Hotforex Review 2019

Hotforex is one of the best Forex Broker in Nigeria right now. They offer really low spread, are highly regulated with 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 they might be the best broker for you!

Max. Leverage
1:1000
per trade
Minimum Deposit
₦1800
Rank
#2nd
out of 8 Forex Brokers

HotForex is a European Forex broker that is quite popular in Nigeria. It was founded in 2010 & also has local office & support in Nigeria. They have served more than 1.3 million traders around the world.

Hostforex is a highly regulated broker (regulated by FCA, CySEC, FSCA), so we consider it very safe to deposit funds & trade with them. It serves both retail as well as institutional clients in over 20 markets, offering more than 140 asset choices including energies, metals, forex, and CFDs for commodities, popular stocks, and indices.

In our comprehensive Hotforex review we look into the company’s account types, their trading fees, platform, ease of deposit & withdrawals, customer support, their bonus offerings & lot more.

Let’s get started.

Hotforex Pros

  • Hotforex is regulated with top regulators i.e. FCA (UK), FSCA (South Africa) & CYSEC (Cyprus). This means trading with them is very safe.
  • Their spread is very low. Typically it is 1.2 pips for EUR/USD with Micro & Premium accounts, and 0.3 pips with Zero Account.
  • Availability of Hotforex Naira Accounts & local deposit/withdrawal methods. They also offer quick withdrawals.
  • Unbeatable 100% deposit bonus for new customers, but you need to make a minimum deposit of ₦30,000 to avail this bonus.
  • Very good customer support available via phone, live chat & emails. It is available 24/5.

Hotforex Cons

  • We have not found any bad things about Hotforex so far. We will update it once we find any based on our continued tests & user reviews.

HotForex – a quick look

Broker Name Hotforex Nigeria
Year Founded 2010
Website www.hotforex.com
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
Maximum Leverage 1:1000
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

Regulation & Safety of Funds

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:

  1. FCA (Financial Conduct Authority (United Kingdom)): HF Markets (UK) Ltd is regulated in UK with FCA since 14/11/2018 with licence number 801701.
  2. Hotforex is regulated with FCA

  3. DFSA (Dubai Financial Services Authority): With Dubai Financial Services Authority HF Markets (DIFC) Ltd is regulated under licence number F004885 since 12-December-2018.
  4. FSCA (Financial Sector Conduct Authority (South Africa)): Under the licence number 46632 HF Markets SA (PTY) Ltd is regulated with FSCA since 09-February-2016.
  5. FSA (Financial Services Authority (Seychelles)): By the Seychelles Financial Services Authority, HF Markets (Seychelles) Ltd is regulated under licence number SD015.

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 agencies. 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.

Hotforex’s Fees

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

  1. Very Tight Spread: Out of all the forex brokers that we have compared so far, Hotforex has the lowest spread for majors i.e. EUR/USD (1.2 pips even with Micro Account, Premium Account & as low as 0.1 pips with Zero account) during normal market trading conditions. If you are looking for a low fees broker, then Hotforex is right at the top.
  2. Hotforex Fees Comparison

  3. Zero Deposit/withdrawal fees: Hotforex does not charge any fees on deposits & withdrawals. So will get 100% of your amount that you are depositing, and full amount during withdrawals
  4. Commissions with Zero Account: Hotforex charges commissions only with its Zero Account. The fees is $3 per Standard Lot traded ($1.5 for opening & $1.5 during closing the position) for majors, and it is $4 for minors.

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 Account Types

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.

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!

Hotforex Account Types

Here’s an overview of all the Live account types that are available at Hotforex:

  1. Micro Account (₦1800 deposit): This account has a very low Minimum deposit of $5 (₦1800), max. leverage of 1:1000, access to all Trading Instruments (Forex, Cryptocurrencies, Shares, Commodities). You can trader micro lots with this account, the margin call level is 40% & the Stop loss level is 10%. This is a zero commission account & the only fees is the variable spread per trade.
  2. Premium Account (Recommended with ₦35000 deposit): This account has a very low Minimum deposit of $100 (₦35000). The spread for both majors & other currency pairs is low with Premium account (typical spread of 1.2 pips for EUR/USD) when compared with Micro account, but the max. leverage is also lower at 1:500. And you can even avail the 100% deposit bonus with this account.
  3. Zero Account (Recommended for very low spread): The deposit needed for this account is $200 & the max. leverage that you can get is 1:500. But the major benefit with this account is that you can place trades with almost zero spread on major/minor pairs. The only fees with this account is the volume based commission per lot, and total fees per trade with this account is much lower. We recommend this account for scalpers & high-volume traders who place many traders daily.
  4. Auto Account: This account is for traders who are using Expert Advisers (EAs) in their Metatrader or signals from MQL5 Community. The minimum deposit for this account is $200 (₦70,000) & leverage is 1:500
  5. PAMM Account: This account is mainly for investors looking invest their money (without actually trading yourself) in PAMM Fund Managers with Hotforex. With this account you can invest in forex without trading yourself, instead you will be investing in a Fund Manager’s portfolio. But this involves substantial risk as someone else will be trading instead of you.

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.

How to open Naira Account with Hotforex?

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.
Hotforex Account Opening process

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 Metatrader Platform

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’s Deposits & Withdrawals

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.

Deposit Methods:

First, let us analyse the deposit methods. Hotforex normally credit the deposited amount in your trading account very fast without any delays.

  1. Nigerian Bank Transfer (upto 48 hours): We like the fact that Hotforex has local bank deposit options in Nigeria. But you will have to chat with their Live chat support if you want to select this option. And the funds are credited within 1-2 working days.
  2. Nigerian Credit/Debit Cards (recommended as it is almost instant): You can Add funds in your Hotforex account via your debit/credit cards as well. Currently they accept deposits via a range of credit cards including MasterCard, Visa cards & even Verve cards. The minimum deposit for each of these cards is $5. The max. transaction limit for Visa cards is $10,000 & it is $7500 for Mastercards. Most of these credit card deposits are processed within 10 minutes.
    Hotforex deposit via Nigerian debit cards
  3. Wallets/Bitcoin (instant): If you don’t have a working card, then this option is recommended for you. Hotforex accepts deposits using cryptocurrencies such as BitCoin, BitCoin Cash or through wallets i.e. Neteller, Skrill, and Webmoney, among others. Most of these transactions are processed instantly. The with a minimum deposit limit for wallets & Bitcoin of $5. There is no fee charged on deposits with this method.
    Hotforex deposit via Nigerian debit cards

Withdrawal Methods:

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.

  1. Bank Withdrawal (recommended): With Hotforex you can request 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. Hotforex does not charge any fees for this method, but we advise you to talk with their chat if there will be any fees from your bank’s side.
  2. Credit/Debit Card: Withdrawals can also be made to your credit/debit cards that you used for funding. The minimum amount that you can withdraw is $5, and the processing time is 5-7 days. You can only choose this method if your funding source was your card, as the money can be credited to the same card only. Moreover, the Company cannot send more funds back to the Client’s credit card than initially deposited; so any additional amount will be withdrawal with the other alternate methods.
  3. Wallets/Bitcoin (Instant): You can get the withdrawal in your Bitcoin, Hotforex offers instant processing for withdrawals into your wallets.

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 Bonus

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.

  1. 100% Deposit Bonus for new clients (recommended): The company has an attractive bonus offering to its customers with their 100% welcome bonus. To claim this offer you need to deposit a minimum of ₦30,000 in trading balance. You can even withdraw the bones provided you meet the volume requirements. We advise you to talk to their support if you are looking to trade with the bonus.
  2. Demo Contest: HotForex has an active contest called the “Virtual to Real” demo contest, which allows traders to trade on the demo account and get a chance to win real deposit of $2,000 for 1st winner. The biggest benefit of this promotional scheme is that there is no actual risk for the customers since they are trading on a demo account rather than their own funds. Further, this promo allows the users to sharpen their trading skills by using the demo account. Each round of the contest lasts one month, and winners are announced at the end. This contest presents new traders a great opportunity to get real trading money.
  3. Loyalty Cashback: This offer is attractive if you are a high volume trader. Active trading with Hotforex allows the customers to acquire loyalty points based on volume. These points can later be exchanged for cash or trading balance.

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 Customer Support

Hotforex’s support is quick, easily reachable & available 24/5 in English for Nigerian traders.

We tested their support & here is what we found:

  1. Very good Live Chat: Hotforex’s Live Chat doesn’t disappoint. Their chat is available 24/5 and were quick to respond to our questions. We found them very helpful.
  2. Hotforex Customer Support

  3. Nigerian Toll free Phone number: Hotforex also has local phone support, and they have a toll free Nigeria local phone number +234-7063705519. So you can easily contact with them via local phone number without any hassle
  4. Contact Form/Email: You can fill the contact form on Hotforex’s website or send an email at their email support[at]hotforex[dot]com to contact them. Usually they reply back within few hours, so we recommend phone & Live Chat for urgent help.

Customer support at Hotforex is definitely good.

Do we recommend Hotforex?

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.

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1 user reviews for Hotforex

I’ve been trying to figure out which broker to open real trading account with, I traded a demo account with several brokers for over 6-8 months without thinking of opening a real account, but as soon as I came across hotforex, I instantly knew that I’ve found the right broker. Thanks for choosing Nigeria .

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