HotForex Copy Trade Service Review 2023 – Compare Best Copy Trading Services

Welcome to Acorn 2 Oak, the website where you can compare and review a wide range of forex products and services, including managed accounts and copy trading, as well as leading forex brokers. We offer you a smart way to save time and money by comparing various fx opportunities.

Below you will find a review of the HotForex Copy Trader. We have reviewed selected copy trading services to assist you in making an informed choice.

HotForex Copy (HFcopy) is a social copy trading network attracting traders with different experience levels. The platform specialises in providing opportunities for individuals who wish to tap into the world of forex markets and signal providers with advanced experience who can benefit from the success of their trades.

In this Copy review, we will take a detailed look at how the platform works, the registration process and the overall customer’s experience.

HFcopy Overview

HotForex Copy was launched in 2015 by HotForex Broker as the copy trading system HF Social. Two years later, the name was changed to HFcopy and remains like this until today. HotForex Broker is part of the global HF Markets Group with offices around the world. They offer a wide range of Forex and CFDs trading instruments.

HFcopy Tools and Features Review

Like any other social trading broker, they provide opportunities for two types of traders. On one side are the freshmen – individuals just starting in Forex and the financial markets, searching for some more experienced guidance and examples to follow.

On the other side are the sophisticated traders looking for additional earning opportunities by enabling others to copy their trades. With this company, these two categories are called – Followers and Strategy Provider.

According to the type of profile you have created, you get access to a slightly different version of the HFcopy feed.

As a Follower, you can monitor the strategy providers’ activities, check their open and close positions, and create a trading portfolio most relative to your trading goals. Additionally, you can adjust setting such a rescue volume and level percentage, and you can apply risk management strategy with the option Volume Allocation.

Undoubtedly, this all sounds great. However, in our opinion, a complete novice will struggle to understand the complexity of all different features. Additionally, the lack of a broker demo account for a free trial and the minimum initial deposit level of 300 USD that may deter many potential customers could be another setback for potential investors.

If you register as a Strategy Provider, you will create a HotForex Broker account. Keep in mind that this will require a minimum capital deposit of 1000 USD. On the positive note, here are some of the benefits promised by the HFcopy if you register as a Strategy Provider:

► 35% performance fee from your follows if you achieve positive results

► Payments twice a month

► Automated calculations on essential data, which saves you time

Now, you might ask yourself: What if I want to be both a Follower and a Strategy Provider? Well, you’re not the only one. In our research for this HFcopy review, we found out that this is possible. Still, in this scenario, you will need to open two separate accounts – one as a Follower and one as a Strategy provider, and we switch between both, which could be tiresome.

It works on MetaTrader 4 platform and could be accessed in a desktop, web-based and mobile version.

Registration Process Review

The initial process of registration for both Followers and Copy Providers is the same. Compared to other social trading platforms with a quick username-password, registration, at HFcopy, you will need to fill in more detailed information, including your country of origin and phone number.

The registration form has three types – Individual, Corporate and Joint. Once this part of the registration is finished, you will be transferred towards opening your trading account. There is no registration fee, but, as we mentioned, as a Follower, you need to fund your account with a minimum of 300 USD and as a Strategy Provider – 1000 USD.

HFcopy Customer Experience Review

They have a strong reputation (winner of Best Global Forex Copy Trading Platform 2019) as a powerful Forex and CFDs social trading platform. However, we noticed that only seven Strategy Providers listed in the Strategy List menu with only a few followers on the top three ones. As it not mentioned that this is only for demonstration purposes, it makes us wonder if the platform is still active.

Advantages and Disadvantages of HFcopy Review

Advantages:

► Various risk management features

► Wide range of Forex and CFDs instruments

► 35% performance fee for Strategy Providers

Disadvantages:

► Separate Followers and Strategy Provider accounts

► Only MT4 accounts

► Currently, only seven strategy providers listed

Find this review helpful? Have a look at other in-depth analyses on top-ranking copy trading platforms and services – click here.