HotForex Philippines Review

HotForex Philippines is in operation since 2008 and has clients from all over the world.  It is one of the very few brokers that comply with multiple regulators across the globe. HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius.

HotForex is extremely popular among traders because of its generous Bonus deposits.  And it is indeed seen as a positive approach by the company to promote its brand among lesser-known markets. The broker has recently re-invented its customer-oriented attitude by providing an excellent customer service platform. The company’s primary goal is to provide an excellent customer-service oriented brokerage service. This is the reasons why existing HotForex clients continue to do business with the broker. Because of superior service and trading features, HotForex has bagged tons of awards from several recognized institutions from Europe, Asia, Africa, and the Middle East. The broker should listen to their customers to become a successful Forex broker, which is precisely the strategy that HotForex followed to achieve tremendous success among global retail traders.

HotForex Philippines –  Trading Account Types?

HotForex offers the following six different types of accounts, which is good for the average traders. To open an account a minimum deposit of $5 is required, while the maximum HotForex leverage is 1:1000. The leverage is extremely high for a Forex trader, but larger accounts have comparatively rational leverage to the tune of 1:400 or lesser.

Micro Account

  • Minimum deposit $5
  • Leverage up to 1:1000
  • Spread – from 1 pip

Premium Account

  • Minimum deposit $100
  • Leverage 1:500
  • Spread starts from 1 pip

Zero Spread

  • Minimum deposit $200
  • Leverage 1:500
  • Spread from zero pips

Auto Account

  • Minimum deposit $200
  • Leverage 1:500
  • Variable spread from 1 pip
  • Can trade using EAs and signals

PAMM Account

  • Minimum deposit $250
  • Leverage 1:300
  • Spread from 1 pip
  • Managed by PAMM account managers

HFCopy Account

  • Minimum $500 for stategy provider
  • Minimum $100 for strategy follower
  • Spread from 1 pip
  • Choose from several strategies providers

HFCopy Trading

The Auto and HF Social accounts are social trading accounts that enable investors to copy trades from other successful traders. HotForex has excellent trading conditions and offers an account for every type of trader. However, the only problem is that traders can be confused by the sheer number of options available, which can negatively affect the broker’s conversion ratio. The HotForex spreads are also highly competitive, and it starts from 1 pip acceptable for standard accounts.

PAMM Account – HotForex

The HotForex PAMM Account allows investors to invest funds with experienced PAMM Fund Managers. These Account Managers trade the markets on investors’ behalf. The PAMM Managers earn a small percent from the profit (success fee) pre-agreed while making the investment.  Success Fee is payable only when they make a profit for their investors.

Once Investor(s) invest is in a Manager’s PAMM account, the Manager has to trade on his account using both his personal capital (Manager’s Capital) and the funds of his investor(s). Profits and losses made in the account are distributed amongst the manager and the investor(s) based on their share in the account.

HotForex Bonus

HotForex offers an attractive and excellent HotForex bonus of 100% on the deposited amount either as a cash bonus or a credit bonus, which essentially doubles the equity in a trading account. It is one of the very few mainstream Forex brokers that offer a bonus, and along with exceptional trading conditions, traders will find the bonus to be quite useful in trading. You can obtain a bonus by just verifying your trading account, making a deposit, and by choosing your deposit bonus.

Fund Deposit and Withdrawal

The traders from Philippines can deposit through credit cards, bank transfers, online payment processors and e-wallets such as Skrill and Neteller. Traders can make instant deposits and withdrawals. However, withdrawals do take some time when compared to the time required for deposits. The account must be verified before you can make any fund withdrawal. This is an international regulatory requirement to prevent money laundering and illegal transactions. All you have to do is to provide your identification and address proof along with the scanned copy of any Bank Card used for the deposit. The account verification process takes less than 2 working days and it is a one-time activity.

Receiving a bonus also puts several trading conditions into play, which should be satisfied before making a withdrawal request. Hence you must know the Bonus terms and conditions before availing them.

Customer Service

HotForex has multiple channels for customer support, including live chat, web contact form, active phone numbers, emails, and multi-lingual support. The broker is dedicated to their service to maintain an excellent relationship with their traders by keeping their client’s welfare in their mind. The company principle is to guarantee the safety of the traders against broker issues in the high-risk financial markets.