In the overly volatile and risky market of Forex, traders need a little encouragement from the brokers’ side to gain more confidence as the traders. No one is absolutely secured against the potential losses when trading, therefore, minimizing the size of the loss is one of the best treats that the broker might offer. For that reason, multiple bonus schemes were developed by the leading brokerage service providers around the globe, including deposit and rescue bonuses. One of the best Forex brokers, HotForex designed a competitive bonus program for its existing and new registering clients that we will cover in our review below.
A multi-award winning Forex broker HotForex is famous for its generous promotional programs. The broker holds monthly trading contests with exceptional awards, but, most importantly, it encourages the users to boldly step into the Forex trading world. There are a total of three different bonus programs available for HotForex’s clients: 100% Super Charged Bonus, 30% Rescue Bonus, and 100% Credit Bonus.
Are HotForex Promotions legit?
We can consider HotForex as one of the most trustworthy brokers. The broker complies with the regulations within multiple jurisdictions and holds licenses from several high authority regulatory bodies. The brokerage firm is owned by HF Markets Group and has been on the market since 2010. The company is incorporated in St. Vincent & Grenadines with the registration number 22747 IBC 2015.
HotForex is regulated by the Financial Conduct Authority, (FCA UK), Dubai Financial Services Authority (DFSA), Financial Sector Conduct Authority (FSCA South Africa), and Financial Services Authority (FSA Seychelles). Furthermore, HotForex Forex broker received over 45 different awards as the most transparent broker, Forex trading platform of the year, most trusted Forex broker, and many more. HotForex is also part of the World Finance Top100 Global Companies.
Super Charged Bonus
The promotional program under 100% supercharged bonus combines two different bonus schemes: 100% supercharged bonus credits and supercharged rebates. Through this program, traders get a chance to increase their leverage by receiving 100% bonus credits on each qualifying deposit. Cash rebates can be earned on every qualifying round-turn trade.
According to the eligibility criteria of the supercharged bonus, a person should open a real trading account with HotForex, demo accounts do not qualify for the bonus. The person should also be considered of the legal age in his or her country of residence. Furthermore, the bonus scheme applies to two trading accounts only: Premium and Islamic. Only one account per client, therefore, one IP address, can participate in the promotion. In order to qualify, a trader should deposit a minimum deposit amount of 250 USD or more on one of the previously mentioned accounts.
The bonus scheme on deposit bonus is for trading purposes only and cannot be withdrawn. Only the profits earned through trading with the supercharged bonus and earned rebates can be withdrawn. With the initial deposit of minimum requirement or either an internal transfer on the qualified account, the trader will receive a 100% bonus. The cumulative maximum amount of the bonus is 50 000 USD.
Rebates are calculated according to the volume traded on Forex and Gold products. The rebates can be earned after closing the trade and can either be used for trading purposes or withdrawn. The positions over 0.2 lots on Forex products qualify for the rebates, which is 20,000 currency pair units. However, the open positions should exceed one minute. If the position lasts over a minute but is less than 2 minutes, then half of the rebate amount will be credited to the user. In order to qualify for the complete rebate amount, the open positions should exceed 2 minutes. The minimum withdrawable rebate that can be earned is 5 USD. The maximum cumulative earnings through rebates can go up to 8,000 USD.
Rescue Bonus
The main purpose of the promotional 30% Rescue Bonus Program is to secure the trader accounts from drawdown periods. The rescue program applies to every single qualifying deposit. The deposit is considered to be qualified if the deposit amount exceeds 50 US dollars. The provided Rescue Bonus can also be used as a stop-loss or margin.
The eligibility criteria for the bonus are similar to the previous one. The user has to be registered on the HotForex broker platform with a real trading account. Demo accounts do not qualify. Furthermore, the client has to be of legal age in the residence country. Only one account per client, or per IP address will be able to claim the given bonus. The 30% Rescue Bonus cannot be withdrawn under any circumstances.
The maximum amount that the trader can receive as a rescue bonus is 7000 US dollars. However, if the deposit is withdrawn the proportional amount of the rescue bonus will also be deducted from the trading account. The deducted amount will still count within the limit of 7000 US dollars. On the other hand, if the trader reaches the stop out limit, he or she will be entitled to receive an additional 30% Stop Out rewards. The stop-out rewards can be claimed until its cumulative amount reaches 3000 US dollars. The accounts, where the open trades have stopped out are considered to have reached the stop out limit, and only in this case, account holders will be able to qualify for the stop-out reward.
Credit Bonus
HotForex Forex broker additionally offers a 100% credit bonus to its clients. The promotional program applies to deposits over 100 USD or internal transfers of the same amount to the qualifying trading account. The accounts that are eligible for receiving the bonus are Islamic, Micro, and Premium accounts. The maximum amount that the 100% credit bonus can accumulate up to is 30 000 USD.
The deposit bonus can be withdrawn only after meeting the following requirements. The client needs to make transactions in the amount of certain standard lots. The standard lots are calculated by dividing the total awarded bonus sum by 2. For instance, if you deposited $200 and claimed an additional $200 as a bonus, then the number of required transaction standard lots would be 200/2 = 100 standard lots. However, the volume requirements furthermore state that the qualifying trades have to have 3pips spread and only certain trading instruments qualify. Those are cryptos (BTCUSD and BTCEUR), commodities, energies, Forex, spot indices, USDIndex, Metals, and US shares.
The eligibility criteria once again state that only one real trading account is eligible to receive the bonus per client and the client should not be regarded as a minor under the laws applicable of the residence country.
Loyalty Program
The broker furthermore offers an exceptional loyalty program to its loyal customers. There is no entry fee to the program and the points can be accumulated through trading. Every trade earns a customer a BAR, which can be exchanged for Cash or trading services. You can obtain 100 HotForex Bars simply by getting yourself approved and depositing on your myHF account.
There is a total of 4 loyalty levels: HotForex Red, HotForex Silver, HotForex Gold, and HotForex Platinum. HotForex red is obtained by registering on HotForex Trading Rewards and earns you 6 Bars per lot. A silver level can be reached after accomplishing 31 days of active trading with the broker. With the HotForex Silver, the trader receives 8 Bars per lot. HotForex Gold can be achieved after another month of active trading granting the client 10X Bars per lot. While the Platinum level comes with 105 days of active trading with HotForex and brings with it 12 Bars per each lot.
Final Thoughts
No trader would reject free bonus programs, doubling his or her funds, securing their trades, or receiving additional cash for each trade. That is why there exists no client who would be disappointed with what HotForex has to offer for the traders’ community. Each of the bonus programs offered by the broker is unique and exceptional in its ways. Now it’s up to you which of the bonus schemes best suits you a 100% supercharge bonus, 30% rescue bonus, or 100% credit bonus. However, keep in mind that you cannot change the bonus program after you have already signed up with it.
