Apr 24 2020 3
HotForex is the up and coming forex broker in the world. Trading with HotForex is a good choice as we have discussed before. However, when you decide to open a real account at HotForex, it may be a little bit shocking that HotForex has up to 6 different types of real account. So how can you know which one is for you? We’re here to help. The following is the analysis of which HotForex live account is suitable for your trading style and level.
HotForex live account for beginners
The Hotforex Micro account is the most suitable for those who are just starting to trade forex and lack experience as well as knowledge. The minimum deposit of this account is only $5, the lowest of all HotForex live accounts. This rate is quite low when compared to other brokers, whose minimum deposits are ranged from 7 to 10 dollars. For the main currency pairs, the spread is around 1 pip. The minimum trading volume is only 0.01 lot. This is the standard rate for small accounts like this.
Our advice is that you should deposit at least $50 because for 0.01 lot, you can lower your losing rate. For example, if you lose 1 dollar (100 lots) of the 5 dollar deposit, you have lost 20% of your fund. But with $50, you only lose 2%. The risk management key point is to never lose more than 2% of your equity. So the less you deposit, the more risky it is.
HotForex live account for semi-pro or experienced traders
The Hotforex Premium account is the one for traders with experiences but don’t trade very often and don’t have much money. The trading conditions of this account are fairly good as well. Spread for the most common currency pairs is just around 1 pip. The minimum deposit is $500. HotForex has strong servers, which help make your executions instant. Most HotForex traders choose this account.
HotForex live account for professional traders
Let’s fold our cards here. In order to consider forex trading a career and make sustainable income from it, you have to have at least $50,000 as fund. All professionals agree with this. According to the investment principles of forex trading, you can never let your loss rate exceed 2%, which means you can only make 2 or 3% profit maximum monthly. So, if you want to earn $1000 to $1500 a month, you have to have at least $50,000 first. If you follow the principles strictly and don’t be greedy, you will have a sustainable income and you can consider forex trading your full-time job.
The HotForex VIP account is for traders like that. This account has super low spread, only from 0.3 pip. The commission is $6 for each completed lot and you have to trade at least 0.1 lot.
HotForex live account for news traders
For those who trade according to the daily news, they would prefer HotForex Fixed Spread account. The reason is that whenever there is news, the price fluctuates greatly so that the spread rises or falls dozens of pips at a time. Therefore, a fixed-spread account is the most suitable in these situations.
Hotforex Zero Spread account
Although its name is Zero Spread, this HotForex live account still has spread, but it is very low, almost nothing. When trading, you only have to pay $8 as commission for each completed lot. This commission is very low when compared to the zero spread accounts of other brokers like FBS ($20) or FxPro ($45). This account is the most suitable for when the market fluctuates significantly.
Hotforex PAMM account
This is the HotForex PAMM account that follows the zero in order of investment, since it requires a minimum deposit of $250, with a maximum leverage of 1:300. The differentials of the PAMM account are of the variable type and of at least 1 pip in Forex and something more in other assets. It allows a maximum of 350 open orders simultaneously.
If you’re still not confident whether you should trade with HotForex, check out the expert traders’ opinions about this broker in the HotForex review. There, you will find how the top professional traders in the industry think about this broker.
You just viewed the 6 types of accounts from HotForex. I hope that you have found the most suitable HotForex live account for your trading strategies and goals in this market.