FBS is one of the most accessible brokers industry-wide with a minimum deposit of $1, complemented by maximum leverage of 1:3000, six account types, including a dedicated cryptocurrency option, and generous bonuses. It maintains the core MT4/MT5 trading platforms, developed a proprietary mobile trading app, and has an in-house copy trading service. FBS also has one of the lowest trading costs.

HotForex counters with an equally competitive core trading environment as FBS but adds a well-diversified asset selection, dedicated support for algorithmic traders and asset managers, and superior trading tools.

Both brokers offer beginner traders quality educational content and generous bonuses, but the in-house research at HotForex trumps that at FBS.

We have conducted an in-depth review of FBS and HotForex to determine which one presents the better overall choice and which traders will benefit the most at either broker.

Headquarters
BelizeSaint Vincent and the Grenadines
Regulators
ASIC, CySEC, FSC BelizeCMA, CySEC, DFSA, FCA, FSA, FSC Mauritius, FSCA
Tier 1 Regulator(s)?
Owned by Public Company?
Year Established
20092010
Execution Type(s)
ECN/STPECN/STP, Market Maker
Minimum Deposit
$5 $0
Negative Balance Protection
N/A
Trading Platform(s)
Other, MetaTrader 4, MetaTrader 5+MetaTrader 4, MetaTrader 5, Proprietary platform
Average Trading Cost EUR/USD
$11.001.3 pips
Average Trading Cost GBP/USD
$14.001.9 pips
Average Trading Cost WTI Crude Oil
$0.05$0.06
Average Trading Cost Gold
$0.31$0.27
Retail Loss Rate
69.21%N/A
Minimum Raw Spreads
Not applicableN/A
Minimum Standard Spreads
0.7 pipsN/A
Minimum Commission for Forex
Commission-freeN/A
Islamic Account
Signals
US Persons Accepted?
Managed Accounts
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Features and Platforms

MT4
MT5
MT4/MT5 Add-Ons
N/A
cTrader
Proprietary Platform
Automated Trading
Social/Copy Trading
N/A
DOM?
Guaranteed Stop Loss
Scalping
Hedging
One-Click Trading
OCO Orders
Interest on Margin
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Noteworthy:

The FBS trading community of 23+ million traders from 150+ countries is notably larger than at HotForex, home to 2.5M+ live accounts, but HotForex maintains a better overall trading environment.

Available Markets

Currency Pairs
N/A
Cryptocurrencies
N/A
Commodities
Crude Oil
Gold
Metals
Equity Indices
Stocks (non-CFDs)
Bonds
N/A
ETFs
Options
N/A
Futures
Synthetics
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HotForex offers traders a significantly broader choice of assets, except for cryptocurrencies, which are notably absent from its list. FBS shines with 30 cryptocurrency pairs, but it cannot compete with HotForex in other sectors where it offers traders 53 currency pairs, 15 commodities, 23 indices, 54 equity CFDs, 910 shares, and 34 ETFs.

Typical Spreads and Fees

Average Trading Cost EUR/USD
$11.001.3 pips
Average Trading Cost GBP/USD
$14.001.9 pips
Average Trading Cost WTI Crude Oil
$0.05$0.06
Average Trading Cost Gold
$0.31$0.27
Average Trading Cost Bitcoin
$20.00$76
Minimum Raw Spreads
Not applicableN/A
Minimum Standard Spreads
0.7 pipsN/A
Minimum Commission for Forex
Commission-freeN/A
Deposit Fee
N/A
Withdrawal Fee
N/A
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FBS offers a cheaper commission-free cost structure, but HotForex presents traders with a more competitive commission-free alternative. While the commission is $6.00 per round lot at both brokers, HotForex delivers lower average Forex spreads. It also has cheaper swap rates on leveraged overnight positions.

Security and Trust

Country of the Regulator
Australia, Belize, CyprusUnited Arab Emirates, Cyprus, Kenya, Mauritius, Seychelles, United Kingdom, South Africa
Name of the Regulator
ASIC, CySEC, FSC BelizeCMA, CySEC, DFSA, FCA, FSA, FSC Mauritius, FSCA
Regulatory License Number
000102/6, 331/17, 426359801701, 183/12, F004885, 46632, SD015, C110008214, 155
Regulatory Tier
4, 1, 11, 1, 2, 2, 4, 4, 2
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FBS

FBS and HotForex have well-established records and remain fully compliant with their regulators. Both offer negative balance protection, segregate client deposits from corporate funds, and have deservedly earned trustworthy reputations industry-wide.

HotForex vs FBS – Verdict

FBS

Pros
Cons
Low Forex trading costs from $5.00 per 1 standard lotLimited overall asset selection
Competitive choice of cryptocurrencies
Proprietary copy trading service and one of the largest trading communities
Minimum deposit of $1 with maximum leverage of 1:3000

HotForex

Pros
Cons
Highly competitive pricing environment in its commission-based Forex accountNo cryptocurrencies
Upgraded MT4/MT5 trading platforms and API trading for algorithmic traders
Well-balanced asset selection with a focus on direct share dealing via MT5
Quality education, research, generous bonuses, and loyalty program

Traders at FBS and HotForex get a competitive trading environment, but HotForex provides a notably broader choice of assets and a lower overall cost structure. HotForex also upgrades its MT4/MT5 trading platforms, offers VPS hosting, API trading, and asset management services via MAM/PAMM accounts. It also maintains a loyalty program, rewarding active traders. FBS only bests HotForex with its cryptocurrency selection.

You might also be interested in reviewing the below broker comparisons:

FAQs

Is FBS a good Forex broker?

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FBS presents traders with an overall competitive trading environment. The cost structure ranks among the lowest industry-wide, and beginner traders benefit from a quality educational offering and generous bonuses. The minimum deposit of $1, maximum leverage of 1:3000, and cent accounts make FBS an ideal choice for first-time traders. Therefore, FBS qualifies as a good and high-quality broker.

Can HotForex be trusted?

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HotForex has four regulators and maintains a clean record, but most international traders will deal with its unregulated subsidiary, doubling as its headquarters. HotForex ranks among the most trusted brokers.