HotForex UK Review 2022

HotForex is a 100% STP broker and is regulated by FCA of the UK. Find out everything you must know about HotForex in the UK in this honest and unbiased review.



Minimum Deposit
Typical AUD/USD Spread
1.3 pips

HotForex is an FCA-regulated financial services provider that offers forex and CFD trading services in the UK. It allows GBP deposits and withdrawals in several methods. The account types can be opened with GBP as the base currency.

HotForex claims to have opened more than 2.5 million live trading accounts across the globe. It has been in the forex and CFD trading business for more than 10 years. It is among the most reputed forex brokers in the world due to multiple top-tier regulatory licenses.

HotForex has a local office in the UK and also provides local phone support to UK clients. There are multiple account types to facilitate different types of traders.

Read our detailed review of HotForex exclusively for UK clients before opening an account. We have honestly reviewed all the advantages and shortcomings of choosing HotForex to trade forex and CFD in the UK.

The review can also assist you in choosing the right account type for yourself.

HotForex UK Summary

Broker Name HF Markets (UK) Ltd
Regulation FCA, FSCA, CySEC, DFSA
Year of Establishment 2010
Minimum Deposit £100
Maximum Leverage 1:1000
Trading Platforms MT4 & MT5
Trading Instruments Forex, CFDs on Metals, Energy, Indices, Shares, Commodities.


Is HotForex Legit?

The safety of traders greatly relies on the regulatory licenses held by the broker. Forex and CFD trading in the UK is legal but traders must ensure that the chosen broker is regulated by FCA.

There are several forex trading service providers that are not regulated by FCA or any other regulatory authority. Such brokers are more likely to be fake and must be avoided.

HotForex Group is well regulated with following Regulations:

    1. Financial Conduct Authority (FCA): HotForex is regulated by the Financial Conduct Authority (FCA) of the United Kingdom by the name HF Markets (UK) Ltd under reference number 801701. FCA is also a top-tier regulatory authority that is governed by the Financial Services and Markets Act 2000 of the UK.

Hotforex FCA regulation

    1. Financial Sector Conduct Authority of South Africa (FSCA): HotForex is regulated by the Financial Sector Conduct Authority of South Africa under FSP number 46632 with the name HF Markets SA (PTY) Ltd. FSCA is a top-tier regulatory authority that makes the regulated entity safe for traders and investors.

Hotforex FSCA license

  1. FSA & DFSA: Apart from these top-tier regulators, HotForex is also regulated by the FSA of Seychelles (8419176-1) and DFSA of Dubai (F004885) as a financial service provider. It is registered as an international business company in St Vincent and Grenadines with registration number 22747 IBC 2015.

The multiple top-tier regulatory licenses including FCA of the UK makes HotForex safe for UK traders.

HotForex was founded in 2010, so it is a relatively old broker. And due to multiple top-tier regulations, the third-party risk of choosing HF for trading is very low.

HotForex Trading Fees

The overall cost incurred to traders at HotForex is decent when compared with other regulated brokers in the UK.

We have separately reviewed and compared every component of fees at HotForex that are incurred from traders.

  1. Competitive Spread: Spreads are the basic component of fees that are incurred from traders while trading forex and CFDs through any of the platforms. It is basically the difference between the buy (bid) price and the sell (ask) price.The spreads at HotForex start from 1 pip but depend on the account type chosen by the trader. HotForex charge variable spread on all the instruments that can change according to the liquidity in the market and trade timings.
    Trading Instrument Average Spread with Premium Account
    EUR/USD 1.3
    GBP/USD 1.7
    Gold/USD 0.25
    US Crude Oil 0.09
    US Tech 100 2.03
    BTC/USD 26

    The spreads with commission-free account types at HotForex start from 1 pip while the same with commission-based account type starts from 0 pip. The average typical spread with the Premium account for EUR/USD is 1.2 pips. The average spread for EUR/USD with the Zero spread account is 0.1 pips.

  2. Moderate Commissions with Zero Account: The Zero Spread account type at HotForex is a commission-based account where the spreads are very low. It incurs a commission of £2.25 for each side and £4.50 for a round trade of a standard lot for major pairs. For all other instruments, the trading commission for a round trade of a standard lot is $8 or £6.50.Apart from this, no other additional commission is charged by HotForex. The account opening is free and no commission is charged for deposits and withdrawals from the broker’s end.
  3. Moderate Overnight (Swap) Fees: This is the fee that is incurred by traders when a position is kept open overnight. The swap fees or overnight opening fees are different for each instrument. Swap fees for long positions and short positions are also different. The details of the swap fees can be checked on the HotForex website and app and can also be calculated with the swap calculator feature at HotForex. The overnight charges at HotForex are lower than XM but are higher than Exness.
  4. Inactivity Charges: This is the fee that is incurred when no trades are executed for a prolonged period. It is applicable only when the account balance is more than 0 and no trades are executed for more than 6 months.For inactivity of 6 months to 1 year, HotForex will charge a monthly dormant fee of $5 for each consecutive month of inactivity. For 1 year to 2 years of inactivity, this monthly fee will be $10 equivalent to the base account currency. For 2 to 3 years, inactivity fees will be $20. For more than 3 years of inactivity, the monthly dormant fees will keep increasing by $10 until the account balance reaches 0.

Overall, the fees incurred at HotForex are lower than some of the regulated brokers but also higher than several others. The spreads are competitive while the commission and swap fees are decent when compared with other brokers.

Many regulated forex brokers do not charge inactivity fees that are much higher at HotForex. Although this will only be charged if no trades are executed for 6 consecutive months.

HotForex Account Types

HotForex offers two retail account types and one professional account to suffice multiple types of traders in the UK. The retail account types are named Premium and Zero Spread. Both the account types can be opened with GBP as base currency. Our experience with all the available account types has been reviewed below.

Hotforex Account Comparison

  1. Premium: This is a commission-free account type that can be opened with GBP as the base currency. The minimum deposit requirement with this account type is $100 or £100. The maximum leverage is 1:30 with this account and 60 standard lots can be traded in a single position.
  2. Zero Spread: As the name suggests, the spreads with this account type start from 0 pip. This comes at the cost of $6 or £4.50 commission for a round trade of a standard lot. The minimum deposit requirement with this account is $200. All the other features are the same as the Premium account type.Trading with a very low spread at the expense of a fixed commission is beneficial when the trade volume is high. This account is ideal for experienced and high-volume traders.
  3. Premium Pro: Hotforex offers a professional trading account in the UK that allows traders to use the leverage of up to 1:400. Traders need to meet the criteria of the professional trader and make a deposit of £5000 to open this account.

How to Open an Account at HotForex?

Step 1) Enter the basic details: To open an account at HotForex, traders can visit the official website of HotForex or can also download the mobile application.

The first step is to enter the basic details like phone number, name, date of birth, country of residence, and email address. After entering these basic details, an activation link will be sent to your provided email. This link can be followed to open any of the account types at HotForex. This link will redirect you to the MyHF area where a demo account can be opened without providing bank details and submitting documents.

Step 2) Enter Bank details & Complete KYC: To open a live account, the next step is to enter bank details and complete the KYC process by submitting proof of address and identity. The account type and base currency of the account needs to be chosen by the client. After making a deposit, the trading platforms can be downloaded from the MyHF area and trade orders can be executed.

Step 3) Select Account & Make a deposit: Availability of different account types allows clients to choose the most suitable one. Multiple account types can be opened with GBP as base currency which is an added advantage for UK traders. According to our review, the flexibility of choosing a suitable account type makes HotForex better than many other regulated forex brokers in the section of account types.

HotForex Trading Platforms

Hotforex allows trading on all the available instruments through MetaTrader trading platforms and the HFM app. We have separately reviewed the available trading platforms at HotForex in the UK.

Web Trading Platforms

MetaTrader 4 and MetaTrader 5 are the available web trading platform at HotForex in the UK. Both these platforms can be customised on any web browser. These are available in multiple languages and support market, limit, and stop loss orders. Trailing stop loss orders are not available on the web trading platform.

HotForex Web MT4

MT4 and MT5 web trading platforms have limited features compared to the desktop version. However, traders who wish to link their accounts with online tools through web browsers prefer trading with MT4 and MT5 web trading platforms. MT4 is ideal for beginners while MT5 is more suitable for advanced traders.

Mobile Trading Platforms

MT4 and MT5 are also available for mobile devices at HotForex. Additionally, HotForex also offers its proprietary trading application for Android and iOS devices called as HFM app.

MT$ mobile platform

MT4 and MT5 mobile trading platforms are quite popular among forex traders globally. However, the mobile version of these platforms only offers limited features and accessibility to charts and indicators.

The HFM app has a much better interface compared to MT4 and MT5 applications. Traders can get real-time news and market updates through the HFM app. It has various charting tools and indicators. HotForex also offers customer support services on weekdays 24/5 through the HFM app.

HFM app

Desktop Trading Platform

MT4 and MT5 are the available choices for desktop trading platforms. These platforms can be downloaded on Windows and macOS devices and accessed through one-step login. These are available in 21 languages.

MT4 trading platform

MT4 offers 9 timeframes and 30 indicators and has a single-threaded strategy tester. MT5 is an upgraded version of MT4 and offers 21 timeframes and 37 indicators with a multi-threaded strategy tester. MT4 was introduced in 2005 by MetaQoutes Software while MT5 was launched in 2010 by the same firm.

MT5 trading platform

At the time of this review, no other trading platforms are available at HotForex in the UK.

HotForex Deposits and Withdrawals

Hotforex deposit methods

UK clients can deposit and withdraw from HotForex through bank transfer, credit/debit cards, and Skrill e-wallet. The most convenient and feasible method to transact is the local bank transfer. The deposits and withdrawals can be done anytime during the business days (24/5).

Hotforex withdrawal methods

  1. Bank Transfer: Deposits and withdrawals in the UK can be done through Trustly local bank transfers with no added commission. For the wire transfers, all the commissions are covered by HotForex if the deposit amount is more than $250 or equivalent. The local bank transfer is entirely free and HotForex will cover any expense incurred while transacting. The minimum deposit amount with the local bank transfer is $100 and the maximum limit is $20,000 equivalent. The minimum withdrawal limit through bank transfer is $100 with no commission.

    The deposits made through local bank transfer will reflect in the account balance within 10 minutes while withdrawals can take up to 2 working days to get processed. The wire transfer funding, as well as withdrawal, will take 2 to 10 business days to reflect in the account balance.

  2. Credit/Debit Cards: Deposits and withdrawals can also be done through Mastercard and VISA cards at HotForex in the UK. The minimum amount is $5 equivalent. Time taken for deposit is 10 minutes while the same for withdrawal is 2 to 10 business days depending on the correspondent bank.
  3. E-Wallets: UK clients can also transact through Skrill and Neteller where deposits, as well as withdrawals, are reflected within 10 minutes. The minimum amount for deposit and withdrawal is $50 equivalent through this method.

The free-of-cost local bank transfer in GBP is highly advantageous for UK clients. There is no commission involved and HotForex covers all the costs incurred during the transaction of funds via local bank transfer. According to our review, this is the most convenient method to deposit and withdraw at HotForex in the UK.

HotForex Available Instruments

All the financial instruments offered by HotForex are derivative CFD instruments. This means there is no physical buying and selling of the assets but only the price differences are speculated to book profits and losses.

Following the financial instruments that can be traded at HotForex in the UK.

Asset Class Number of Instruments (CFDs) Max Leverage
Forex Pairs 53 1:30 for Majors, 1:20 for Minors
Metals 6 1:20
Energy 4 1:10
Indices 11 Spot, 12 Futures 1:10
Shares 71 1:5
Commodities 5 1:10
Cryptocurrency 19 1:2
Bonds 3 1:5
Stocks (DMA) 944 1:5
ETFs 34 1:5

Compared to other regulated CFD brokers in the UK, HotForex offers a large number of trading instruments. Variety in the availability of instruments provides more opportunities to traders in various capital markets.

HotForex Customer Support & Contact

The customer support service is excellent as clients can reach out to support executives through multiple methods. To test the diligence of executives and quality of support for UK clients, we raised multiple queries through different methods.

  1. No Live Chat: HotForex does not offer live chat support services in the UK.
  2. E-mail Support: Clients can raise their queries through email support at [email protected] We raised multiple queries at different times of the day and received a useful reply in 2-6 hours.
  3. Phone Support: HotForex offers local phone support for UK clients. The support executives can be reached out through local numbers +44-2035199898 and 0800 920 2432.

Overall, the customer support services of HotForex are not as good as most of the other FCA-regulated brokers. The availability of local phone numbers for customer support is advantageous for local clients in the UK.

Do we Recommend HotForex?

Yes, HotForex is an FCA-regulated broker in the UK that uses the STP model for trade execution. They offer GBP-based accounts with multiple pricing structures and free deposits and withdrawals. The customer support service is decent. MT4 and MT5 trading platforms can be chosen.

HotForex FAQs

Is HotForex a Market Maker?

No, HotForex is a 100% Straight Through Processing (STP) Broker that follows the market execution policy with No Dealing Desk (NDD). It is not a market maker as it does not take the other side of the trade and does not participate in the client’s trades.


What is the Minimum Deposit at HotForex in GBP?

The minimum deposit at HotForex is GBP 100. The deposits can be made through a local bank transfer in the UK to GBP based trading account at HotForex.


How Long Does it Take to Withdraw Funds From HotForex?

The withdrawals from HotForex through local bank transfers in the UK can take up to 2 business days to reflect in the bank account.


Is HotForex good for beginners?

Yes, HotForex can be considered safe for beginners as they are regulated by the FCA. MT4 and MT5 trading platforms are supported. However, it is better to start forex and CFD trading through demo accounts.


  1. HotForex is regulated by FCA in the UK
  2. GBP is available as base currency of the accounts
  3. Free deposit and withdrawals through local banks in the UK
HotForex is FCA-regulated forex and CFD broker 68.56% of retail investors accounts lose money when trading CFDs with this provider. Visit Broker