If you are looking for a reputable forex broker in Kenya, HotForex is the way to go. I will break it down for you in a nutshell.
- HotForex is one of the few online forex brokers that accept Mpesa, which means ease of deposits and withdrawals for forex traders in Kenya
- You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)
- Hotforex is an STP (Straight through Processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker
- And to top it up, HotForex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.
If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at HotForex. Use this link to claim your 100% Credit Bonus.
Contents
Does HotForex Accept Mpesa?
Yes. HotForex accepts Mpesa deposits and withdrawals. To deposit money into your HotForex account using Mpesa, you’ll first need to log into your account at my.hotforex.com and then proceed to follow the instructions provided by the broker. The minimum deposit using Mpesa is Kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.
HotForex Review Summary
| Feature | HotForex |
|---|---|
| Minimum Initial Deposit | $50 |
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 49 |
| CFDs - Total Offered | 104 |
| Social Trading / Copy-Trading | Yes |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
| Average Spread | 1.2 pips on EUR/USD |
Is HotForex Regulated in Kenya?
HotForex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the Financial Conduct Authority (FCA), which is one of the best regulatory authorities in the world.
This is one of the forex brokers that we highly recommend to Kenyans as the they accept Mpesa as a means of depositing and withdrawing money from your trading account.
We insist on trading with forex brokers that accept Mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept Mpesa.
Hotforex Account Types
Hot Forex offers 6 account types namely:
- Micro Account from only $5
- Premium Account from just $100
- PAMM Account for fund managers
- HotForex ZERO Spread Account
- Unlimited risk free Demo Account
Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the Micro Account. Day traders and Swing traders go for the Premium Account while scalpers are best suited with the HotForex Zero Spread Account.
Is Hotforex an ECN Provider?
How Long Does it Take to Withdraw from HotForex?
One of the areas where HotForex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, HotForex makes you wait anywhere from 3-24 hours to process withdrawal requests.
Patrick Mahinge
Patrick Mahinge is a full time forex trader, money manager, and consultant to major financial funds. At only 28 years old he is widely considered an up and rising star in the forex trading community and is known for his simple time proven techniques. Since the founding of KenyaForexFirm.com in 2014, his forecasts have been uncannily accurate and his subscribers have reaped the benefits. KenyaForexFirm.com is Patrick's attempt to share his wisdom and knowledge about Forex Trading so traders can see through the clutter and get straight to the core of profitable trading.
Hotforex is now became a well established broker operating for more than a decade now. I have been trading for the last two years with this broker and what I like about this broker is the tight spreads and smooth execution. They have all the major pairs and commodities for trading. They had recently added crypto trading too. Crypto assets are also accepted now as payment deposits and withdrawal but so far i have seen that they accommodates four cryptocurrencies right now i.e., bitcoin, ethereum, ripple, litecoin. Bitcoin is traded against the US Dollar and the Euro. They have good leverage and timely withdrawal too.
I think with in 24hrs its still amnageable, depending on the withdrawal option, they do process the next working day for skrill and neteller, for bank wire its takes a bit longer, they used to offer a card, not sure if its stiill available since most my withdrawals are done through skrill. but over all they are a legit good brorker. who knows withdrawal time might be instant in the near future. hopefully.
Very well balanced broker, that caters to different kinds of traders, but over all they do provide very good services, good options from deposits withdrawals account types and different platforms. withdrawals are fast, mostly with in 24hrs, except for bank wire it does take longer
The performance is really good, well established and has a good reputation, regulated by several bodies which is a very good sign. over all a plus point goes to crypto trading, speed of withdrawals, responsive active support. no complaints.
The broker is really good, they are well known and have excellent regulations depending on your locations, I’d like to add they do offer islamic (0 spread account) accounts which is very good and I think they recently launched in dubai which is reassuring.
hotforex is a good broker, with great opportunities to invest and trade forex, let me clarify trading forex takes time and lots of effort to learn which in my opinion is worth it. adapting is the key. over all hotforex is offering a good selection of tradable assets from currency cfd and crypto. i am very pleased.
Good broker with fast payment!