FXREVIEW — TICKMILL V/S HOTFOREX?
Staying on the path of broker’s comparison, here I am back with another two forex brokers — Tickmill and Hotforex.
As always, we will start off with regulations. For Tickmill, they are regulated with FCA, CySEC, and FSCA, meanwhile Hotforex is regulated and backed by FCA, SVG, FSA, FSCA, and DFSA. One thing we can notice that they are both backed by FCA and FSCA, which are some of the important regulatory bodies.
But that is not it, we will talk about their trading conditions, which I believe is make it and break it, for forex broker out there.
- SPREADS
Tickmill is off to the great start, with a pip lower when compared to the better pairs’ of Hotforex.
2. COMMISSIONS
Tickmill — $4/100k RT (Pro Account), $2/100K RT (VIP Account)
Hotforex — $6/100k RT
With offering two different type of account with low commission, Tickmill is taking a W for offering cheaper commission, as compared to Hotforex.
Let’s include the commission and spreads so we can see what changed:
Undoubtedly, Tickmill is taking a lead in all forex pairs, with thanks to their lower commission fees.
3. PAYMENT METHODS
Minimum Deposit for Tickmill — 100 USD
Minimum Deposit for Hotforex — 5 USD (or 100 USD for Wire Transfer)
Both the brokers accept multiple deposit and withdrawal methods by multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer, and other payment methods. There are no extra fees charged for withdrawal of funds with both too.
4. SERVICES
Both Tickmill and Hotforex offer great services ranging from good trading tools to deposit bonuses, and more. The customer support is a plus point, from what I have been leaving a messages.
Talking about inactivity fees:
Tickmill— No fees will be charged for the inactivity of an account. Also, if there is zero activity for 30 days, your account will be closed.
Hotforex — 5 USD will be charged for the inactivity of an account for 6 months and then, additionally of 5 USD per month afterward.
Closing up, you can see that Tickmill has a much better pros as compared to Hotforex. You can always try dabbling with both of them and see if they works well, according to your trading needs.
Hope this helps in picking the right choice of the broker for your trading.
