Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

Hotforex
8.6 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT HOTFOREX
CMS Forex
0 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT CMS FOREX
XTB
10 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT XTB
About

Hotforex is regulated by CySEC, MiFID, Investor Compensation Fund, GBOT, BaFin,FSC, FSA, and ACIIF. Hotforex has provided forex trading services since 2010.

CMS Forex website is not operational.

XTB is regulated by the Financial Conduct Authority. XTB have provided Forex, CFD, and social trading services since 2002.

Why choose them?
  • Yes Over 8 years in business
  • Yes Segregates clients funds
  • Yes Regulated by CySEC
  • Yes Over 19 years in business
  • Yes
  • Yes
  • Yes Over 16 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, KNF, and CMB.
Headquarters Limassol, Cyprus Level 34, One Canada Square, Canary Wharf, E14 5AA, London, UK

TRADING SERVICES OFFERED

Spot Forex Yes No Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No No
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 48
Commodities Offered 21
Stocks Offered 1606
Bitcoin Yes No Yes
Majors Yes No Yes
Indices Yes No Yes
US Stocks Yes No Yes
Penny stocks No No Yes
Energies Yes No Yes
Metals Yes No Yes
Agriculturals Yes No Yes
FTSE No No Yes
Dow Jones No No Yes
Dax Yes No Yes
Nikkei No No Yes
ETFs No No Yes
IPO No No Yes
See all instruments

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See all instruments

Losses can exceed deposits

See all instruments

77% of retail investor accounts lose money when trading CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes No Yes
MT5 No No No
MT4 Mac No No Yes
WebTrader Yes No Yes
Mirror Trader No No Yes
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM No No No
Custom Platforms HotForex, Rapit Trader VT Trader Xstation5

APPS

iOS image Yes No Yes
Android image Yes No Yes
Windows image No No Yes
Available Languages

Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Japanese, Malay, Polish, Portuguese, Russian, Spanish, Thai, and Bengali

English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

See platform & features

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See platform & features

Losses can exceed deposits

See platform & features

77% of retail investor accounts lose money when trading CFDs with this provider.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by Hotforex and CMS Forex

Demo account No No Yes
Mini account Yes Yes Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account Yes Yes Yes
Zero spread account Yes No No
VIP account Yes No Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See account options

Losses can exceed deposits

See account options

77% of retail investor accounts lose money when trading CFDs with this provider.

TRADING CONDITIONS

Scalping Yes Yes Yes
Hedging Yes No Yes
Expert advisors (EAs) Yes No Yes
Virtual private server Yes No No
Direct market access Yes No Yes
STP broker Yes No Yes
Market maker Yes Yes Yes
Min trade Varies Varies 0.01 Lot
Max trade Varies Varies 100 Lot
Min deposit $1 $1 $1

RISK MANAGEMENT

Stop losses Yes No Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes No Yes
Price alerts Yes No Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes No Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No Yes
Neteller Yes No Yes
Skrill No No Yes
Payment processing time 2-7 business days Varies Same day if requested before 1PM
Withdrawal processing time 1-10 business days Varies Same day if requested before 1PM
See all funding options

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

See all funding options

Losses can exceed deposits

See all funding options

77% of retail investor accounts lose money when trading CFDs with this provider.

DETAILED INFO

Excluded countries US,IN,PK,BD,IQ,IR,IL,AF,AU,CA
Contact email Send Email Send Email Send Email
Phone number 44-2033185978 No 44 2036953085
Live Chat Yes No Yes
Website www.hotforex.com cmsforex.com www.xtb.com
Spreads:
EUR/USD (Average: 0.7 pips) Not offered Not offered 0.1 pips
GBP/USD (Average: 1.1 pips) Not offered Not offered 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered Not offered 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered Not offered 0.2 pips
USD/CHF (Average: 2.3 pips) Not offered Not offered 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered Not offered 0.3 pips
NZD/USD (Average: 3.6 pips) Not offered Not offered 0.3 pips
EUR/GBP (Average: 2.4 pips) Not offered Not offered 0.1 pips
View all spreads

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

View all spreads

Losses can exceed deposits

View all spreads

77% of retail investor accounts lose money when trading CFDs with this provider.

FEES

Inactivity Fee No No
Commission No Yes
Deposit Fee No Varies No
Withdrawal Fee No No No
View All Fees

72.83% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd.

View All Fees

Losses can exceed deposits

View All Fees

77% of retail investor accounts lose money when trading CFDs with this provider.

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Last update

All information collected from www.hotforex.com. Last updated on 01/12/2019.

All information collected from cmsforex.com. Last updated on 01/12/2019.

All information collected from www.xtb.com. Last updated on 01/12/2019.

Company

HotForex is a commonly used broker for many forex traders around the world. They provide a high level of service and are trusted by both retail investors and large institutional customers to trade Forex and CFD's online.

Hotforex provide a wide variety of customizable solutions in their trading platforms to perfectly suit a wide variety of traders. With their low spread offerings coupled with the ability to scalp and hedge, Hotfrex is widely regarded as a popular choice.

CMS Forex website is not operational.

XTB provides hyper fast execution and facilitates seminars with external professional traders, providing personalised education depending on your individual circumstances.

XTB operates with two factors in mind; to provide traders with the fastest execution speeds and to be the most transparent broker on the market, which is reflected by the services and products they provide.

XTB also have a dedicated education area - the Trading Academy - which contains material to help you become a better trader, including video tutorials, trading courses, articles and much more to improve your skills at every step of your trading journey.

If you are looking for a broker that is regulated by the Financial Conduct Authority and focuses on transparency, fast execution speeds and customer service, XTB is a great option.

For more information about trading with XTB, we have put together an in-depth XTB review covering the pros and cons of this broker.

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Hotforex or CMS Forex?

Access to MT4 or low spreads?

If you’re a trader looking for a broker that offers the popular MT4 trading platform, Hotforex is likely a better fit. However, if you want a broker with lower spreads on currency pairs like EUR/USD, CMS Forex may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider Hotforex to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

Hotforex is regulated by CySEC, while CMS Forex is regulated by Closed.

XTB are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

Hotforex has been around for 9 years, while CMS Forex have been around for 20 years. Our third alternative broker, XTB, have been around for 17 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Hotforex uses tier one banks as their banking partner.CMS Forex does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both Hotforex and CMS Forex are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Hotforex are based in Limassol, Cyprus, while CMS Forex are based in .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, Also, if you’re looking to trade cryptocurrencies, Hotforex offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

neither Hotforex nor Hotforex offer commodity trading.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. Hotforex, for example, offer a mini account, standard account and VIP account.

For Muslim traders, Hotforex offers an Islamic account, which doesn’t accrue interest or incur/receive rollover swap points, as this is prohibited in Shariah law. You can learn more & compare Islamic trading accounts head-to-head here.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

Hotforex does allow scalping and hedging. While CMS Forex also allows scalping but doesn't allow hedging. You can trade with EAs (expert advisors) on Hotforex but you can't trade EAs (expert advisors) with CMS Forex.

In terms of risk management tools, Hotforex does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but CMS Forex doesn't offer this.

Hotforex also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

Hotforex accept Neteller while

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, Hotforex charges 0.10 points, while CMS Forex charges points. Therefore, CMS Forex is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: Hotforex or CMS Forex?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, Hotforex is more reliable based on our criteria above. CMS Forex has a wider range of instruments to trade. CMS Forex offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Most brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.