The Forex industry is going through a boom period right now, thus, it is not surprising that the number of specialized brokerage companies keeps on multiplying. As a result, picking the best platform is a task that is too tough for many traders, including seasoned ones. So, we would like to offer our qualified guidance to you. In the review below, we will tell you about one of the online brokers known for extremely favorable trading terms — HotForex, namely, about its legal status.
When searching for a broker, traders usually explore commissions, spreads, and other trading conditions in the first place. So, let us find out whether the platform mentioned is worth your attention — consider the following factors:
- It offers 47 currency pairs along with CFDs.
- Its spreads are among the lowest on the market and start from 0.0 pips.
- Those who lack time or knowledge for independent trading can make use of its proprietary copy trading service — HFCopy.
- Users can take advantage of enhanced built-in research and analysis functionality.
- Fees for deposits and transfers via banks are 0%.
- Its support team speaks 27 languages.
- The global user base comprises over 3.5 million people
- As for weak points, many users claim that the range of base account currencies is too narrow.
Now, when you have a vision of the trading terms in general, it is time to move to our key question: “Is HotForex legit?”. We can just give you a definite short answer: “Yes”. Still, you probably want to know more details.
So, speaking about the regulation aspect, this company can boast of obtaining licenses from 5 official regulatory bodies, including the FCA (the UK), which is acknowledged as a tier-1 authority. Besides, it is licensed by the FSCA, DFSA, FSA, and CMA. Hence, we can safely say that this source operates within the law and business ethics. In addition, it has introduced a range of other security precautions: KYC verification, negative balance protection, insurance for users’ funds, segregated accounts (so that the company has no access to clients’ money), and partnerships with trusted global banks only.
In sum, we can conclude that this brokerage platform offers proper regulation and deliberate protection of users’ data and capital. So, if you agree to the fees and terms imposed, we can safely recommend it to you.
Read more articles by analyst Mikhail Vnuchkov on his Twitter account.