HotForex Broker Review For Kenya In 2024

HotForex Basics

🏛️ Based in	Larnaca, Cyprus
⚖️ Regulation	CySEC, FCA, DFSA, FSCA
💰 Minimum Deposit	$5
💳 Deposit Options	Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.
💳 Withdrawal Options	Crypto, VISA, MasterCard, Bank Wire, Dusu pay, Mpesa, FasaPay, Neteller, Skrill.
📌Open an account	Start Trading with HotForex

Our Opinion About HotForex

HotForex, also known as HF Markets, is an established forex broker. They have been offering online trading services since 2010. They are one of the biggest companies operating in the forex industry with over 3,500,000 clients worldwide. HotForex is also one of the highly-regarded companies in the market, with over 60+ forex industry awards.

As a regulated forex broker, HotForex provides great online trading conditions. They give you access to over 1000+ trading instruments including forex, energies, metals, shares, indices, commodities, and cryptocurrencies. They offer a nice selection of HotForex trading accounts. You have 6 different account options – all of which come with low commissions, tight spreads, and ultra-fast trade execution. You can also choose from some best online trading platforms – including MetaTrader4 and MetaTrader5.

If you’re looking for superior trading support, then HotForex would be a great choice. They offer a great range of tools including trading calculators, premium trading tools, market analysis tools, copy trading services, and VPS services. They also provide free online resources including articles, eBooks, trading guides, video tutorials, webinars and educational courses. And if you’re looking for excellent customer service then you’ll be pleased to know that HotForex also provides multilingual support.

Key Benefits

Here is a quick round-up of some of the key benefits, as further outlined in our hotforex review.

How Safe Is HotForex?

HotForex is considered a safe forex broker. It is the global brand name of HF Markets Group. The group consists of several smaller companies, one of which holds a CMA licence from the local regulatory authority in Kenya.

They also hold licences with some of the strictest and most reputable regulatory authorities in the world including the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority (DFSA). Here is the full breakdown of their companies, licences, and registrations:

• HFM Investments Ltd – authorised by the Capital Markets Authority with licence no. 155.
• HF Markets SA (PTY) Ltd – authorised by FSCA (South Africa) with registration no. 46632
• HF Markets (Europe) Ltd – authorised by CySEC (Cyprus) with registration no. 183/12.
• HF Markets (UK) Limited – authorised by FCA (UK) with registration no. 801701.
• HF Markets (DIFC) Ltd – authorised DFSA (Dubai) with registration no. F004885.
• HF Markets (SV) Ltd – authorised by FSA (St. Vincent) with registration no. 22747 IBC 2015.
• HF Markets (Seychelles) Ltd – authorised by FSA (Seychelles) with registration no. SD015.

Forex traders in Kenya will come under the HFM Investments Ltd business entity. As a CMA regulated company, HotForex is required to segregate its client funds at top-tier Kenyan banks and to issue monthly statements to its clients. HotForex clients in Kenya also benefit from negative balance protection, which means that they can never lose more than their initial deposit. This will ensure that forex traders in Kenya receive fair treatment, excellent support, and a high level of client fund protection.

HotForex Deposits

Minimum Deposit

The minimum deposit depends largely on what account type you choose. The most affordable option is the Micro account, which you can open with just a $5 deposit. 

Deposit Methods

As part of our HotForex reviews, we have checked what payment options are available. The company offers online bank funding for clients with online bank accounts with major Kenyan banks.  This is a very fast way of depositing funds. Hotforex also accepts many other payment methods including debit card, credit card, and wire transfer. 

If you prefer payment apps, you can deposit money using Dusu pay, Mpesa, FasaPay, Neteller, and Skrill. Other HotForex deposit methods include Perfect money, V-load, Web money, Bitpay and Bitcoin. It is important to check the minimum deposit for each deposit method, as it may be higher than the minimum deposit for opening a trading account. 

How Long Does HotForex Deposit Take

As part of our HotForex reviews, we have also checked how long deposits take. It depends on what payment method you choose. For example, if you choose its free online bank funding, then the Hotforex deposit time is very fast, and you can expect to see the funds reflected in your account almost instantly. 

HotForex Deposit Rate

HotForex doesn’t charge any deposit fees. It is worth noting, however, that HotForex only offers two base currencies: USD and KES. While this is a fairly limited choice, it is still helpful for traders in Kenya who have bank accounts denominated in KES and who want to avoid paying conversion fees.

HotForex Withdrawals

Minimum Withdrawal

The minimum withdrawal depends largely on what payment type you choose. The most affordable option is a debit card, which you can use to make withdrawals from just $5.

Withdrawal Methods

As part of our HotForex reviews, we have taken a look at what withdrawal methods are available. At present, the company offers withdrawals via wire transfer, debit card, and crest card. It also offers withdrawals via Neteller and Skrill.

Rate

The HotForex withdrawal rate is very competitive. There are no fees for withdrawals made via wire transfer, debit card, and credit card. The same is true for Neteller and Skrill. However, it is worth noting that while HotForex does not charge for bank wire transactions, the sending, correspondent and receiving bank may charge according to their own fee structure.

How Long Does It Take

As part of our Hotforex withdrawal review, we have looked at their average withdrawal times. The average withdrawal time depends to an extent on your chosen payment methods. Withdrawals via wire transfer, debit card, and credit card can take 2 to 10 business days. Withdrawals made via Neteller and Skrill are instant.

HotForex Card Withdrawal Limit

The withdrawal limit depends on your deposit amount. It is worth noting that for debit cards, Hotforex can’t process withdrawal amounts that exceed the initial deposit or sum of all debit card deposits. Ifyour withdrawal amount exceeds your initial deposit or the sum of all deposits by credit card, then you will be entitled to receive the difference by wire transfer.

HotForex Withdrawal Problems

HotForex is a regulated forex broker, and as such, is required to ensure a high level of client fund protection and customer service. There are plenty of HotForex withdrawal methods to choose from, many of which come with low or no fees. If clients experience issues withdrawing their funds, they are able to contact the HotForex customer support team for help.

HotForex Minimum/Maximum Withdrawal

The amount depends on your chosen payment method. For example, the Hotforex minimum withdrawal for debit card, credit card, Neteller, and Skrill is $5. However, the minimum withdrawal on Hotforex for wire transfers is $100. The only payment method with a HotForex maximum withdrawal is debit cards. Hotforex Forex Registration: How To To open a live trading account you’ll need to show HotForex a proof of ID and a proof of address. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name.

HotForex Accounts

As part of our HotForex broker review, we took a close look at what account types were available. There are four main HotForex live accounts you can choose from: Micro, Premium, Zero, Fixed, VIP, Auto and HF Copy. There is also a demo account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Micro	From 0.1 pips	$5	1:1000	N/A
Premium	From 0.1 pips	$100	1:1000	N/A
Zero spread	From 0.1 pips	$200	1:1000	N/A
Auto	From 0.1 pips	$200	1:1000	N/A
HFCopy	From 0.1 pips	$300	1:1000	N/A
PAMM	From 0.1 pips	$250	1:1000	N/A
Islamic	From 0.1 pips	$5	1:1000	N/A

Micro Account

The HotForex Micro Account is a great choice for beginner traders in Kenya. The HotForex minimum deposit on this account is only $5, which makes it a nice option for traders who are just starting out and have limited trading capital. You can open up to 150 positions at any given time. You can also trade with tight spreads, high leverage, and zero commission. These are very favourable trading conditions and will enable you to minimise your trading costs.

Premium Account

The Premium Account is a great option for intermediate forex traders based in Kenya. The HotForex minimum deposit on this account is slightly higher at $100. However, with this trading account you can have up to 300 positions at any given time. It’s worth keeping in mind that this account also comes with low spreads and zero commission. However, the leverage is capped at 1:500. Another key feature of the HotForex Premium Account is its position sizing options. The limit for a single trade size is 60 lots. There is a minimum trade size of 0.01 lot and the trade size increment remains flexible at 0.01. The stop-out level is 50%. The Premium Account is available on the MetaTrader4 andMetaTrader 5 platforms, as well as HotForex’s Webtrader and mobile trading platforms.

Zero Spread Account

The Zero Spread Account is a great option for experienced forex traders in Kenya. The HotForex minimum deposit for this account is $200. It comes with tight spreads and there are no hidden markups. This makes it a very useful account option for scalpers, high-volume traders, and those who use Expert Advisors (EAs). Another key feature of the HotForex Zero Account is its low commissions. It has a highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot. The minimum trade size is 0.01 lots and the stop-out level is 50%. You can have up to 500 open positions at any one time. The HotForex Zero Spread Account is available on MetaTrader 4, MetaTrader 5, Webtrader, and mobile trading platforms.

HFCopy Account

The HFCopy Account is designed to facilitate copy trading. It is available to both Strategy Providers (experienced traders) and to Followers (new traders) who have joined HFCopy. Strategy Providers can use their account to grow an audience of followers and to trade in exchange for a performance fee. Followers, on the other hand, can use the HFCopy account to deposit funds and start copying the trades of their chosen Strategy Providers. The maximum performance fee is 35%.

The HFCopy Account is perfect for traders who are new to the financial markets and who want more help with their trading strategies. The minimum deposit for followers is $300. The account comes with high leverage, fast trade execution, and a minimum trade size of 0.01 lots. It is available on MetaTrader 4, Webtrader, and mobile trading platforms. However, it is worth keeping in mind that you can only use this account to trade forex, indices, and gold.

Demo Account

The demo account is a test account that allows you to practise trading with virtual money (not real funds). The HotForex demo account comes with great trading conditions and closely mimics a live trading environment.

PAMM Account

HotForex offers PAMM accounts. These are designed for expert traders (PAMM managers) and investors. A client can register as an investor by choosing a manager from the PAMM managers’ performance page. The manager trades his account and profits are shared according to the investment percentage. An investor can choose several mangers to diversity his investments.

HotForex Bonuses

HotForex No Deposit Bonus

They offer a $30 no deposit bonus for new clients. It is available for a limited time only, on live accounts. To access this forex bonus, you must complete the registration process, open a trading account, and verify your phone number.

HotForex Spreads

As part of our HotForex spreads review, we have confirmed that they only offer variable spreads.. The spread available depends on your account type and chosen trading instrument. For example, if you have a HotForex Zero, or VIP account, then you can expect forex spreads on major markets from 0 pips.

HotForex Trading Assets

As part of the HotForex broker review, we also looked at what trading instruments are available. They offer a great selection of assets. You can choose from bonds, forex, metals, energies, indices, shares, commodities, and ETFs.

Mobile Trading Platforms

The HotForex Mobile App has a sleek design and intuitive interface. The HotForex mobile trading app enables you to easily transfer, withdraw, and deposit funds. It also lets you search for instruments, and create watchlists. It comes with an integrated economic calendar and educational materials in the app.

HotForex Trading Instruments

HotForex Kenya has a wide range of trading instruments. You can trade:

• Forex: They have over 50+ instruments including major, minor, and exotic currency pairs.
• Metals: HotForex offers trading on many metals, including gold, silver, platinum, and palladium.
• Energies: They offer spot and futures contracts on Brent and WTI oil.
• Indices: HotForex has spot and futures contracts on the S&P500, FTSE100, NASDAQ, and more.
• Shares: They have 70+ shares including technology, finance, and energy stocks.
• Commodities: HotForex has commodity futures including coffee and sugar.
• Exchange Traded Funds: They offer spot contracts on 30+ ETFs.

HotForex Trading MetaTrader Platforms

HotForex offers the MT4 and the MT5 trading platforms to all clients in Kenya.

MetaTrader4

MetaTrader4 (MT4) is the perfect trading platform for new forex traders. It has a simple interface and comes with many user-friendly trading tools. You can use this platform to trade many things including forex, cryptocurrencies , and shares. The HotForex MT4 trading platform also comes with advanced charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to carry out technical analysis and to manage your trades.

MetaTrader5

MetaTrader5 (MT5) is another great trading platform for beginner traders in Kenya. It has a user-friendly interface as well as many built-in trading tools. As with MetaTrader4, you can trade many financial instruments such as forex and shares. It has a simple, modern design that is easy to use. The MT5 HotForex platform also has a good selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. You can use it to analyse the markets and to implement more advanced trading strategies.

HotForex Education and Research

HotForex offers excellent learning resources. They offer a wide range of free trading videos and trading webinars. For new traders, they provide free online resources that cover the most essential forex trading terminology such as pips, spreads, lots, margin, and leverage. They also offer free educational articles that cover forex trading skills, market analysis, simple risk management, basic trading psychology, and beginner trading strategies. HotForex places a high value on trader education. In addition to its learning resources and content library, it also offers a formal training course to help you develop your forex trading skills. The course is available for free and it covers important topics such as:

• The basics of forex theory
• The basics of forex trading
• Reading and interpreting charts
• Trading strategies
• The right trading psychology
• Technical analysis

To access this free online trading course, all you need to do is register with HotForex and open a free demo trading account. When you’re ready, and you’ve practised your trading strategies, you can gradually move over to a HotForex live account and start trading forex in Kenya.

Trading Tools

As part of the HotForex broker review, we wanted to check what trading tools are available. The best tool they have to offer is their social trading platform. As mentioned above, clients can sign up as strategy providers or as followers. The strategy providers are experienced traders who broadcast their trades. Their followers can automatically copy them and replicate their strategies for a fee. HotForex also offers other trading tools to hTelp you stay on top of your trade execution, market analysis, and sentiment tracking. It also offers free trading calculators and free technical analysis tools such as the HotForex AutoChartist.

Trading Calculators

HotForex has many help trading calculators. These include a Risk Percentage Calculator, a MultiTarget Calculator, a Pivot Points Calculator and a Pip Value Calculator. It also has a Position Size Calculator, Swaps Calculator, Risk and Reward Calculator, and Fibonacci Calculator for free. The calculators are good for beginner traders as they come with simple instructions. You can use them to plan your trades and better manage your risk.

Premium Tools

HotForex offers advanced trading tools, user-configurable news, and in-depth trade analysis. Their Premium Trader package includes 12 downloadable trading tools. You can get access to Trade Terminal, Mini Terminal, Connect, Sentiment Trader, Session Map, and Alarm Manager. You can also use Excel RTD, Market Manager, Correlation Matrix, Correlation Trader, Tick Trader, and the MT4/MT5 Indicator Package.

As you gain more experience, HotForex provides all the tools you need to implement more advanced trading strategies and manage your trades successfully. While these tools are more suitable for advanced traders, new traders can still use them. This is because HotForex also provides a separate trading guide for each individual tool so that you can learn how to use them and how to get more out of your trading.

AutoChartist

Autochartist is a market analysis tool that helps you find new potential trading opportunities. It monitors the financial markets for you 24/5 to help you keep track of trends. It then picks up three main types of chart patterns: Chart Patterns, Fibonacci patterns, and Key Levels. Here are some of its main other top features and advantages:

• Custom-made watch-list.
• Constant monitoring
• Multiple market reports
• Easy-to-use analysis
• 24h market coverage

Available on MT4 and MT4 The AutoChartist tool is a great resource for new forex traders. It can help you to trade more efficiently. It cuts down the amount of time you have to spend monitoring the markets. The AutoChartist also comes with a risk calculator for managing your trades.

Customer Support

HotForex offers great customer support. Their multilingual customer support team can be reached on up to eight phone numbers from different countries. There is also a contact us form, email addresses and online instant web chat facility. On social media, HotForex is on Facebook, Twitter, Instagram, LinkedIn, Telegram and YouTube.

Our Verdict

HotForex is a reliable forex broker that offers great trading conditions, market-leading trading platforms, and excellent trading support. In addition, it offers excellent educational resources, a helpful copy trading service, and a secure trading environment. Thank you for reading our hotforex review. If you’re ready to start trading, you can open a hotforex account. If you’d like more information about other companies, feel free to browse our forex broker reviews.

HotForex FAQ

Ready to start trading? Register for an online trading account with HotForex here.

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