All account types offer fractional pip pricing at the fifth decimal, resulting in more accurate pip quotes. Our team examined the fees and commissions for stock CFDs and found out that HotForex applies a 0.1% commission charge to every stock trade, regardless of the individual share. As for spreads, these start as low as 0.012 pips, though can reach up to around 1.6 pips. HFM has established itself among the most competitive Forex brokers with a quality mix of products and services. It enables all trading strategies with a cutting-edge trading environment and competitive fees.
Hotforex Trading Education and Training
To create a demo account, go for a risk-free method that gives you access to MetaTrader 3 or MetaTrader 5 with sufficient demo funds. All top-ups start at $5 unless it’s your first deposit, then you should find out what the minimum requirement is for your preferred payment method and account type. Confirming all necessary information is important, and if there is something you aren’t clear about, you can consult the HotForex customer support.
The following table compares the deposit and withdrawal fees for popular forex and CFD brokers in Kenya. HotForex offers you the ability to convert their main four types of accounts into Islamic accounts. You can open a Micro, Premium, Auto, or Zero Spread account, and then contact customer services to have it adapted.
The demo account can be very useful for beginners as well as existing traders. Beginners can learn about the forex and CFD market, get familiar with trading tools and terminologies, and can gain experience in the market before depositing real money. Existing traders can test their strategies or build a new strategy with the help of a demo account. HF Markets offers two retail account types and one professional account to suffice multiple types of traders in the UK.
Is HF Markets Legit?
The withdrawals from HotForex through local bank transfers in Nigeria can take up to 24 hours to reflect in the bank account. Overall, the customer support service through live chat window and e-mail is decent. The availability of local phone numbers for customer support is advantageous for local clients in Nigeria. HF Markets allows trading on all the available instruments through MetaTrader trading platforms and the HFM app. We have separately reviewed the available trading platforms at HotForex in Nigeria.
Diverse Trading Accounts 🗃
I like to note the awards for best trading conditions and client security, as they belong to the HFM core offering to traders, where HFM excels. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based account. The bulk of business derives from HF Markets (SV) Ltd, registered as an International Business Company (IBC) in St. Vincent & the Grenadines, registration number IBC 2015. Since HFM Group has licenses from multiple world-class Forex regulators, I can confidently suggest that traders manage their portfolios at HF Markets (SV) Ltd.
The multiple top-tier regulatory licenses including FCA of the UK makes HF Markets safe for UK traders. In general, the minimum deposit to open a HotForex account is just $5, though this will be based on your chosen method of payment. All together, this comes to a complete range of more than 12 platforms that are powered with quick execution, with built in tools and available for all instruments offered.
Supported Countries
Variety in the availability of instruments provides more opportunities to the traders in various capital markets. Compared to other regulated CFD brokers in Kenya, HF Markets offers a large number of trading instruments. Variety in the availability of instruments provides more opportunities to traders in various capital markets. HotForex charges low commissions to clients who open Zero Spread or PAMM accounts.
HotForex markets and products
Apart from PAMM and HF Copy accounts, all 4 account types can be opened with NGN as base currency if the client is residing in Nigeria. Our experience with all the available account types has been reviewed below. The first step is to enter the basic details like phone number, name, date of birth, country of residence, and email address.
- Make an informed decision before choosing to open one of the types of HFM trading accounts by reading our HFM account types review first, in addition to our full HFM broker review.
- It is one of the most reputed forex brokers in the world due to multiple top-tier regulatory licenses.
- Most of the accounts trade using 4 currencies, which are USD, EUR, JPY, and NGN.
FX trader with over 3 years of trading experience in major currenciesI use many brokers such as HFM and XM, so I will introduce them to you. In HF Markets we will find up to 6 different account types, although we will only talk about three of them that are the most common and recommended to use. At the time of this review, HF Markets has attractive bonus offerings for Nigerian clients. We found 3 bonus offerings that can be grabbed by any Nigerian client. We have separately reviewed and compared every component of fees at HotForex that are incurred by traders. Yes, the whole account balance can be withdrawn through wire transfer, m-pesa, and other e-wallets.
Spreads of HF Markets
- I always recommend that traders check them before evaluating the total trading costs.
- Many regulated forex brokers do not charge inactivity fees that are much higher at HF Markets.
- KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering.
- Traders must close all open positions and contact customer support to request an account removal.
- The spreads are competitive while the commission and swap fees are decent when compared with other brokers.
You can use it if your net deposit amount in the last month is $500. It is said that it will automatically tell you the entry point because it will notify the trader of the signal. The reliability of the signal is displayed as a parameter depending on the quality, and the signal content predicts the next expected price range.
Provide your country of birth, full address, and select a base account currency. Supply the broker with your country of residence, full name, phone number, date of birth, and email address. HFM broker allows its users to choose from 4 base currencies to denominate their account. Best of all, these platforms are available in various versions, such as desktop, mobile, and web, so you can trade whenever and wherever you want. Apart from the attractive proposal of HotForex, many confirmations exist about its trustworthiness. Official numbers and figures, and many awards in the industry confirm that HotForex is an outstanding broker.
They offer NGN as the base currency of the account with free deposits and withdrawals through local banks in Nigeria. The spreads are slightly higher than average but HotForex is a safe and reliable broker to trade forex and CFDs in Nigeria. HF Markets, previously known as HotForex, offers forex and CFD trading in Nigeria with hotforex broker NGN based trading accounts. It is regulated by multiple offshore entities and allows local bank deposits and withdrawals in Nigeria. Yes, HotForex is a regulated forex and CFD broker in Kenya that uses a 100% STP method for trade execution. They offer KES as the base currency of the account with free deposits and withdrawals through local banks in Kenya.
HFM provides several trading platform options, including its very own HFM Trading App., the popular MT4 platform, the latest MetaTrader 5, and Webtrader. These platforms offer tools and resources to help you trade, including technical indicators, expert advisors, and back-testing options. Compared to other regulated CFD brokers in the UK, HF Markets offers a large number of trading instruments. The free-of-cost local bank transfer in GBP is highly advantageous for UK clients. According to our review, this is the most convenient method to deposit and withdraw at HF Markets in the UK. The demo account at HF Markets can be opened within a minute by providing basic details like name, phone number, and email address.
This also means that there are no requotes, no limits on trading strategies, and the price is provided directly from the market. A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools too. To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of HotForex’s trading platforms.