HotForex provides three types of trading accounts: Micro Account, Premium Account, and Zero Spread Account. The rate of maximum leverage and the bonuses program differ between the accounts. Many traders choose Premium Account because it offers all kinds of bonus programs and you can choose one of them freely (bonuses are available for MT4 only).*
* 100% Super Charge Bonus and 100% Credit Bonus cannot be awarded to the same trading account. But HotForex allows traders to open up to 7 trading accounts in one login account (myHF account), so you can use different accounts for different purposes.
This article introduces the features of each trading account and the recommended account by the trading style. If you want to open an account with HotForex but are bothering over the suitable account to you or are unsure of the difference between each account, this article would be helpful to you.
Contents
How to Open an Account with HotForex
Here, we take a closer look at how to open a HotForex account. There are four steps to open an account as below;
- Register basic information and create an account
- Enter your personal information and investment experience
- Upload documents required
- Create a trading account by selecting your desired account type and bonus program
Documents required
・Valid photo identification such as passport, driver’s license, and ID card
・Document certifying the current address issued within six months, such as utility bills and bank statement
Details of Procedures
①Register basic information and create an account.
First, click [Open Live Account] at the TOP of HotForex’s official site.
Then, fill in the required information and submit it, and a notification email will be sent to you. You should follow the instruction written in it afterward.
②Instructions written in the email
- Confirmation of personal information
- Confirmation of terms and conditions of HotForex
- Confirmation to activate your account
Once the above procedures are completed, you will receive an email including your ID and password for logging in to your account (myHF). Procedures after this will be done by logging into the myHF account.
③Procedures in the myHF account
- Confirmation of personal information
- Registration of information such as trading experience
- Upload of documents required (identification and proof of residence)
After uploading the required documents and being approved by HotForex, you will be able to open a trading account.
④Select your preferred account type, bonus program, and trading platform
From the top page of your myHF page, select the account type and open a trading account to complete the process.
[NOTE]
The eligibility of bonuses varies from country to country due to the difference in the authorized finance license. HotForex has different group companies so that it can provide services all over the world. With which company you will open an account is determined by the country of residence. Of the group companies, only HF Markets (SV) Ltd. offers the bonus. Traders living in the following countries and regions are eligible to open an account with HF Markets (SV) Ltd and be awarded the bonus.
HF Markets (SV) Ltd.
China, Hong Kong, India, Indonesia, Macao, Malaysia, Mongolia, Nepal, The Philippines, Singapore, South Korea, Sri Lanka, Taiwan
Related Article: HotForex Bonus Program
List of Account Type
| Account Type | Micro Account | Premium Account | Zero Spread Account |
| Account currency | USD, EUR, NGN,JPN | USD, EUR, NGN,JPN | USD, EUR, NGN,JPN |
| Transaction Type | NDD STP | NDD STP | NDD STP |
| Trading Platform | MT4 MT5 | MT4 MT5 | MT4 MT5 |
| Transaction fee
(Roundtrip, EUR/USD) |
No charge | No charge | USD 6.00 for the transaction of 100,000 currencies |
| Size per lot | 100,000 currencies | 100,000 currencies | 100,000 currencies |
| Minimum deposit amount | USD 5.00 | USD 100.00 | USD 200.00 |
| Minimum trading volume | 1,000 currencies | 1,000 currencies | 1,000 currencies |
| Maximum trading volume | 700,000 currencies | 6,000,000 currencies | 6,000,000 currencies |
| Maximum number of holding positions | 150 Positions | 300 Positions | 500 Positions |
| Average spread EUR/USD |
1.6 pips | 1.6 pips | 0.2 pips |
| Maximum leverage | 1:1000 | 1:500 | 1:500 |
| Loss-cutting level | Less than 10% | Less than 20% | Less than 20% |
| Islamic Account | Available (Swap Free) | Available (Swap Free) | Available (Swap Free) |
| Bonus | 100% Credit Bonus
Loyalty Program |
100% Super Charged Bonus
100% Credit Bonus Loyalty Program |
N/A |
1 lot = 100,000 currencies
Swap Free is available for Muslim clients. → Official Site
Details: Hot Forex Official Site
Features of Each Account
Micro Account
As the minimum deposit amount is as low as USD 5.00, it may seem to be for beginners. However, with a maximum leverage of 1: 1,000 and a loss cut level as low as 10%, this account is suitable for those preferring the high leverage trading with high gambling elements.
Also, the maximum trading volume per position is 700,000 currencies, which is lower than other accounts. The minimum deposit amount and maximum trading volume are also set low.
The bottom line is that Micro Account is suitable for traders who want to trade with small amounts of money and high leverage.
< Point>
- Micro Account’s spread is almost the same level as other brokers.
- The minimum deposit amount is USD 5.00.
- The maximum leverage of 1:1000 is double that of other accounts.
- The maximum trading volume is 700,000 currencies, which is lower than other accounts.
- Micro Account supports 100% Credit Bonus and Loyalty Program and does not support 100% Super Charged Bonus.
- This account is suitable for the high-leverage traders with small amounts of money
Account type can be selected after registering your user information from the link above. HotForex allows you to open up to 7 real accounts in one login account (myHF account), so you can use different accounts for different traders and trading methods.
Open an account (official site) →
Premium Account
Premium Account is an account that is eligible for all three bonus programs offered by HotForex (100% Super Charged Bonus, 100% Credit Bonus, and Loyalty Program). Although MT4 (MetaTrader4) or MT5 (MetaTrader5) is available for trading with this account, you should choose MT4 if you want to receive the bonus.
The minimum deposit amount is set at USD 100.00, which is higher than that of Micro Account. Also, this account provides spreads of around 1.7 pips for USD/JPY, 1.1 pips for EUR/USD, and 1.7 pips for GBP/USD, which are in no way inferior to other brokers.
The maximum trading volume per position is 6,000,000 currencies, and the maximum leverage is 1:500. If the current margin percentage falls below 20%, a mandatory loss cut will be triggered. (the loss cut level of 20% is standard compared to other brokers).
Spread and maximum leverage are standard compared to other brokers, but the main feature is that, as mentioned above, traders are eligible for all three bonuses offered by HotForex. This is one of the reasons for the popularity of the program.
The bottom line is that Premium Account is suitable for traders who want to take full advantage of HotForex bonuses.
< Point>
- Premium Account’s spread is in no way inferior to other brokers
- The minimum deposit of USD 100.00 is also the same level as that of other brokers.
- The maximum leverage of 1:500 is half of that of Micro Account.
- Three bonus programs are available.
100% Super Charged Bonus and 100% Credit Bonus cannot be awarded to the same trading account. But HotForex allows traders to open up to 7 trading accounts in one login account (myHF account), so you can use different accounts for different purposes.
Open an account (official site) →
Zero Spread Account
Zero Spread Account can be recommended to frequent traders like day traders and scalping traders.
Although bonuses cannot be awarded, Zero Spread Account provides a narrow spread. Even if a transaction fee is borne by traders, the overall transaction cost including the spread is still lower than that of other accounts.
Additionally, the round-trip trading fee per lot (100,000 currencies) is as low as USD 6.00 (major currency pairs) or USD 8.00 (minor currency pairs), making it a good match for frequent trading.
As the minimum deposit amount (USD 200.00) is higher than that of Micro Account and Premium Account, Zero Spread Account is considered to be suitable for middle- or advanced-level traders.
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 |
1 lot = 100,000 currencies
Zero Account’s trading cost, a total of spread and trading fees, is among the lowest in the industry. The below table shows the low spread accounts of brokers that have no restrictions on scalping for the three currency pairs.
Trading cost (spread + trading fees) for each broker
| USD/JPY | EUR/USD | GBP/USD | Total | |
| Tradeview
ILC Account |
0.6 pips | 0.7 pips | 0.9 pips | 2.2 pips |
| HotForex
Zero Spread Account |
0.8 pips | 0.8 pips | 1.0 pips | 2.6 pips |
| TTCM
VIP Account |
0.7 pips | 0.7 pips | 1.1pips | 2.5 pips |
| FBS
ECN Account |
0.9 pips | 0.6 pips | 1.1pips | 2.6 pips |
| AXIORY
Nano Spread Account |
1.1pips | 0.9 pips | 1.1pips | 3.1pips |
| TitanFX
blade account |
1.03 pips | 0.9 pips | 1.27 pips | 3.2 pips |
| XM
Zero Account |
1.1pips | 1.1pips | 1.6pips | 3.8 pips |
Average spread (Calculated from each broker’s info)
In general, an ECN account suitable for scalping has a double-edged sword as it offers a narrow spread but also requires traders to deposit more money to the account than other accounts and offers larger lot size and per trade and lower leverage. However, when it comes to Zero Spread Account, it has trader-friendly features like below.
< Point>
- The spread of Zero Spread Account is as low as Tradeview’s.
- The minimum deposit amount is USD 200.00
- The Maximum leverage is 1:500.
- Traders can conduct trading with 1,000 currencies at the minimum.
- Any bonuses are not available.
Another reason for the popularity of Zero Spread Account is the pivot, one of the most effective indicators for scalping, is available for free with some conditions (custom indicators are available for all accounts if conditions are met).
Related Article:
Zero Spread Account allows traders to make high-frequency short-term trading regardless of the amount of investment.
This account is therefore suitable for any short-term traders with frequent trading, including traders with small money.
Open an account (official site) →
Conclusion
Micro Account
Suitable for traders who prefer the 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 three bonuses is available (100% Super Charged Bonus, 100% Credit Bonus, and Loyalty Program).
Zero Spread Account
Suitable for short-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.
