HotForex is an international level broker, one of the top 10 best brokers offering Forex trading in Nigeria. The company offers its clients some of the lowest rates and the possibility of funding their accounts through local banks in Nigeria.
The broker is regulated by the reputable financial markets regulators – FCA and FSCA, which gives customers confidence in the reliability of the partner. More than 2.5 million active accounts all over the world confirm the popularity of the broker with investors. Wide range of trading assets (more than 1200 instruments, presented not only standard assets: currency pairs, metals or CFD, but also ETF, commodities or stocks) gives everyone the opportunity to earn money and form an investment portfolio following all diversification rules.
The review describes the features and advantages of HotForex so that Nigerian traders can determine how beneficial it is to cooperate with the broker as compared to other international forex companies.
The main advantages of HotForex
- The company is regulated by the highest league commissions among the regulators – FCA (UK), CySEC (Cyprus) and FSCA (South Africa).
- The spreads on the accounts are minimal among similar accounts at competing brokers: from 1 pip on standard accounts or from 0 pip on a special account with zero spread.
- The broker offers a wide range of deposit and withdrawal channels, including local bank branches in Nigeria.
- Accounts can be opened in a variety of currencies to choose from: Japanese Yen, US Dollar or Euro, including trading in Nigerian Naira.
- 100% deposit bonus (total bonus up to $30,000 per account).
- Trading on MT4 and MT5 platforms is available on any devices using additional services from the broker (copy-trading, PAMM accounts).
Disadvantages of HotForex
On a zero spread account, the commission per lot is up to $7, which is slightly higher than other brokers for similar accounts.
HotForex – Quick Review
Name of broker: HotForex Nigeria.
Year founded: 2011.
Company website: www.hotforex.com.
Address of incorporation: HF Markets LTD (the parent company of HotForex holding), office 305, Griffith Corporate Center, Beechmont, Kingstown, St. Vincent and the Grenadines.
Minimum investment for start-up: $5
Leverage: Up to 1:1000.
Regulation: DFSA (Dubai), FSCA (South Africa), FCA (United Kingdom), FSA (Seychelles).
Trading instruments: currency pairs Forex, metals, cryptocurrencies,
Trading Platforms: MetaTrader 4 or MT 5.
Promotions: 100% bonus on the first deposit, loyalty program.
Regulation and security of traders’ deposits
HotForex is under the control of several competent commissions of financial markets, registered on different continents.
The company is regulated by the following agencies:
- FCA (Financial Conduct and Regulatory Authority of Britain), which is considered a reputable commission of the top league of regulators. The broker’s license number is 801701 dated 14.11.2018.
- DFSA – Dubai Financial Supervision and Regulation Authority oversees the broker under license F04885 as of 12.12.2018.
- FSCA or financial regulator of South Africa issued license number 46632 dated 09.02.2016.
- FSA- the supervisory authority of the Seychelles has issued license SD 015.
- HotForex Commissions.
One of the key parameters for Nigerian clients when choosing a broker is the amount of commissions charged by the company for providing financial services or access to the foreign exchange market.
HotForex offers some of the most competitive trading conditions for accounts.
Among the commissions provided by the broker are:
Spread, which is considered one of the lowest on the market. On micro accounts, the spread on standard currency pairs, such as EUR/USD, is from 1 point under standard market conditions. On “Premium” accounts, there is a zero spread. At the same time the commission per trade lot from $3 to $8 is charged. The company carried out a comparative analysis of spreads charged on the accounts and compared the tariffs with the main competitors’ commissions. The results are available for each client.
Deposit commission. The broker does not charge any commission for depositing an account. There is a minimum transaction amount for some channels. For example, the minimum amount for deposit via Scrill, the minimum amount from 10 dollars, from $100 can be deposited via Perfect Money. Most other payment services work from 5 dollars.
Commission for withdrawal of profit from the account. Withdrawal of profits from the account is also performed by the broker without any transfer fees.
Types of accounts at HotForex broker
The company has developed several account types capable of meeting the needs of any trader. Accounts differ in the size of the initial investment, leverage and the amount of commissions.
The main features of HotForex trading accounts:
- Accounts are opened in several types of world currencies, among which trading in Nigerian naira is available. In addition to NGN, the client may choose Euro, US Dollar or Japanese Yen.
- Market order execution. HotForex is a broker that uses STP technology in its trading operations allowing it to place clients’ orders directly to the interbank market and not to participate in dealing centers. Clients can be assured that transactions are output directly to the largest participants of the currency market. Such instant execution is typical of many forex brokers considered leaders in Nigeria.
- Protection against negative balance. This option allows to avoid losses over and above the deposit made by the client. If due to high volatility the account balance becomes negative (Stop loss on open trades is not set), the broker will close positions and reduce the loss to 0, so that the loss does not exceed the amount of the original investment.
The HotForex accounts available for trading are as follows:
- Micro account (minimum investment from 1800 naira). The simplest account that gives access to Forex trading offers a minimum deposit of just $5, which is available to every beginning trader. The account has the highest leverage of all the broker’s accounts – up to 1:1000. The account allows you to trade small volumes and use all trading tools available at the broker. The StopOut level is set at 10% and up to 150 trades can be opened simultaneously. The broker guarantees market execution on transactions, the ability to trade by phone (in the absence of access to the Internet).
- Premium account (with a deposit of 36,000 naira and more). The account offers to start trading from $100, which is considered a low investment for a premium account compared to other forex brokers. All assets are available to trade with leverage up to 1:500. Average spread from 1 pip and up to 300 trades opened at the same time. Stopout at 20%. Bonus program for this account is available – 100% bonus on deposit if the promotion conditions are fulfilled.
- Zero spread. You must deposit $200 or more to trade. Special account with the minimum spread of 0 points. Commission for a lot is charged from $3 to $8, depending on the instrument type. Leverage up to 1:500, up to 500 open positions are allowed and Stop Out is 20%. Account is perfect for active traders or scalpers who open up to 100 or more trades in one trading day.
- Automatic account. Offers trading from a deposit of $200, suitable for beginners and experienced traders alike. The client is connected to a signal provider (via the MQL5 service integrated into the HotForex MT4 trading terminal) or to a selected trader from the community to whom they subscribe. Deals are opened automatically as soon as the signal to open a deal appears. Unlike other accounts, the account can be opened in two major currencies – EUR or USD. Stop Out is 20%, up to 300 simultaneously open positions are allowed. The account does not participate in the bonus program.
- PAMM account (available in two versions – Premium or Premium Plus). The account is designed for investors who do not trade independently. Investments (minimum $250) are invested in the portfolio of the trader who will trade and manage PAMM account. Maximum leverage is reduced to 1:300 to avoid high risks.
- HFCopy account. Copying service developed by a Forex broker. Both signal providers and traders following the selected trader’s trades can earn on the account. The minimum deposit is $100 for the investor and $500 for the signal provider. The account is only opened in U.S. dollars.
The choice of trading accounts offers many useful features for Nigerian traders: the ability to open an account in naira, minimal commissions, protection against negative balance. For new traders, the Premium account can be recommended because it offers a welcome bonus of 100% on deposit and a minimum spread.
How to open a naira account with HotForex?
Registration on the broker’s website with the subsequent opening of a trading account is the same as with any other forex broker.
The client needs to perform the following actions:
1)Compare accounts and choose an account suitable for the trading style or investment goals.
After choosing the account, select the “Open Live Account” menu option, after which the client will be redirected to the page where the registration form can be filled out. In addition to the account type, the client can choose the currency, which is represented by four types (available only for self-trading accounts): US dollar, Nigerian naira, yen or euro.
Then the standard information is filled in: last name, first name, phone number, residence address, country, date of birth and a valid email.
2)Confirm the e-mail address indicated in the application form. The broker will send an email with a link, following which the client will activate the address. That is the way the basic registration is completed.
3)Fill in the KYC form (know your client). Obligatory procedure, without which it is impossible to conduct financial transactions on the accounts. Brokers, engaged in legal and licensed activities, are obliged to work in accordance with the policy requirements.
4)Go through identification of identity. After completing the form, the client will need to document their identity and registration address. Scans of documents confirming the information requested for identification can be downloaded in a private office.
Within 24-48 hours, the verification of provided documents is done. After that, the verification procedure is complete and the trader can make the first deposit and start trading.
HotForex MetaTrader platforms
For work the broker offers the most simple and convenient in use terminals, popular among traders of the world – MetaTrader 4 or MetaTrader 5.
The platforms are available for all devices: smartphones (iOS and Android), tablets, PC or via the browser. The mobile application contains all the functions, as well as the standard one for working on a computer.
The terminal covers trader’s needs: it offers complete technical analysis with more than 100 indicators, creation of any chart type, real-time news updates.
Trading tools HotForex
The company offers more than 1,200 financial instruments.
- Forex currency pairs. More than 50 pairs are available – major, minor and exotics.
- Precious metals. Palladium, platinum, gold or silver trading with high enough for such trades leverage – up to 1:200.
- CFD on Commodities.
- Stocks. We represent 54 issuers, the most popular and liquid securities.
- CFD on indices and stocks. Leverage up to 1:200.
- CFD on commodities (cocoa, coffee, sugar and copper).
- ETF. We offer participation in one of 34 funds. Minimum leverage: 1:5.
HotForex Deposit and Withdrawal
Among the Forex brokers HotForex offers one of the most favorable conditions for financial transactions on accounts. The broker performs the majority of transactions without any commissions.
Methods of depositing an account
Before depositing your trading account, you should familiarize yourself with the broker’s trading conditions and choose the most suitable means of funding your account. Depending on the chosen channel, HotForex replenishes the deposited amount from 10 minutes to 48 hours.
- Bank wire transfer through Nigerian banks. One of the few international brokers who offers deposits from local banks in Nigeria. The transaction is executed within 48 hours, the maximum amount for replenishment is not limited, the minimum amount (so as not to pay the commission for the transfer) from 100 US dollars or the equivalent in naira.
Nigerian debit or credit cards. The broker accepts Visa and MasterCard, the transaction is processed within 10 minutes. The maximum amount to be deposited is limited to $10,000, the minimum amount is $5, no transaction fees.
Electronic purses. If a client does not have a bank card, he/she can make a deposit using one of the available payment services: Perfect Money, Scrill, Neteller or VLoad (payments are processed in 10 minutes) or Fasapay and WebMoney which allow instant funds transfer to the account. The minimum amount of transaction on the majority of channels from $5 on separate ones as Perfect Money from $100, Scrill and Vload from $10. There is no broker’s commission.
Withdrawal methods
One of the important things to consider when choosing a broker is how to withdraw your earned profits, the commission withheld on transactions and the time frame.
HotForex offers various withdrawal channels, most of which are commission-free.
- Bank Transfer. With the help of bank transfers in Nigerian banks traders can not only deposit money, but also request the withdrawal of profits. The minimum amount to withdraw is $100, the term is up to 48 hours. The broker does not charge any commissions.
Credit or debit card. Withdrawal is available to cards, with which the trader deposits the account. The minimum deposit per transaction is $5, the term from 2 to 10 business days (depends on the bank that issued the card). The company warns you that withdrawal to the card may not exceed the initial replenishment amount made by the same card. If the requested withdrawal amount exceeds the limit, the difference will be withdrawn by a standard bank transfer. Withdrawals to cards are free of charge.- Electronic purses. When withdrawing money from an account using e-wallets, transactions are processed instantly or in up to 10 minutes. For almost all services there is no commission, except Bitpay, at the transfer through which the commission of 1% is provided. For most of the wallets, the minimum transaction is $5, the maximum withdrawal limit is $100 for the Vload service.
For Nigerian traders, the broker offers the most favorable deposit and withdrawal channels. When making transactions in naira, clients will not have to bear the costs associated with currency conversion. Also, most withdrawal channels are commission-free and executed instantly, which is an additional advantage.
HotForex Bonuses
HotForex offers its clients to take part in several bonus programs, thanks to which traders can increase their deposit amount.
- 100% deposit bonus for all new clients. Available on micro, premium or Islamic accounts (all accounts that do not use automatic trading or PAMM services). To receive the bonus, you must deposit a minimum of $100 or NGN 30,000 into your account.
100% bonus for trading turnover. With a deposit of $250 or more, the client automatically becomes a member of another bonus program, which will charge a cashback for traded lots. The trader receives a refund of $2 per closed lot on a trade.
The loyalty program, which charges internal broker’s currency – HF bars – for each traded lot. There are 4 levels of loyalty, each of them offers increased bar accrual. Virtual currency can be exchanged for real money after reaching the minimum balance at the exchange rate: 35 bars equals $1 (you must earn a minimum of 1,000 HF bars to exchange). The program can be connected to any account opened for real independent trading by a trader. Thus, 100 bars are charged for opening an account and depositing it. The bonuses can be exchanged for any paid services of the broker or money to be withdrawn from the account.
Contest on a demo account “From virtual to real”. This contest is carried out on a demo account, but the winners receive their prizes in real money. The task is to show the maximum trading profit for the reporting period (1 calendar month). The winner gets $2000, the second place winner gets $1000 and $500 for the third place.
Customer Support
The customer support service is available 24/5 and speaks more than 25 languages.
There are a variety of ways to ask for help:
1) Online chat in real time on the company’s official website. You can contact the manager in the chat room 24 hours a day during the trading hours of the foreign exchange market. The communication is in English, the response time is within a few minutes. Both new and regular clients can ask a question.
2)Nigerian local toll-free number of support service. The company invites Nigerian traders to contact any questions at the local number in Nigeria +234 122 79 160 or +234 122 79 161.
3)The contact form is on the website. Another way to contact the manager of the company is to fill out a feedback form or write a request to the official .
Important. Traders who open any type of account (not necessarily a Premium) will be assigned a personal manager to whom they can contact with any questions in the personal area or on the working phone.
Is HotForex Nigeria recommended for trading?
The main criteria to assess the reliability and integrity of a Forex broker – the availability of licenses for financial activity from reputable regulators, favorable trading conditions, minimal deposit or withdrawal fees and a wide range of training materials.
The Forex broker meets all the criteria. Nigerian traders can easily deposit and withdraw their profits with local banks in naira. The broker has licenses of regulators of the highest level of reliability which makes it possible not to doubt the quality of services provided. The awards from the prestigious rating agencies in the nominations “The Best Forex Broker in Asia, Latin America, Africa”, “The Most Reliable Forex Broker” confirm the choice of millions of traders all over the world who cooperate with the company.
The company is recommended for trading to any trader. Everyone will find favorable conditions. Beginners investors can take a free training course and open a micro account. Or join HFCopy account copying program or automatic account.
The bonus program will help you increase your initial deposit and risk less money. The absence of transaction fees is another big advantage of the company. Overall, the broker offers some of the most competitive, profitable and safe trading conditions in the foreign exchange market.
HotForex Nigeria Frequently Asked Questions
Is HotForex a Secure Broker?
HotForex is regulated by several top-tier financial regulators (FCA and FSCA) and keeps its funds separate from the company’s funds in the accounts of the largest bank holdings in the world.
Can HotForex be considered a market maker?
A Forex broker operates using STP and NDD services and technologies, which completely exclude any involvement or influence of the broker on the withdrawal of transactions or quotes. Traders’ orders are executed instantly and are posted on the interbank market.
How quickly are the funds in HotForex Nigeria withdrawn?
The period of operation depends on the selected transfer method. Requests for most e-wallets are processed automatically. Transfers using Nigerian banks or bank cards take up to 48 hours.
What is the minimum deposit amount?
The company has set one of the lowest deposits to start working from $5 or equivalent in Nigerian naira.
