(HF Markets) HotForex Nigeria Review: Read This Before Trading

HotForex Review

HotForex is one of the global forex brokers that allow people to use trading software and tools to buy and sell in the foreign exchange market. Forex trading 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.

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.

About HotForex 

HotForex Review

HotForex is an international and global forex broker which is known as HF Markets. 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.

HotForex was founded in 2010 and they are based in Cyrpus, 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 forex broker.

Regulation

Hot Forex is a registered business brand name of HF Markets (Europe). Hot Forex 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.

Trading Instruments

At HotForex, 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.

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 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 Desktop.
  • MT4 WebTrader.
  • MT4 iPhone Trader.
  • MT4 iPad Trader.
  • MT4 Smartphone Trader.
  • MT4 MultiTerminal.
  • 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

HotForex Nigeria Review

Apart from the desktop trading, HotForex supports forex trading on mobile devices with the Meta Trader 4 (MT4) platform. Android, 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

Hoy Forex offers Naira accounts to clients to start forex trading 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.

Currencies

HF Markets offers EUR and USD based currencies on the 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 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 uses only major global banks to store and keep their client’s funds, the client’s 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 futures 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.

Hot Forex Trading Accounts

HotForex Review

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;

Micro Trading Account

  • It has a minimum deposit of $5.
  • It has available leverage of 1:1000.
  • Variable Spread.
  • The Maximum Simultaneous position is 150.

Premium Trading Account

  • It has a minimum deposit of $500.
  • It has available leverage of 1:400.
  • Variable Spread
  • The Maximum Simultaneous position is 300.

Zero Trading Account

  • It has a minimum account deposit of $100.
  • It has available leverage of 1:200.
  • Variable Spread.
  • The Maximum Simultaneous position is 500.

Fixed Trading Account

  • It has a minimum deposit of $500.
  • It has available leverage of 1:400.
  • Fixed Spread.
  • The Maximum Simultaneous position is 300.

VIP Trading Account

  • It has a minimum account deposit of $20,000/€18,500.
  • It has available leverage of 1:300.
  • Variable Spread.
  • The Maximum Simultaneous position is 400.

AUTO Trading Account

  • It has a minimum account deposit of $500.
  • It has available leverage of 1:400.
  • Variable Spread.
  • The Maximum Simultaneous position is 300

HF Copy

  • 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.

PAMM Trading Account

  • It has a minimum account deposit of $250.
  • It has available leverage of 1:300.
  • Variable Spread.
  • The Maximum Simultaneous position is 350.

NOTE THIS:

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 people who are keen on starting forex trading.

The HotForex Demo account is a good option for you to know how the HotForex platforms work before opening a forex trading 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)
EUR/GBP 1.8
EUR/CHF 1.9
EUR/USD 1.2
EUR/JPY 1.7
USD/JPY 1.7
UK100 1
BRENT CRUDE 5
SILVER (USD) 4.5
GOLD (USD) 29
USA500 0.5

There is a 10% commission charge on stock Contract for Difference (CFDs).

There is 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 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.

READ MORE FOREX BROKER REVIEWS

Features 

  1. HotForex offers trading accounts in Naira (NGN) currency.
  2. They offer a number of bonuses and promotions.
  3. They offer tight spreads on accounts which start at 0.1 pips.
  4. They have flexible leverage which runs up to 1:1000.
  5. Forex traders in Nigeria can open a trading account in Naira currency.
  6. Nigerian forex traders can fund their accounts in Naira without having to worry about the Naira-Dollar exchange rate.
  7. They are regulated by CySEC and have a license by FSCA in South Africa.
  8. It was established in 2010 in the Republic of Mauritius.
  9. It keeps its client’s deposits in separate accounts kept safe at international banks.
  10. It has a multilingual customer care unit.
  11. It supports the MT4 forex trading platform on all devices.
  12. As at the time of writing this review, they do not accept clients from the U.S (United States).
  13. They have a branded MasterCard made for quick withdrawal applications.
  14. They have different methods of account deposit and funding.
  15. The website is available in 27 languages.
  16. It has a 24/5 Customer cares service.
  17. The PAMM account is available only to clients of HF Markets (SV) Limited.
  18. It has 7 different forex trading accounts.
  19. It has a specialized “No-Swap Islamic account” for Muslims.
  20. The HotForex zero helps to provide near-zero account spreads for automated forex traders and scalpers requiring near-zero spreads.
  21. HF markets is regulated by the FSB, FSC, MiFID and Cyprus Securities Exchange Commission (CySEC).
  22. It supports the popular MT4 forex trading platform.
  23. They provide account bonuses on certain forex trading accounts.
  24. The Micro account has a minimum deposit of $5.
  25. Forex traders and HF markets clients are provided with the HotForex RapidTrader API.
  26. Hot Forex enables the trade of cryptocurrencies on its platforms such as Litecoin, Ripple, Dashcoin, Ethereum and Bitcoin.
  27. They do provide education tools, tutorials and forex trading materials to their clients.
  28. There is maximum leverage of 1:30 for clients of HF Markets (Europe) Ltd.
  29. HotForex was established and founded in 2010.
  30. HF Markets is a Cyprus based forex broker.
  31. 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.)

Deposits & Withdrawals 

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)
  • Fasapay
  • Neteller
  • BitPay
  • WebMoney
  • Skrill
  • MyBitWallet
  • UnionPay
  • Sofort
  • iDeal
  • Western Union.
HF Markets HotForex Forex Review and Ratings
HotForex MasterCard

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.

Beginner Support

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.

 Customer Support 

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

Forex Education

This forex broker provides education for its clients as the centre of their educational page 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.

Pros and Cons

PROS CONS
There are security and safety of funds for clients. They do not have a US office.
They accept forex traders and clients from Nigeria. They do not accept clients from the United States.
They have low account deposit amounts. Their verification process may be stressful for some persons.
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.

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. They include;

  • 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 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. They also have offices in other locations such as in Turkey, Russia, China, India, Taiwan, Indonesia, Turkey and in Nigeria.

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?

Yes, 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 a 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.

Is HotForex Safe?

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.

Conclusion

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 into the loss of your invested deposit capital. Prospective forex traders should ensure that fully understand the risks involved in fores trading before they invest and engage in forex. “

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