HotForex – Is it scam or safe?

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HotForex is a registered trading name of the Cypriot financial company HF Markets (Europe) Ltd, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). The CySEC license allows it to offer financial services, including forex.

However, there are some posts that inform about fraudulent practices such as fake transactions in Asia and money withdrawal difficulties.

So far, we haven’t received any complaints from clients of HotForex.

If you feel frustrated by HotForex and have something to share with us, please fill in the form below, describing your case:

6 Complains

  1. I don’t know why are there so many positive reviews for this broker. they are the same scam as unregulated companies. I would like to share my problem and advise other traders to get away from these scammers. I registered for a real account and made a deposit through my debit card. Unfortunately, they didn’t accept it because my proof of address didn’t pass their requirements. I couldn’t fight with them and at the end they didn’t funded my account. Then I told them to refund my money to my card. Five working days passed since then and no money in my card. I made researches in the internet and there are many posts about scammed people. I confirm now Hotforex is a scam broker. Stay away if you don’t want to lose your money

  2. I have an account with HotForex for two years and had several withdrawals without any problem. I would recommend this broker if you don’t deal with their bonuses. Leave any bonus and trade by yourself!

  3. I registered my account with hotforex and funded it with money. They accepted my money and my account was active so I started trading. When my balance became profitable, they blocked my account and remove my profit without any reason. Total scam. Stay away!

  4. Hotforex was a decent broker. BUT this was some years ago. Now they manipulate prices calling this slippage. They manipulate spreads as well. They started to implement the dirty tricks of scammers. Fake ticks appear while market opens and they trigger stop loss orders. Most broker do not have such spikes. They became scammers, do not trade with them!

  5. my account balance increased to near USD,700 and they suddenly closed all my positions. My balance wiped to only USD5.1 I wasn’t in front of my PC and checked this later. I was surprisingly shocked and wrote them an email. They answered me that my positions were “correctly closed due to the market moving against me”. What a scam company. They stole my money. STAY AWAY!

  6. They are a total scam and unreliable broker. Please do not trust them! They are scammers and they have the worst customer support ever. When there is important news they disable the platform and you cannot trade. They also disable some of the istruments and you cannot trade too. They even don’t allow you to put stop loss and take profit where you want. Ridiculous retrictions. I had a losing position and wanted to close it but this pair was disabled for trading. I couldn’t even place my stop-loss. I contacted their support and they were so arrogant and rude. They said the liquidity was low. WTF??? How the liquidity is connected to placing my stop loss? They required me to write an email to their back office and they answered me “the market is sleeping now” and that was. Besides, their order execution takes tears. Do not ever leave yourself to be trapped under these scammers!

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