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HotForex – Forex Broker Review 2022

About HotForex Nigeria

HotForex was first established in 2010. They have a large, international client base and provide online trading to over 3,500,000 traders worldwide. They also have a great reputation for being a trustworthy company and, over the years, have won 60+ forex awards in recognition of their services.

As a regulated forex broker, HotForex offers a safe trading environment and superb trading conditions. They offer access to trade over 1000+ trading instruments including forex, metals, energies, shares, indices, and commodities. They offer a wide range of account options. You can choose from 6 different account types – all of which come with tight spreads, low commissions, and fast trade execution. You can also choose from two industry-leading platforms – MetaTrader4 and MetaTrader5.

If you’re looking for trading support, then you’re in the right place. HotForex Nigeria offers a great selection of tools including trading calculators, premium trading tools, market analysis tools, copy trading services, and VPS services. They also offer free learning resources such as articles, eBooks, trading guides, video tutorials, webinars and educational courses. And on top of all that, HotForex also provides excellent customer service and multilingual support.

HotForex Basics

Broker

HotForex

🏛️ Based in

Larnaca, Cyprus

⚖️ Regulation

CySEC, FCA, DFSA, FSCA

💰 Minimum Deposit

$5 (2000 Naira)

💳 Deposit Options

Crypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire

💳 Withdrawal Options

Crypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire

📌Open an account

Regulation

HotForex is the global brand name of HF Markets Group. The group consists of several smaller companies. These companies hold licences with some of the strictest and most reputable regulatory authorities in the world including the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority (DFSA). Here is the full breakdown of their companies, licences, and registrations:

  • HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
  • HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12.
  • HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701.
  • HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885.
  • HF Markets (SV) Ltd – authorized by FSA (St. Vincent and the Grenadines) registration no. 22747 IBC 2015.
  • HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.

Forex traders in Nigeria will come under the HF Markets (SV) Ltd business entity, which has a registration with the Financial Services Authority (FSA) of St Vincent and the Grenadines. This is because Nigeria doesn’t have a local regulator. That said, HotForex has an excellent reputation for offering a safe trading environment across all of their entities and all of their traders benefit from a high level of client fund protection.

Trading Instruments

HotForex Nigeria offers a great choice of trading instruments. You can trade bonds, forex, metals, energies, indices, shares, commodities, and ETFs.

  • Forex: They have over 50+ forex trading instruments including major, minor, and exotic currency pairs. The leverage on forex pairs is up to 1:1000.
  • Metals: HotForex offers trading on many metals, including gold, silver, platinum, and palladium. The maximum leverage is up to 1:200 on gold and silver, but 1:20 on palladium futures.
  • Energies: They offer spot and futures contracts on many popular instruments including Brent and WTI oil. The maximum leverage is up to 1:66.
  • Indices: HotForex has spot and futures contracts on many popular indices. You can trade a wide range of instruments including the S&P500, FTSE100, NASDAQ, Nikkei, and the DAX30.
  • Shares: They have 70+ shares across all major stock markets. You can choose from popular sectors including technology, finance, and energy. The maximum leverage in 1:14.
  • Commodities: HotForex has some of the most widely available commodity futures including coffee and sugar. The maximum leverage on these instruments is 1:66.
  • Exchange Traded Funds: They offer spot contracts on 30+ ETFs enabling you to trade some of the most popular in the world. The maaximum leverage is 1:50.

Trading Platforms

HotForex uses MetaTrader4 (MT4) and MetaTrader5 (MT5) – two of the best online trading platforms in the industry. The platforms are available on desktop, mobile, and tablets.

MetaTrader4

MetaTrader4 (MT4) is an excellent trading platform for new traders. It has a simple design that is easy to navigate and it comes with many user-friendly trading tools. You can use this platform to trade many popular instruments such as forex, cryptocurrencies , and shares. The HotForex MT4 trading platform also has several advanced charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these trading tools to carry out technical analysis and to manage your trades.

MetaTrader5

MetaTrader5 (MT5) is another great trading platform for forex traders in Nigeria. It has a user-friendly interface as well as many built-in trading tools. As with MetaTrader4, you can use this trading platform to trade on all of your favourite financial markets such as forex and shares. It has a simple, modern design that is easy to use. The MT5 HotForex platform also has a large selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. You can use it to analyse the markets and to implement more advanced trading strategies.

There is also HotForex Webtrader which is a handy tool to start with.

HotForex Bonuses

HotForex has some great forex bonuses. They have a 100% supercharge bonus (min deposit $250 ), a 100% credit bonus (min. deposit $100), and a 30% rescue bonus (min. deposit $50). T&Cs apply.

HotForex

HotForex Account Types

HotForex offers the following account types: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. See the following table for comparison.

Acct Type

Spreads

Instruments

Minimum Deposit

Max. Leverage

Commission

Micro

From 0.1 pip

All Available

$5

1:1000

N/A

Premium

From 0.1 pip

All Available

$100

1:1000

N/A

Zero spread

From 0.1 pip

All Available

$200

1:1000

N/A

Auto

From 0.1 pip

All Available

$200

1:1000

N/A

HFCopy

From 0.1 pip

All Available

$500

1:1000

N/A

PAMM

From 0.1 pip

All Available

$250

1:1000

N/A

Islamic

From 0.1 pip

All Available

$5

1:1000

N/A

*The Maximum leverage may vary based on clients’ appropriateness assessment process.
**Spreads remain fixed 99,73% of the time but may occasionally widen during major economic news announcements and rollover hours.
***Client’s commission $6/€5 applies on forex pairs only. Other products may apply commission based on their specifications. The commission changes to $8/7 EUR per round lot traded if the account is assigned to an affiliate.

Micro Account

The HotForex Micro Account is a great option for new forex traders in Nigeria. It comes with a low minimum deposit of just $5 which makes it a good choice for traders who are just starting out and have limited trading capital. Minimum deposit in Naira is 2000. You can open up to 150 positions at any given time. It also comes with tight spreads, high leverage, and zero commission. These are very favourable trading conditions and will enable you minimize your trading costs.

Premium Account

The Premium Account is a great option for intermediate forex traders in Nigeria. The minimum deposit for HotForex on this account is slightly higher at $100. However, with this trading account you can open up to 300 positions at any one time. It’s worth nothing that this account also comes with low spreads and zero commission. However, the leverage is capped at 1:500.

A key feature on the Premium Account is the flexibility in position sizing. The limit for a single trade size is 60 lots. There is a minimum trade size of 0.01 lot and the trade size increment remains flexible at 0.01. The stop-out level is 50%. The Premium Account is available on the MetaTrader4, MetaTrader 5 platforms as well as HotForex’s Webtrader and mobile trading platforms.

Zero Account

The HotForex Zero Spread Account is a good choice for experienced forex traders in Nigeria. The HotForex minimum deposit for this account is $200. It comes with tight spreads from leading liquidity providers and there are no hidden markups. This makes it a very useful account option for scalpers, high-volume traders, and those who use with Expert Advisors (EAs).

A key feature of the Zero Account is its low commissions. It has highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot. The limit for a single trade size is 60 lots. The minimum trade size is 0.01 lots and the stop-out level is 50%. You can open up to 500 at any given time. The HotForex Zero Spread Account is available on MetaTrader 4, MetaTrader 5, Webtrader and mobile trading platforms.

HFCopy Account

The HFCopy Account is designed to facilitate copy trading. It is available to both Strategy Providers (experienced traders) and to Followers (new traders) who have joined HFcopy. Strategy Providers can use the HFcopy Account to build an audience of Followers and to trade in exchange for a performance fee. Followers, on the other hand, can use the account to deposit funds and start copying the trades of their chosen Strategy Providers. The maximum performance fee is 35%.

The HFCopy Account is perfect for new traders who are still learning about the financial markets and who want more help with their trading strategies. The minimum deposit for Followers is $300. The account comes with high leverage, fast trade execution, and a minimum trade size of 0.01 lots. It is available on MetaTrader 4, Webtrader, and mobile trading platforms. However, it is worth noting that you can only use this account to trade forex, indices, and gold.

HotForex Naira Accounts

HotForex also offers a special perk for traders living in Nigeria. If you are from Nigeria, then you have the option to open an account with Naira (NGN) as the base currency. This will enable you to avoid the exchange charges that usually occur when Nigerian traders open an account in USD. To get a Naira, simply select Nigeria in the list of countries on the registration page and choose the NGN currency.

HotForex Deposits & Withdrawals

You can make deposits using a credit card, debit card, wire transfer, Skrill, or Neteller. You can also withdraw your funds using these same payment methods. There are no deposit fees. HotForex minimum withdrawal is 5$ or equivalent.

Fund Safety

HotForex Nigeria takes client fund safety very seriously. They keep client funds separate from company funds, in segregated accounts. This means it can’t use client funds for operational purposes, or for company debts. It is also part of a Civil Liability insurance program. The program has a limit of 5,000,000 and includes coverage against errors, omissions, negligence, and fraud. In addition, HotForex offers negative balance protection. This ensures that account balance never fall below zero.

Trading Tools

HotForex offers a wide range of trading tools to help you stay on top of your trade execution, market analysis, and sentiment tracking. It also offers free trading calculators and free technical analysis tools such as the HotForex AutoChartist.

Trading Calculators

Hot Forex offers free access to several trading calculators including a Risk Percentage Calculator, a MultiTarget Calculator, a Pivot Points Calculator and a Pip Value Calculator. You can also use their Position Size Calculator, Swaps Calculator, Risk and Reward Calculator, and Fibonacci Calculator for free. These calculators are great for new traders and come with simple instructions. You can use them to plan your trades, manage your risk, and better execute your trading strategies.

Premium Tools

HotForex gives you access to institutional quality technology, including advanced trading tools, user-configurable news, and in-depth trade analysis. Their Premium Trader package comes with 12 downloadable trading tools including Trade Terminal, Mini Terminal, Connect, Sentiment Trader, Session Map, and Alarm Manager. You also get access to Excel RTD, Market Manager, Correlation Matrix, Correlation Trader, Tick Trader, and the MT4/MT5 Indicator Package.

As you can, HotForex provides all the tools you need to implement more advanced trading strategies and manage your trades successfully. While these tools are more suitable for advanced traders, new traders can still use them. This is because HotForex also provides a separate trading guide for each individual tool so that you can learn how to use them and how to get more out of your trading.

AutoChartist

Autochartist is a free market analysis tool that helps you identify potential trading opportunities. It monitors the financial markets for you 24/5 to help you stay on top of trends. It then picks up three main types of chart patterns: Chart Patterns, Fibonacci patterns, and Key Levels. Here are some of its main other top features and advantages:

  • Custom-made watch-list.
  • Constant monitoring
  • Multiple market reports
  • Easy-to-use analysis
  • 24h market coverage
  • Available on MT4 and MT4

As you can see, the AutoChartist tool is a great resource that can help you to trade more efficiently. It reduces the amount of time you have to spend monitoring the markets. The AutoChartist also comes with a free risk calculator for managing your trades. It also helps you refine your trading strategy and generate better, more profitable results.

HotForex

Education

HotForex offers excellent learning resources. They offer a wide range of free trading videos and trading webinars. For new traders, they provide free online resources that cover the most essential forex trading terminology such as pips, spreads, lots, margin, and leverage. They also offer free educational articles that cover forex trading skills, market analysis, simple risk management, basic trading psychology, and beginner trading strategies.

Free HotForex Course

HotForex places a high value on trader education. In addition to its learning resources and content library, it also offers a formal training course to help you develop your forex trading skills. The course is available for free and it covers important topics 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 access this free online trading course, all you need to do is register with HotForex and open a free demo trading account. When you’re ready, and you’ve practised your trading strategies, you can gradually move over to a HotForex live account and start trading forex in Nigeria.

HotForex VPS

HotForex offers a VPS service starting from $30 per month. The VPS service is delivered in partnership with Beeks Financial Cloud, one of the top providers in the forex industry. You can choose from three different VPS packages. These are the the Bronze package (1300MB Ram / 1 VCPU / 25GB Disk Space), the Silver package (2700MB Ram / 2 VCPU / 50GB Disk Space), and the Gold package (5120MB Ram / 4 VCPU / 75GB Disk Space). It is worth noting that if you deposit $5000+ in your trading account, you can also get all of these VPS services for free.

VPS Services

A VPS service is ideal for forex traders who want more stability and flexibility. This because it enables you to trade with optimum technical conditions and consistent connectivity. You can use VPS services to run automated algorithmic strategies, including Expert Advisors, 24 hours a day 7 days a week, on a virtual machine. You can also use it to minimize the risk of system downtime due to unexpected power failures, Internet cuts, physical difficulties, and computer shutdowns.

Industry Awards

HotForex has received 45+ industry awards, including many highly prestigious titles from some of the forex industry’s most respected awarding bodies. It has recently won awards for being the best forex broker in Nigeria, and the best forex broker in Africa. It was also selected to join the ranks of the World Finance Top 100 Global Companies. Here is a list of some of the most notable achievements:

  • Best Client Services (Capital Finance International Magazine),
  • Most Transparent Broker (The European – Global Banking & Finance Review Awards),
  • Best Broker In Africa (AtoZ Forex),
  • Best CFD Trading Conditions (World Economic Magazine)
  • Excellence in Customer Service Global (International Investor Awards),
  • Best Trading Experience South East Asia (International Finance Awards),
  • Most Trusted Forex Broker Asia (Global Forex Broker Awards),
  • Best Global Copy Trading Platform (Global Forex Awards).

Documents

To sign up for a live account you’ll need to provide a proof of ID and a proof of address. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name.

HotForex Customer Support

HotForex offers great customer service. You can contact them via email, phone and live chat.
As HotForex is also available to people living in Nigeria, they have an office locally in Lagos for your convenience.

Conclusion

HotForex is a world-class broker that offers traders a high level of education and trading support. They have a wide range of account types, a great selection of trading instruments, and competitive trading conditions. In addition, they have a reliable and secure trading environment. As they have Naira accounts, they are therefore also a very convenient choice for forex traders in Nigeria.

Ready to start trading? Register for an online trading account with HotForex here.