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HotForex

HotForex Bonus Program Review | How to get bonus?



This article explains about HotForex bonus program.

HotForex is a world-famous and high evaluated broker.

HotForex is a very attractive Forex broker, offering not only abundant trading stocks and good trading conditions, but also seminars for beginners and advanced users and various contents.

As of March 2021, HotForex offers deposit bonus, cashback and loyalty point program.

By utilizing the bonus, you can start trading with a small amount of money, reduce the risk and aim for a large profit.

In this article, I will explain in detail the types and characteristics of bonuses offered by HotForex, how to receive them, and points to note.

You can learn by this article;
  • Types and characteristics of bonuses offered by HotForex
  • How to receive and utilize HotForex bonus
  • Notes on HotForex bonus

What is Bonus program?

This is common not only to HotForex but to all Forex brokers, bonuses generally refer to the following.

  • By meeting certain conditions such as opening an account and making a deposit
  • To receive “money” that can be used as margin

It is difficult to express this “money”, and I think that it is difficult for beginners to understand.

Generally, bonuses are added to the “credit” frame in MetaTrader (MT4, MT5).Strictly speaking, this is not “cash” and you cannot withdraw this.

On the other hand, the money you deposit for trading funds falls into the “balance” frame.

Margin required for Forex trading is calculated by balance + credit.

This means that the bonus cannot be withdrawn by itself, but can be used as margin.

Benefits of getting a bonus

The benefits of receiving a bonus are:

  • You can start trading just by opening an account without making a deposit.
  • Because the margin increases, you can aim for a big profit even with a small deposit amount.
  • You can trade with less funds by using the deposit bonus.
  • The real spread can be narrowed by the amount of the bonus.

As the margin increases, you can trade with less risk.

In other word, for example, with a 30% deposit bonus, you can take 1.3 times the risk with the same amount of funds.

Regardless of the way of thinking, from the perspective of risk and return, even if you take the same risk, you can expect a larger return.

Also, regarding the real spread at the end, if you get a bonus, the input cost per trading unit will be lower, so you can think that the real spread (transaction cost) will be narrower (cheaper).

In the case of HotForex, in addition to the bonus program, there is cash back by the loyalty program, so the more you trade, the narrower the real spread will be.

In general, forex brokers with luxurious bonuses tends to have wider spreads.

This seems unavoidable considering that spreads are the only source of profits for overseas Forex brokers, and they are the source of bonuses as well as operating funds.

HotForex has a lot of content such as video tutorials for beginners, webinars, various tools, etc., so it is better to make a better trading environment while making full use of these bonuses and cash back.

Disadvantages of getting a bonus

Regard to disadvantage, but there is nothing in particular.

The point is that you need to be careful not to get freeze your account or refuse to withdraw because it is considered a trade that abuses your bonus.

This is a violation of the rules, so of course you shouldn’t do it, but it seems that some people do it innocently.

Examples of bonus abuse are as follows.
  • Repeatedly earn account opening bonuses in the name of another email address, family member
  • Having cross orders in accounts

HotForex offers negative balance protection (NBP) system.

This is a system that returns the balance to zero without generating margins or borrowing even if the balance becomes negative.

You can make a profit by abusing the bonus and NBP system.

For example, let’s say you want to trade the same currency pair on both sides (cross order) with full leverage and the maximum lot limit.

If the market moves to either side, one may be negative and meet the stop out, but the other will be profitable.

The negative one will automatically be a stop out, but since there is NBP system, it will not be a loss.

If you close the position that has unrealized profit, it will be profit.
This is clearly an abuse of the bonus.

Your account will be frozen.



HotForex Bonus Types

Now, let’s take a closer look at the HotForex bonus program.

HotForex offers “30% Rescue Bonus”, “HF Rebates” and “Loyalty Program”.

Below is a list of them.

Bonus ProgramBonus TypeAmount
30% RescueDeposit BonusMax $7,000
HF RebatesCashbackMax $8,000
Loyalty ProgramPoint ProgramRedeem points for various gifts and cash back

From here, I will explain each bonus in detail.

Of these, the loyalty program is a little different from the bonus, so I will omit the explanation in this article and summarize it in detail in another article.

HotForex 30% Rescue Bonus

HotForex 30% Rescue Bonus is a so-called deposit bonus.

Since HotForex started offering it in 2013, it has a long history.
When you deposit to a real account, 30% of the deposit amount will be provided as a bonus (credit).

For example, if you deposit $1,000, 30% of $300 will be given as a bonus, and the total margin will be $1,300.

The maximum amount is 7,000 dollars.

There is no limit to the number of deposits you can make, and you can get up to $7,000.

This is quite big.

HotForex 30% Rescue Bonus is available for Micro and Premium account

HotForex 30% Rescue Bonus is available for Micro and Premium account.

And both need to choose MT4 as the trading platform.

If you use MT5, you will not receive a 30% rescue bonus.

Zero spread account is not eligible for the bonus.

Application is required when opening an account

You must choose to receive a 30% rescue bonus when you open your account.

Please note that if you select “No Bonus”, you will not receive a bonus.

 Only one account per person is applicable

HotForex 30% Rescue Bonus applies to up to 1 account per person.

HotForex allows you to create additional accounts, but if you already have a 30% Rescue Bonus on another account, you will not be able to get it on the additional account.

Maximum leverage is limited to 1:500

The maximum leverage for accounts eligible for the 30% Rescue Bonus is automatically limited to 1:500.

Premium account has a maximum leverage of 500 times, so there is no problem, but Micro account has a maximum leverage of 1000 times, but they automatically increase by 500 times.

Bonus is added to margin

HotForex’s 30% Rescue Bonus will be added into “Credit”, and Margin will be calculated by Balance + Credit.

Since the margin is 1.3 times the deposit amount, you can leverage it to obtain higher profits, or even if there is an unrealized loss, you can withstand the extra amount.

The bonus itself cannot be withdrawn

The bonus itself cannot be withdrawn with HotForex.

Bonuses go into the credit frame and are used as an effect to increase margin.

All profits obtained by utilizing the bonus can be withdrawn

If you make a profit by utilizing the bonus, you can withdraw it in full.

Withdrawal will eliminate the 30% bonus of the withdrawal amount

If you withdraw from an account that has a 30% rescue bonus, the bonus equivalent to 30% of the withdrawal amount will disappear.

In other words, the bonus given at the time of deposit will be invalidated according to the withdrawal amount.

The bonus does not disappear even if there is an unrealized loss

If an unrealized loss occurs in a position while holding the position, the bonus will not disappear immediately.

Margin is calculated including the bonus, but the bonus will not disappear unless the balance + credit (bonus) matches the stop out.

The bonus disappears when the stop out is met

If you are in a stop out, the bonus will disappear.

HotForex offers negative balance protection (NBP) system, so even if your balance becomes negative, your balance will be reset to zero, but all bonuses will also be reset to zero.

Even after the stop out, if you have a bonus balance, you can get it again

After the stop out, if you still have the remaining 30% rescue bonus, you can re-deposit and get another bonus according to the deposit amount.

If you run out of the $ 7,000 limit, you’ll get more benefits

If you use up all the $ 7,000 30% Rescue Bonus slots and then meet the stop out again, you will receive an additional 30% Rescue Bonus.

It is named “Stop Out Rewards”.

You will need to contact support after making an additional deposit.

The maximum amount you can get is $ 3,000.



HotForex HF Rebates

HF Rebate is a so-called cashback program.

It has been available since 2018.

The target of cash back is limited to currency pairs and gold, and cash back occurs every time you trade.

The cashback bonus can be used for trading, and can be withdrawn.

Cashback starts from deposit $ 250

HotForex HF Rebates are entitled to deposits of $ 250 or more.

If you make a deposit less than $ 250, you will not get cash back even if you trade the target currency pair.

Only one account per person is applicable

HotForex HF Rebates applies to up to 1 account per person.

Maximum cashback is $ 8,000

The maximum cashback amount for HotForex HF rebate is $ 8,000.

For transactions of 0.1 lot or more

HotForex’s HF Rebate targets trades of 0.1 lot or more.

Automatically counts for currency pairs and gold trades of 0.1 lot or more.

The timing of automatic counting is when the position is closed.

$ 2 cashback per lot

Eligible trades are automatically counted and you will receive a cashback of $ 2 per lot.

Be careful of scalping trading

HotForex HF Rebates are not eligible if the position is held for a short time.

If the time from order to close is less than 1 minute, the cashback rate will be 0%.

It will be 50% within 2 minutes.

If you have more than 2 minutes, you will receive 100%.

Cash back is returned every day

The HF rebates you earn will be returned daily.

It is calculated at 2am HotForex server time and reflected in your account.

Summary

How was it?

HotForex bonuses, both 30% Rescue Bonus (deposit bonus) and HF Rebates (cash back), have slightly different characteristics from other Forex brokers.

In particular, the 30% Rescue Bonus will automatically disappear when the loss cut is met, so you should consider that it has the effect of increasing the margin by 30% while the margin remains.

In fact, the HotForex bonus rule says “30% Rescue Bonus is to
withstand drawdowns”.

In any case, if you use it well, it will have the effect of increasing the margin and reducing the risk, so make sure you understand the conditions properly and make use of it.

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ABOUT ME
KandA
KandA
I live in Thailand since 2016. I trade using the accounts of several Forex Brokers. I try to provide simple information based on my actual experience. For others, see [Profile].