Forex traders always look for trading with brokers that suit their trading needs and preferences. HotForex and ProsperityFX are online forex brokers that offer their trading services to traders and investors. HotForex is a highly regulated and trusted forex broker. It is regulated in two tier-1 jurisdictions, three tier-2 jurisdictions, and three tier-4 jurisdictions. On the other hand, ProsperityFX is an offshore forex broker which is not regulated by any regulatory bodies.
In this article, we will review and compare the brokerage services offered by HotForex and ProsperityFX. We will explore options such as regulations, reputations, fees, features, leverage, and more. Additionally, we will analyze and rate the brokers based on macro and micro categories and options. By reviewing these aspects, you will get a clear idea of which broker suits you best for your trading journey.
HotForex
Founded in 2010, HFM is one of the renowned forex and CFD brokers offering online trading services worldwide. The broker was previously known and founded as HotForex. HFM provides over 1,000 trading instruments, including forex, commodities, metals, bonds, energies, ETFs, indices, stocks, and cryptos. It is regulated by multiple regulatory authorities, such as the FCA, CySEC, CMA, FSC, SVGFSA, FSA-S, FSCA, and DFSA. HFM has received over 60 industry awards for outstanding performance and offers leverage as high as 1:2000. It boasts about 2.5 million clients from all over the world. To learn more about HFM, you can read our review on HFM (HF Markets).
Hotforex Overview
- Founded In: 2010
- Founder: George Koumantaris
- Headquarters: St. Vincent & the Grenadines
- 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
ProsperityFX
ProsperityFX facilitates the trading of over 200 forex and CFDs on its MT4 platforms. Founded in 2020, the broker offers multiple account types, ECN raw spreads, fast executions, and 24/7 support. You can fund your account via several cryptos and there are no extra charges for deposits or withdrawals.
ProsperityFX Overview
- Founded In: 2020
- Minimum Deposit: Between $25 and 500 (Standard Account: $50, Pro: $500, Var: $250, Mini: $25, Islamic:$50
- Maximum Leverage: 500:1
- Regulations: None
- Trading platform: MT4
- Account Types: Standard, Pro, Var, Mini
- Payment Options: VISA, MasterCard, Bitcoin
- US Traders: Accepted
Hotforex vs : ProsperityFX Features
Hotforex:
- Trading Instruments: 3000+ trading instruments including Forex, Metals, Energies, Indices, Stocks, Commodities, Bonds, ETFS, Cryptos
- Maximum leverage: The maximum leverage of Oanda is 1:200 (global), 1:50 (US), 1:30 (EU)
- Minimum Deposit: No Minimum Deposit.
- Account Types: Two (Standard, Elitetrader)
- Trading Fees: Spreads range from 0.1 to 0.6, and commissions range from 3.5 to 4 per lot (depending on account type).
- PAMM/ MAM:
- Scalping: Allowed
- News Trading: Allowed
- EA/ Robot Trading: Allowed
ProsperityFX
- Trading Instruments: Forex, Indices, Commodities, Stocks, and Crypto
- Maximum leverage: 500:1
- Minimum Deposit: $20
- Account Types:Â 4 (Standard, Pro, Var, Mini)
- Trading Fees: Spread starting from 0.4 pips or commission from $1 to $8
- PAMM/ MAM:Â Not Available
- Scalping: AllowedÂ
- News Trading: Allowed
- EA/ Robot Trading: Allowed
HotForex vs ProsperityFX: Pros and Cons
HotForex Pros & Cons
- 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.
- 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.
ProsperityFX Pros & Cons
- Low Minimum Deposit - Starting from $10
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients.
- Allow Scalping, EA Trading and News Trading
- ProsperityFX Accepts Crypto Deposits
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Spread sometimes widens during market volatility
- Unregulated Forex broker
- No Managed Account Options
HotForex vs ProsperityFX: Side-by-Side Comparison
HotForex Vs ProsperityFX: Our Scores and Ratings
We rated both brokers, HotForex and ProsperityFX, 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 :
ProsperityFX
Final Verdict :
Both HotForex and ProsperityFX offer similar trading services worldwide. However, there are differences in their regulations, reputation, and operation. HotForex is a highly regulated and trusted forex broker. It is regulated by top-tier regulatory authorities, including FCA , CySEC, CMA, FSC Mauritius, SVGFSA ,FSA -S, FSCA, DFSA. On the other hand, ProsperityFX is an unregulated offshore forex broker. HotForex provides Multiple trading platforms including MT4, MT5. On the Contrary, ProsperityFX does not offer MT4/MT5.
As HotForex is not licensed in the USA, it cannot accept US clients. Being an unregulated offshore forex broker, ProsperityFX can onboard clients from anywhere in the world, including the USA. Therefore, non-US traders may opt for HotForex, while US traders looking for offshore forex brokers may consider ProsperityFX. Trading with offshore forex brokers is risky and not recommended.
