Forex trading in Nigeria has grown ever since the dawn of technology. Millions of forex brokers can trade actively in the foreign exchange market without facing restrictions on trading activities. With lots of forex brokers springing up, it is wise for forex traders to search and read honest reviews about forex brokers before they get to invest their money and trade in the forex market.
Hot Forex Nigeria forex broker is one of the global forex brokers that allows people to use trading software and tools to buy and sell in the foreign exchange market. In this article, you will get to know about Hot Forex forex broker, its features, pros and cons, payment options and get to know if you can trade with them or not.
Basic Information about HF Markets Nigeria Forex Broker
HF Markets is an international and global forex broker which is known as Hot Forex. Hot Forex has been around ever since 2010 which was when it was established. With less than 10 years, the award-winning forex broker has been able to contribute to the growth and development of many communities through charitable donations. Apart from being a forex broker, they take social corporate responsibility very seriously and will not toy with it.
HF markets were founded in 2010 and they are based in Cyprus, Saint Vincent & Grenadine. They offer different forex trading accounts along with forex trading software and tools for clients to trade forex and CFDs online.
Ever since its establishment in 2010, Hot Forex has grown to become one of the leading online forex brokers in Africa and the rest of the world. Not many forex trading platforms and forex brokers are able to keep their promise to their clients but HotForex has been able to keep its promise of providing quality forex products and services to their clients.
This is the key to their success, they have been able to provide excellent products and services which fits into the specific needs of its clients. Read on to find out more facts and details about the HF Markets Nigeria forex broker.
Hot Forex Nigeria is a registered business brand name of HF Markets (Europe). Hot Forex Nigeria is regulated in Cyprus by the Cyprus Securities Exchange Commission (CySEC) under the license number (183/12).
The forex broker retains a cross border license which enables it to provide investment services internationally to other people of the world.
- HF Markets SA (PTY) Ltd is an authorized monetary and financial service provider from the financial service board located in South Africa. The authorization number is 46632.
- Hot Forex Markets Limited is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius. It regulated on Category 1 with a Global Business No. C110008214. The license number is No. 094286/GBL.
- HF Markets (Europe) Limited is a Cypriot Investment Firm (CIF) which is under the number HE 277582. It is regulated by CySEC [Cyprus Securities and Exchange Commission] under the license number 183/12.
HF Markets (SV) Limited is incorporated in the St. Vincent & the Grenadine as a Global Forex Broker Company with the registration number 22747 IBC 2015.
HF Markets Trading Instruments
At Hot Forex, forex traders can trade on energies, spot metals and forex, CFDs on commodities, along with indices and popular shares with companies such as Apple, Google, and Facebook. Asides being a forex broker, Hot Forex allows trading of cryptocurrencies such as Litecoin, Ripple, Bitcoin, Dashcoin, and Ethereum.
HF Markets Trading Platform
Hot Forex has a number of software solutions for clients who use different technological devices to trade in the forex market. Traders will not encounter problems, issues or challenges with HotForex Nigeria because hot forex has trading platforms which are available on different devices.
As a trader, you are free to download the HF markets mobile app, web-based solution for trading or preferably, you can download the Meta Trader 4 (MT4) trading platform which is common and preferred by most forex traders.
The Meta Trader 4 forex trading platform is available in various versions such as;
◾MT4 iPhone Trader
◾MT4 iPad Trader
◾MT4 Smartphone Trader
◾MT4 Multi Terminal
◾MT4 Android Trader
Asides the Meta Trader 4 forex trading platform, HF Markets has a provision for forex traders which is known as the HotForex RapidTrader API. This forex trading platform is powered by Integral, it offers forex traders with the unique ability to have direct market access and an automated trading capability outside the Meta Trader 4 forex trading environment.
You can trade on the forex market with any device, be it a phone, a laptop, a desktop computer system or a tablet, as long as it is capable of connecting to the Internet. The latest innovation technology made by HotForex markets uses a 256-bit SSL technology which encrypts all the personal data and forex trading session data for clients for security purposes.
The MetaTrader4 (MT4) trading accounts are available on devices like desktop, Andriod, iPhone, iPad, Mt4 Multi Terminal and the WebTrader as shown below.
HotForex Mobile Forex Trading Platform
Apart from the desktop trading, HotForex supports forex trading on mobile devices with the Meta Trader 4 (MT4) platform. Androids, iOS and, Windows-powered devices can download the HF markets forex trading app and install in on their various mobile devices.
The Hot Forex mobile trading apps for Andriod can be gotten on Google Play Store, iOS users can download the mobile app on the Apple App store.
As for forex clients using Windows-powered devices, the mobile can be downloaded directly from HotForex’s website.
Forex Broker Type
HotForex (HfMarkets) is an Electronic Communication Network (ECN) and Straight Through Processing (STP) forex trader. It trades in the ECN forex trading environment.
HotForex Naira Accounts
HotForex offers Naira accounts for its Nigerian clients that reside and live in Nigeria. Clients have the option of opening accounts in the Naira (NGN) currency. Once you select Nigeria from the list of countries when registering, the option of choosing the Nigerian (NGN) currency becomes available.
This is particularly useful because it helps in removing bank exchange rates when funding your account.
CHF Markets Forex Trading Currencies
HF Markets offers EUR and USD based currencies on the forex trading account. Nigerian clients can also open forex trading accounts on Hot Forex in their local currency, which is the Nigerian Naira (NGN).
Funds Safety and Security
As a regulated forex broker in the foreign exchange market, they are required to submit the financial reports on traders trade activity, also, they are to take part in an annual audit which is done by an independent auditor.
This independent auditor gives a feedback to the forex broker and gives their report to the regulator who will later take action should any error be found on their account.
HotForex Nigeria uses only major global banks to store and keep their clients’ funds, the clients’ funds are kept separate from the company funds. The separation of funds means that HF Markets cannot make use of their clients’ money to settle and pay back creditors should in case the company fails to pay creditors.
Also, they are part of Civil Liability Insurance Program with a limit of €5,000,000. The insurance offers coverage and protection against fraud, negligence, omissions, errors and other risks that are likely to cause financial loss.
HotForex Trade Types/Trading Instruments
As for trade tyes and instruments which are available at HF Markets, forex traders can trade the future market, spot market and Contract for Difference (CFDs). Assets offered by HorForex Nigeria include crude oil, Indices, equities, currency pairs, precious metals, cryptocurrencies and commodity CFD’s.
HotForex Trading Accounts
In order to tailor to the specific trading needs of forex traders, the forex trading platform has provided different trading account types for clients to choose from. Account types on HotForex include Micro, Premium, Zero, Fixed, VIP, Auto, and HF Copy. You can see the photo below to compare and contrast.
Also, I will elaborately explain the different forex trading accounts on HF markets for those who will need clarification.
HotForex Trading Account Types
For the purpose of catering and providing for the forex trading needs and requirements of its clients, HotForex has given its clients a wide choice of choosing different forex trading accounts. The trading accounts include;
HotForex Micro Trading Account
◾It has a minimum deposit of $5.
◾It has available leverage of 1:1000.
◾The Maximum Simultaneous position is 150.
HotForex Premium Trading Account
◾It has a minimum deposit of $500.
◾It has available leverage of 1:400.
◾The Maximum Simultaneous position is 300.
HotForex Zero Trading Account
◾It has a minimum account deposit of $100.
◾It has available leverage of 1:200.
◾The Maximum Simultaneous position is 500.
HotForex Fixed Trading Account
◾It has a minimum deposit of $500.
◾It has available leverage of 1:400.
◾The Maximum Simultaneous position is 300.
HotForex VIP Trading Account
◾It has a minimum account deposit of $20,000/€18,500.
◾It has available leverage of 1:300.
◾The Maximum Simultaneous position is 400.
HotForex AUTO Trading Account
◾It has a minimum account deposit of $500.
◾It has available leverage of 1:400.
◾The Maximum Simultaneous position is 300
◾There is a performance fee of up to 35% from the followers who copy your trades.
◾Followers: There is an opportunity to practice and improve your skills by copying trades of other traders.
HotForex PAMM Trading Account
◾It has a minimum account deposit of $250.
◾It has available leverage of 1:300.
◾The Maximum Simultaneous position is 350.
The minimum deposits for clients of HF Markets (Europe) Ltd are set at $50, neither are they given any account deposit bonus.
HF Markets (SV) Ltd clients have leverage which is set to a maximum of 1:500, but it always lies on the appropriate status of the client.
There is a swap free account or an Islamic account which is provided for clients and it is made available upon the request of the client.
There is a demo account or a free account which is provided to prospective clients and forex traders who want to try out the HotForex trading platform before they will open a live forex trading account.
HotForex Account Commission, Spreads and Leverage
Due to its well-established and built relationship with the major liquidity providers in the forex market, HF markets have been able to offer extremely competitive spreads to its clients on the trades made on its forex trading platform. The table below outlines and shows some of the typical spreads which forex traders can expect on frequently traded assets such as market indices, crude oil, currency pairs, and precious metals.
|Forex Trading Instruments||Spreads (in pips)|
There is a 10% commission charge on stock Contract for Difference (CFDs).
There is a client commission of $6/€5 applies which applies only on forex pairs. However, other forex products may attract commission based on their specifications. The commission changes to $8/7 EUR for one round lot traded if the trading account is assigned to an affiliate.
Leverage varies by account classification on HF Markets.
Micro account – 1:500
Premium account – 1:400
VIP account – 1:300 (Not application for EU clients, the maximum leverage for EU is 1:30).
Note that the maximum leverage may vary based on the clients’ appropriateness and assessment process.
HotForex Nigeria offers variable tight spreads on trading accounts. HotForex offers specialized fixed spread accounts for scalpers and automated forex traders which equates to Interbank spread prices.
* Note that account spreads remain fixed at 99,73% of the time but they may occasionally widen and increase during rollover hours and major economic news announcements.
Unique Features of Hot Forex Broker
- HotForex offers trading accounts in Naira (NGN) currency.
- They offer a number of bonuses and promotions.
- They offer tight spreads on accounts which start at 0.1 pips.
- They have flexible leverage which runs up to 1:1000.
- Forex traders in Nigeria can open a trading account in Naira currency.
- Nigerian forex traders can fund their accounts in Naira without having to worry about the Naira-Dollar exchange rate.
- They are regulated by CySEC and have a license by FSCA in South Africa.
- It was established in 2010 in the Republic of Mauritius.
- It keeps its clients’ deposits in separate accounts kept safe at international banks.
- It has a multilingual customer care unit.
- It supports the MT4 forex trading platform on all devices.
- As at the time of writing this review, they do not accept clients from the U.S (United States).
- They have a branded MasterCard made for quick withdrawal applications.
- They have different methods of account deposit and funding.
- The website is available in 27 languages.
- It has a 24/5 Customer cares service.
- The PAMM account is available only to clients of HF Markets (SV) Limited.
- It has 7 different forex trading accounts.
- It has a specialized “No-Swap Islamic account” for Muslims.
- The HotForex zero helps to provide near zero account spreads for automated forex traders and scalpers requiring near-zero spreads.
- HF markets are regulated by the FSB, FSC, MiFID and Cyprus Securities Exchange Commission (CySEC).
- It supports the popular MT4 forex trading platform.
- They provide account bonuses on certain forex trading accounts.
- The Micro account has a minimum deposit of $5.
- Forex traders and HF markets clients are provided with the HotForex RapidTrader API.
- Hot Forex enables the trade of cryptocurrencies on its platforms such as Litecoin, Ripple, Dashcoin, Ethereum, and Bitcoin.
- They do provide educational tools, tutorials, and forex trading materials to their clients.
- There is maximum leverage of 1:30 for clients of HF Markets (Europe) Ltd.
- HotForex was established and founded in 2010.
- HF Markets is a Cyprus based forex broker.
- Bonuses are not available for clients of HF Markets (Europe) Ltd
Account Verification Documents
After signing up and registering a forex trading account at Hotforex. You’ll have to verify that account. The verification documents which will be provided by clients for Live accounts include any of the following;
– A passport
– A National ID card.
– A driving license.
– A Utility Bill or a Bank statement (It should be registered in the name of the client and must have been issued within the past 6 months, which the name and address which matches the name and address in your HotForex account.)
HotForex Deposits & Withdrawals Methods
HF Markets forex broker knows that all monetary and financial transactions made on the internet should be done in a safe and secure manner/environment.
This is why this forex broker has provided its clients with different options and varieties as payment solutions for withdrawal and account deposits. The supported funding methods for account deposit and withdrawal on HotForex include;
◾Bank Wire Transfer.
◾Credit card (Visa, MasterCard, Maestro)
HotForex has its own branded prepaid MasterCard for its clients to process account withdrawals quickly and faster. With this HotForex MasterCard, forex traders will be able to gain access to their trading funds efficiently.
Just like international forex brokers, clients are required to submit a legally mandated information to HF Markets before any withdrawal request can be processed and approved.
It has multilingual customer service as the customer care representative speak more than a dozen languages. Their customer care service can be accessed and reached via phone, Skype, email, and even live chat for a period of 24 hours in 5 days of the week.
The HotForex website can actually be accessed, viewed and read in 27 different languages.
HotForex Customer Support Services
Just as mentioned above, forex traders can reach out to HF markets support services by telephone call, live chat, email, Skype or by filling a web contact form on their website.
Forex traders and clients in the following countries can reach out to the HotForex customer support team through the localized telephone numbers provided and enlisted below;
◾Nigeria – +234 7063705519 (NEW)
◾China – 4001-200742
◾Indonesia – 001-803-017-9110
◾Taiwan – 00801-14-8970 (NEW)
◾Russia – +8-800-100-6322
◾South Africa – 0-800-999-265
◾Brazil – +55-2139581441
◾Turkey – +90-850-3902146 (NEW)
◾Spain – +34-931845604
◾India – 000-800-100-7060
This forex broker provides education for its clients as their educational pages center is filled with forex training materials, tutorial videos, free signal alerts, charting tools, daily commentary etc which is provided for both beginners, experts, professionals, and veterans.
◾There are security and safety of funds for clients.
◾They accept forex traders and clients from Nigeria.
◾They have low account deposit amounts.
◾Nigerian clients can open an account and fund it with the Nigerian Naira currency (NGN).
◾Multiple forex trading accounts.
◾They have different payment methods for account funding and funds withdrawal.
◾Wide choice and selection of forex trading platform.
◾They provide education and trading tools for clients.
◾They have a demo account which is for clients.
◾Multilingual customer care service.
◾Supports MT4 and MT5 forex trading platform.
◾They do not have a US office.
◾They do not accept clients from the United States.
◾Their verification process may be stressful for some persons.
HotForex Bonus & Promotions
One of the numerous benefits enjoyed by HotForex clients is that they get to enjoy a lot of promotional programs offered by HF Markets. (This promotion is not available for HF
Markets (Europe) Ltd clients.
As for account bonuses, there are 3 types of bonuses offered by HotForex.
◾The 100% SuperCharged Bonus.
◾The 30% Rescue Bonus.
◾100% Credit Bonus.
The 100% SuperCharged Bonus has a maximum cumulative bonus of $50,000. As for the 30% Rescue Bonus, the maximum cumulative bonus is $7000.
Apart from these account deposits, HotForex has a loyalty program designed and made to reward its loyal forex traders and clients. (This bonus is to available to clients in HF Markets (Europe) Ltd.
The HotForex loyalty program is divided and classified into 4 classes: Red, Silver, Gold, and Platinum. In the loyalty program, the more days and time that the forex trader is able to trade and complete, the more reward he will gain.
Lastly, HotForex organizes numerous forex trading competitions which forex traders can participate and win attractive prizes for themselves. These competitions and contests run at different times of the year and they all come with different prizes. For more details and information about this, forex traders ate encouraged to visit the HotForex’s website.
Questions and Answers on HotForex
◾Is HotForex regulated?
Yes, HF Markets Europe Ltd is forex broker regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC), HF Markets SA (PTY) Limited is an Authorized Financial Service Provider from the Financial Services Board in South Africa and the HF Markets (SV) Limited has its incorporation in St. Vincent & the Grenadine as a Global and International Forex Broker Company.
◾Where is HotForex based?
The HF Markets Group is based and domiciled in Mauritius.
◾How does HotForex make money?
If you are wondering on how this forex broker makes money from its business, then you should know that HotForex makes its money by charging its clients and forex traders a small spread and commission on the trades which they make on the HotForex’s trading platforms.
◾How to Deposit Money in HotForex account?
Forex traders can deposit and fund their HotForex account through major debit/credit cards, bank wire transfer, and eWallets.
◾How Can Traders Withdraw money from HotForex?
Forex traders and HotForex clients can process and initiate withdrawals through credit/debit card, eWallets, and bank wire transfers.
◾How to Open a HotForex Trading Account?
To open an account at HotForex, prospective traders are encouraged to visit the website and simply fill up the sign-up or registration form and submit it with all the relevant documents to verify and prove your identity.
◾Is HotForex reliable?
Since it was established in 2010, they have been known by a lot of forex traders to be a reliable forex broker.
◾Does HotForex Use MetaTrader?
Ye, as a matter of fact, HotForex has provided its clients with several versions of the MT4 forex trading platform.
◾What is HotForex’s leverage?
HotForex has maximum leverage which goes up to 1:1000. As for clients of HF Markets (Europe) Ltd, they have leverage which has a maximum of 1:500.
◾Is HotForex A Scam?
HotForex is not a scam neither do they fraud their clients. HF Markets is a legitimate company which is under the jurisdiction of three regulatory bodies.
◾How safe is HotForex?
HotForex is a trustworthy and safe broker, this forex broker gets to operate their trade in accordance with international best practices. Forex traders should know that transactions and trades on HotForex are secured with the latest encryption technology so this will be difficult for hackers to infiltrate their forex trading platform.
Ever since it was founded in 2010, HF Markets has grown to become one of the established and leading brands among forex broker in the online forex trading community.
This forex broker has earned a strong reputation for itself as a dependable and trustful forex broker because of the wide range of products which it offers its clients.
Regardless of whether you are a beginner/newbie or an experienced forex trader, HotForex has been designed and made to meet the requirement and specific needs of any forex trader. It is not a hidden fact that HotForex has truly given its customers what they really want.
I will wish to end this review with this statement.
“ Forex Trading is risky, you should know that any failed trade can result in the loss of your invested deposit capital. Prospective forex traders should ensure that fully understand the risks involved in forex trading before they invest and engage in forex. “
That is all on the HF Market/HotForex review. Are you satisfied with the HotForex Broker review? Feel free to check out other Best Forex Broker Reviews and get the latest forex trading news, tips, analysis, and information.
Happy Earning !!!