The largest Caribbean based Forex broker, Hot Forex, also known as HF Markets Ltd, with a daily trade volume of $9.5 billion. This makes Hot Forex the world’s 5th largest Forex broker. The company itself, operates its European business under a licence from Cyprus, but has interests in Asia, Africa and Europe. They do, however, not accept clients from the US.
The company follows a customer responsive model. They give the client what they want. The company allows trade of traditional Forex pairs or binary options, as well as CFDs for stocks, indices and commodities.
Customer support and educational support for beginners
Hot Forex has multilingual customer service representative staff available and can be reached on a 24/5 bases, via phone, email, Skype and live chat. The company’s website can be read in 25 languages. In addition, they offer an educational center where clients can gain access to training materials, charting tools, daily commentary, videos and free signal alerts.
The company also offers a social trading features. This features makes it possible for traders to connect with other traders, to discuss strategies, news, and expand their trading opportunities.
The company offers access to MT4 software, but their services is also available on web-based solution or mobile app. Their software solutions has been customized to make them more user-friendly. Plus, they use encryption technology to protect trader’s personal and trading session data for security purposes.
Spreads and leverage
The company offers primarily, flexible and tight spreads. In addition, they offer fixed spread accounts for automated and scalpers traders. That is since Hot Forex is a Straight-Through-Processor (STP) that can accommodate all types of traders. However, tight spreads are the rule, and traders can get higher leverage limits than offered at most all other brokers. Still, the leverage depends on the type of account. Micro accounts ($5 – $499) demands a leverage of 1000:1, Premium accounts ($500 – $39,999) demand 400:1, and VIP accounts (Over $40,000) demand a leverage of 300:1.
Besides the allure of the many bonus and award programs aimed at new to old traders, this company offers a good selection of account options. Besides the Mirco, Premium and VIP accounts, Hot Forex also offers specialized accounts. The two specialized accounts are “No-Swap Islamic” account and a Currenex account. The latter is aimed at scalpers and automated traders with requires an almost zero fixed spreads. The Micro accounts start at $5. Plus, since HotForex is a Straight-Through-Processor (STP) it has aligned its liquidity providers to accommodate all types of traders, including scalpers and automated traders. Tight spreads are the norm, with traders having access to higher leverage limits.
Deposits and withdraws
Deposits can be made with a wide section of payment options, such as credit and debit cards, bank transfers, as well as services like Cashu, Skrill (Moneybookers), Neteller, Ukash, and Webmoney. In terms of withdraws, the company requires identify information before allowing you to withdrawing funds using their branded debit card. The operating funds of Hot Forex is kept in leading Tier-1 banks, such as Barclays, and not in the operational fund.