Add the spreads charged if any, and that will be your overall trading fees. There are many forex brokers that operate in South Africa, but only the forex brokers that are regulated by the Financial Sector Conduct Authority are legal& considered safe for South African traders. This HotForex UK review appreciates that the broker offers trading via both MetaTrader 4 and MetaTrader 5.
The margin requirement for all is 7 per cent and the typical spread varies by share. To provide some examples, the typical spread for APPLE is 0.48, for COKE is 0.04, and for GOOGLE is 1.6. Traders with HotForex can choose from trading US Natural Gas, UK Brent Oil, or US Crude Oil futures.
How many days do deposits take with HotForex?
Hotforex also makes an effort to practice Segregation of funds by receiving Client funds into separate bank accounts, separate from the company account. These client accounts are off the records and are not taken into consideration in the balance sheet. Hence it cannot use the Client funds to pay back the creditors, in case of an unlikely event of default of the company. These points provide an added confidence and assurance to the clients to choose Hotforex as their broker. The company has won several accolades, including a place in World Finance’s Top 100 Global Companies rankings and International Business Magazine’s Best Forex Trading Conditions Global 2020 award. Beyond the competitive trading conditions, they are known for excellent execution and deep liquidity, helping improve the offering for more advanced traders and those who prefer to copy trading strategies.
Sign up to our newsletter in order to receive our exclusive bonus offers and regular updates via email. Hotforex is a conglomerate which encompasses global and regulated entities. Hotforex have several other bonus levels that change from time to time. Trading services and facilities to both retail and institutional clients. Highly regulated – Hotforex is regulated by 3 of the top global regulatory bodies, the FCA of UK, the FSCA of South Africa and CySEC of Cyprus. It would have been great if Hotforex was regulated by Kenyan Capital Markets Authority too.
He has an inside knowledge of how the financial markets work, thanks to roles including trader on a $750m Event-Arbitrage desk and CRO and COO of hedge funds running a variety of limefx courses scam strategies. From stat-arb and trend-following CTA to fixed-income relative value. Firm’s he has worked at include big banks like Citi, and prominent hedge funds including D.
The services are overseen and regulated by the tier-1 Financial Conduct Authority in the United Kingdom. The company is also licensed by Cyprus, South Africa, the United Arab Emirates, and St. Vincent and the Grenadines to provide financial services. A recipient of multiple industry awards, this market-maker offers a wide variety and number of assets, including equities, currency pairs, and cryptocurrencies. With the micro account, it is suitable for beginners, with a minimum deposit of $50 required, with spreads starting from 1 pips and variable spreads in general. For those looking to minimise fees and spreads, the Zero account has raw spreads with 0 mark-up. LimeFx is good forex broker for traders looking to trade via fixed spread trading accounts.
HotForex Forex Trade Platform and Broker Review
We have also compared & listed the best forex brokers & platforms, that you can scan through within minutes. We are a broker comparison & forex education website for Kenyan traders. We have created comprehensive guides to help you get started with online forex trading. Yes, traders can deposit & withdraw funds via MPesa at Hotforex. For this you need to login to your customer panel & click the ‘Deposit’ button on the right sidebar.
- The demo account is funded with virtual currency and offers risk-free practice trading live conditions.
- These include participation in a compensation scheme that will cover clients in the event of broker insolvency, as well as the storing of client deposits in segregated accounts.
- Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.
- You should have the option of choosing so that when one platform is down you can trade with another platform.
MasterCard and Visa cards are of course catered for in addition to the likes of Skrill, American Express, Neteller, mybitwallet, WebMoney and bank transfers. For their Zero account in which there are no spreads, commission is charged at a tiered rate. Generally, for trades sized up to 1,000 there will be $0.08 charged per round turn, $0.80 charged per round turn for a trade size of up to 10,000 and $8 per round turn for trades sized up to 100,000. There are 30 trading charting indicators available on the mobile apps and you have the full range of trading instruments to choose from with these apps.
In this review, you can find all the information you need to decide whether HotForex is the right broker for you. Our expert team has thoroughly explored the broker, using a tested methodology and scoring system. This process places importance on the things we know matter most to traders. Below https://limefx.club/ you can see how HotForex scored in each of our high-priority categories. The Demo account is like a trial account with dummy money which can be created for practicing one’s trading strategies. Here’s why we think Hotforex is the best broker for traders in Kenya and why we recommend it.
The broker clearly outlines the typical spreads, available leverage, swaps, and trading values for each asset on its website, so there are no surprises. Deposit Methods Forex Deposit Methods Discover which deposit methods smart forex traders use to make deposits and withdrawals in their accounts. Hotforex is a broker with minimum fee requirements and has low spreads and commissions, no deposit or withdrawal fee.
Traders can use the WebTrader of MetaTrader 4 and 5 which does not require installation, and traders can directly login and start trading via browser. The broker is also known for its numerous bonuses and promotions. For example, the HotForex bonus 100% and 30% rescue bonus are great to keep the trader engaged. HotForex is one of the leading Forex brokers that has made huge steps towards reliability and expanded in many different ways.
HotForex pros and cons
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, or any kind of trading you should carefully consider your LimeFx objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services.
HotForex is one of our recommended broker for Forex Trading in Kenya. HotForex is a global forex & CFD broker that has been in the market for more than ten years now. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate.
Born on 11 November, 1987 – when I’m not behind my writers desk I enjoy reading about entrepreneurship, woman led startups and blockchain technology. There are clear instructions on how to install and uninstall the Metatrader for different operating systems, which is great for beginner traders. Most of the accounts trade using 4 currencies, which are USD, EUR, JPY, and NGN. On the other hand, Auto Account deals with EUR and USD only, while the HF Copy Account deals only with USD. Personalized Client AreaStay in control with this personalized area that offers all-in-one account management on a user-friendly interface.
Use the below index to find the desired information regarding Hotforex. HotForex has a VPS hosting service if you need it and they have a whole host of trading tools, calculators and market analysis all in one place that will fit all of your needs. All of these resources are available to anyone and they are ideal for those trading out their trading journey and more experienced traders alike. There are more than a dozen languages catered for through the customer support team and the support is available five days per week. They also have a comprehensive FAQ section in which you will very likely find answers to your questions.
Most of the instruments available via this broker will be found in a CFD review. Clients can trade CFDs for metals and energies as spot contracts or futures, spot or future indices, shares, spot and future commodities, cryptocurrencies, and bonds. However, VIP Clients on the Premium Account will have access to additional features for an improved and more exclusive trading experience. Commissions are charged on round trades and will not apply to all accounts. Users receive RAW, Super-Tight Spreads from leading liquidity providers without any hidden mark-ups.
You should consider whether you can afford to take the risk of losing your money. HotForex charges low commissions to clients who open Zero Spread or PAMM accounts. Other account types are not subject to these commissions but do have higher spreads. Whether a novice or experienced trader, the feature packed HFM App provides you with everything you need to trade the financial markets.
Besides that, famous figures such as the ex-footballer Michael Ballack and the Hollywood actor Sean Bean become the faces of the company. The big corporations and partnership campaigns are what is HotForex proud about, as they spread to cover different entities to carry the brand of HotForex. Noting that contract expiration dates for each of these two oils are also clearly stated in this section, for the trader to be informed beforehand. Trading ToolsCalculators, personalized client area and more can help with efficient trade planning.