- Naira (NGN) Accounts
- Tight Spreads from as low as 0.1
- Flexible leverage up to 1:1000
- FIX Account trade with Fixed Spreads
- Ongoing Promotions
HotForex, also known as HF Markets, has been around since 2010. It has an excellent reputation within the forex industry and has already proven itself to be a multi award-winning brand. Based in Cyprus, it offers many different account typess. It also offers various educational resources and trading tools. Read on to find out more about this broker below.
HotForex is a registered brand name of HF Markets (Europe). It is regulated by the Cyprus Securities Exchange Commission (License Number 183/12) and holds a cross border license, authorising the company to provide investment services internationally.
HotForex only uses major global banks. It also keeps client funds separate from company funds. This segregation of funds means it cannot use its clients’ money to pay back creditors if the company defaults.
It is also part of a Civil Liability insurance program with a limit of €5,000,000 which has a coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.
MetaTrader 4 (MT4) accounts are available on desktop, iphone, ipad, android, MT4 Multi Terminal and the WebTrader.
The following account types are offered: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. See the following table for comparison.
|Spreads||From 1 pip||From 1 pip||From 0 on Forex||Fixed for Forex**||From 0 on Forex||From 1 pip||From 1 pip|
|Instruments||All Available||All Available||All Available||All Available||All Available||All Available||Forex and Bitcoin|
|Minimum Deposit||$50||$500||$100||$500||$20,000/€18,500||$500||EUR 1000 for Strategy Provider, EUR 300 for Follower|
|Commission||No||No||$4 per lot on Majors, $6 per lot on Others.||No||$6/€5 per round-turn standard lot ***||No||No|
*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.
HotForex offer clients living in Nigeria the option to open accounts in the Naira (NGN) base currency. Once you select Nigeria in the list of countries on the registration page the option for NGN becomes available. This is particularly useful in cutting out bank exchange charges when you are funding your account.
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 offers twelve downloadable trading tools that help you stay on top your trade execution, market updates, and sentiment tracking. It also offers a free autochartist tool that scans trading instruments in real time and automatically identifies chart patterns for you.
HotForex offers an excellent online trading course. It also offers a wide rang of educational webinars and trading videos. It has educational content for both new and more advanced traders, as gives you the option to choose which content to watch based on your level of trading experience.
Extra Trading Services
HotForex offers a VPS service for $30 per month, or free if you deposit a minimum of $5000.
To sign up for a live account you’ll need to provide a copy of your National ID card, Passport or Driving License . You also need to provide a copy of utility bill or a bank statement registered in your name. It must have been issued within the last 6 months, and it must have the same name and address as the one on your HotForex account.
HotForex Customer Support
HotForex offers great customer service. You can contact them via email, phone and live chat.
HotForex is a world-class brokers that offers traders a high level of education and trading support. It has a wide range of account types, a great selection of trading instruments, and competitive trading conditions. In addition, it offers a reliable and secure trading environment. As it has Naira accounts, it is therefore also a very convenient choice for traders based in Nigeria.
We hope you’ve enjoyed our HotForex review. To get started, sign up here.