Question: Is HotForex safe and trustworthy online broker to invest with?
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As HotForex is a regulated broker and also a member of ICF, your funds are very safe comparing to many other Forex brokers with different situations.
Let us explain you how it works.
HotForex mainly provide banking services through Barclays UK and BNP Paribas, top tier & recognized banks in the world.
Of course, the Clients’ funds are separated from the funds of HotForex, and the broker will never use the clients’ funds for their normal operation.
To make sure that it is the actual condition, the main regulator of HotForex, CySEC monitors their activity quarterly.
There are hundreds of Forex brokers registered under CySEC though, it is a very rare case that a Forex broker didn’t follow the above rule as far as we can see.
In case of bankruptcy
The main regulator, CySEC has prepared for this situation already.
There is an ICF(Investors Compensation Fund) created by its members, and HotForex is one of them.
ICF basically compensates you upon your requests, in case a member broker didn’t meet the obligation with its clients.
Up to 20,000 EUR can be compensated by ICF, and thus the clients of CySEC brokers are protected up to that amount.
Clients of Falcon Brokers and some other brokers have already received compensations from ICF.
