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.
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
|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.