Law-abiding but suspicious HotForex: what is this broker hiding?

According to information from the official website, HotForex is one of the companies that are part of the HF Markets Group. The broker works through companies registered in the UK, Cyprus, Dubai, South Africa, the Republic of Mauritius and the Seychelles. In this case, we are interested in the European branch, to which, in fact, this review is dedicated. The legal entity responsible for this part of HF Markets’ operations is Hf Markets (Europe) Ltd, based in Cyprus. Of course, the broker has the necessary documentation from the local supervisory authority:

Despite the authenticity of the license, it should be understood that Cyprus is a popular offshore, where it is not so difficult to get a legal haven. But whether this fact is a red flag, we will definitely find out further.
The HotForex website is available in 14 languages. Technical support on it works around the clock and can respond in English, Spanish and German.

Main offers of HotForex

The company offers traders to use two base currencies: euro and dollar. After the initial registration, her client can open several trading accounts. A demo account only requires an email address and a name, while a real account requires proof of identity and residential address, which is generally standard procedure for the financial market.
Available account types 4:

• Premium;
• Zero Spread;
• HFcopy;
• Premium Pro.

The last type of tariff does not provide for any commissions. The player pays only the spread, which starts from 1 pip. The Zero Spread account offers significantly lower spreads, but there is an additional commission per lot traded. For popular pairs like EUR/USD, EUR/JPY, GBP/USD and USD/CHF, the fee is $6 per trade. For other currencies, the commission reaches 8 dollars.
The minimum deposit for a premium account is $100 and for a zero spread account it is $200. This is a pretty high value, given that the market is full of offers from $10.
The maximum leverage, as expected, is x30. Transaction instruments include currency pairs, metals, indices, commodities, bonds, ETFs and energy carriers.

Terminal for trading

The HotForex broker offers the most popular platforms in the industry: MetaTrader 4 and MetaTrader 5. Here is how the software looks from the inside:

Among other things, on the HotForex website you can find educational materials and analytical tools such as trading calculators.

Methods of depositing and withdrawing money

The intermediary offers a wide range of payment methods – Visa and MasterCard credit / debit cards, bank transfer, as well as Skrill, Neteller, Sofort and iDeal electronic systems. Transaction fees are not mentioned.

What about reviews?

The most suspicious thing about this broker, perhaps, is its reputation. Traders unanimously call the office a scam and claim that you won’t get anything sensible in cooperation with it:

All these words, to put it mildly, discourage any desire to deal with HotForex. Obviously, it’s better not to risk it, but to find someone proven.