XM vs Hotforex: Our Ratings and Comparison for 2024

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Forex Traders always look for trading with trusted and reliable forex brokers. XM and HotForex are Forex and CFD brokers offering online trading services globally. Both brokers are regulated by top-tier regulatory authorities. XM is regulated by two tier-1, two tier-2, and one tier-4 jurisdictions, including the ASIC, CySEC, FSCA, FSC-Belize, and DFSA.On the other hand, HotForex is regulated by two Tier-1 jurisdictions, three Tier-2 jurisdictions, and three Tier-4 jurisdictions including FCA, CySEC, CMA, FSC Mauritius, SVGFSA, FSA -S, FSCA, and DFSA. These two brokers offer almost similar services. However, each broker has its own strengths and weaknesses.

In this article, we will compare and review XM with HotForex regarding pros and cons,  trading platforms, regulations, tradable assets, fees, customer support, and overall trading experience score. This comparison lets you understand which broker is better for your trading style and preferences.

XM vs Hotforex: In a Nutshell

XM:

Founded in 2009, XM is a forex and CFD broker that offers online trading services globally. It provides access to over 1000+ trading instruments including forex, cryptocurrencies, stock CFDs turbo stocks, commodities, equity indices, thematic indices, precious metals, energies, and shares. The broker is regulated by multiple reputable regulatory authorities, including FSC, ASIC, CySEC, DFSA, and FSCA. The broker offers a full edition of the popular MT4 and MT5 platforms, which include numerous proprietary indicators. XM offers a maximum leverage of 1:1000 to its clients. It is a low-cost broker with spreads starting from as low as 0.6 pips. To learn more, you can read our review on XM.

XM Overview

XM Overview
  • Founded In: 2009
  • Founder: Constantinos Cleanthous
  • Headquarters: Limassol, Cyprus.
  • Trading Instruments: 1000+ trading instruments including forex, cryptocurrencies, stock CFDs turbo stocks, commodities, equity indices, thematic indices, precious metals, energies, shares
  • Minimum Deposit: $5 for Micro, Standard, Ultra low accounts, and $10,000 for share accounts
  • Maximum Leverage: up1000:1 for Standard, Micro, and Ultra-low accounts, No leverage for share account
  • Regulations: FSC, ASIC, CySEC, DFSA, FSCA
  • Trading platform: MT4, MT5, XM trading apps 
  • Spreads: As low as 0.6pips 
  • Account Types: Standard, Micro, Ultra-low, Share  accounts
  • Trading Styles: Allows all trading styles including scalping, news trading, copy trading, EA trading
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill
  • Funding Currencies: USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, ZAR
  • US Traders: Not Accepted

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

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

XM vs : Hoforex Features

XM:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Turbo Stocks CFDs, Metals CFDs, Energies CFDs
  • Maximum leverage: up to 1000:1 
  •  Minimum Deposit: $5 or Equivalent
  • Account Types: Micro, Standard, Ultra Low, Shares Accounts 
  • Fees: Starting from 0.6 in Ultra-low account, 1 Pips for standard account, and 1 Pips for Micro account
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

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

XM vs Hotforex: Pros and Cons

XM:

Pros
  • Regulated by CySEC, ASIC, DFSA in UAE, and FSC Belize.
  • Easy and fast account opening
  • Minimum deposit is $5
  • Over 1000 forex/CFDs are available for trading.
  • MT4 and MT5 are the available trading platforms.
  • Quality research, market analysis, and access to trading tools like Autochartist.
  • Quality training for newbies and ‘ultra-low micro account’ for beginners.
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
Cons
  • Dormant fees are charged after 3 months of no account activity.
  • Trading of real stocks is not available to European traders.
  • Traders have no other choice apart from the MetaTrader platforms.
  • Limited tradable assets.
  • No passive investment services (social trading platform, PAMM accounts);
  • Funding with PayPal is unavailable

Hotforex:

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.

XM vs Hotforex: Side-by-Side Comparison

XM
Hotforex
Product
Product
XM
Hotforex
Founded In
Founded In
2009
2010
Founded By
Founded By
Constantinos Cleanthous
George Koumantaris
Headquarters
Headquarters
Limassol, Cyprus
Kingstown, St. Vincent
Regulations
Regulations
ASIC, CySec , FSC , DFSA, FSCA
FCA, DFSA , FSCA ,FSA,CMA
Min Deposit
Min Deposit
$5
$5
Max Leverage
Max Leverage
1000:1
1:1000
Tradable Assets
Tradable Assets
Forex , Commodities, Stock ,Indices , Crypto , Turbo Stocks Equity indices , Precious Metals , Energies
Forex,Metals,Energies,Indices,Stocks,Commodities,Bonds,ETFs,Cryptos
Fees
Fees
Spreads as low as 0.6 pips
Spread from 0 pips
Platforms and Tools
Platforms and Tools
MT4, MT5, Webtrader
MT4, MT5, HFM Platform
US Traders
US Traders
Not Allowed
Not Allowed

XM Vs Hotforex: Our Scores and Ratings

We rated both brokers, XM and Hotforex, 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.

XM:

9.3
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.5
Trading (15%)8.4
Trading tools (10%)8.6
Customer Support (10%)9.5
Trading Education (5%)9.4

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

Final Verdict:

XM and HotForex are regulated forex and CFD brokers in the industry. They offer similar trading services. Both brokers allow scalping, hedging, EA trading, and Copy trading. The minimum order size for both of them is 0.01. 

However, there are a few areas where you may find some differences. For example, the minimum deposit for XM is $5, whereas the minimum deposit for HotForex is $1. Additionally, the maximum leverage for XM is 1000:1.On the other hand, the maximum leverage for HotForex is 2000:1. XM offers a Social copy trading program, while HotForex does not have any social trading program.

Our score for XM is 9.3, and for HotForex, it is 8.8. So, if you are looking for trusted Forex brokers with Social Trading services, you may choose XM. However, if you prefer a high-leverage, and low-minimum deposit forex broker that offers similar services, you may choose HotForex.

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.

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