HotForex Kenya – Are They a Good Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
HotForex Kenya - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://hotforex.co.ke
Founded: 2022
Regulations: None
Languages: English, Mandarin, Cantonese, Thai, Indonesian, Bangla, Portuguese, Russian, Arabic, Turkish, Italian, French, German, Malay, Filipino, Vietnamese, Korean, Japanese, Hindi
Deposit Methods: Visa, MasterCard, Bank Transfer, Neteller, Skrill, VLoad, FasaPay, WebMoney, Bitcoin, Ethereum, Binance Coin, XRP, etc.
Minimum Deposit: $5
Free Demo Account: Yes
Number of Assets: 1,200+ Trading Instruments
Types of Assets: Forex, Metals, Energies, Indices, Shares, Bonds, Commodities, ETFs, etc.
Trading Accounts and Conditions
HotForex Kenya offers their clients the following types of trading accounts:
- Micro: The minimum deposit is $5, and the maximum leverage is 1:1000. Spreads are variable, starting from 1 pip.
- Premium: The minimum deposit is $100, and the maximum leverage is 1:500. Spreads are variable and start from 1 pip.
- Zero Spread: The minimum deposit is $200, and the maximum leverage is 1:500. Spreads are variable and start from 0 pips for forex.
- PAMM (Premium): The minimum deposit is $250, and the maximum leverage is 1:300. Spreads are variable and start from 1 pip.
- HFCOPY: The minimum deposit for Strategy Providers is $500 and $100 for Followers. The maximum leverage is 1:400 and spreads start from 1 pip.
HotForex Kenya also offers a Swap-Free Islamic account, but you need to ask the broker for it, and it is only available in EUR and USD as account currencies.
HotForex Kenya – Advantages
HotForex Kenya offers their clients a lot of advantages. Here are all the positives we found with this broker:
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Strongly Regulated
HotForex Kenya’s number one selling point is that they are strongly regulated. This broker is a part of the HF Markets group, which has been in operation since 2010. HF Markets an award-winning brokerage with an international presence and more than 2 million active clients across the world. The broker supports clients in 27 different languages!
HF Markets is strongly regulated by the CySEC (Cyprus Securities and Exchange Commission), the FCA (Financial Conduct Authority) of the UK, the FSCA (Financial Sector Conduct Authority) of South Africa, and the DFSA (Dubai Financial Services Authority). These are some of the most reputed financial regulators in the world.
HotForex Kenya, as a member of HF Markets, also comes under the regulatory umbrella of these authorities. But over and above that, this broker is also registered as an offshore broker with the St. Vincent and the Grenadines’ financial regulator. As a rule, we advise traders from dealing with brokers that are registered on offshore locations such as SVG. This is because their financial regulator does not offer regulatory oversight for forex brokers – a fact that not many traders are aware of. This means that if a broker has a registration only with the SVG FSA, then they are technically not appropriately regulated. Many scammers take advantage of this loophole to fool traders into thinking they are regulated when, in truth, they are not.
With HotForex Kenya, we do not have to worry about this lack of regulation from SVG. This is because, this broker is actually a branch of HF Markets, and so is actually covered by the regulatory bodies mentioned above.
Furthermore, HotForex Kenya is also regulated by the Kenya’s local financial authority – the CMA (Capital Markets Authority).
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Excellent Trading Software
HotForex Kenya offers not one, but two of the world’s best trading platforms – the MetaTrader 4 and the MetaTrader 5 software. This broker has ensured that clients have access to all versions of the two platforms – web-based, desktop and mobile.
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Excellent Trading Conditions
HotForex Kenya offers their clients excellent trading conditions. First, you can trade in a wide range of instruments such as forex, metals, commodities, energies, ETFs, bonds, shares and indices. Next, you get to choose from various currencies that this broker supports – USD, JPY, EUR and NGN.
The minimum deposit is just $5 and the variable spreads are very competitive, starting at just 1 pip. Opening even a premium account is very affordable. Commissions are also clearly spelled out – you pay a $6-per-lot commission for all foreign currency majors and a $8-per-lot commission for all other instruments.
There are plenty of account types to choose from, including an HF Copy account, where you can copy the trading strategy used by professional or seasoned traders.
Withdrawal fees are zero, except for crypto transactions, where there is a 1% charge.
The leverage is rather high, which we would say is a disadvantage – if not handled with care.
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Bonuses and Promotions Offered
Normally, we mark bonuses as a huge negative because of the really unfair withdrawal conditions they come with. However, in this case, we would call it a distinct advantage.
There are regular trading contests with attractive prizes, earnings on daily free margin, earnings on monthly trading volumes and so on. You can also avail of HotForex Kenya’s loyalty program which offers you even more rewards.
What’s best is that all the terms and conditions for each of the bonuses and promotions are very clearly spelled out – and fair.
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Wide Range of Payment Options
Like all good brokers, HotForex Kenya offers their clients a wide range of payment options – MasterCard, Visa, Bank Transfers, VLoad, FasaPay, Neteller, Skrill, WebMoney, Bitcoin, Ethereum, Binance Coin, XRP and other cryptocurrencies.
HotForexKenya – Disadvantages
The only issue we could find (if you can call it that) is the rather high leverage. Leverage is a tool that needs to be handled with care. A high leverage can lead to great gains, but more often than not, it leads to massive losses. This is the reason why many regulators have placed limits on how much leverage brokers can offer. In Europe, the UK and Australia, for example, brokers can only offer a maximum leverage of 1:30 to individual traders. This is the reason why many brokers open offshore branches, where there is no limit on how much leverage a trader can use.
Conclusion
HotForex Kenya is a broker that we strongly recommend.
HotForex Kenya
Pros
- Strongly Regulated
- Excellent Trading Software
- Excellent Trading Conditions
- Bonuses and Promotions Offered
- Wide Range of Payment Options
Cons
- High Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.