HotForex Broker Review
In Kenya, HotForex is one of the most recommended brokers. It is an international forex & CFD trading broker with over ten years of experience.
Other than Forex, it offers many other CFD instruments and even has institutional clients and retail clients. With a daily trade volume of $5 billion, HotForex is one of the world’s largest forex brokers. Approximately 2,000,000 real accounts are active at this broker.
The broker is an STP broker. In an STP (Straight Through Processing) broker, the execution order from a client will be passed directly to its liquidity provider. Therefore, the broker will not use a dealing desk for filtering orders, and he has a Market Execution policy.
You can find our comprehensive review on HotForex. Broker reviews are updated regularly!
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All orders will be executed in real-time and at real-time market prices, so they will be executed at the live market price. The broker’s trading platform is soon more transparent since no dealing desk is needed (No Deal Desk). The broker also does not have a conflict of interest, as market maker brokers do.
Several services and features are discussed in this article regarding Kenyan traders, including safety and regulation, fee structures, account types, trading instruments, and trading platforms.
Here are some reasons we recommend this broker as the best Kenyan broker.
Is HotForex regulated in Kenya?
Several regulatory bodies oversee this broker, including the FSCA (South Africa), Cysec (Cyprus), DFSA (Dubai), FSA (Seychelles), and FCA (UK). Additionally, traders benefit from the fact that several regulatory bodies have approved the company.
The licence number provided by FSCA to the broker is 46632
Depending on the regulatory preference and the client’s leverage requirements, clients may open in the jurisdiction of their choice.
Different compensation schemes may offer varying degrees of protection under various regulators, so it is worth making yourself aware of these options. For example, UK clients are covered up to the value of GBP 85,000 by the Financial Service Compensation Scheme. But, the broker is not regulated by the CMA of Kenya, but still, it provides secure services to Kenyan traders.
Pros / Cons
- Low Minimum Deposit
- M-Pesa Deposit Option
- Broker Verified
- No Local Currency
- No CMA Regulation
Furthermore, it is also considered a very safe broker to invest with since it has opted to protect its assets from damage by an insurance program for civil liability to the value of €5,00,000. Financial risk such as errors, omissions, negligence, fraud, and other matters which may cause this insurance covers the financial loss.
As an added precaution, it keeps client funds separate from company funds in separate bank accounts. The balance sheet does not consider the client accounts as they are not on the books. Thus, in the unlikely event of default by the company, it cannot use client funds to repay creditors. They provide clients with additional assurances and confidence that HotForex is a trustworthy broker.
HotForex Account Types
The five account types each have powerful features and benefits that cater to the specific needs of traders.
- Zero spread: min. Deposit USD 200 – Max leverage 1:500
- Premium: Min. Deposit USD 100 – Max. leverage 1:500
- HFCopy: Min. Deposit USD 100-300 – Max.Leverage 1:400
- Micro: Min. Deposit USD10 – Max. Leverage 1:1000
- Auto: Min Deposit USD 200 – Max. Leverage 1:500
What is the minimum deposit?
To open an account with this broker in Kenya, you must deposit $5. The minimum account deposit depends on your choice of account as well as your residence or location. Specific types of accounts are affected by this, such as premium accounts with it. Deposits do not usually incur fees. In Kenya, you have to pay $100 as a minimum deposit for premium accounts. Similarly, the minimum deposit for a zero spread account in Kenya is $200
Account types and minimum deposit
The traders at the company choose several different types of accounts, just as most good brokers offer multiple types of accounts. Of course, there are various features and perks associated with each type. But, most of the time, what differentiates them is the minimum deposit that can be made on each type of account.
There are two types of accounts that the broker offers: demo accounts and live accounts. A demo account can be opened without depositing funds. Live accounts, on the other hand, require a deposit to open. The platform offers five types of live accounts under the category of live accounts. They are as follows:
Micro accounts from the broker are an excellent way for beginners to start trading. FCSA presently regulates a micro account of this broker. The minimum deposit for traders from Kenya is $5. In contrast, traders based in the US have to deposit at least 70 ZAR. Moreover, it allows traders to trade micro-lots at a minimal deposit, which makes trading easy. This entity also supports Islami microfinance accounts upon request.
Under multiple regulatory agencies, HotForex and HF markets both offer zero-risk trading accounts with CySEC, SV, FCA, FCSA, and DFSA. This account type provides low spreads coupled with slightly higher commissions. The minimum initial deposit to open a trading account is 200USD, GBPEUR, and 2800 ZAR. An Islamic account is also available upon request.
A VIP account differs from a zero account only in one regard, namely in the region it operates. Regulations from the DFSA authorise you to open this account, and you will be in direct contact with the manager. Deposits required for this type of account are typically between $20000 and 74000 AED. Furthermore, Islamic accounts will be available upon request.
The auto accounts can be opened exclusively with this broker. However, the company’s auto account is supervised and regulated by the FSCA and SV Additionally, it provides auto trading. It lets traders follow and find signal providers within the MQL5 community. To play the game within Kenya, you will need a minimum 200 USD or EUR deposit and 2800 ZAR. However, Islamic accounts can be opened by anyone upon request.
Traders can utilise Copy Accounts as either signal providers who provide signals or traders who copy stocks. CySEC and SV regulations govern this type of account. Traders must deposit at least 1000 EUR or 500 USD for signal providers, depending on their location. Copy traders must deposit 300 EUR or 100 USD depending on the broker’s branch to start trading.
You must own a premium account with the broker and deposit at least $250 with this company to qualify for a PAMM account. As an additional requirement, you can only open the account if you currently reside under the jurisdiction of SV.
The broker offers a Premium account in several areas, which requires a minimum deposit of 100 EUR, USD, or GBP to open. For example, Kenyan traders require a 1400 KES minimum deposit, while the UAE requires 400 AED.
Several regulatory authorities oversee HotForex premium pro, including CySEC, SV, FCA, DFSA, and FSCA. The minimum deposit to open this account is 500 EUR, USD, or GBP; 400 USD for British residents following FCA regulations. Furthermore, 2000 AED is accepted by DFSA regulations.
HotForex Payment method
With HotForex, you have several ways to deposit funds into your trading account. It is admirable that it provides traders with a variety of payment options. Diverse payment options also enable traders to bypass some restrictions imposed by countries that do not accept certain payment channels.
Several methods of payment and deposit are available, including:
- Bank wire
- Credit cards
- Union pay
HotForex Deposit and Withdrawal
You can fund your HotForex account in a variety of ways. The minimum is 10 USD, a good starting point for those looking to test the broker out on a small amount. Neither deposits nor withdrawals are charged. However, depending on the method, it takes anywhere between 2-10 days to withdraw, which some may find a little lengthy.
Bank wire transfer: you will receive funds in your trading account between 2-3 business days after a wire transfer has been made. Some funds may arrive faster.
Debit/Credit card: You can fund your trading account with Visa and Mastercard, and you will get an instant allocation to begin trading immediately.
Bitcoin: Cryptocurrency Bitcoin is a good way to make a deposit. Depending on the blockchain network, a fund’s transaction can take a few minutes to a few hours.
Skrill: One of the most popular e-wallet solutions offers an additional security layer between the bank and the broker.
Neteller: A secure and safe way to deposit money online with Neteller.
Depending on the deposit size, the client is entitled to receive bonuses of up to 100%.
The most important for Kenyan trades is M-Pesa as it is the most popular payment method there and is also supported by the broker.
HotForex Trading Platforms
MT4 is the legendary trading platform provided by HotForex, which can be downloaded, accessed from mobile devices, and accessed via the web. MT5 is also offered by the same providers with the same access method, such as download, mobile, and web. The two platforms offer fast execution speeds and powerful performance.
Depending on what type of account you have, these may differ. Variations in spread sizes or leverage options may result from varying account sizes or deposit amounts. A leverage range of 1:100 to 1:1000 is available. A leverage ratio of 1:1000 may not be in the best interest of the client’s accounts and may be too much of a risk. New traders lose money because their leverage is excessively high.
The company does offer a Zero Spread account which is a good option, but this is a commission-based account, so it is better for less volatile markets with similar spreads.
Average Standard Account Spreads on Majors
- GBP/USD: 1.2
- AUD/USD: 1.8
- EUR/USD: 1.0
- USD/JPY: 0.8
There are no commissions attached to the other accounts where spreads are advertised at 1 pip. As well as offering automated or EA trading accounts, they also offer copy training accounts. You can offer clients copy trading services and, if you have a little time or don’t feel comfortable trading yourself, you can copy trade too.
Risk-free trading is available with HotForex’s $30 no deposit bonus. However, you are not required to deposit to start trading. To receive the bonus, you do not have to invest any money.
Likewise, you can sign up for an account with a forex broker that is highly regulated, which will allow you to withdraw profits after an initial deposit.
Here’s how you can apply
Create an account for free
- Your account will be credited with $30
- Here are the cash-out amounts
- For the profit requirement, traders must trade two lots, execute 15 trades, and make a deposit of at least USD 60.
Terms and conditions
- This bonus is available only once in a lifetime.
- There is one bonus per household.
- Some terms and conditions apply.
Bonus for referrals
Currently, there is no referral bonus available with HotForex. However, several brokers reward traders for bringing friends and family to them by offering referral bonuses. Same way, HotForex offers its affiliates a generous reward for each referral.
Other bonuses, incentives, and promotions
It rewards active traders and loyal customers for active trading days through its loyalty program. Levels include:
Red: You have to become a member of a reward program to obtain HotForex Red.
Silver: When traders accumulate 31 days of active trading, they can obtain HotForex Silver.
Gold: It is obtained after 62 consecutive active trading days.
Platinum: traders can earn HotForex platinum by accumulating 105 active trading days.
Promo codes enable current traders to become more active, increase their trading volumes, and attract new traders with promotions and contests. These include:
- Gadget giveaway
- The 2021 Traders award
- Demo Contest specifically for demo account holders
- Contest for festive phrases
- Contest for the checkered flag
- Currency wars
The following bonuses are available when traders open a trade account with it rather than a welcome bonus
Deposits of $250 or more will be eligible for a 100% supercharged bonus, with a maximum bonus credit of $50,000.
A 30% rescue bonus is granted to all deposits made into a trading account over $50. Using this bonus, you can protect your losses or increase your margins.
A 100% credit bonus applies to all Micro and Premium accounts that make a new deposit or make an internal transfer of $100 or more.
If traders wish to qualify for the bonuses, they should understand their terms and conditions.
Additionally, traders should remember that these deposits serve as credit and cannot be withdrawn from their accounts. But traders can withdraw profits from accounts where they have deposited these funds.
New clients at the broker are offered a variety of bonuses, including no deposit, welcome, and deposit bonuses. In addition, it may offer additional bonus promotions from time to time to traders based on criteria defined by it and determined solely by HotForex.
How to get a bonus?
The trading platform offers its traders a $100 bonus for their first deposit in their trading account as an enticement. As a result, they get either an instant cash bonus or a credit bonus, which automatically doubles their capital. It is one of a few Forex brokers who provide very good bonuses to their traders that are beneficial for efficient trading.
HotForex also offers its clients exceptional trading conditions in a risk-free environment. Further, the traders are eligible for the bonus once they have verified their accounts. Traders will receive the HotForex bonus after depositing in a verified account and selecting the deposit bonus type.
For traders at HotForex, there are several deposit methods available. It refers to various payment methods, such as e-wallets such as Neteller, Skrill, and bank transfers or credit cards. This enables traders to make and receive deposits quickly.
The withdrawal process is more time-consuming than the deposit process. In addition, before you can request a withdrawal after accepting a bonus, you must meet certain training conditions.
It also offers customer support via live chat, web form, phone number, email, and multiple-language phone lines. Traders can be assured of the safety of their funds by using its services. It is also apparent in HotForex’s advertising campaign that they care about their clients.
Various educational materials are available on the website. Forex education and e-learning should be the first point of call. By using these sources, Kenyan traders will gain a solid grasp of the concepts that run through the financial markets and Forex and CFD trading.
To assist clients with the more technical aspects of trading, HotForex runs regular webinars. Most of these discussions center around current market trends and techniques of technical analysis. Unfortunately, their focus seemed to be primarily on amateurs and intermediate traders, but they excluded many experienced traders.
The Forex education library offers short videos explaining individual concepts to help those Kenyans that prefer to watch videos. These features make them excellent brokers for beginners.
HotForex Customer Support
Opening an account was a lengthy process. The application process took a long time as there were many industry-specific questions. It was understandable that the support response was slow because we applied over the weekend.
To open an account, the questions are intended to ensure clients have suitable Forex and CFD knowledge, which is commendable. In addition, their support team is available via email, telephone, and live chat 24 hours a day, 5 days a week.
Opening of the market is at 23:00 (GMT), and support is available until the market closes on Friday at 22:00 (GMT).
IB Affiliate Program
With HotForex, you can easily find affiliate programs with great referral options. With regular payments and an internationally recognised support team, the affiliate platform is powerful. Commissions are not capped, and there are many types of deals to choose from. Among the most popular payment methods are commissions, CPAs, and combinations of these.
For Kenyans, the official website provides a specific Kenyan contact number to assist them.
Thinking of Trading with Hot Forex?
What is HotForex minimum deposit?
Trading with a Micro Trading account at the broker requires a minimum of $5 for Kenyan traders. It is $100 for Premium Accounts and $200 for Zero Spread Accounts.
Is HotForex regulated in Kenya?
We consider HotForex a trusted forex & CFD broker because they are regulated by multiple top-tier regulatory agencies, including FCA, FSCA & CySEC. Kenya’s CMA does not regulate forex brokers.
Is HotForex compatible with MPesa?
HotForex accepts MPesa payments for deposits and withdrawals. You can deposit money by logging into your customer panel and clicking the deposit button. Your account will appear, and you can choose your preferred deposit option.
Is there any paperwork I need to submit to HotForex when opening an account?
Yes. The company will not accept registrations unless the following two documents are submitted:
- A passport, a driving license, or a national identification card are acceptable forms of proof of identity
- Utility bills or last six-month bank statements can serve as proof of address.
Your myHF area will allow you to upload these documents. The scanned copies can be sent to email@example.com.
What are the ways I can manage my risks?
To minimise your trading risks, you can use stop-loss orders or limit orders. Limit orders restrict the maximum price payable, whereas stop losses automatically allow you to exit positions at a specified price.
Is HFCopy easy to use?
If you want to follow or make strategies, HFCopy can do that. Users sign up as followers and follow the strategies that strategy providers provide. A strategy provider creates a profile explaining their technique, accepts followers, and rewards their participation.
How does HotForex reward loyal traders?
It offers a four-level loyalty program. It includes Red, Silver, Gold, and Platinum. Your level will increase every time you gain bars, which you can exchange for trading services or cash. As a new customer, HotForex offers 100 bars for free just for funding your account.
Traders in Kenya trust the broker because it is a well-regulated forex broker. Multiple top-tier regulators oversee HotForex, one of the world’s most popular CFD brokers. The FCA, the FSCA, and CySEC of Cyprus regulate HotForex, three of the major global regulatory bodies. If HotForex were regulated by the Kenyan Capital Markets Authority (CMA), that would have been ideal.
First-class customer service is available, including live chat support 24/5, fast and effective chat support, email support, and a phone contact number. This broker has no hidden fees, and the spreads and commissions are calculated on the website. However, the inactivity and maintenance fees for Accounts are not very clear.
We highly recommend HotForex to traders based in Kenya, taking the factors mentioned earlier into account.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
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