Hotforex is one of the best Forex Broker in Nigeria right now. They have really low spread, are well regulated with multiple regulators including FCA & FSCA, have very good support, local funding/withdrawal options, plus mobile trading is also available with them. Read our full Hotforex review to find why you should trade with them (and reasons not to)!
HotForex is a Forex & CFD broker that was founded in 2010 & is quite popular in Nigeria. Hotforex has local offices & phone number for support in Nigeria. They have served more than 2.5 million Live Trading accounts around the world.
Hotforex is a well regulated broker (regulated by Top-tier regulators FCA, CySEC, FSCA), so we consider it very safe to deposit funds & trade with them for traders in Nigeria. They serve both retail as well as institutional clients, offering more than 1000+ asset choices including forex trading, and CFDs on commodities, energies, metals, popular stocks, and indices.
In our comprehensive Hotforex review we look into this broker’s account types, their trading fees, platform, ease of deposit & withdrawals, customer support, their bonus offerings & lot more.
Let’s get started.
Table of Contents
|Broker Name||Hotforex Nigeria|
|Address||HF Markets (SV) Ltd., Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines|
|HotForex Minimum Deposit||$5|
|Regulation||SV (St. Vincent & the Grenadine), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles)|
|Trading Instruments||Forex, Crypto Currencies, Metals, Indices, Shares, Energies, Commodities, Bonds|
|Trading Platforms||Hotforex MT4 and MT5 for PC, Mac, Web, Android|
|Hotforex Bonus||100% deposit bonus for new clients|
HotForex is regulated and licensed with top-tier Regulatory authorities in United Kingdom, Cyprus, South Africa, St. Vincent & The Grenadine and Seychelles.
They are regulated with following regulators:
The company has acquired a license for commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.
Customer funds that are invested on the website are secured, as the company is regulated by trusted market regulators. Moreover, Hotforex also provides insurance cover in case of any security incidents in terms of client funds.
All these features make HotForex’s trading platform a safe and secure one. As per our research, the safety and security features offered by HotForex are among the best in the business.
While looking into the spread isn’t everything, it is also really important to research if the broker charges any hidden fees. Some brokers charge extra hidden fees in the name of funds processing charges, annual fees etc. And we like to break this down as well.
During our research, we found Hotforex has the lowest fees on Forex Trading of all the regulated brokers in the market.
Here’s a breakdown of the fees at Hotforex
We have found that Hotforex offers the lowest spread out of all the Regulated Forex brokers operating in Nigeria. We highly recommend them to Nigerian traders in terms of their overall fees.
HotForex offers a wide range of account types to its customers. There are six major accounts offered by the company: Micro, Premium, Zero, Auto, PAMM, and HFCopy.
The minimum deposit at Hotforex is $5 for traders based in Nigeria. It is around NGN 2000 for Naira accounts.
Here are the features with all the account types at Hotforex:
1. Naira Accounts: Nigerian traders can open Naira accounts with Hotforex, by choosing NGN as your base currency. You can also choose USD or EUR as your base currency besides Nigerian Nairas.
2. Market Execution: Hotforex is a 100% STP broker, so all the orders are processed directly in the Live market with no interference or manipulation by the broker for any order, without any re-quotes. But on the downside there may be slippage, but we found it to be is very rare with Hotforex.
We have found their execution to be really fast, but some other brokers like XM offer instant exeution.
3) Negative Balance protection: Hotforex offers Negative balance protection. In event of very high volatility in the markets, your account balance may go into negative (if you are not using stop loss). If your account balance goes into negative, Hotforex will adjust it to zero so that you don’t have to bear the extra loss!
Here’s an overview of all the Live account types that are available at Hotforex:
Overall, we have found Hotforex’s account types to be very good with features like Naira account & Negative balance protection. They trade execution is also really fast. For new Nigerian traders, we recommend to start Premium account as you will get really low spread with it & can even get welcome bonus.
Hotforex accepts Nigerian customers & you can open Naira accounts. Opening an Account with them is standard & straightforward like any other broker. We signed up for their Premium account (low spread & good execution).
You will have to go through the following steps:
Step 1) Compare all the Live account types & then choose the account that you want to start trading with. We recommend you to open Premium Account type at Hotforex.
After selecting your account, click Open Account which will take you to the Sign Up page. You will be asked to “choose your base currency” (you can select from USD, EUR or NGN). Then you will need to fill your basic Personal Information i.e. Your Full Name, Email, Country of Residence & Birth date.
Step 2) Confirm your email: Once you have registered your account, your will receive an activation Email. Click on the “Activate Now” link in that email. This will complete your basic registration.
Step 3) Fill up the KYC questions: To fully activate your account with Hotforex, you need to login to your Customer panel & there you need to fill a form with some basic KYC questions.
Step 4) Upload your ID & Address proof for verification: After filling the form, upload your ID proof & your Address Proof documents. For your ID you can upload a scanned copy of your passport, or your driver’s license or any other national ID). For proof you Address you can submit a recent (not older than 6 months) scanned copy of Bank Statement or any Utility Bill.
That’s it. Once you have submitted these documents, Hotforex will verify your account within 24-48 business hours. After your account is verified your account, only then you can make your first deposit to start trading.
Hotforex broker has a very easy to use Metatrader 4 & MT5 trading platforms, which we consider to be a pro. Hotforex have web trading, desktop terminal as well as mobile trading available.
Traders who prefer to trade with mobile can access their mobile app (iPhone and Android). Plus, Hotforex has multi-device MT4 & MT5 platforms, which comes with charting tools for easy Technical analysis.
But in general, we don’t put too much emphasis on trading platforms, given the fast that almost all the regulated brokers out there have Metatrader web & mobile platforms available. We find it very easy to trade on Metatrader platforms at Hotforex.
HotForex offers a range of different options in terms of deposit and withdrawal methods. The good thing about their funding/wwithdrawal methods is that Hotforex charges no fees on deposits & withdrawals. Let’s look deeper into it.
First, let us analyse the deposit methods. Hotforex normally credit the deposited amount in your trading account very fast without any delays.
Now coming to the withdrawal methods, Hotforex offers a range of options to its customers. You should note that you can only request the withdrawal to your source funding method.
The withdrawals at Hotforex are a bit slow but we have found no complaints in this regard from any users. The following are the withdrawal options available for Nigerian traders.
As per our research, the company’s deposit and withdrawal methods are good, and they even support local bank transfers (but they are little slower than some other brokers like FXTM). Overall, no complaints in terms of deposits & withdrawals, as they are very genuine in this terms.
HotForex offers significant welcome bonus of upto 100% to all new traders looking to sign up with them. Also, a volume based Loyalty program is available for existing Hotforex customers.
We found Hotforex’s bonus is the best out of all the brokers that we have compared so far. We did not find any other regulated broker that offered better welcome bonus to Nigerian traders.
Hotforex’s support is quick, easily reachable & available 24/5 in English for Nigerian traders.
We tested their support & here is what we found:
Customer support at Hotforex is definitely good.
Yes, we highly recommend Hotforex if you are looking for a lowest spread regulated forex broker in Nigeria that offers very good support.
Low fees, highly regulated (with FCA, FSCA & more), quick local deposit/withdrawals, solid support, we couldn’t as for more!
Moreover, their wide range of trading instruments i.e. forex, commodities, cryptos & more to its customers. The Naira accounts at Hotforex come with very great features that offer nice addition for Nigerian traders.
Their 100% welcome deposit bonus offer is almost un-matched.
Overall, HotForex is the #2 Forex broker in Nigeria according to our reviews.
Hotforex is regulated by multiple Tier-1 & Tier-2 regulators including FCA, FSCA & CySEC. So they are considered a relatively safe forex & broker for traders in Nigeria.
Hotforex claim to be a NDD & STP CFD broker, with market execution with all account types. So, they are not a market maker broker.
The withdrawal time depends on the method of your withdrawal. Normally, the local bank transfer withdrawals in Naira are processed in 24 hours or the same day. They withdrawal via E-wallets can take a few hours.
Hotforex has a minimum deposit of $5 with Micro account. They also offer Naira accounts and the minimum deposit in NGN is equivalent to the amount in USD for that account type.
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