Tuesday, December 7, 2021

 Hotforex Review 2021 – hotforex login

Hotforex review : hotforex login

 

 Hotforex Review 2021

Hotforex is one of the best Forex Broker in Nigeria right now after octa fx. They have really low spread, are well regulated with multiple regulators including FCA & FSCA, have very superb support, local funding/withdrawal options, plus mobile trading is also available with them.

History of Hotforex

HotForex is a Forex and CFD broker that was founded in 2010 & is quite popular in Nigeria. Hotforex has local offices & phone number for support in Nigeria. They have served more than 2.5 million Live Trading accounts around the world.

Hotforex is a well regulated broker (regulated by Top-tier regulators FCA, CySEC, FSCA), so we consider it very safe to deposit funds & trade with them for traders in Nigeria. They serve both retail as well as institutional clients, offering more than 1000+ asset choices including forex trading, and CFDs on commodities, energies, metals, popular stocks, currently they don’t trade indics and crypto.

Here is a breakdown of the fees at Hotforex

 

Very Tight Spread: Out of all the forex brokers that we have compared so far, Hotforex has the lowest spread for majors i.e. EUR/USD (1.2 pips even with Micro Account, Premium Account & as low as 0.1 pips with Zero account) during normal market trading conditions. If you are looking for a low fees broker, then Hotforex is right at the top.

 

Zero Deposit/withdrawal fees: Hotforex does not charge any fees on deposits & withdrawals. So will get 100% of your amount that you are depositing, and full amount during withdrawals

Moderate Commissions with Zero Account: Hotforex charges commissions only with its Zero Account. The fees is $3 per Standard Lot traded ($1.5 for opening & $1.5 during closing the position) for majors, and it is $4 for minors

Types of account in Hotforex

HotForex offers a wide range of account types to its customers. There are six major accounts offered by the company: Micro, Premium, Zero, Auto, PAMM, and HFCopy.

 

The minimum deposit at Hotforex is $5 for traders based in Nigeria. It is around NGN 2515 for Naira accounts.

Micro Account (₦2500 deposit): This account has a very low Minimum deposit of $5 (₦2515), max. leverage of 1:1000, access to all Trading Instruments (Forex, Shares, Commodities). You can trader micro lots with this account, the margin call level is 40% & the Stop loss level is 10%. This is a zero commission account & the only fees is the variable spread per trade.

Premium Account (Recommended with ₦50000 deposit): This account has a very low Minimum deposit of $100 (₦50000). The spread for both majors & other currency pairs is low with Premium account (typical spread of 1.2 pips for EUR/USD) when compared with Micro account, but the max. leverage is also lower at 1:500. And you can even avail the 100% deposit bonus with this account.

How to open Naira Account with Hotforex?

Hotforex accepts Nigerian customers & you can open Naira accounts. Opening an Account with them is standard & straightforward like any other broker. We signed up for their Premium account (low spread & good execution).

Use the link for your registration

https://www.hotforex.com/?refid=352973

 

You will have to go through the following steps:

 

Step 1) Compare all the Live account types & then choose the account that you want to start trading with. We recommend you to open Premium Account type at Hotforex. After selecting your account, click Open Account which will take you to the Sign Up page. You will be asked to “choose your base currency” (you can select from USD, EUR or NGN). Then you will need to fill your basic Personal Information i.e. Your Full Name, Email, Country of Residence & Birth date.

Step 2) Confirm your email: Once you have registered your account, your will receive an activation Email. Click on the “Activate Now” link in that email. This will complete your basic registration.

Step 3) Fill up the KYC questions: To fully activate your account with Hotforex, you need to login to your Customer panel & there you need to fill a form with some basic KYC questions.

 

Step 4) Upload your ID & Address proof for verification: After filling the form, upload your ID proof & your Address Proof documents. For your ID you can upload a scanned copy of your passport, or your driver’s license or any other national ID). For proof you Address you can submit a recent (not older than 6 months) scanned copy of Bank Statement or any Utility Bill.

That’s it. Once you have submitted these documents, Hotforex will verify your account within 24-48 business hours. After your account is verified your account, only then you can make your first deposit to start trading.

Hotforex deposit method

First, let us analyse the deposit methods. Hotforex normally credit the deposited amount in your trading account very fast without any delays.

Nigerian Bank Transfer (upto 48 hours): We like the fact that Hotforex has local bank deposit options in Nigeria. But you will have to chat with their Live chat support if you want to select this option. And the funds are credited within 1-2 working days.

Nigerian Credit/Debit Cards (recommended as it is almost instant): You can Add funds in your Hotforex account via your debit/credit cards as well. Currently they accept deposits via a range of credit cards including MasterCard, Visa cards & even Verve cards. The minimum deposit for each of these cards is $5. The max. transaction limit for Visa cards is $10,000 & it is $7500 for Mastercards. Most of these credit card deposits are processed within 10 minutes.

Hotforex Withdrawal Methods:

Now coming to the withdrawal methods, Hotforex offers a range of options to its customers. You should note that you can only request the withdrawal to your source funding method.

The withdrawals at Hotforex are a bit slow but we have found no complaints in this regard from any users. The following are the withdrawal options available for Nigerian traders.

Cash Fx withdrawal

Bank Withdrawal (recommended): With Hotforex you can request withdrawal of your money via local bank transfers. The minimum amount that you can request is $100. All bank transfer withdrawals are processed in 1-3 working days. Hotforex does not charge any fees for this method, but we advise you to talk with their chat if there will be any fees from your bank’s side.

Credit/Debit Card: Withdrawals can also be made to your credit/debit cards that you used for funding. The minimum amount that you can withdraw is $5, and the processing time is 5-7 days. You can only choose this method if your funding source was your card, as the money can be credited to the same card only. Moreover, the Company cannot send more funds back to the Client’s credit card than initially deposited; so any additional amount will be withdrawal with the other alternate methods.

Wallets/Bitcoin (Instant): You can get the withdrawal in your Bitcoin, Hotforex offers instant processing for withdrawals into your wallets.

Why Do we recommend Hotforex?

Yes, we highly recommend Hotforex if you are looking for a lowest spread regulated forex broker in Nigeria that offers very good support because we use them

Low fees, highly regulated (with FCA, FSCA & more), quick local deposit/withdrawals, solid support, we couldn’t as for more!

Moreover, their wide range of trading instruments i.e. forex, commodities, & more to its customers. The Naira accounts at Hotforex come with very great features that offer nice addition for Nigerian traders.

Their 100% welcome deposit bonus offer is almost un-matched.

Overall, HotForex is the #1 Forex broker in Nigeria according to our reviews.

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