- 1 HotForex Basics
- 2 Our Opinion About HFM Nigeria
- 3 Key Benefits
- 4 HFM Regulation
- 5 Regulations In Nigeria
- 6 Client Fund Safety
- 7 Industry Awards
- 8 HFM: Legit or Scam?
- 9 HFM Trading Assets
- 10 Trading Instruments
- 11 HFM Account Types
- 12 HFM Registration: How To Open An Account
- 13 HFM Registration: How To Verify An Account
- 14 Micro Account
- 15 Premium Account
- 16 Zero Spread Account
- 17 HFCopy Account
- 18 Demo Accounts
- 19 PAMM Accounts
- 20 Islamic Accounts
- 21 HFM Leverage
- 22 HFM Spreads
- 23 HFM Commissions
- 24 HFM Base Currencies
- 25 HFM Bonuses
- 26 HFM No Deposit Bonus
- 27 Payment Methods
- 28 HFM Deposits
- 29 Deposit Methods
- 30 Deposit Options
- 31 Minimum Deposit
- 32 HFM Deposit Times – How Long Does It Take
- 33 HFM Deposit Fees – Rate
- 34 HFM Withdrawals
- 35 Withdrawal Methods
- 36 Minimum Withdrawals
- 37 HFM Withdrawal Fees: Rate
- 38 HFM Withdrawal Times: How Long Does It Take
- 39 HFM Withdrawal Problems
- 40 HFM Minimum/Maximum Withdrawal
- 41 HFM Trading Platforms
- 42 HFM Mobile Trading Platforms
- 43 HFM Education and Research
- 44 Trading Tools
- 45 HFM Trading Hours
- 46 HFM Customer Support
- 47 Conclusion
- 48 HFM Broker Review FAQ
- 49 HotForex Broker Review – Similar Brokers
|🏛️ Based in||Larnaca, Cyprus|
|⚖️ Regulation||CySEC, FCA, DFSA, FSCA, CMA|
|💰 Minimum Deposit||$5 (2000 Naira)|
|💳 Deposit Options||Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.|
|💳 Withdrawal Options||Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.|
|📌Open an account||Start Trading with HotForex|
Our Opinion About HFM Nigeria
HotForex, also known as HFM, is an established forex broker that has been offering online trading services since 2010. They are one of the largest forex companies in the world and have earned the trust of over 3,500,000 clients. HotForex is also one of the most highly-regarded companies in the industry and has won over 60+ forex industry awards.
As a regulated forex broker, HotForex offers competitive online trading conditions. They have 1000+ trading instruments including forex, energies, metals, shares, indices, commodities, and cryptocurrencies. They also have a nice range of trading accounts. There are 6 different account types – all of which have low commissions, good spreads, and fast trade execution. They also have some of the top online trading platforms – including MetaTrader4 and MetaTrader5.
If you’re looking for great trading support, then HotForex could be a good option. They have a nice range of trading tools including calculators, HotForex market analysis tools, copy trading services, and VPS services. They also offer free educational materials including 100+ articles, eBooks, trading guides, video tutorials, webinars, and educational courses. And if you’re looking for great customer service then you’ll be pleased to know that HotForex also has multilingual customer support.
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 the FSCA (South Africa) with registration no. 46632
- HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) with registration no. 183/12.
- HF Markets (UK) Limited – authorized by the FCA (UK) registration no. 801701.
- HF Markets (DIFC) Ltd – authorized by the DFSA (Dubai) with registration no. F004885.
- HF Markets (SV) Ltd – authorized by the FSA (SVG) with registration no. 22747 IBC 2015.
- HF Markets (Seychelles) Ltd – authorized by the FSA (Seychelles) with registration no. SD015.
Regulations In Nigeria
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.
Client Fund Safety
HotForex is a reputable forex broker. When it comes to fund safety, they choose to go beyond their basic regulatory requirements, and offer more comprehensive client fund protection measures. HotForex keeps all client funds in segregated accounts, separate from its operating capital. This means that they can never use client funds for their own operational purposes. HotForex also offers negative balance protection. This means that they never allow client funds to fall below zero.
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).
HFM: Legit or Scam?
HotForex is a legitimate forex broker. They have been offering online trading services for several years and have a big, international client base. They are licensed by some of the top financial authorities in the world and respect all local regulatory requirements. In terms of services, they have a good range of account types and excellent online trading conditions. They also have a good range of reliable payment methods, as well as a high level of client fund protection. In our opinion, they are a reputable and trustworthy forex broker.
HFM Trading Assets
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 maximum leverage is 1:50.
HFM Account Types
As part of our HotForex broker review, we took a close look at what account types were available. There are four main HotForex live accounts you can choose from: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. There is also a demo account.
|Type||Spreads||Min. Deposit||Max. Leverage||Commission|
|Micro||From 0.1 pips||$5||1:1000||N/A|
|Premium||From 0.1 pips||$100||1:1000||N/A|
|Zero spread||From 0.1 pips||$200||1:1000||N/A|
|Auto||From 0.1 pips||$200||1:1000||N/A|
|HFCopy||From 0.1 pips||$300||1:1000||N/A|
|PAMM||From 0.1 pips||$250||1:1000||N/A|
|Islamic||From 0.1 pips||$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.
HFM Registration: How To Open An Account
As part of our HotForex review, we checked their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at HotForex. The registration process is quite simple. The first step is to register online. This is so that HotForex can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The next step is to take a short test about online trading. This is so that HotForex can determine whether their online trading services are suitable for you. At this stage, all you need to do is show HotForex that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account.
The final step is to complete the KYC process and verify your online trading account. This is so that HotForex can process your trades.
HFM Registration: How To Verify An Account
To open a live trading account you’ll need to show HotForex a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The HotForex verification process is simple. 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. After you have verified your account, you can add funds and start trading.
The HotForex Micro Account is suitable for beginners. The HotForex minimum deposit on this account is only $5, which makes it affordable for traders, especially those who have less trading capital to start with. You can open up to 150 positions at any given time. You can also trade with tight spreads, high leverage, and zero commissions. These are good trading conditions and should help you keep your trading costs low.
The HotForex Premium Account is suitable for intermediates. The minimum deposit on this account is slightly higher at $100. However, with this trading account you can open up to 300 positions at any given time. It’s worth keeping in mind that this account also comes with low spreads and zero commission. With regard to other trading conditions, the leverage is capped at 1:500. The stop-out level is 50%. The Premium Account is available on the MT4 and MT5 trading platforms.
Zero Spread Account
The Zero Spread Account is a great option for experienced forex traders in Nigeria. The HotForex minimum deposit for this account is $200. It comes with zero spreads and there are no hidden markups. Another key feature of the HotForex Zero Account is its low commissions. It has a highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot. The HotForex Zero Spread Account is available on the MT4 and MT5 trading platforms.
The HFCopy Account is designed for copy trading. It can be used by both Strategy Providers (experienced traders) and Followers (new traders). Strategy Providers can use their account to find new followers and to share their trade ideas – in exchange for a performance fee. Followers, on the other hand, can use the HFCopy account to deposit funds and start copying the trades of their chosen Strategy Providers.
The HFCopy Account is perfect for traders who are new to the forex market and who want more help with their trading strategies. The minimum deposit for followers is $300. The account comes with high leverage and fast trade execution. It is available on the MT4 trading platform. However, it is worth noting that you can only use this account to trade forex, indices, and gold.
The demo account is a test account that allows you to practise trading with virtual money (not real funds). The HotForex demo account comes with great trading conditions and closely mimics a live trading environment.
HotForex offers PAMM accounts. These are designed for expert traders (PAMM managers) and investors with strong track records. The manager trades his account and profits are shared according to the investment percentage.
HotForex offers great account types with very competitive online trading conditions. All of the HotForex trading accounts are also available as Islamic accounts.
Yes, HotForex does offer its clients the option to trade with leverage. The available leverage varies depending on where you’re located. The maximum ratio offered in Nigeria is 1:1000.
As part of our HotForex spreads review, we have checked their spreads. Overall, the company offers good spreads, which are in line with what you would expect from an established forex broker. The spread available depends on your account type and chosen trading instrument. For example, if you have a HotForex Zero account then you can expect forex spreads on major markets from 0 pips.
As part of our HotForex spreads review, we have checked their commission. Overall, the company offers very low commissions, which are in line with what you would expect from an established forex broker. The commission charged depends on your account type. For example, if you have a HotForex Micro account, or a HotForex Premium account, then you can get zero commission trading on all instruments. If you have a HotForex Zero Account, then you get low commission trading from $6 per lot.
HFM Base Currencies
HotForex has four base currencies. These are USD, EUR, NGN, and ZAR. The best option for forex traders in Nigeria is probably a NGN base currency.
HotForex offers some forex bonuses. At the moment, it is offering a no deposit bonus.
HFM No Deposit Bonus
They offer a $30 no deposit bonus for new clients. It is available for a limited time only, on live accounts. To access this forex bonus, you must complete the registration process, open a trading account, and verify your phone number. To trade with their forex bonus, you must also check the HotForex bonus terms and conditions.
As part of our HotForex broker review, we checked their deposit and withdrawal methods.
The company offers online bank funding for clients with online bank accounts with major banks. This is a fast way of depositing funds. Hotforex also accepts many other common payment methods including debit card, credit card, and wire transfer.
If you want to fund your account using a payment app, then you can choose from Dusu pay, Mpesa, FasaPay, Neteller, and Skrill. You can also choose from other HotForex deposit methods such as Perfect money, V-load, Web money, Bitpay and Bitcoin. It is important to check the minimum deposit for your payment method, as it may be different to the minimum deposit for your online trading account.
The HotForex minimum deposit depends on which type of trading account you choose. The most affordable option is the Micro account, which you can open with a $5 deposit.
HFM Deposit Times – How Long Does It Take
As part of our HotForex reviews, we have looked to see how long deposits generally take. It depends on what payment method you choose. For example, if you add funds using the free online bank funding, then the Hotforex deposit time is quite fast, and you may see the funds reflected in your account almost instantly.
HFM Deposit Fees – Rate
HotForex doesn’t charge any deposit fees. It is worth noting, however, that HotForex only offers four base currencies: USD, EUR, NGN, and ZAR.
As part of our HotForex reviews, we have taken a look at what withdrawal methods are available. At present, the company allows withdrawals via wire transfer, debit card, and crest card. It also allows withdrawals via Neteller and Skrill.
The minimum withdrawal depends largely on what payment type you choose. The most affordable option is a debit card, which you can use to make withdrawals from just $5.
HFM Withdrawal Fees: Rate
The HotForex withdrawal rate is very competitive. There are no fees for withdrawals made via wire transfer, debit card, and credit card. The same is true for Neteller and Skrill. However, it’s worth keeping in mind that even though HotForex doesn’t charge for bank wire transactions, the sending, correspondent and receiving bank might charge you for them, according to their own fee structure.
HFM Withdrawal Times: How Long Does It Take
As part of our Hotforex withdrawal review, we have taken a look at their average withdrawal times. The average withdrawal time depends on which payment method you choose. Withdrawals via wire transfer, debit card, and credit card can take 2 to 10 business days. Whereas, withdrawals made via Neteller and Skrill are instant.
HFM Withdrawal Problems
HotForex is a regulated forex broker, and as such, is required to ensure a high level of customer service. There are plenty of HotForex withdrawal methods to choose from, and most of them come with low fees or zero fees. If clients experience issues withdrawing their funds, they are able to contact the HotForex customer support team for help.
HFM Minimum/Maximum Withdrawal
The HotForex minimum withdrawal amount depends on your chosen payment method. For example, the minimum amount for debit card, credit card, Neteller, and Skrill is $5. However, the minimum amount for wire transfers is $100. The only payment method with a HotForex maximum withdrawal is a debit card.
HFM Trading Platforms
HotForex offers the MT4 and the MT5 trading platforms to all clients in Nigeria.
MetaTrader4 – MetaTrader4 (MT4) is the perfect choice for new forex traders. You can use this platform to trade many things including forex, shares, indices, commodities, and cryptocurrencies. The HotForex MT4 trading platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.
MetaTrader5 – MetaTrader5 (MT5) is another great choice for new forex traders. As with MetaTrader4, you can trade popular instruments such as forex, shares, and cryptos. It has a simple, modern design that is easy to use. The MT5 HotForex platform also has good trading features including 6 order execution types, 38 indicators, and 37 analytical objects.
HFM Mobile Trading Platforms
The HotForex Mobile App has a sleek design and intuitive interface. The HotForex mobile trading app enables you to easily transfer, withdraw, and deposit funds. You can use it to search for instruments, and create watchlists. You can also use it to access an economic calendar and educational materials.
HFM Education and Research
HotForex offers some great learning materials. They have free trading videos and trading webinars. For new traders, they provide 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.
In addition to its trading articles, HotForex also offers an online training course to help you develop your forex trading skills. The course covers many important topics such as forex theory, chart analysis, trading strategies, trading psychology, and risk management. The course is completely free. To access it, all you need to do is sign up for a HotForex demo trading account. When you’re ready, you can then open a live trading account and start trading forex.
As part of the HotForex broker review, we took a look at their online trading tools they offer. The best tool is their social trading account – HFCopy. As mentioned above, clients can sign up as strategy providers or as followers. The strategy providers are expert traders who broadcast their trades. Their followers are generally new traders who replicate their strategies for a fee. Other trading tools include:
Trading Calculators – HotForex has many helpful trading calculators. They have a Risk Percentage Calculator, a MultiTarget Calculator, a Pivot Points Calculator and a Pip Value Calculator. They also provide a Position Size Calculator, Swaps Calculator, Risk and Reward Calculator, and Fibonacci Calculator for free. These calculators can be very useful for beginner traders who need help planning their trades and managing their risk.
Premium Tools – HotForex also has some more advanced trading tools, as well as user-configurable news and marketing analysis. The Premium Trader package has 12 downloadable trading tools including the Trade Terminal, Mini Terminal, Connect, Sentiment Trader, Session Map, and Alarm Manager. It also has Excel RTD, Market Manager, Correlation Matrix, Correlation Trader, Tick Trader, and the MT4/MT5 Indicator Package.
AutoChartist – Autochartist is a market analysis tool that you can use to find new trading opportunities. It helps you to monitor the financial markets and keep track of price trends. It then picks up three common chart patterns. These are the Chart Patterns, Fibonacci patterns, and Key Levels. The AutoChartist tool is useful for new forex traders as it enables you to trade more efficiently. It cuts down the amount of time you have to spend monitoring the markets.
HFM Trading Hours
HotForex trading hours are in line with forex trading hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.
HFM Customer Support
HotForex provides good customer support. Their customer support team can be reached on up to eight phone numbers from different countries. They speak many different languages. You can also reach them via email, webchat, and the contact us form on the website. If you like social media, you can try following HotForex on Facebook, Twitter, Instagram, LinkedIn, Telegram and YouTube.
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.
HFM Broker Review FAQ
Yes, HotForex (HFM) is a legit forex broker. They are an established and regulated online trading service provider. HotForex has a very strong account offering. The HFM trading accounts are some of the best in the industry, and the HFM forex trading costs are very competitive. HotForex also has a very strong trading instrument offering. The HFM markets include forex, stocks, and cryptocurrencies, enabling you trade multiple asset classes. As such, HotForex is a legit broker.
Yes, HotForex is a regulated forex broker. It is regulated by CySEC, the FCA, the DFSA, the FSCA, and the FSA. Forex traders in Nigeria will come under the HF Markets (SV) Ltd business entity, which is regulated by the FSA. While this business entity may have less regulatory oversight than some of the others, it is still part of the wider HF Markets Group. And as a Group, the HotForex regulations are very strict.
Yes, you can trust HotForex. HotForex is one of the most well-known forex brokers in the industry, and one of the most popular online trading companies operating in Nigeria. HotForex was first set up in 2010 and has been offering online trading services for over a decade. They are a large, international forex company with over 3,500,000+ clients worldwide. The HotForex reputation is excellent. They are very popular and have won many forex awards. In our opinion, they are a trustworthy forex broker.
HotForex is a safe forex broker. When it comes to fund safety, they choose to go beyond their basic regulatory requirements, and offer more comprehensive client fund protection measures. HotForex keeps all client funds in segregated accounts, separate from its operating capital. This means that they can never use client funds for their own operational purposes. In our opinion, HotForex is a safe company to trade with.
Yes, HotForex does have a Micro account. The HotForex Micro account has a low minimum deposit of just $5, making it a good option for new traders looking to start small. It also has good trading conditions, including high leverage, tight spreads, and fast trade execution.
HotForex does not have a Cent Account. However, it offers four other live accounts with good trading conditions. The Micro account has a low minimum deposit, at just $5, making it a good option for new traders looking to start small.
HotForex does not have a dedicated ECN account. However, it offers four other real accounts. The Zero Spread account comes with zero spreads and is a great choice for forex traders looking for exceptional reading conditions.
HotForex does offer NGN accounts. Having a NGN trading account can be very helpful for forex traders with NGN bank accounts. This is because it means you won’t have to pay conversion fees on your deposits or withdrawals.
HotForex offers four live trading accounts. These are the Micro account, the Premium account, the Zero Spread account, and the HFCopy account. All of their live accounts come with high leverage, competitive pricing, and fast trade execution.
The minimum deposit for opening a Hotforex account depends on your account type. You can open a Micro Account with $5, a Premium Account with $100, a Zero Spread with $200, and a HF Copy Account with $300.
Yes, HotForex does offer its clients the option to trade with leverage. The available leverage varies depending on where you’re located. The maximum ratio offered in Nigeria is 1:1000.
HotForex currently has one bonus. The HotForex $30 no deposit bonus for new clients. It is available for a limited time only, on live accounts. To access this forex bonus, you must complete the registration process, open a trading account, and verify your phone number. They do not currently offer any other HotForex sign-up bonuses, HotForex welcome bonuses, or HotForex deposit bonuses. However, HotForex updates its promotions regularly and it is definitely worth checking their website in the future.
HotForex has many convenient payment methods including debit card, credit card, and bank transfer. If you want to fund your account using a payment app, then you can choose from Dusu pay, Mpesa, FasaPay, Neteller, and Skrill. If you want to deposit money in your account using an alternative method, you can also choose from other HotForex deposit methods such as Perfect money, V-load, Web money, and Bitpay. HotForex accepts crypto deposits, including Bitcoin deposits.
The withdrawal limit depends on your deposit amount. It’s worth keeping in mind that for debit cards, there are limits on the amount of money you can withdraw.. If your withdrawal amount exceeds your initial deposit, or if it exceeds the sum of all deposits by debit card, then you will need to withdraw the difference by wire transfer.
HotForex is one of the best forex brokers in the industry. They have great trading accounts with low minimum deposits and low trading costs. They also have a wide range of trading instruments, trading platforms, and trading tools. However, if you want to look at alternative options, there are many great forex brokers as well. We recommend looking at FXTM, FXPro, FXPrimus, and Instaforex.
Yes, HotForex offers excellent account options. It has a wide range of educational materials and trading tools, making it a good option for beginners. It also has great trading conditions and Hotforex bonuses, making it an appealing option for professional traders. For more information, check out the hotforex review summary.
HotForex in Nigeria offers its clients the opportunity to close their accounts anytime. The company’s customer service department is available 24 hours a day and seven days a week to help you with any questions or concerns. Their customer service department can also help you understand any HotForex withdrawal limits or any HotForex withdrawal conditions.
Ready to start trading? Register for an online trading account with HotForex here.
HotForex Broker Review – Similar Brokers
HotForex is a great forex broker. However, if you want to look at all your options, there are also many other good brokers in Nigeria to choose from. Here are some brokers like HotForex.
Looking for more information? Check out some of our other forex broker reviews.