HotForex Review

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About the broker

HotForex is a well known forex broker registered with the CySec and having offices in Cyprus. The forex brokerage has grown by leaps and bounds and has become a popular forex broker for customers in Asia as well as Europe. Good regulation, prompt customer support, is among the many things that makes HotForex a popular choice for traders.

If you want to trade with Renko charts, then read the review below which outlines the ideal account type, trading conditions, spreads and other details that are important for Renko traders.

Ideal Account Type: Currenex and Zero Spread

Of the different account types available from HotForex, the Currenex and Zero Spread account types are most suited for Renko traders. The table below summarizes the Currenex account trading conditions.

Min. Deposit Spreads Platforms Leverage Min. Trade Size
$500 Variable (from 0.4pips) MT4 Up to 1:400 0.01
Hedging Yes

Spreads: The variable spreads starts from 0.4 pips for Currenex accounts, making it a fairly decent and acceptable spread, which is crucial when trading with Renko charts. We recommend a minimum Renko box size of 20pips in order to consider the spread.

Execution: All orders are executed at market price including limit and stop orders (Take profit & Stop loss) and there is no restriction on the above orders which is an essential aspect to consider when trading with Renko charts.

Trade Size: The minimum trade size starts from 0.01 lots and can be scaled higher accordingly. With the starting deposit of $500 and with leverage of up to 1:400, we find the trading conditions for HotForex Currenex account to be very ideal and suited for Renko trading. Traders can choose between USD or EUR as the base account currency.

Instruments: HotForex offers a very good selection of instruments ranging from Forex, Oil, Precious Metals, and Indices as well as selected US and UK stock CFD’s, therefore allowing traders access to a wide range of instruments that can be traded.

Commissions: The HotForex Currenex account charges commissions on the trade. A typical 1 lot trade in EURUSD is priced at $5/lot or approximately €3.46.

Hedging: Yes, Hotforex allows currency hedging

Zero Spread Accounts

The Zero Spread account type is a relatively new account type that was introduced by HotForex. The Zero Spread account as the name suggests, offers one of the most competitive trading conditions for traders. The table below gives a summary of the Zero Spread account.

Min. Deposit Spreads Platforms Leverage Min. Trade Size
$100 Variable (from 0.2pips) MT4 Up to 1:200 0.01

Commissions: The commissions for the Zero-Spread account are also priced at a competitive $4 (or €3) per lot for majors, $6 (or €4) in commissions for other instruments

HotForex - Zero Spread Account

Execution: The Limit and Stop Levels however require a 2 pip distance from the market price. This condition isn’t much of a limitation as long as traders stick to trading the more liquid major currencies.

Demo Trading

HotForex also offers a demo trading account that is unlimited. Signing up to the demo account requires traders to create an account with Hotforex after which the demo account is activated. While the demo trading accounts do not have any expiry, demo accounts unused for 30 days are automatically deleted. The demo trading account is also well equipped, enough to replicate the same trading conditions as with a real trading account. Renko charts are also easily populated based off the price history.

Renko Trading with HotForex

HotForex offers a very good database of past price history. For example, EURUSD’s price history dates back to as far as early 2000 and beyond ensuring that there are enough price data points to ensure that the Renko candles are filled accordingly. Besides the major currencies, even some minors such as GBPNZD come with a decent price history. However, when trading with minor currency pairs, it is advised to set the Renko bars to around 15 – 20 pips to ensure that there are enough price history to build sufficient Renko bars.

The HotForex, MT4 trading platform is relatively robust enough to support multiple Renko charts (offline charts) simultaneously and in the live testing environment, the platform has managed to hold its ground.

Of particular interest is the US and UK stock CFD’s which also comes with considerable price history which can be downloaded via the ‘History Center’ and can be used to populate the Renko bars. The chart example below shows 0.50point Renko Box for Tesco PLC from the HotForex trading platform.

TESCO Plc (CFD) – Renko Chart, from HotForex

TESCO Plc (CFD) – Renko Chart, from HotForex

To conclude, HotForex makes for one of the most ideal forex brokers for traders who want to trade with Renko charts. The trading conditions are well suited and at the same time, the brokerage offers a good history of price data to ensure that the Renko bars are well populated. For traders who wish to trade only the major currencies, the Zero Spread account – Sign Up is the most ideal trading account type both in terms of the trade conditions as well as the commissions. For traders who prefer to trade a broader range of instruments, the Currenex Account is the most ideal account to trade with.

» Open Account with Hotforex

  • Ava Mia

    I have paid them over $200 for swap rate. I decide to quit HotForex, because the high swap rate affects my trading style. DISLIKES!!

    • I wanted to delete both your comments, but I think people should see this competitor scam being run. What are the odds that we have a Emma Asan and Ava Mia from the same IP address?

      Your IP’s are banned for posting fake comments.

  • emma asan

    A big problem.the slowest speed broker. The delay is often more than 4–8 seconds, most of the time I can not stand it. The execution is too slow. After I clik the button, only at least 4-5 seconds later I can see my orders appear.

    • and your copy paste comments aren’t doing any good either.

  • Ginny Honey

    Poor chatline staff, takes on average 2 minutes to reply a short sentence.I have screenshot to prove it as well. Just to mention more about their staff, some of the chatline staff seem to not be able to understand english, wondered where they outsourced their chatlines.

  • Miya Kizzy

    Beware this broker. Good reviews are likely their own people.

    This is just another dealing desk playing all the same games.

    Customer service is decent though, but be warned they only want traders to loose and they manipulate their enviroment so they do. Ihave made money uning the same EA at the same time with another broker,But lost with Hotforex ! Be warned

  • I actually don’t see the difference between Currenex and Zero spread accounts except the minimum spread (0.2 vs 0.4), why their requirement initial deposit so different (100 vs 500)?