HotForex Broker Review For Africa In 2023

HotForex Basics

🏛️ Based in	Larnaca, Cyprus
⚖️ Regulation	CySEC, FCA, DFSA, FSCA
💰 Minimum Deposit	$5
💳 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 HotForex

HFM, also known as HotForex, is an online forex broker. They first started offering online trading in 2010 and are now one of the biggest forex companies in the world. They are also a trusted brand, with over 3,500,000 clients, and have won 60+ awards for their services.  

The first thing you need to know about HotForex is that they are a regulated broker. They have licences from FSCA, the CMA, the FCA, and CySEC. This means that you can rely on them to provide a good service and a secure online trading environment. They also have reliable payment methods and a high level of client fund protection. This means that your funds are securely held and you can easily withdraw your money when needed.

The next thing you need to know about HotForex is that they have great trading conditions. They offer 1000+ trading instruments including forex, shares, indices, energies, metals, and cryptocurrencies. They also have a good choice of trading accounts. There are 6 options to choose from – all of which come with good spreads, low commissions, and fast trade execution. That’s everything you need to trade profitably! They also have two of the best online trading platforms – MetaTrade4 and MetaTrader5!

The final thing you need to know about HotForex is that they offer world-class trading support. If you’re new to trading, then you’ll be pleased to know that they have a great range of tools, including calculators, market research, copy trading, and VPS services.  They also have free education resources including eBook, forex guides, video lessons, online webinars, and full trading courses. And if you’re ever in need of help, then they also offer great customer support.

HotForex Regulation

HotForex is a trading name for the HF Markets Group. The group is made up of several smaller companies, each operating in different regions. Together, the group has licences with some of the top financial authorities around the world including the Financial Sector Conduct Authority in South Africa and the Capital Markets Authority in Kenya. Here is a full list of the group’s licences and registrations:

• HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) with registration no. 46632
• HFM Investments Ltd – authorized by CMA (Kenya), with registration no. 155
• HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) with registration no. 183/12
• HF Markets (UK) Limited – authorized by FCA (UK) with registration no. 801701
• HF Markets (DIFC) Ltd – authorized by DFSA (Dubai) with registration no. F004885
• HF Markets (SV) Ltd – authorized by FSA (SVG) with registration no. 22747 IBC 2015
• HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles) with registration no. SD015

Regulations In Africa

The services available to you depend on where you live. For example,  traders in South Africa will come under the HF Markets SA business entity, which has a licence with the FSCA, and traders in Kenya will come under the HF Investments Ltd entity, which has a licence with the CMA. Forex traders in other African countries 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. The important thing to know is that HotForex has an excellent reputation for offering a safe trading environment across all of their business entities and all  traders benefit from a high level of client fund protection.

Client Fund Safety

HotForex is a reliable online broker. They have good client fund protection measures that extend beyond their core regulatory requirements and that ensure your money is securely held. They operate using segregated accounts. This means that your finds are kept in separate accounts, away from their own corporate funds. They also offer negative balance protection. This means that they do not allow your account balance to fall below zero. 

Industry Awards

HotForex has won 45+ industry awards in recognition of its services. It was recently named the Most Transparent Broker and the Best Forex Broker In Africa. It was also recently named one of the World Finance Top 100 Global Companies. Here is a list of some of their top forex 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 legit broker. They have been operating in the forex industry for many years and are one of the best-known brands in Africa. In terms of regulation, they have licences from some of the top financial authorities in the world, including the FSCA and the CMA. When it comes to trading, they offer many low-deposit accounts and a nice range of payment methods. And when it comes to forex, they offer good trading conditions and a nice range of trading instruments. In our opinion, HotForex is a legit forex broker. 

HFM Trading Assets

HotForex Africa has a great range of trading assets. You can choose from forex, shares, indices, energies, commodities, bonds, and ETFs. 

Trading Instruments

• Forex: They provide access to over 50+ forex instruments including major, minor, and exotic currency pairs. The highest available leverage on forex pairs is 1:1000.
• Metals: They have a good choice of metals, including gold, silver, platinum, and palladium. The highest available leverage is 1:200 on gold and silver.
• Energies: They provide spot and futures contracts on many energy instruments including Brent and WTI oil. The highest available leverage is 1:66.
• Indices: They have spot and futures contracts for many indices. You can choose from the S&P500, FTSE100, NASDAQ, Nikkei, the DAX30, and more.
• Shares: They provide trading on 70+ shares. You can choose from sectors such as technology, finance, and energy. The highest available leverage is 1:14.
• Commodities: They provide commodity futures on instruments such as coffee and sugar. The highest available leverage on these instruments is 1:66.
• Exchange Traded Funds: They provide spot contracts on more than 30 ETFs The highest available leverage is 1:50.

HFM Account Types

.As part of our HotForex forex broker review, we went through their account options to see what was available. There are four main HotForex live accounts you can choose from. These are the Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy accounts. There is also a demo account for new traders. Here are some more details.

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

HFM Registration: How To Open An Account

As part of our HotForex forex broker review, we had a look at their registration process. If you live in Africa, then you are eligible to open a HotForex live trading account. The first step is to go to their website and complete the online registration form. This is so that HotForex can gather some personal details and create your account. At this stage of the process, you also need to provide 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 see how much you know about trading and decide whether their services are suitable for you.. If you pass the test, you can then proceed to the next stage of the process. The final step is to complete the KYC process and verify your account. This is so that HotForex can meet all the legal requirements on their side and approve your trading account.

HFM Registration: How To Verify An Account

To verify your account, you’ll need to send HotForex a proof of ID and a proof of address. This is so that they can check your identity and approve your account. The HotForex verification process is quite simple. You can send them copies of your National ID card, Passport or Driving License . You can also send them copies of a utility bill or a bank statement registered in your name. This will be enough for them to confirm your identity. After you have verified your account, you can add funds and start trading.

Micro Account

The HotForex Micro Account is a great choice for beginners. With this account, you can start trading with a minimum deposit of just $5, which makes it very affordable for new traders, especially those who have less initial trading capital. 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 Micro Account is available on both the MT4 and MT5 trading platforms.

Premium Account

The HotForex Premium Account is a great choice for intermediate traders. With this account, you need to make a slightly higher minimum deposit of $100. However, you can open more positions. It’s worth keeping in mind that this account comes with excellent trading conditions, including low spreads and zero commission. It also comes with high leverage of up to 1:1000. The stop-out level is 50%. The Premium Account is available on both the MT4 and MT5 trading platforms.

Zero Spread Account

The HotForex Zero Spread Account is a great choice for experienced forex traders. The minimum deposit on this account is $200. It comes with zero spreads and there are no hidden markups. It also comes with a highly transparent commission-based structure, and fees starting as low as USD 0.03 per 1K lot. You can trade with leverage of up to 1:1000. The stop-out level is 50%. The Zero Spread Account is available on both the MT4 and MT5 trading platforms.

HFCopy Account

The HFCopy Account is mostly made for copy trading. It can be used by both Strategy Providers (experienced traders) and Followers (new traders). If you are a Strategy Provider, you can use your account to find new followers and to share your trading ideas – in exchange for a performance fee. If you are a Follower, on the other hand, you can use the HFCopy account to deposit funds and start copying the trades of Strategy Providers.

The HFCopy Account is a great choice for new traders who need more help with their trading strategies. The HotForex minimum deposit for Followers is $300. This is higher than the minimum deposit for other accounts, but the extra support makes it well worth the money. The account comes with high leverage and fast trade execution. It is available on the MT4 trading platform. However, it is worth keeping in mind that you can only use this account to trade forex, indices, and gold.

Demo Accounts

The HotForex demo account is a test account that you can use to trade with virtual money. It comes with great trading conditions and replicates a real trading environment. As such, it’s a great account for trying out new tools and testing new strategies.

PAMM Accounts

HotForex offers managed PAMM accounts. These are accounts that allow expert traders (PAMM managers) with strong track records to manage accounts for other people. The manager trades on their trading account and the profits are shared with participating traders according to the agreed investment percentage.

Swap-Free Accounts

HotForex offers many great account options. They all come with fair pricing and competitive online trading conditions. All of the HotForex trading accounts are also available as Islamic swap-free accounts.

HFM Leverage

HotForex gives traders the opportunity to trade with leverage. The available leverage varies depending on where you’re located. The maximum ratio offered in Africa is 1:1000.

HFM Spreads

As part of our HotForex spreads review, we have taken a look at what their trading conditions are like. Overall, we think that HotForm has fairly tight spreads, which are in line with what you would expect from a big forex broker. The spread available depends on your account type and chosen trading instrument. For example, if you have a HotForex Zero Spread account then you can expect forex spreads on major markets from 0 pips. However, if you have a HotForex premium account, then you can get forex spreads on major pairs from 0.1 pips.

HFM Commissions

As part of our HotForex account review, we have also taken a look at what their trading costs are like. Overall, we think that HotForex has quite low commissions, which are in line with what you would expect from a regulated forex broker. The commission depends on your account. For example, if you trade on a HotForex Micro account, or a HotForex Premium account, then you can get zero commission trading. However, if you trade on a HotForex Zero Account, then you get trading from $6 per lot.

HFM Base Currencies

HotForex has three main base currencies. These are USD, EUR, and ZAR. Unfortunately, they do not currently offer any other base currencies. The next best option for forex traders in Africa is probably USD or ZAR, depending on where you live.

HFM Bonuses

HotForex generally has a good selection of forex bonuses. Their promotions change regularly, so it is always worth checking their website. At the moment, they are offering a no deposit bonus, which is available in some African countries..

HFM No Deposit Bonus

HotForex has a $30 no deposit bonus for new clients. It is available for a limited time only, on live trading accounts. To access the no deposit forex bonus, you must complete the online registration process, open a live trading account, and verify your phone number with the company. To trade with their forex bonus, you must also agree to the HotForex bonus terms and conditions, which can be found on their website.

Payment Methods

As part of our HotForex broker review, we checked their deposit and withdrawal methods. Overall, we think that HotForex offers a good range of payment options, as well as cheap deposits, and fast withdrawals. As such, they are a good choice for traders who want to make sure they can easily open and close accounts.

HFM Deposits

Deposit Methods

This company accepts wire transfers from major banks. This is a fast way of depositing funds. They also accept many other common payment methods including debit card, credit card, and payment apps.

Deposit Options

If you want to fund your trading account using a payment app, then you can choose from Neteller, Skrill, Dusu pay, Mpesa, and FasaPay. If you want more options, you can also try 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.

Minimum Deposit

The HotForex minimum deposit depends on which trading account you choose to open. If you are looking for low minimum deposits, then you can try opening a Micro account, which has a $5 deposit.

HFM Deposit Times – How Long Does It Take

As part of our HotForex review, we have checked how long deposits generally take. Overall their deposit processing times are quite good. However, it depends on what payment method you choose. For example, if you add funds using their free online bank funding service, then the Hotforex deposit time is quite fast, and they should show up instantly in your account instantly. And if you add funds using debit cards, credit cards, or Neteller, then you can also expect the funds to show up quickly.

HFM Deposit Fees – Rate

HotForex doesn’t charge any deposit fees. It is worth noting, however, that HotForex only offers three base currencies: USD, EUR, and ZAR. This means that any deposits made in NGN may be subject to conversion fees.

HFM Withdrawals

Withdrawal Methods

As part of our HotForex broker review, we have checked to see what withdrawal methods they offer. At the moment, the broker provides withdrawals via wire transfer, debit card, and crest card. It also provides withdrawals via Neteller and Skrill.

Minimum Withdrawals

The minimum withdrawal depends on which payment method you choose. The most convenient option is a debit card, which you can use to make withdrawals from just $5.

HFM Withdrawal Fees: Rate

The HotForex withdrawal rates are generally quite good. There are no additional costs for withdrawals made via debit card, credit card or wire transfer. The same applies for Neteller and Skrill. However, it’s worth keeping in mind that some third party providers may choose to apply their own fees. For example, your bank might charge you for wire transfers, if it is in line with 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 treat its customers fairly. Overall, their withdrawal process is very good and there are very few complaints. There are plenty of HotForex withdrawal methods to choose from, and most of them come with low fees or zero fees. And if clients have issues when trying to withdraw their funds, then they can contact the HotForex customer support team for help.

HFM Minimum/Maximum Withdrawal

The HotForex minimum withdrawal amount varies depending on which payment option you choose.. For example, the minimum amount is $5 for debit card, credit card, Neteller, and Skrill. However, the minimum amount is $100 for wire transfers. The only payment method with a HotForex maximum withdrawal amount is a debit card.

HFM Trading Platforms

HotForex has two trading platforms – MT4 and MT5. These trading platforms are generally very popular because they are both powerful and user-friendly.

MetaTrader4 (MT4) is a great choice for beginner traders. The HotForex MT4 trading platform comes with a wide range of instruments including forex, shares, indices, commodities, and cryptocurrencies. It also comes with advanced charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. MetaTrader5 (MT5) is a great choice for more experienced traders. The HotForex MT5 trading platform comes with many popular instruments such as forex, shares, and cryptos. It also comes with helpful features including 6 order execution types, 38 indicators, and 37 analytical objects.

HFM Mobile Trading Platforms

The HotForex Mobile App is a nice addition to their suite of trading platforms. It has a sleek design and intuitive interface. The app enables you to easily transfer, withdraw, and deposit money. It also enables you to search for instruments, and create watchlists. If you like to stay on top of the markets while you’re out, you can also use it to access an economic calendar and educational materials.

HFM Education and Research

When it comes to trading, HotForex tries to give its traders as much help as possible. They offer some great learning materials. For beginner traders, they have a selection of articles covering essential concepts such as pips, spreads, lots, margin, and leverage. They also have other learning materials such as trading videos and webinars. For intermediate traders, HotForex also has a free online training course. It is designed to help you further develop your knowledge. For example, it covers forex theory, chart analysis, trading strategies, trading psychology, and risk management. To access their learning materials, 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.

Trading Tools

As part of our HotForex forex broker review, we also had a quick look at their online trading tools. Their best tool by far is the HFCopy trading account. As mentioned above, you can use it to sign up as a Strategy Provider or as a Follower. The strategy providers are expert traders who broadcast their trades. Their followers are generally new traders who replicate their strategies for a fee. Their other trading tools include:

HotForex has a helpful selection of free trading calculators. They give you access to a Risk Percentage Calculator, a MultiTarget Calculator, a Pivot Points Calculator and a Pip Value Calculator. They also give you access to a Position Size Calculator, a Swaps Calculator, a Risk/Reward Calculator, and a Fibonacci Calculator. These calculators are designed to help you plan and manage your trades.

HotForex also has a selection of premium trading tools, as well as user-configurable news, and market analysis. The Premium Trader package has 12 trading tools that you can download and use. You can choose from the Trade Terminal, the Mini Terminal, the Connect, the Sentiment Trader, the Session Map, and the Alarm Manager tools. You can also try the Excel RTD, the Market Manager, the Correlation Matrix, the Correlation Trader, the Tick Trader, and the MT4/MT5 Indicator Package. These tools are designed to help you enhance your market analysis.

HotForex also offers Autochartist. It is a market analysis tool that you can use to discover potential trading opportunities. It enables you to monitor the financial markets and keep track of price trends. It also identifies common chart patterns such as the Chart Patterns, Fibonacci patterns, and Key Levels. The AutoChartist tool is designed to help you trade more efficiently and reduce the time you need to spend on analysis.

HFM Trading Hours

HotForex trading hours are in line with the standard market hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.

HFM Customer Support

HotForex offers great customer support. They speak many different languages and you have the option to speak with a local customer support agent. They also provide a few different contact options You can reach them via email, phone, webchat, and the dedicated website form. If you like social media, you can try reaching out to them on Facebook, Twitter, Instagram, LinkedIn, Telegram and YouTube.

Our Verdict

HotForex is a great forex broker that has great accounts, fair pricing, and fast trade execution. They take care of their traders by offering good platforms, copy trading tools, and good trading support. They also take care of client funds, by offering a secure trading environment, and a high level of client fund protection. As they have NGN and ZAR accounts, they are a good choice for many traders in Africa.

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