before you get involved with this scam.
HotForex is a global broker.
You need to check its reputation if you are looking for a global broker to invest in forex trading. For example, HotForex is an online broker that does not comply with regulations in certain regions. This means that it is a risky investment option. Moreover, HotForex does not provide its clients with detailed information about its team.
HotForex is a global broker that provides services in over 180 countries. This makes it a good choice for people from different countries who want to trade Forex. Besides being licensed by CySEC and the Dubai Financial Services Authority, it is also regulated in the United Kingdom by the Financial Conduct Authority. It has many awards in the forex industry, including the “Best Global Broker” award, and has been accredited by several regulatory bodies.
It offers multiple account types.
HotForex offers multiple account types, including zero spread, VIP, and PAMM accounts. Depending on your country, you may be able to deposit and withdraw funds using a credit card or bank wire. The HotForex zero spread account has a spread as low as 0 pips, but the spreads can vary. Zero-spread accounts are perfect for scalping, and the average spread on EUR/USD is only 0.3 pips, while other account types have low spreads.
HotForex’s multiple account types should be an excellent place to start if you’re new to trading forex. You can deposit as little as $5 or as much as $500. Most deposit methods are instantaneous, though wire transfers and cards may take two to five business days. HotForex also doesn’t charge transaction fees.
It accepts Bitcoin
HotForex is a legitimate broker that accepts Bitcoin. You can deposit and withdraw funds from HotForex using all major credit and debit cards. However, you must remember that the company can only return funds to the same card and not to another card. Moreover, HotForex only supports BTC/USD and BTC/EUR trades and only offers a limited range of markets. Hence, it is essential to check out other features of HotForex before deciding.
HotForex is fully regulated in South Africa and several other jurisdictions. The company has had a license from the Financial Sector Conduct Authority (FSCA) of South Africa (FSCA) since 2016. HotForex is also regulated by the Financial Services Commission (FCA) of the United Kingdom and the CySEC regulator in Cyprus. Moreover, it has won several awards from industry bodies for its transparency and services. The company has more than 3.5 million live accounts worldwide.
It doesn’t allow scalping.
Scalping is a popular strategy for traders, but it is against the rules of many forex brokers, including HotForex. Scalping involves trading in a concise period to take advantage of small movements. This method allows traders to place many trades daily and earn small profits. However, scalping requires a lot of time, undivided attention, and the ability to stay focused on the charts.
While scalping has its advantages, it is also a hazardous method. Therefore, it is not for the beginner. The risk of losing a lot of money is too high, and traders should only consider scalping when they have a lot of experience in the trading industry.
It offers negative balance protection.
Several forex brokers in Europe, the UK, and Australia offer negative balance protection. It is a type of financial regulation that guides the industry and protects traders from deceptive and fraudulent practices. It is an essential feature because it ensures that traders do not lose more money than they initially deposited.
The hot forex trading platform offers negative balance protection for its clients. In the event of a negative balance, the broker will make a corresponding adjustment to the account balance. This prevents the client from bearing any losses. In addition to negative balance protection, this trading platform provides the highest leverage, at one-to-one thousand, and protects its clients from losses by limiting losses to their account balance.
It offers customer support in 27 languages.
Customer support is one of the most important aspects of a good forex broker. Fortunately, HotForex has a customer support team available twenty-four hours a day in 27 different languages. They provide support to customers in English, Arabic, Chinese (Traditional and Simplified), German, French, Indonesian, Portuguese, Spanish, Greek, Korean, and Russian.
HotForex is a multi-asset broker with a focus on the CFD market. Founded in 2010, the company has steadily carved out a niche in the increasingly competitive market. As of today, the company operates in over twenty-seven countries and employs over 200 people worldwide. In addition, HotForex offers customer support in 27 languages, which gives its clients peace of mind if they have a question about their trading strategy.
It offers extensive trading education.
Hot Forex is a Forex trading platform with a demo account that allows you to learn the ins and outs of the market. It offers several trading education tools, including articles, videos, and short trading courses. It also provides users with comprehensive updates on the financial markets. The platform features MT4 and MT5 trading platforms with various charting tools. It also has a built-in Autochartist tool that uses AI pattern recognition technology.
HotForex has an education center where they provide trading education to clients. They educate traders in simple language and explain why the forex market exists. They also notify their clients about upcoming seminars and educational events. Their seminars are led by experts in the forex market who offer live question-and-answer sessions.