Are you new to forex trading and looking for the best forex broker, tools, and accounts?
Then you’ve come to the right place. You should have heard of HotForex.com, and even if you have no idea what HotForex is, our HotForex broker Review will enlighten you with all you need to know in a matter of minutes.
HotForex is now one of the best forex brokers in Nigeria. The platform has been active for over a decade and based on client feedback, you can tell they know their game when it comes to the forex market. Scroll down to get all the information you need to get started trading with HotForex right away!
What is HotForex?
HotForex.com is a Forex and CFD broker that was launched in 2010 and is well-known in Nigeria. HotForex has local offices and a phone line in Nigeria for support. Since their establishment, they have successfully registered over 2.5 million Live Trading accounts around the world, making many people multi-millionaires.
HotForex is a well-regulated broker (licensed by top-tier regulators FCA, CySEC, and FSCA), so we believe it is very much safe for traders in Nigeria to deposit cash and trade with them.
They serve both newbies and professional Forex traders, with over 1000 asset options available, including FX trading and CFDs on commodities, energy, metals, major stocks, and indexes.
As we continue to thread on this HotForex review, we will be looking into this broker’s account types, trading fees, ease of deposit & withdrawals, customer support, bonus offerings & lot more.
How HotForex Works
Hotforex is a brand name of HF Markets Limited and an award-winning Forex and commodities broker. This Forex broker was founded in 2010, and it is well-known for offering a wide range of services, technical tools, demo accounts, and incredible bonus platforms.
They primarily provide Forex brokerage services in the EAA region, but they also have several parallel regulations that allow them to provide services in other countries such as Dubai, England, and South Africa.
HotForex, being a regulated forex broker, provides a secure trading environment and excellent trading conditions. They provide traders with access to over 1000 trading instruments, including FX, metals, energy, stocks, indexes, and commodities.
They provide a variety of account options. You can select from six distinct account types, each with tight spreads, cheap commissions, and quick trade execution. There are also two industry-leading platforms to choose from MetaTrader4 and MetaTrader5.
HotForex Features
HotForex has a lot of intriguing features that makes it stand out from most of the other forex brokers in Nigeria such as:
Security
HotForex Nigeria is concerned about the security of its client’s funds. Client funds are kept separate from company funds in segregated accounts. This means it cannot use client funds for operational or corporate debts. It is also covered by a Civil Liability insurance policy. The program has a €5,000,000 cap and covers coverage for errors, omissions, negligence, and fraud. Furthermore, HotForex provides negative balance protection. This assures that the account balance is never less than zero.
HotForex Regulation
HotForex is one of Nigeria’s best-licensed forex brokers. The broker is regulated in various jurisdictions, including the UK’s FCA, the Dubai Financial Services Authority, the Financial Sector Conduct Authority (South Africa), and the Financial Services Authority of Singapore (Seychelles). We have always advised Nigerian forex traders to trade with brokers regulated in tier 1 jurisdictions such as the UK and Australia, and HotForex ranks well in this regard.
Different Account Types
A competent broker will provide numerous account kinds to accommodate different groups of traders. HotForex delivers absolutely that and goes beyond to ensure that traders of all skill levels are well cared for.
If you’re just getting started or testing a new trading method, the HotForex Unlimited Demo Account will come in handy.
If you don’t want to trade yourself and would rather have someone else trade on your behalf, the HotForex PAMM Account, HFCopy, and Auto accounts would suffice.
The HotForex Micro Account with a minimum deposit of $5 is highly suggested for traders with limited starting capital.
The Zero Spread Account is ideal for traders who want to keep their trading costs low.
In total, HotForex offers 6 account types including
Micro Account
Premium Pro Account
Zero Spread Account
Auto Trading Account
PAMM Account,
HFCopy Account
Trading Platforms
HotForex employs MetaTrader4 (MT4) and MetaTrader5 (MT5), two of the industry’s leading online trading platforms. The platforms are accessible via desktop, mobile, and tablet devices.
MetaTrader4
For beginning traders, MetaTrader4 (MT4) is an excellent trading platform. It features a straightforward design that is simple to use, and it has a plethora of user-friendly trading tools. This platform allows you to trade a variety of popular instruments such as FX, cryptocurrency, and stocks. The HotForex MT4 trading platform also includes various advanced charting tools, four order execution kinds, thirty technical indicators, and twenty-three analytical items. These trading tools can help you perform technical analysis and manage your trades.
MetaTrader5
MetaTrader5 (MT5) is yet another excellent trading platform for Nigerian forex traders. It offers an easy-to-use interface and various built-in trading tools. This trading platform, like MetaTrader4, allows you to trade on all of your favorite financial markets, such as FX and stocks. It has a straightforward, modern design that is simple to use. The MT5 HotForex platform also includes a wide range of trading tools, such as six order execution types, 38 indicators, and 37 analytical items. It can be used to evaluate markets and apply more sophisticated trading techniques.
HotForex Bonus
HotForex offers some fantastic forex bonuses. They provide a 100% supercharge bonus with a minimum deposit of $250, a 100% credit bonus with a minimum deposit of $100, and a 30% rescue bonus with a minimum deposit of $50. Terms and conditions apply.
Sign up to Get the bonus
HotForex Naira Accounts
HotForex also provides a specific benefit to Nigerian traders. If you are from Nigeria, you can open an account with Naira (NGN) as the basic currency. This would allow you to avoid the exchange fees that are typically incurred when Nigerian traders open a USD account. To obtain a Naira, simply choose Nigeria from the list of nations on the signup page and the NGN currency.
HotForex Banking Methods
For clients in Nigeria, HotForex supports several banking options including
Bank Transfers (recommended)
Credit/Debit cards
Cryptocurrencies including Bitcoin
Neteller, and
Skrill
Trading Tools
HotForex provides a number of trading tools to help its client get the best trading experience with ease.
HotForex VPS Hosting
VPS services ensure that trades are never hampered by technological or connectivity concerns, such as load shedding or internet service outages. HFM clients who make a minimum deposit of 5000 USD are also eligible for a free VPS hosting service supplied by third-party suppliers. The VPS service is exclusively available to MT4 platform traders.
Premium Trader Tools
Premium Trader Tools, which are available to all HFM clients for free with a minimum deposit of $200 USD, provide traders with access to institutional-quality technology, such as advanced trading tools, user-configurable news and information, and trade analysis. It also features a variety of advanced alarms and message systems, as well as real-time sentiment and correlation tracking. The following tools are included in the package:
Trade Terminal: A advanced professional trade execution and analysis tool that includes various trading tools and order restrictions not found in MT4 or MT5.
Connect: A customizable news feed aggregator and interactive economic calendar
Correlation Matrix and Correlation Trader: These tools collaborate to display correlations between trade symbols. It works with any symbol in the trading platform, allowing for the measurement of the correlation between numerous asset classes and Forex. The Correlation Trader will therefore enable a thorough examination of the relationship between any two instruments.
AutoChartist Tool
Autochartist is a free market analysis application that assists in the identification of prospective trading opportunities. It monitors the financial markets for you 24 hours a day, seven days a week to help you keep on top of developments. Then it selects three sorts of chart patterns: chart patterns, Fibonacci patterns, and key levels.
Trading Calculators
Hot Forex provides free access to a variety of trading calculators, including a risk percentage calculator, a multi-target calculator, a pivot point calculator, and a pip value calculator. Free access to their Position Size Calculator, Swaps Calculator, Risk and Reward Calculator, and Fibonacci Calculator is also available. These calculators are ideal for beginner traders because they are simple to use. You can use them to plan your trades, manage your risk, and execute your trading methods more effectively.
HotForex Customer Support
HotForex provides excellent customer service. You can reach them by email, phone, or live chat. HotForex is also available to Nigerians, and they have a local office in Lagos for your convenience.
Education
HotForex has fantastic educational tools. They provide a variety of free trading videos and trading webinars. They offer free online resources to beginner traders that explain the most important forex trading vocabulary, such as pips, spreads, lots, margin, and leverage. They also provide free educational papers on forex trading abilities, market analysis, basic risk management, trading psychology, and beginner trading methods.
Free HotForex Course
HotForex places a strong emphasis on trader education. It also provides a structured training course to assist you in building up your forex trading skills, in addition to learning resources and a content library. The course is free to take and includes crucial subjects such as:
The basics of forex theory
The basics of forex trading
Reading and interpreting charts
Trading strategies
The right trading psychology
Technical analysis
To gain access to this free online trading course, simply register with HotForex and open a free sample trading account. When you’re ready and have honed your trading tactics, you can progress to a HotForex real account and begin trading forex in Nigeria.
HotForex Deposit & Withdrawal
In terms of deposit and withdrawal methods, HotForex provides a variety of possibilities. The advantage of their funding/withdrawal methods is that HotForex does not impose fees on deposits or withdrawals. Let’s dig a little deeper.
Deposit Methods
Let us first examine the deposit techniques. Hotforex usually credits the deposited amount to your trading account immediately, with no delays.
Nigerian Bank Transfer (Maximum of 48 hours): HotForex accepts deposits from Nigerian banks and usually, your money is been credited within 1-2 business days. If you deposit in the early hours, the funds are usually reimbursed the same day, but please keep in mind that it can take up to 48 hours.
Nigerian Credit/Debit Cards (recommended as it is almost instant): You can also fund your Hotforex account using your debit or credit card.
They currently accept deposits using a variety of credit cards, including MasterCard, Visa, and even Verve cards. Each of these cards requires a $5 deposit. The maximum transaction limit for Visa cards is $10,000, whereas Mastercards have a limit of $7500. The vast majority of credit card deposits are handled within 10 minutes.
Wallets/Bitcoin (instant): If you don’t have a functional card, this is the best alternative for you. Hotforex accepts deposits in the form of cryptocurrencies such as BitCoin and BitCoin Cash, as well as wallets like such as Neteller, Skrill, and Webmoney, among others. The majority of these transactions are completed in real-time. HotForex has a $5 minimum deposit limit for wallets and Bitcoin. Deposits made via these techniques are free of charge.
Withdrawal Methods
When it comes to withdrawal procedures, Hotforex provides a variety of options to its consumers. It is important to note that you can only request a withdrawal to your original funding method. The withdrawal alternatives available to Nigerian traders are as follows.
Bank Withdrawal (recommended): You can withdraw your money from Hotforex via local bank transfers. The smallest amount you can request is $100. All bank transfer withdrawals are completed within 1-2 business days. Hotforex does not charge any fees for this technique, but we recommend that you check with their chat to see whether your bank will charge any fees.
Credit/Debit Card: Withdrawals to credit/debit cards used for funding are also possible. The minimum withdrawal amount is $5, and the processing time is 5-7 days. Because the money can only be credited to the same card, you can only use this approach if your financing source was your card. Furthermore, the Company cannot return more funds to the Client’s credit card than were originally placed, thus any additional funds must be withdrawn using other alternate means.
Wallets/Bitcoin (Instant): You can receive your withdrawal in Bitcoin; Hotforex provides instant processing for withdrawals into your wallets.
FAQs
Is HotForex Legit?
Yes. HotForex is regulated by several entities, and it makes it safe and legit for traders to carry out trading.
Is HotForex a Market Maker?
Hotforex broker holds a market maker license. “When serving as a Market Maker, the Execution Venue will quote the Client bid and ask prices under regular market conditions.”
Are Demo Accounts Available on HotForex?
Yes. The HotForex demo account provides traders with access to all markets, as well as several technical indicators and a view of real-time pricing. Traders can utilize the demo account to test trading techniques in a risk-free environment using the tools provided by HFM, MetaTrader 4, and MetaTrader 5.
What is The Minimum Deposit for HotForex?
The minimum deposit amount required to register an HFM formerly known as HotForex live trading account is $5 USD.
How Long does it take to Withdraw from HotForex?
With Hotforex you can request a withdrawal of your money via local bank transfers. The minimum amount that you can request is $100.
All bank transfer withdrawals are processed in 1-3 working days.
Does HotForex Allow Scalping?
No! They don’t allow scalping. HotForex doesn’t feature low spreads such as XM or Exness. Rather, this broker company has extremely low slippages and swaps.
Conclusion
That concludes this post, gentlemen! HotForex is a global broker that offers extensive trading education and support to traders. They provide a wide range of account types, a wide choice of trading items, and competitive trading conditions. They also feature a stable and secure trading environment.
They are also a suitable option for Nigerian forex traders because they have Naira accounts.
Sign Up for a HotForex account today
