HotForex Minimum Deposit and Payment Methods
HotForex is one of the most reputable brokerage companies for Forex and CFD. Since its establishment in 2010, the company has served more than 2.5 million from over 200 countries worldwide. Why is it so popular? Hotforex has a 100% bonus, zero deposits, and low trading fees. With many traders having deposit and payment issues. The blog covers these concerns in-depth to enlighten traders.
What Is Hotforex Minimum Deposit?
HotForex minimum deposit is $5. On the other hand, the minimum deposit for FXTM is $10 (Centa Meta account), while for ECN is $200. Also, the minimum deposit is $ 10 for Exness, the same amount required for FXTM. Therefore, through these evaluations, the best suitable broker is Hotforex since the company has the lowest minimum deposit a trader can get in the market.
What Is Hotforex Copy Trading Minimum Deposit
HotForex minimum deposit for HotForex copy trading is $ 300 or $ 1000. The HotForex copy depends on the jurisdiction of the trader. So you can have up to 35 copiers set on each performance fee. Generally, a HotForex copy is a trading tool allowing traders from different geographical areas to join forces to master the market. The HF copy joins all traders regardless of their level of trading.
Hotforex Minimum Deposit by Countries
HotForex minimum deposit in South Africa for a micro account is R70 ZAR. It’s a significant amount of money that fits the beginners. Conversely, HotForex minimum deposit in nigeria is NGN 2000 for Naira accounts. In Kenya, the minimum deposit via a Mpesa account is 1000 KES, while those people in Indonesia will only require 200000IDR in their specific accounts to start trading. As a result, the best thing is that these deposits are free of charge.
HotForex Deposit Methods and Fees
HotForex Deposit Methods vs. Competitors
| HotForex | FXTM | Exness | |
|---|---|---|---|
Bank Transfer |
Wire transfer |
Wire transfer |
Wire transfer |
Debit/Credit Card |
Mastercard Visa Card |
Mastercard Visa Card GPay Maestro |
Mastercard Visa Card |
Payment Apps |
Dusu pay Mpesa FasaPay Neteller Skrill Perfect money V-load Web money Bitpay NB.minimum deposit is $5, and no fees are applied. |
FasaPay Perfect money Web money Skrill Neteller NB. The minimum deposit is $10, and deposit fees are applied. |
Neteller Skrill Web money FasaPay Tether NB- minimum deposit is $10 except for perfect money which is $50. NB.fees applied on deposits. |
Cryptocurrencies |
Bitcoin |
Bitcoin |
Bitcoin |
HotForex Deposit Fees
Hotforex doesn’t charge its customers any deposit fee while funding their trading account. The only time a trader may be charged a deposit fee is on V-load. But that happens when the processor isn’t covered. Moreover, Exness doesn’t have a deposit fee but charges the traders through withdrawals. On the other side, FXTM attracts a deposit fee that depends on the amount of money a trader transfers to the account.
How long Does it Take to Deposit Money on HotForex?
How long it takes to deposit in Hotforex depends on the mode of payment a trader chooses. For Dusu pay, FasaPay, Mpesa, and Webmoney, the deposits instantly reflect in the trader’s account. On the other hand, when a trader decides to use Mastercard, Visa Card, Neteller, Perfect Money, Bit pay, Skrill, and V-load, it may take up to 10 minutes for payment to reflect. Consequently, a trader should expect the Bank transfers to reflect on their account after 2 to 7 business days.
HotForex Account Currencies vs. Competitors
As a trader, you should note that depositing money to other currencies will make you incur costs. The currency exchange will subject you to some small fee that varies from one currency to another. However, after converting resources to the intended currency, Hotforex provides an easier way to trade, and you don’t have to incur additional costs while executing deposits.
How to Deposit Funds into My HotForex Account? Step-by-Step Guide
Hotforex gives traders unlimited options while depositing funds into their respective trading accounts. Here are steps for depositing funds;
Log into your Hotforex trading account.
Click the icon that shows you “Deposit.”
Choose your mode of payment (Debit card, Bank transfers, or supported payment apps).
Choose the amount you want to transfer.
Enter PIN to transfer the money to the Hotforex account.
Check “my account” to see whether the funds reflect on the account (depends on payment method).
Start to trade on your favorite market.
Traders should note that Hotforex doesn’t have a deposit fee. However, a trader may be charged a transaction fee by their banking institution. That means traders must verify any extra costs from their banking institution before initiating payment to the Hotforex account.
Photo: HotForex
FAQs
What is the MyHF account, and why is it different from the trading account?
The MyHF account is the trader’s wallet, and it is created when a person registers in Hotforex. A trader uses this account to make deposits, transfers, and withdrawals. On the other hand, a trading account is the one a person creates using the MyHF to facilitate easy trading on any asset available on the platform.
What Documents Do I Need to Possess to Open a Hotforex Account?
Hot forex will need a trader to provide at least two relevant documents for proof of identification and address.
Proof of identification - a trader should provide a valid driving license or a national ID.
Proof of address - a trader should provide a utility bill or a bank statement that isn’t more than six months old.
How will I deposit in my Hotforex account?
As a trader, you should log into the account; go to deposit; choose the mode of payment, and transfer the amount of money you want.
Can I manage risks in my Hotforex trading account?
A trader can manage risks through Limit and Stop loss orders. These aspects limit the maximum price used in trading to limit potential losses.
Team that worked on the article
Dwight specializes in risk, corporate finance, alternatives, fintech, general business trends, and financial markets, and he has broad experience managing complex projects. Dwight is an author for the Traders Union website.
Dwight was a financial columnist for The Wall Street Journal and The New York Times during the Great Financial Crisis. He has served as Editor-in-Chief of Worth, a personal finance magazine for the wealthy, and as Editor of Risk, the premiere global publication about derivatives, risk management, and quantitative finance, based in London.
He has also served as Managing Editor at The Economist Group and ran the Americas operations of two British trade publications.
For the last 12 years, Dwight has worked as a freelance writer and editorial project manager, serving clients in the financial technology, banking, broker/dealer, consulting, asset management, and corporate sectors. This has given him considerable experience in idea generation and project management, working collaboratively to help clients meet their goals with little or no supervision.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.