HotForex is one of the forex brokers with offices in Nigeria, which means they are serious about catering for Nigerian clients. Also, they support deposits and withdrawals using Naira, which is an added advantage since you skip paying currencies conversion commissions when depositing and withdrawing money into your trading account.
- All this is good, but is HotForex a good forex broker for Nigerians?
- Does having an office in the country and support for Naira accounts make them better than say, an ECN broker who does not have a local presence. After all, forex trading is an online game, and you don’t need a local office to start trading, unless you’re a beginner that will be popping into the office for support.
With that in mind, we set out to review HotForex Nigeria, and like we always do, we opened both demo and live accounts, funded the account, and started trading with HotForex. This review is totally unbiased and has been put up to help you make the right decision if you decide to start trading with HotForex.
HotForex Review Overview
|Nigeria Office Address||Toll free numbers: |
|HotForex Minimum Deposit||$5|
|Trading Platforms||MT4, MT5, WebTrader. Android & iPhone apps|
|HotForex Trading Instruments||Forex, Cryptocurrencies, Metals, Indices, Shares, Energies, Commodities, Bonds|
|HotForex Bonus||100% Welcome Bonus for new traders|
|HotForex Regulations||Financial Conduct Authority (UK), Dubai Financial Services Authority, Financial Sector Conduct Authority (South Africa), and Financial Services Authority (Seychelles).|
|HotForex Official Website||www.hotforex.com|
What Makes HotForex a Good Broker?
Some factors weigh in more than others when choosing a forex broker. We critically analyzed all these factors when reviewing forex brokers in Nigeria.
Security of funds
Every trader wants to know whether their money is secure with HotForex. Do they process withdrawals and how long does it take to process the withdrawals?
With regards to security of funds, HotForex has very good reviews. You’ll always receive your withdrawals in a timely manner with this forex broker.
For clients in Nigeria, HotForex supports several withdrawal options including:
- Bank Transfer (recommended)
- Credit/Debit card
- Cryptocurrencies including Bitcoin
- Neteller, and
Additionally, HotForex holds traders’ money in segregated accounts different from those that the company uses for its day to day operations. This means that in the unfortunate event that the broker goes bankrupt, you’ll always be assured of getting your money back in totality.
This ensures that the clients/traders funds are seperated from the company’s operating capital, thus providing maximum security of client funds and the liquidity.
HotForex is one of the best regulated forex brokers in Nigeria. The broker holds regulatory licenses from several jurisdictions including the UK’s FCA, Dubai Financial Services Authority, Financial Sector Conduct Authority (South Africa), and Financial Services Authority (Seychelles).
We’ve always recommended forex traders in Nigeria to trade with brokers who are regulated in tier 1 jurisdictions such as the UK and Australia, and in regards to this, HotForex scores highly.
HotForex Account Types
A broker who offers different account types to cater for different group of traders is a good broker. HotForex does exactly this, and goes way beyond to make sure that traders of every level are well catered for.
- If you’re just starting or practicing a new trading strategy, you’ll find the HotForex Unlimited Demo Account very convenient.
- If you don’t want to trade for yourself and prefer to have someone else trade on your behalf, the HotForex PAMM Account, HFCopy and Auto accounts will get you sorted
- For traders with small starting capital, the HotForex Micro Account with a minimum $5 deposit comes highly recommended.
- For traders who wish to keep their trading costs low, the Zero Spread Account serves that purpose.
In total, HotForex offers 6 account types including
- Micro Account
- Premium Pro Account
- Zero Spread Account
- Auto Trading Account
- PAMM Account,
- HFCopy Account
Does HotForex Have ECN Account?
Yes, HotForex has the Zero Spread account, which is an ECN account with spreads as low as 0.0 pips on forex currencies. The account has a minimum deposit of $200 and leverage is set at 1:500.
Commissions on the HotForex Zero Spread account start from as low as $6 on all forex majors
Does HotForex Have Bonus?
Yes, HotForex Currently has 3 bonus offerings including a daily cash rebates of $2 per lot, 30% rescue bonus, and 100% welcome bonus. Click here to read more about the HotForex bonus offerings.
Does HotForex Have Nasdaq 100?
Also known as US Tech 100 or USA100, the Nasdaq is available on HotForex. The NAS100 tracks prices of the top US stocks listed on the NASDAQ. It consists of the top 100 US companies, ranked by market capitalization. You can trade Nasdaq 100 on 4 out of the 6 account types at HotForex, excluding the HFCopy and PAMM accounts.
Does HotForex Use MT5?
Yes. MT5 is one of the trading platforms offered by HotForex. Using MT5 on HotForex, you can easily analyze chart patterns for currency pairs as well as mange your trades. The platform is available for Windows, Mac, Android, Android as well as iOS.
HotForex is a bit limited when it comes to offering additional trading tools. However, HotForex does offer the MYFX trading console. This is applicable only for Premium account holders with a deposit of $2000 or more.
HotForex offers two main types of forex bonuses that traders can choose from. The bonus one selected cannot be changed and in order to claim or switch to a different bonus a new HotForex account needs to be created.
50% Withdraw Bonus
HotForex 50% withdraw bonus program is aimed to increase the average trading volume for the traders. When the trading requirements for the 50% withdraw bonus program is met, the bonus sum is credited into the traders account and can be withdrawn without any limitations or restrictions.
Under this bonus policy the bonus cannot be lost and cannot be used for trading before the Volume requirements are met. The volume requirement is one standard lot traded per $1 of bonus.
Benefits of the 50% withdraw bonus
- Can be used as increased Leverage
- If volume requirements are met bonus can be withdrawn
- Relaxed Time Limit for completing Volume Requirements. This encourages prudent trading
- Effectively makes the stop out level on original balance as zero
HotForex 15% Rescue Bonus
The 15% rescue bonus from HotForex is aimed at protecting trading accounts from drawdown periods. The 15% Rescue Bonus can be traded with no limitations and also used as margin.
Under the 15% rescue bonus policy the bonus cannot be withdrawn.
Benefits of the 15% rescue bonus
- Can be used as Increased Leverage
- Can be lost so it can actually protect accounts from Margin Calls and Stop Outs during drawdown periods
- Effectively makes the stop out level on original balance as zero
Last Updated on by Patrick Mahinge
HotForex Nigeria Review
Safety of Funds
Regulation and Licensing
We highly recommend HotForex for traders in Nigeria. They have local support, are highly regulated, and trading costs are relatively low.