HotForex Review

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Forex Trading Africa annually reviews forex brokers regarded as the best in the world who accept Nigerian traders. We provide valuable information on the platforms, analysis and tools as well as pricing for you to base your decision on when choosing the right broker for your trading needs.

To trade forex in Nigeria, you need to open an account with a regulated broker. Forex is traded over-the-counter through a network of brokers and financial institutions as opposed to a centralised exchange. Forex is a risky instrument to trade. You can minimise the risk by trading through a regulated forexbroker who you can trust.

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HOTFOREX OVERVIEW

Founded in 2010, HotForex is an award-winning forex and commodities broker. The brokerage provides trading services to both retail and institutional clients and offers five types of accounts, the MetaTrader trading platforms, analytics and trading tools as well as a wealth of educational videos and expert analysis.

HotForex is regulated by multiple top-tier authorities. This includes the Financial Conduct Authority (FCA) in the United Kingdom which is considered one of the most reputable regulatory authorities in the world. HotForex is regulated by the FSCA in South Africa and is considered safe to use by forextraders in South Africa.

CBN is the regulated financial body for Nigeria.

You can trade over 45 currency pairs with HotForex as well as cryptocurrencies, indices, shares, bonds, precious metals, energies, commodities and CFDs.

HOTFOREX FAST FACTS

Founded

2010

Parent company

HF Markets (SV) Ltd

Based in

Saint Vincent and the Grenadines, an island country lying within the Lesser Antilles in the eastern Caribbean Sea

Prohibited countries

Canada

United States

North Korea

Sudan

Syria Arab Republic

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Regulation and license

FCA – United Kingdom

CySEC – Cyprus

FSCA – South Africa

FSC – Mauritius

IBC – Seychelles

DFSA – United Arab Emirates

SVGFSA – St Vincent and the Grenadines

BaFin – Germany

Does HotForex accept forex traders in Nigeria?

Yes

Products

Forex

Cryptocurrencies

Metals

Energies

Indices

Shares

Commodities

Best forex broker for

HotForex is recommended for both beginners and advanced traders who are interested in trading multiple financial assets via the popular MetaTrader platforms.

Trading platform

MetaTrader 4

MetaTrader 5

Web-based trading platform

Yes

Mobile trading platform

Yes

Minimum to open

US$ 5 on Micro account

US$ 100 on Premium account

Minimum trade size

1.01 pips


Leverage

Leverage up to 1000:1

Spreads

Tight spreads from as low as 0.10 pips on EUR/USD on select accounts

HotForex ZERO Spread account available

Scalping and hedging

Allowed

Electronic Communication Network (ECN)

Yes

Deposits and withdrawals

Bank wire

VISA

Mastercard

Bitpay

FasaPay

Maestro

Neteller

Skrill

UnionPay

WebMoney

Live accounts open

2.5 million (2020)

Most recent awards

Decade of Excellence Forex Brokerage Asia 2020 : Global Banking & Finance Review

Top 100 Companies : World Finance Magazine

Most Transparent Broker : The European Global Banking and Finance Review Awards

Best Client Services Global 2020 : Capital Finance International Magazine

Forex Trading Platform of the Year : Banks & Other Financial Institution Awards

Excellence in Customer Service Global 2020 : International Investor Awards 2020

Best Forex Educational Resources Global 2020 : Global ForexAwards

Most Trusted Forex Broker Global 2020 : Global Forex Awards

Best Trading Experience Africa 2020 : International Business Magazine

Best Global Forex Copy Trading Platform : Global ForexAwards 2019

Fastest Growing Forex Broker 2019 : International Business Magazine

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IS HOTFOREX SAFE TO USE?

HotForex is regulated by multiple top-tier authorities and is considered safe to use. In addition to following strict regulatory requirements to safeguard clients’ funds and providing a reliable trading environment, HotForex maintains the highest industry standards in basic data encryption and server security.

Regulations and license

HotForex is regulated by:

Tier-1 licenses

1

Tier-2 licenses

3

Tier-3 licenses

1

 

HF Markets SA (Pty) Ltd is regulated by the Financial Sector Conduct Authority (FSCA). It is considered safe to use by forex traders in South Africa.

FSCA is an independent institutions established by statute to oversee the South African non-banking financial services industry. It regulates the Johannesburg Stock Exchange (JSE), the largest exchange in the African continent.

Across the globe, HotForex Markets Group is regulated by:

Financial Conduct Authority (FCA) United Kingdom
Cyprus Securities and Exchange Commission (CySEC)
Dubai Financial Services Authority (DFSA)
Financial Services Authority (FSA) Seychelles
Financial Services Commission (FCA) Republic of Mauritius


Market Leading Insurance

HotForex partners with a Civil Liability insurance programmefor a limit of €5 million with includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.

Accounts held with major global banks

HotForex’s strength and international standing enables the company to provide liquidity through major global banks.

Segregation of funds

Clients’ funds are received and held in separate bank accounts from those used by the company. These funds are off the balance sheet and cannot be used to pay back creditors in the unlikely event HotForex goes into default.

Negative balance protection

HotForex provides its clients with negative balance protection which means that even in highly volatile trading conditions when margin calls and stop-outs do not function correctly, no client is responsible for paying back a negative balance.

WHAT HOTFOREX HAS TO OFFER

Leverage

HotForex offers leverage up to 1000:1.

Leverage refers to how much of a position a trader can control with funds allocated to it by the broker. A leverage of up to 1000:1 means a HotForex client can control a position of US$100 000 with only US$100 of his or her own funds.

Competitive spreads and fees

All accounts offered by HotForex are spread only, meaning they are commission-free. The only exception is the HotForex Zero account which is commission-based.

The HotForex Premium and Premium Pro accounts are spread only with minimum deposits ranging from US$50 to US$600.

The HotForex Zero account is the most competitive. It offers the lowest spreads of all the HotForex accounts and a nominal commission per trade.

Web-based and mobile trading

HotForex is a MetaTrader broker. Clients have the choice of MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both popular electronic trading platforms can be accessed via the web or via a mobile device.

HF App

HotForex has an innovative proprietory app that puts the forexmarket in the palm of its clients’ hands. The HF app makes it easy for clients to deposit, withdraw and transfer funds on the go and provides easy mobile access to everything from live rates and advanced charting functionality to daily market analysis, the economic calendar and live webinars.

Derivative trading instruments

HotForex offers multiple derivative trading instruments with a focus on forex and CFDs. A derivative is a contract between two or more parties where the value of the underlying asset is agreed upon and settled when the contract is closed. Parties do not take ownership of the financial asset, they merely speculate on price changes.

The most common derivatives are Futures, Forwards, Options and Swaps. Most derivative instruments are traded over-the-counter (OTC) meaning trading bypasses a central exchange.

HotForex product portfolio

Forex

50 plus : majors, minors and exotics

Cryptocurrencies

Including Bitcoin, Ethereum, Ripple, Dashcoin and Litecoin

Commodities

Including cocoa, coffee, copper, cotton and sugar

Metals

Including platinum, gold and silver

Energies

Including brent and crude oil

Indices

Access global indices including USA500 and UK100

Shares

Trade derivatives on the shares of some of the world’s largest and well-known companies such as Apple, Amazon and Facebook

Bonds

Trade CFDs on bonds by the world’s leading economies

Stocks direct-market-access

Place your trades directly on the order books of global stock exchanges

Exchange-Traded Funds (ETF)

Choose from dozens of high-quality, low-cost ETFs to trade as derivatives


Free demo account

HotForex offers beginner forex traders a free demo account that they can use to hone their trading skills before trading on a live account with real money. Demo accounts are instantly available when a new client opens an account with HotForex.

There is zero risk trading forex with a demo account

because clients only use ‘fake’ money to open positions. HotForexclients then progress to a Mini trading account when they feel confident trading with their own money.

MetaTrader trading platforms

HotForex is a MetaTrader broker which means its clients have access to one of the world’s most popular electronic trading platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) offer virtually all the charting, analysis and indicators a forex broker in Nigeria needs, regardless of level of expertise.

MT4 and MT5 are available for desktop, web trading, multi-terminal trading and trading on mobile devices. This includes Android, iPhone and iPad.

Multiple analysis and trading tools

HotForex offers clients a wide choice of analysis and trading tools. The most popular are:

MetaTrader premium trader tools
Autochartist tool
Exclusive analysis by HotForex experts
Advanced charts and reporting tools
HF App
Economic Calendar
Financial Calculators
SMS service for notifications
Traders’ Board
VPS Hosting
One-click trading
AutoTrading
MyHF Area


Educational resources

HotForex delivers impressively on its wealth of educational content. This ranges from 26 articles on its e-course to several ebooks and dozens of up-to-date trading videos. HotForex also publishes its own YouTube material with excellent quality educational videos posted online on a regular basis.

HotForex provides its clients with valuable industry tips on trading strategies and market insights via weekly webinars. These are designed to improve clients’ trading knowledge and help them hone their trading strategies. Every live webinar is followed by a Q&A session where viewers can put questions to the presenter.

Auto account

This particular account allows HotForex clients to subscribe to paid or free trading signals. Clients can open an Auto account on the MT4 trading platform, HF app and WebTrader accounts. The spread begins from 1 pips and the maximum leverage is 500:1.

PAMM Accounts

PAMM accounts are available to fund managers and investors. Investors don’t need to trade as all the trading is done for them through a fund manager who gets paid for this service.

Zero Spreads account

This type of account is popular among high-volume traders, scalpers and traders who rely on Expert Advisors (EAs). It is a low-cost and highly efficient trading solution with spreads that start form zero. The maximum leverage is 500:1. The minimum opening deposit amount is 500:1.

Copy trading

HotForex offers clients a popular social copy trading platform called HFCopy. Copy trading allows forex traders to automatically copy positions opened and managed by select individuals with expertise in forex trading.

You need at least €1 000 to become a HotForex strategy provider or €300 to become a HotForex follower.

Islamic account

HotForex offers an Islamic account that is only available to clients of Muslim faith. Forex Islamic accounts are also known as swap-free accounts because there is no swap or rollover interest on overnight positions which is against the Islamic faith.

HotForex loyalty programme

HotForex runs a loyalty programme that rewards its clients for consistently trading the markets. There are 4 different reward levels and the more active trading days you accumulate, the more HotForex Bars you earn for each round-turn lot you trade.

HotForex Bars can be exchanged for cash or trading services:

35 Bars = 1 US$ (1 000 minimum HotForex Bars can be redeemed for cash)
2 500 Bars = 1 hour private session with a HotForex market analyst

Free funding

HotForex clients enjoy the benefit of free funding. This means HotForex does not impose any additional fees on deposits into a trading account. In addition, if your preferred deposit is a bank wire and your bank charges you fees, HotForex will refund the fee amount.

Bonus offerings

With HotForex’s Bonus offerings, clients can earn daily cash rebates of US$ 2 per lot on their accounts. This applies to every deposit of US$ 250 or more. The maximum cumulative rebate is US$8 000.

Contests

HotForex clients can participate in a wide range of contests to win cash and non-cash prizes. This includes monthly lucky draws, demo trading contests and holiday season contests.

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TYPES OF HOTFOREX ACCOUNTS

HotForex offers 5 types of trading accounts:

MICRO

Minimum deposit

US$5 / R75

Maximum spreads

1000:1

Spreads types

Variable

Spreads from

1 pips

Maximum simultaneous open orders

150

PREMIUM

Minimum deposit

US$100 / R1 500

Maximum spreads

500:1

Spreads types

Variable

Spreads from

1 pips

Maximum simultaneous open orders

300

ZERO SPREAD

Minimum deposit

US$200 / R3 000

Maximum spreads

500:1

Spreads types

Variable

Spreads from

0 on forex

Maximum simultaneous open orders

500

AUTO

Minimum deposit

US$200 / R3 000

Maximum spreads

500:1

Spreads types

Variable

Spreads from

1 pip

Maximum simultaneous open orders

300

HFCOPY

Minimum deposit

US$300 for strategy provider / R3 000

US$100 for follower / R1 500

Maximum spreads

400:1

Spreads types

Variable

Spreads from

1 pip

Maximum simultaneous open orders

300


Note: US$ to Rand conversion as at December 2020

IN SUMMARY

HotForex has been in business for over a decade and has established itself as a leader in the field of forex and commodity trading. It’s regulated by several top-tier authorities, including the FCA in the United Kingdom which is regarded as the leading regulatory authority in the world.

With its years of experience, reputation for providing a safe and dynamic trading environment, its regulations status and the number of global awards it has received over the years, HotForex is regarded as a safe and reputable broker to use by forex traders in Nigeria.

HotForex offers competitive spreads and no commission on deposits. It’s pricing is on par with the market average and its product portfolio is varied. If you are content to trade forex via one of the popular MetaTrader platforms, HotForex offers everything you need to trade currency pairs and commodities on the global markets.

 

 

 

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