If you are looking for a reputable forex broker, HotForex is the way to go. I will break it down for you in a nutshell. Here we go:
|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 legit? Regulation and Security
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:
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.