Hot Forex is a highly reputable broker that was founded in 2010 and has local offices along with support in Nigeria. Apart from this, Hot Forex has a global footprint with over 350,000 registered traders around the world.
Hot Forex provides Nigerians with No Dealing Desk, or NDD, execution in addition to Straight Through Processing (STP) as a standard.
Hot Forex offers traders a choice between five different account types along with providing traders the opportunity to trade in various financial instruments including over 100 securities, Forex, CFDs and more.
While trading through Hot Forex, Nigerian traders can feel safe knowing that their funds are secure and kept in segregated accounts along with receiving negative protection balance.
Hot Forex is a part of the Cyprus Investor Compensation Fund and the Civil Liability Insurance program which has a limit of €5,000,000, covering eligible clients should there be errors, omissions, negligence, fraud, and a variety of other risks from which loss may result.
Why is Hot Forex the most used trading platform in Nigeria?
Strict Regulations
Hot Forex is a Cyprus-based online broker that is authorized and regulated by the following regulatory entities in the following jurisdictions where it serves clients:
CySEC – Cyprus Securities and Exchange Commission.
FSC – Financial Services Commission of the Republic of Mauritius.
FSP – Financial Conduct Services of the Republic of South Africa.
FCA – Financial Conduct Authority of the United Kingdom.
DSA – Dubai Financial Services Authority.
FSA – Seychelles Financial Services Authority.
Being regulated and authorized by such a significant amount of entities results in strict compliance with several rules and regulations in day-to-day operations as well as the way in which client funds are secured and clients are protected financially.
Accounting Options
Hot Forex caters for the needs of a variety of traders who have different trading plans by providing a choice between six accounts. This ensures that Nigerian traders have a choice in which account will better suit their needs and preferences.
Hot Forex’s different accounts and their features include:
Micro Account – minimum deposit of ₦1,800.00, spreads from 1 pip and leverage up to 1:1000 with no commissions charged on trades.
Premium Account – minimum deposit of ₦36,000.00, spreads from 1 pip, leverage up to 1:500 and no commission charges.
Zero Spreads Account – minimum deposit of ₦72,000.00, spreads from 0 pips, leverage up to 1:500 and commissions charged on Forex.
Auto Account – minimum deposit of ₦72,000.00, spreads from 1 pip, leverage up to 1:500 and zero commission charges.
PAMM Account – minimum deposit of ₦90,000.00, spreads from 1 pip, leverage up to 1:300 and zero commission charges.
HFCopy Account – minimum deposit of ₦180,000.00, spreads from 1 pip and leverage up to 1:400 with zero commissions charged on trades.
The minimum deposit for the various accounts provided is at the current exchange rate between the US Dollar and the Nigerian Naira, and traders should always ensure that they stay up to date with the exchange rates before depositing the minimum amount.
Competitive spreads and fees, floating leverage
Hot Forex offers Nigerian traders extremely tight spreads when keeping in consideration the variety of accounts that they offer with spreads typically starting from 0 pips when the trader registers for the zero spreads account, and from 1 pip for other accounts.
In addition, Hot Forex offers zero commissions on the majority of accounts with commissions charged when Nigerians trade Forex.
There are no other fees which are charged when depositing or withdrawing funds, but there may be other fees not mentioned in this article and traders always need to verify any additional charges with Hot Forex when they decide to register an account.
Depending on the type of account the Nigerian trader chooses, there is both a fixed and floating leverage of between 1:300 up to 1:1000.
But when using leverage, it is imperative to consider the gains along with the risks involved as higher levels of leverage provides the chance of great gains, but it may also increase the risk of losing a significant amount of initial capital.
Financial Instruments that can be traded
Hot Forex allows Nigerian traders the opportunity to trade several financial instruments, including:
Forex
Cryptocurrencies
Indices
Precious metals
Shares
Energies
Commodities, and
Bonds
Trading Platforms
When using Hot Forex as a broker, Nigerians have two of the most reputable, popular, highly customizable, and user-friendly trading platforms to their disposal, namely MetaTrader 4 and Metatrader 5.
Both trading platforms were developed by MetaQuotes Software Corp. and through using either of these, Nigerian traders will not be left wanting as both platforms have a large variety of features that will meet any trader’s need.
Both MetaTrader 4 and MetaTrader 5 cater for beginner and expert traders and can be downloaded on Desktops using Windows, Linux and MacOS, Android and iPhone mobile devices and Nigerian traders can also make use of the WebTerminal.
Education
Hot Forex caters extensively for beginner Nigerian traders in starting their journey to become advanced and expert traders by providing the following educational tools:
Forex Education
Electronic trading courses
Tutorial Videos
Webinars
Events that are announced as they occur.
Research
Hot Forex offers an array of research tools that can be used by Nigerian traders in order to conduct comprehensive and detailed technical and fundamental analysis, in addition to catering for various types of trading strategies and techniques these include:
The Hot Forex Mobile Application (view the best forex trading apps)
VPS Hosting Service
Trader Tools
AutoChartist tools
Trading calculators
Exclusive analysis
Economic calendar, and more
Promotions and bonuses
Hot Forex has a variety of rewards and bonuses intended not only in attracting new clients, but also in rewarding high volume traders and loyal customers, these bonuses and rewards include:
100% super charged bonus on deposits of US$250/₦90,000.00 and more, 30% rescue bonus on deposits over US$50/₦19,000.00, 100% credit bonus for traders trading higher volumes.
Trading Rewards Loyalty Program based on four different reward levels depending on the volume being traded and the active trading days of the trader.
Trading contests in which traders stand a chance to win a variety of prizes.
Free Account funding which is provided to all live accounts. Should the trader’s bank charge them for transactions on deposits or withdrawals, traders will be refunded for any fees waived.
Hot Forex also has a wide range of merchandise that is provided to loyal traders and partners.
Deposits and withdrawals
When depositing or withdrawing funds, Nigerian traders have a variety of payment methods supported by Hot Forex including Bank Wire Transfer, Credit/Debit cards, online payment solutions including Bitcoin Cash, Bitcoin and Skrill.
Hot Forex does not charge any fees when traders deposit funds or request for withdrawals to be made from their trading account.
Customer Support
Hot Forex has superior customer support, which is not only helpful, but features prompt response along with customer support being available 24/7.
Nigerian traders who need to get in contact with Hot Forex can do so either by email or telephone or by making use of the Instant Chat function on the Hot Forex website.
Final Thoughts
By viewing the offer that Hot Forex has in more detail, it is easy to see why it is the most used Forex Trading Platform in Nigeria. It is an award-winning, highly reputable, and strictly regulated broker with a comprehensive and competitive offering and trading conditions.
Nigerian traders who use Hot Forex will be catered for despite their trading needs and their trading plan requirements.
