Purpose of this article
This article focuses on HotForex’s Zero Spread Account, which has a feature of a low trading cost (spread), by comparing it with Tradeview’s ILC account, which is also famous for its low trading cost and has similar characteristics to HotForex’s counterpart.
HotForex Account Types
Micro Account
Suitable for traders who want to conduct high-leverage trading with a small amount of money
Premium Account
Suitable for traders who want to take full advantage of HotForex bonuses
Zero Spread Account
Suitable for shorter-term traders with high trading frequency, regardless of the amount of money
Related article: How to Choose HotForex Account Type
The main feature of HotForex is its extensive bonus program, which enables many traders to earn money efficiently. However, the availability of bonuses depends on the finance license governed in the trader's country of residence. Roughly speaking, traders in Asia can receive the bonus while those in Europe can’t.
Related Article: HotForex Bonus Program
It would be best that traders living in a country where bonuses can be offered should select Premium Account to take full advantage of the bonus program. Otherwise, it is recommended to select the broker and account type based on the factors of "trading cost" and "broker trustability", i.e., the system of investor protection. Of course, there are many traders who choose their broker and account type based on low cost even in countries where bonuses are available.
When it comes to the above factors, Tradeview's ILC account is one of the best in the industry. As mentioned earlier, this article focuses on HotForex's Zero Spread Account and then compares it to Tradeview's ILC account.
To come right to the point, any broker is no match for Tradeview in trading costs and broker trustability. Therefore, the purpose of the article is to see how much HotForex's account can compete with Tradeview's account.
I hope this article will be helpful for those who are thinking about how to cut the trading cost or how to choose a reliable broker.
To open an account with Tradeview, visit the official website →
You would be surprised at the low spreads of ILC accounts. It is worth a try if you are interested in it.
Tradeview provides one of the lowest spread costs in the industry and has a prestigious finance license, but offers no bonus program. The full-fledged broker is popular all over the world even without bonuses.
To open an account with HotForex, visit the official website →
HotForex offers a bonus program. For details of countries where the bonus offering is allowed, please check “HotForex Bonus Program”.
If you are in such a country, it is worth a try.
Contents
Overview of HotForex’s Accounts
Although this article focuses on Zero Spread Account, this section summarizes HotForex’s three accounts. As mentioned below, each account has different features.
Micro Account
Suitable for traders who prefer high-leverage trading with a small amount of money
- Micro Account's spread is almost the same level as other brokers.
- The minimum deposit amount is set as low as USD 5.00.
- The 1:1000 maximum leverage is double that of other accounts.
- The maximum trading volume of 700,000 currencies is lower than other accounts.
- Micro Account supports 100% Credit Bonus, Loyalty Program and does not support 100% Super Charged Bonus.
Premium Account
Suitable for traders who want to take full advantage of HotForex bonuses
- Premium Account's spread is almost the same level as other brokers.
- The minimum deposit is set as USD 100.00 and is in no way inferior to other brokers.
- The 1:500 maximum leverage is half that of Micro Account.
- Either of the three bonuses is available (100% Super Charged Bonus, 100% Credit Bonus, and Loyalty Program).
Zero Spread Account
Suitable for shorter-term traders with high trading frequency, including those with a small amount of money
- The spread of this account is as low as Tradeview's.
- The minimum deposit is USD 200.00
- The maximum leverage is 1:500.
- Traders can execute the trading with 1,000 currencies at the minimum.
- Any bonuses are not available.
If you want to make best use of bonuses, you should choose Premium Account while you should select Zero Spread Account if you want to cut the trading costs.
HotForex’s Zero Spread Account vs. Premium Account
First, we take a look at the trading costs of Zero Spread Account and Premium Account. This comparison gives answers to traders who would think "Even with the lower spread cost, does Zero Spread Account end up costing as much as Premium Account after the addition of commissions?”. In fact, I used to be such a trader.
List of Zero Spread Account Trading Fee per Lot (100,000 Currencies)
| Currency pair | Transaction fee (Round-trip) |
| AUD/USD, EUR/USD, EUR/JPY, GBP/JPY GBP/USD, USD/CAD, USD/CHF, USD/JPY |
USD 6.00 |
| AUD/CAD・AUD/CHF・AUD/JPY・AUD/NZD CAD/CHF, CAD/JPY, CHF/JPY, EUR/NOK EUR/NZD, EUR/PLN, EUR/RON, EUR/AUD EUR/CAD, EUR/CHF, EUR/DKK, EUR/GBP EUR/HUF, EUR/CZK, EUR/ZAR, GBP/AUD GBP/CAD, GBP/CHF, GBP/NZD, NZD/CAD NZD/CHF, NZD/JPY, NZD/USD, USD/CNH USD/CZK, USD/DKK, USD/HKD, USD/HUF USD/NOK, USD/PLN, USD/RON, USD/RUB USD/SEK, USD/SGD, USD/TRY, USD/MXN USD/ZAR and ZAR/JPY |
USD 8.00 |
Spread Cost
| Premium Account | Zero Spread Account
(including commission) |
|
| EUR/USD | 1.3 pips | 0.9 pips |
| USD/JPY | 1.5 pips | 1.1 pips |
| GBP/USD | 1.6 pips | 1.3 pips |
| AUD/USD | 1.3 pips | 1.1 pips |
Zero Spread Account’s spread is shown in pips including trading fees in the case that 100,000 currencies are traded. The table above shows that the spread of Zero Spread Account is less expensive than that of Premium Account.
HotForex’s Zero Spread Account vs. Tradeview’s ILC Account
Next, we take a look at the comparison of the trading costs (spread + commissions) of HotForex's Zero Spread Account and Tradeview's ILC Account. As mentioned earlier, Tradeview's ILC Account is one of the best in the industry for trade costs and broker trustability, outmatching HotForex’s account. Therefore, this section shows how well HotForex fares to Tradeview.
Trading Cost Ranking among Major Brokers
I surveyed the trading costs (spread costs + commissions) in EUR/USD offered by major brokers. The below table shows the ranking of it.
Currency Pair: EURUSD
Trading Tools: MT4
Average Spread: For an account type that incurs a commission, the commission is added to the spread in advance.
Commission: 100,000 currencies per lot, round-trip
Trade Cost Ranking
| Rank | Broker | Account Type | Average Spread | Commission |
| T-1 | Tradeview | ILC | 0.8 pips | USD 5.00 |
| T-1 | OANDA | Tokyo srv. | 0.8 pips | - |
| T-1 | Exness | Pro | 0.8 pips | - |
| T-4 | easyMarkets | VIP | 0.9 pips | |
| T-4 | Exness | Raw Spread | 0.9 pips | USD 7.00 |
| T-4 | Exness | Zero | 0.9 pips | USD 7.00 |
| T-4 | FBS | Cent | 0.9 pips | |
| T-4 | FBS | Standard | 0.9 pips | |
| T-4 | FBS | ECN | 0.9 pips | USD 6.00 |
| T-4 | FXDD | Premium | 0.9 pips | USD 5.98 |
| T-4 | HotForex | Zero Spread | 0.9 pips | USD 6.00 |
| T-4 | Milton Markets | Elite | 0.9 pips | |
| T-4 | OANDA | Pro | 0.9 pips | |
| T-4 | Traders Trust | Pro | 0.9 pips | USD 6.00 |
| T-15 | Ava Trade | MT4 | 1.0 pips | |
| T-15 | Exclusive Markets | Professional | 1.0 pips | USD 6.00 |
| T-15 | MYFX Markets | Pro | 1.0 pips | USD 7.00 |
| T-15 | Titan FX | Blade | 1.0 pips | USD 7.00 |
| 19 | Land-FX | ECN | 1.1 pips | USD 7.00 |
| 20 | Dukascopy | MT4 | 1.2 pips | USD 7.00 |
The upper-ranked brokers offer very low trading costs. This ranking shows that HotForex’s Zero Spread Account is very good when it comes to cutting the trading costs compared to other brokers.
Trading Cost Comparison between Two Accounts
You may understand that, among FX brokers, Zero Spread Account of HotForex has superiority. Then, I compared the trading cost of the major currency pairs (EURUSD, USDJPY, GBPUSD, AUDUSD) between Zero Spread Account and ILC Account.
The below table shows the spreads of four major currency pairs offered by respective accounts in the case of using MT4. Commissions are included.
Spreads of Major Currency Pairs Using MT4 (Commissions Included)
| EUR/USD | USD/JPY | GBP/USD | AUD/USD | Total | |
| ILC Account (Tradeview) | 0.8 pips | 1.0 pips | 1.3 pips | 1.1 pips | 4.2 pips |
| Zero Spread Account(HotForex) | 0.9 pips | 1.1 pips | 1.3 pips | 1.1 pips | 4.4 pips |
The above result shows that HotForex's Zero Spread Account has slightly higher spreads than Tradeview's ILC Account. But it is also safe to say that HotForex fares well to Tradeview.
Comparison of Finance License between Two Accounts
Both accounts offer low trading costs. If they are comparable to each other in terms of trading costs, the next criterion for traders to choose a broker is the trustability of the finance license each broker is authorized by.
| Broker | Operating Company | Covering Region | Finance License | Trustability |
| Tradeview | Tradeview Ltd | Worldwide | CIMA | High |
| HotForex | HF Markets (Europe) Ltd | Europe | CySec | High |
| HotForex | HF Markets (SV) Ltd | Asia | SV | Low |
Related Article: Financial Licenses in the World
Both the CIMA and CySec licenses are prestigious and highly trusted. They also mandate the licensed broker have an enhanced investor protection system. In the event of bankruptcy, the broker should protect the funds of traders, which gives them a secure trading environment.
The license HF Markets (SV) Ltd holds is not as trustable as CIMA and CySec. However, the SV license allows the broker to offer bonuses. A bonus program is a great way for traders to increase investment efficiency as they can multiply their deposited funds. If you are a trader living in the area governed by the SV license, you can conduct the trading through a broker which provides a bonus program and also use the CIMA licensed brokers like Tradeview to diversify your funds and limit your risk.
Comparison of Stop Level Comparison between Two Accounts
| HotForex Zero Spread | Tradeview ILC | |
| EUR/USD | 2.0 pips | 0 pips |
| USD/JPY | 2.0 pips | 0 pips |
| GBP/USD | 2.0 pips | 0 pips |
| AUD/USD | 2.0 pips | 0 pips |
The stop level is the difference between the current rate and the tradable rate. For example, when trading EUR/USD, HotForex only allows the traders to place a limit order or a stop order at a rate that is at least 2.0 pips away from the current rate. When it comes to the stop level, HotForex is not inferior to Tradeview. Rather, Tradeview outmatches HotForex well.
Why Do Some Traders Choose HotForex?
Many traders who choose HotForex (operator: HF Markets (SV) Ltd), which is authorized by the SV license for the Asian region are aiming to take advantage of the bonuses. However, if you only focus on the trading costs over the bonus program, Tradeview has an edge.
So, you may be wondering why some traders choose HotForex’s Zero Spread Account even without the bonus offering. There are some possible reasons like below.
Comparison of Account Specification
| HotForex Zero Spread Account | Tradeview ILC Account | |
| Spreads (EUR/USD) | 0.9 pips | 0.8 pips |
| Minimum Deposit | USD 200.00 | USD 1,000.00 |
| Maximum Leverage* | 1:500 | 1:200 |
| Loss Cut Level | 20% | 100% |
| Scalping | Unlimited | Unlimited |
| Minimum trading lot size | 1,000 currencies | 10,000 currencies |
* Maximum leverage may vary depending on the jurisdictional finance license.
Comparing the specs of each account, the minimum deposit and minimum trading lot size are smaller at HotForex. It means that HotForex is more suitable for beginners as they can start trading with a smaller amount of money and smaller trading volume. It would be more correct to say that Tradeview is more suitable for intermediate and advanced traders than HotForex.
HotForex Custom Indicators
As mentioned above, Tradeview has excellent trading costs, a finance license, and investor protection system. At the same time, Tradeview is unique in that they do not focus on services outside of the trading environment such as bonuses and promotions.
On the other hand, HotForex offers multiple options, including bonuses and promotions. That is why many traders choose HotForex. Particularly excellent is HotForex’s custom indicator. The details are summarized in the below article.
Related Article: [HotForex Custom Indicator] Introducing How to Utilize Pivot Points
Summary
- HotForex's Zero Account can cut the trading costs, but overall, Tradeview's ILC Account is superior.
- Traders living in Europe and other countries where bonuses cannot be offered will have to choose a broker in the light of trading costs, trustability of finance license, and investor protection system. In this case, Tradeview is recommended.
- Traders living in countries such as Asia where bonuses can be offered can benefit from the bonus program in HotForex’s Premium Account while opening an account with the highly reliable Tradeview to diversify the assets and avoid risks.
- HotForex’s Zero Account has a lower minimum deposit and minimum trading lot size, so it is easier for beginners to start trading with this account.
That concludes this article.
Thank you for sparing your time to read this article.
I hope this article would be helpful to choose a broker.
