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The customers have free access to a wide variety of trading tools that help them make well-informed decisions for their investments. These tools include free VPS hosting for automated trading solutions, multiple account types for multiple trading options, and expert advice for trading.
HotForex also offers amazing brokerage services, and the traders can participate in weekly webinars and QA sessions with the experts of the industry. This helps them lay a solid foundation for their trading accounts. Moreover, the clients can also get negative balance protection and tailored solutions to earn additional income with live trading.
Firstly, HotForex has no hidden charges. The company only generates its fees and revenue from the different types of spreads and commissions offered to the traders. If you are familiar with live trading, you must understand that spread means the difference in bid and ask prices.
HotForex currently offers a spread as low as 0. The 0. However, if the traders choose to go with a 0. One amazing thing about Hot Forex is that it reimburses its traders for any deposit fees they have had to face with their payment provider or bank transfer.
This shows that the company cares for its traders and does not believe in any hidden charges. The Demo Account is a virtual account where the broker allows us to practice with virtual money. Usually, we use Demo Accounts when we are testing many Expert Advisors.
And if you are a beginner or you are testing a new system, a new strategy for the 1st time, you better do it first on the HotForex Demo Account. Because having a Demo Account is the very same thing as having a Live Account. But this is not real money. On the right side, you can see the option Demo, which will bring you to a page where you can select is you are a new client or an existing client. After that, you will see a form where you need to enter your country, phone, name, email, and what will be your account base currency.
After you register, you will receive an email with the ID and the password. Then you will be ready to go for your HotForex Demo Account. If you click on Open Live Account on the top, you will see pretty much the same form. But after you register with HotForex, you will be required to send some more documents like proof of address, ID and you will get an email with further instructions.
And the type of documents you will need to send depends on where you are located. Now, when we do algorithmic trading , it is very important to be on the computer. Not trading from the phone. There are apps for MetaTrader, as you see with HotForex as well for the phone, for the tablet. But when you use Expert Advisors and Robots, then you need to use your computer or laptop and install the MetaTrader platform.
Now if you open the. In a few clicks, you can install the HotForex MetaTrader 4 platform. You can go to Settings actually and predefine the installation folder. The Settings are very important when you want to install 2, 3, or more platforms and use different accounts.
From there we can just change the name or we can write down Demo 1. So for example, right now we have just installed HotForex MetaTrader 4 and we will be using it for the purpose of the review. But if we want to install one more platform on that computer, then we could just change the name or change the location and this will install a platform.
If you want to have different accounts to test Expert Advisors, you cannot switch from one account to another. And the same thing with your Live Account. This is why if you want to have different accounts at HotForex, you need to have different MetaTrader platforms. This is very, very important in algorithmic trading. A small box will appear where you need to type in your login details and the password that you received previously in the email from HotForex.
This will tell you the different swap rates associated with your account and other premium accounts for trading. Now, we will tell you more about HotForex MT 4 platform and what are the costs. We will also review the pros of using this platform, especially when you do algorithmic trading. And I will go through the most important things that you need to know so you can feel more comfortable when trading with Expert Advisors. This is from where you can select the assets you want to trade.
So right here we have already opened 2 charts for Bitcoin and we have some more for Forex which was opened by default when we installed the HotForex MetaTrader 4 platform. We will remove those. And we have 1 chart for Bitcoin on the hourly timeframe and the other one we can change, for example, to the M15 timeframe.
We have actually 3 types of charts. We have bars, we have candlesticks, and we have a line chart. So when we are on M15, this means that 1 candlestick or 1 bar represents 15 minutes of a time. The chart is a representation of the price which we have on the right side and the time which we have below the chart.
Where these 2 meet, we have the candlesticks. And if we are on an hourly chart, then 1 candlestick or 1 bar represents a 1-hour time frame. And for each candlestick, for each bar, we have the opening of the bar, we have the closing of the bar, the highest point, and the lowest point.
So in this case, the negative bar is represented with white color and the positive is with black color. So if we put the mouse on the closing of the bar, you can see exactly what are the values for the open, high, low, and close. And what happens after the bar closes, a new bar opens. So we have the closing of that bar and then the new bar opens.
The price goes up and down. It closes at one level. And because the closing was higher than the opening, we have a positive bar that is fulfilled with black and all of these colors you can change from Properties. Nothing over the chart. We just wanted to give you a brief idea of what we see on the chart as price, because at the end of the day, the price always matters. But for trading and strategies and Expert Advisors, we use different Indicators.
And we will go to Indicators List. The Indicators, the trading rules, will be inside the Robots. This is where we have the accounts. As we said, you can have many accounts with HotForex broker, but if you want to test Expert Advisors on different accounts, you need to install different trading platforms as well.
Below, we have the Indicators. Very similar if you want to insert them from Indicators or you will insert them from the Navigator, just double click on it and it will be over the chart. For example, the Accumulation Indicator is displayed below the price, not over the chart. So let me remove it. And then we have some scripts that are useful for algorithmic trading and different purposes.
But the most important is Expert Advisors. And we have an Expert Advisor for Bitcoin. Do you want to know how we create trading strategies, what rules do we use, and how we test them even before putting the strategies in a Demo Account? Enroll in the Bitcoin Algorithmic Trading course to learn how we create Robots. Moreover, you will receive 99 new Expert Advisors every month. Below the Navigator, we have the Terminal where we see our balance or our account, the equity, and the margin.
So basically, the margin is how much free money we have in the account, how much we have blocked from the account, and how much free margin we have in the account. So when we start opening positions, some of this amount will be blocked. It depends on what is the price of Bitcoin is at the moment. But the leverage for the beginners with simple words is the amount of money that the broker borrowed the trader to use for trading. If we use leverage to 1, then we will be able to Buy times more from what we have in the account.
The leverage is very useful. You should use the leverage very carefully. Of course, you can make very quick profits, but that probably will be more of lucky trading. And at the same time, as we said, it is very likely that you will just lose everything in the account. So take it easy with the leverage. It varies on where you live and what type of broker you use. But it is always very important to trade small pieces from your amount so you are not risking the whole capital in a few trades.
And this is how usually beginner traders lose their money in the 1st month of their trading. This is a brief review of the HotForex MetaTrader 4 platform. However, if you just play around with it, you will see that it is very easy to use, especially for algorithmic trading. In just a few clicks you put the Expert Advisor on the chart and make them start trading for you. As already mentioned in this HotForex review, its platform allows traders to invest in over different trading options and assets.
This allows traders to enjoy different options to minimize the risk as much as possible. This HotForex broker review aims to explore all the different aspects of HotForex that may be useful to interested traders. One of the most important elements of understanding this Hot Forex broker review is understanding the different kinds of accounts available to the users.
While conducting this HotForex broker review, our team understood the different types of user accounts available for the traders. There are six different account types available to live traders and interested traders at HotForex. However, there are some regions where the company offers fewer account types. The different account types come with different minimum deposit rates, spread options, and commission fees.
The first type of account you should know about is the Premium account. It is one of the most highly used accounts at HotForex. During our Hot Forex broker review, we found out that this account is most commonly preferred by new traders or professional traders who have been in the field for over a few months.
Additionally, we also found out that this type of account is most popular among traders with account balances below British pounds or US dollars. This most positive selling point of this account is the low deposit rate as it helps different traders lay down a strong foundation before moving on to other options. In our HotForex review, we also reviewed the zero spread account for traders. The traders get to enjoy as low as 0. Moreover, the minimum deposit also starts at USD Next up in our HotForex review is the HFcopy account.
This account allows professional traders to help out amateur traders by offering tailored strategies for investments. The professional traders can earn their income on the fees charged to their followers. The followers have to pay for the strategy, but they are guaranteed higher chances of success. The minimum deposit for followers is USD The minimum spreads begin from one pip. The maximum total trade size is 60 standard lots per position, and the minimum trade size is 0.
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