Hotforex vs LMFX Compared in 2024

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Hotforex vs LMFX: In a Nutshell

Hotforex

Founded in 2010, HFM is a renowned broker with multiple regulations and ultra-fast executions of over 1000 trading instruments on its proprietary and MetaTrader platforms. The broker has received over 60 industry awards for outstanding performance. It boasts of about 2.5 million clients from all over the world.

Risk warning: 71.25% of retail investor accounts lose money

Hotforex Overview
  • Founded In: 2010
  • Minimum Deposit: $5
  • Maximum Leverage: 1:1000
  • Regulations: FCA, DFSA , FSCA ,FSA,CMA
  • Trading platform: MT4, MT5, HFM Platform
  • Account Types: Cent, Zero, Pro, Premium
  • Payment Options:Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, PayRedeem, Skrill, UnionPay, WebMoney
  • US Traders: Not Accept

LMFX

Traders who desire high leverage, multiple payment options, or even fixed spreads should consider trading with LMFX. Founded in 2015, the broker has successfully operated without hitches while growing its client base through the delivery of excellent services. Trading fees are low and there is an account type for every broker. 

Hotforex vs LMFX: Pros and Cons

Hotforex Pros & Cons

Pros
  • Regulated by the CySEC, FCA, FSCA, DFSA, CMA, FSC Mauritius, and FSA Seychelles.
  • The Maximum Leverage is as high as 1:2000
  • Favorable trading conditions and low spreads - from 0 pips;
  • Trading is available on the MT4, MT5, and HFM trading app
  • Available trading tools are MT4 premium trader tools, Autochartist, free VPS, etc
  • Insurance coverage of up to $5,000,000
  • Copy trading via HF Copy.
  • Market news, analysis, outlook, and webinars are provided by a dedicated team of analysts.
Cons
  • Premium Pro account requires a $5000 minimum balance
  • To copy trades on HF copy, you need a deposit of €300.
  • No micro accounts for European beginner traders.
  • No bonuses for EU Clients 
  • Few account currencies, which is why some clients have to pay for double conversion
  • Customer support is closed on weekends.

LMFX Pros & Cons

Pros
  • The maximum leverage is as high as 1:1000.
  • Tight Spread Starting from 0  pips 
  • Free VPS for high-volume traders.
  •  Allow Scalping, News Trading, EA Trading
  • Does not have any FIFO Restrictions 
  • Deposit bonus and other bonuses.
  • Due to the absence of regulatory restrictions, the broker is open to clients worldwide
  • Multiple payment options including crypto and e-wallets.
  • 4 Types of accounts available ( Premium, Micro, Fixed Zero)
  • Traders are supported with trading tools like calculators, economic calendars, etc.
Cons
  • Not Regulated by Any Authority 
  • Crypto CFDs are not available to Trade 
  • No Investor Protection Scheme 
  •  No access to MetaTrader 5. Only MT4 and Webtrader are available. 
  • The minimum deposit for bank wire transfers is $250
  • Managed Accounts and Social Trading (MAM, PAMM Accounts) are not Available

HotForex vs LMFX: Side-by-Side Comparison

Hotforex
LMFX
Product
Founded In
Founded In
2010
2015
Founded By
Founded By
George Koumantaris
Carter Anthony Smith
Headquarters
Headquarters
Kingstown, St. Vincent
Skopje, North Macedonia
Regulations
Regulations
FCA, DFSA , FSCA ,FSA,CMA
None
Min Deposit
Min Deposit
$5
$50
Max Leverage
Max Leverage
2000:1
1:1000
Tradable Assets
Tradable Assets
Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
Forex, stocks, indices, and commodities.
Fees
Fees
Spread from 0.5 pips
Spread from
Platforms and Tools
Platforms and Tools
MT4, MT5, HFM App
MT4
US Traders
US Traders
Not Allowed
Allowed

HotForex Vs LMFX: Our Scores and Ratings

We rated both brokers, HotForex and LMFX, on a scale of 1 to 10, with 0.1 increments. To achieve a comprehensive rating, we broadly grouped all services offered by brokers into 6 macro categories and assigned percentage weights to them. Each macro category is subdivided into several data points which contributes to the total score of 1.0-10.0 assigned to each macro category. Since all categories are not equally important, our weight percentage plays a significant role in assessing the broker accurately. For example, Regulation and Security contributes a total weight of 40% to the whole ratings because this is the most important rating category. To learn more, read our methodology.

HotForex :

9.1
Total Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)9
Trading (15%)8
Trading tools (10%)9.2
Customer Support (10%)9
Trading Education (5%)8

LMFX

3.6
LMFX Scores
Regulation and Security (40%)1.5
Fees and Commissions (20%)6.5
Trading (15%)6
Trading tools (10%)1
Customer Support (10%)5
Trading Education (5%)3

Final Verdict :

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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