HotForex Nigeria Review 2022

HotForex offers forex and CFD trading in Nigeria with NGN based trading accounts. It is regulated by multiple offshore entities and allows local bank deposits and withdrawals in Nigeria.

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Minimum Deposit
₦4000
Typical EUR/USD Spread
1.3 pips
Regulation(s)
FSCA, FCA, CySEC

HotForex is a well-regulated financial services provider that offers forex and CFD trading services in Nigeria. It allows NGN deposits and withdrawals via bank transfer and several other methods. The account types can be opened with NGN as the base currency.

HotForex claims to have opened more than 2.5 million live trading accounts across the globe. It has been in the forex and CFD trading business for more than 10 years. It is one of the most reputed forex brokers in the world due to multiple top-tier regulatory licenses.

HotForex has a local office in Lagos, Nigeria, and also provides local phone support to Nigerian clients. There are multiple account types to facilitate different types of traders.

Read our detailed review of HotForex exclusively for Nigerian clients before opening the account. We have honestly reviewed all the advantages and shortcomings of choosing HotForex to trade forex and CFD in Nigeria.

The review can also assist you in choosing the right account type for yourself.

HotForex Nigeria Summary

Broker Name HF Markets Limited
Website www.hotforex.com
Regulation FSCA, FCA, CySEC, FSA & DFSA
Year of Establishment 2010
Minimum Deposit 1800N
Maximum Leverage 1:1000
Trading Platforms MT4 & MT5
Trading Instruments Forex, CFDs on Metals, Energy, Indices, Shares, Commodities.


Is HotForex Legit?

The safety of traders greatly relies on the regulatory licenses held by the broker. Forex and CFD trading in Nigeria is not yet regulated but traders must ensure that the chosen broker is regulated by offshore top tier regulatory authorities.

There are several forex trading service providers in Nigeria that are not regulated by any regulatory authority. Such brokers are more likely to be fake and must be avoided.

HotForex Group is well regulated with following Regulations:

  1. Financial Conduct Authority (FCA): HotForex is regulated by the Financial Conduct Authority (FCA) of the United Kingdom by the name HF Markets (UK) Ltd under reference number 801701. FCA is also a top-tier regulatory authority that is governed by the Financial Services and Markets Act 2000 of the UK.
  2. HotForex FCA License

  3. Financial Sector Conduct Authority of South Africa (FSCA): HotForex is regulated by the Financial Sector Conduct Authority of South Africa under FSP number 46632 with the name HF Markets SA (PTY) Ltd. FSCA, previously known as Financial Services Board (FSB) is an independent financial regulator that overlooks the activities of financial service providers in South Africa. It is a top-tier regulatory authority that makes the regulated entity safe for traders and investors.
  4. HotForex FSCA License

  5. FSA & DFSA: Apart from these top-tier regulators, HotForex is also regulated by the FSA of Seychelles (8419176-1) and DFSA of Dubai (F004885) as a financial service provider.
  6. SV: Nigerian clients at HotForex are registered under SV regulation of St. Vincent & the Grenadines. Hotforex is registered as an International Business Company with registration number 22747 IBC 2015 by the name of HF Markets (SV) Ltd.
  7. CySEC: HotForex Group is also regulated with CySEC.
  8. HotForex CySEC license

The multiple top-tier regulatory licenses make HotForex safe for Nigerian traders.

HotForex was founded in 2010, so it is a relatively old broker. Nigerian clients are registered at HotForex under the SV regulation of St. Vincent & the Grenadines. SV does not have strict regulatory compliance as FCA, FSCA, or ASIC. Due to multiple top-tier regulations, the third-party risk of choosing HF for trading is very low compared to other brokers in Nigeria.

HotForex Trading Fees

The overall cost incurred to traders at HotForex is decent when compared with other regulated brokers in Nigeria.

We have separately reviewed and compared every component of fees at HotForex that are incurred to traders.

  1. Competitive Spread: Spreads are the basic component of fees that are incurred to traders while trading forex and CFDs through any of the platforms. It is basically the difference between the buy (bid) price and the sell (ask) price.

    The spreads at HotForex start from 1 pip but depend on the account type chosen by the trader. HotForex charge variable spread on all the instruments that can change according to the liquidity in the market and trade timings. The table below mentions the average typical spread at HotForex with the Premium account type for major trading instruments.

    Trading Instrument Average Spread in Quote Currency Per Unit (Micro)
    EUR/USD 1.3
    GBP/USD 1.7
    Gold/USD 0.25
    US Crude Oil 0.09
    US Tech 100 2.03
    BTC/USD 26

    The spreads with commission-free account types at HotForex start from 1 pip while the same with commission-based account types start from 0 pip. The average typical spread with the Micro, Premium, Auto, and Copy account for EUR/USD is 1.3 pips. The average spread for EUR/USD with the Zero spread account is 0.1 pips.

  2. HotForex Spread Comparison

  3. Moderate Commissions with Zero Account: The Zero Spread account type at HotForex is a commission-based account where the spreads are very low. Trading major currency pairs with the Zero Spread Account incurs a commission of $3 for each side and $6 for a round trade of a standard lot.

    For the NGN-based account, the commission for round trade of major currency pairs standard lot is ₦2200. For all the minor and other currency pairs, the commission for a round-turn trade of a standard lot is $8 or ₦2900. For instruments other than forex pairs, there is no commission as trading fees is built into the spread.

    Apart from this, no other additional commission is charged by HotForex. The account opening is free and no commission is charged for deposits and withdrawals from the broker’s end.

  4. Moderate Overnight (Swap) Fees: This is the fee that is incurred to traders when a position is kept open overnight. The swap fees or overnight opening fees are different for each instrument. Swap fees for long positions and short positions are also different. The details of the swap fees can be checked on the HotForex website and app and can also be calculated with the swap calculator feature at HotForex. The overnight charges at HotForex are lower than XM but are higher than Exness.
  5. Inactivity Charges: This is the fee that is incurred when no trades are executed for a prolonged period. It is applicable only when the account balance is more than 0 and no trades are executed for more than 6 months.

    HotForex inactivity charges

    For inactivity of 6 months to 1 year, HotForex will charge a monthly dormant fee of $5 or 2000 NGN for each consecutive month of inactivity. For 1 year to 2 years of inactivity, this monthly fee will be $10 or 4000 NGN equivalent of the base account currency. For 2 to 3 years, inactivity fees will be $20 or 8000 NGN. For more than 3 years of inactivity, the monthly dormant fees will keep increasing by $10 or 4000 NGN until the account balance reaches 0.

Overall, the fees incurred at HotForex are lower than some of the regulated brokers but also higher than several others. The spreads are competitive while the commission and swap fees are decent when compared with other brokers.

Many regulated forex brokers do not charge inactivity fees that are much higher at HotForex. Although this will only be charged if no trades are executed for 6 consecutive months.

HotForex Account Types

HotForex offers multiple account types to suffice multiple types of traders in Nigeria. Traders can choose from 6 different account types at HotForex. The account types are named Micro, Premium, Zero Spread, Auto, PAMM, and HF Copy. Apart from PAMM and HF Copy accounts, all 4 account types can be opened with NGN as base currency if the client is residing in Nigeria. Our experience with all the available account types has been reviewed below.

  1. Micro Account: This is the basic account type at HotForex that can be opened with the lowest minimum deposit of $5 or 1800N. It is a commission-free account type that allows trading on all the available instruments at HotForex. The max leverage with this account is 1:1000 and 150 orders can be opened simultaneously with this account type. Up to 7 standards, lots can be traded in a single position.

    The Micro account gives access to MT4, MT5, web trader, and mobile trading. According to our review, this is the ideal account type for beginners and small volume traders due to low minimum deposit, no commission, and decent spreads.

  2. Premium: This is also a commission-free account type that can be opened with NGN as the base currency. The minimum deposit requirement with this account type is $100 or 400,000 NGN. The maximum leverage is 1:500 with this account and 60 standard lots can be traded in a single position.

    The availability of instruments and trading platforms is similar to the Micro account type. This account is ideal for those who wish to trade high volume without any commission.

  3. Zero Spread: As the name suggests, the spreads with this account type start from 0 pip. This comes at the cost of $6 commission for a round trade of a standard lot. The minimum deposit requirement with this account is $200. All the other features are the same as the Premium account type.

    Trading with a very low spread at the expense of a fixed commission is beneficial when the trade volume is high. This account is ideal for experienced and high-volume traders.

  4. Auto: The Auto account type is structured to allow clients to trade with automated signals from the MQL5 community. Traders can follow the paid as well as free signals on the MT4 trading platform. Trades can be executed automatically as well as manually according to the signals provided by the subscribed expert signals. The minimum deposit requirement is $200 and the max leverage is 1:500. HotForex does not charge any additional commission for copying the automated signals from the clients.
  5. PAMM: This is a unique account type at HotForex that allows traders to allocate a proportion of the amount to money managers of their choice. The Percentage Allocation Money Management PAMM account is a pooled investment account where the chosen money manager uses the pooled investment to trade forex and CFDs. The profits generated are divided among the investors according to the proportion of invested amount. There are more than 300 PAMM managers at HotForex following different strategies.

    This account can be opened with a minimum deposit of $250. Clients can choose their preferred PAMM manager and allocate the required proportion of funds to any manager.

  6. HFCOPY: This is a copy trading account type at HotForex in which any trader can become the strategy provider and can follow any of the strategy providers.

    The minimum deposit for a follower is $100 and for strategy provider is $300. There is no added commission from the broker’s end but strategy providers can set their performance fee independently from 0 to 50% of the profits.

How to Open an Account at HotForex?

Step 1) Enter the basic details: To open an account at HotForex, traders can visit the official website of HotForex or can also download the mobile application.

HotForex Nigeria Account Opening

The first step is to enter the basic details like phone number, name, date of birth, country of residence, and email address. After entering these basic details, an activation link will be sent to your provided email. This link can be followed to open any of the account types at HotForex. This link will redirect you to the MyHF area where a demo account can be opened without providing bank details and submitting documents.

Step 2) Enter Bank details & Complete KYC: To open a live account, the next step is to enter bank details and complete the KYC process by submitting the proof of address and identity. The account type and base currency of the account needs to be chosen by the client. After making a deposit, the trading platforms can be downloaded from the MyHF area and trade orders can be executed.

Step 3) Select Account & Make a deposit: Availability of different account types allows clients to choose the most suitable one. Multiple account types can be opened with NGN as base currency which is an added advantage for the Nigerian traders. According to our review, the flexibility of choosing a suitable account type makes HotForex better than many other regulated forex brokers in the section of account types.

HotForex Deposits and Withdrawals

HotForex NGN Deposits

Nigerian clients can deposit and withdraw from HotForex through local bank transfers, credit/debit cards, and e-wallets. The most convenient and feasible method to transact is the local bank transfer. The deposits and withdrawals can be done anytime during the business days (24/5).

Withdrawal methods at HF in Nigeria

  1. Bank Transfer: Deposits and withdrawals in Nigeria can be done through local bank transfers with no added commission. For the wire transfers, all the commissions are covered by HotForex if the deposit amount is more than $100 or equivalent. The local bank transfer is entirely free and HotForex will cover any expense if incurred while transacting.

    The minimum deposit amount with the local bank transfer is 4000 NGN and the maximum limit is 4,000,000 NGN. The minimum withdrawal limit through bank transfer is 4000 NGN or $10 with no commission.

    The deposits made through local bank transfer will reflect in the account balance within 10 minutes while withdrawals can take up to 2 working days to get processed. The wire transfer funding, as well as withdrawal, will take 2 to 10 business days to reflect in the account balance.

  2. Credit/Debit Cards: Deposits and withdrawals can also be done through Mastercard and VISA cards at HotForex in Nigeria. The minimum amount is $5 equivalent. Time taken for deposit is 10 minutes while the same for withdrawal is 2 to 10 business days depending on the correspondent bank.
  3. E-Wallet: Nigerian clients can also transact through various e-wallets where deposits, as well as withdrawals, are reflected within 10 minutes. The minimum amount for deposit and withdrawal is $5 equivalent through this method. For accounts with NGN as the base currency, the USD deposits will be automatically converted to NGN according to the prevailing conversion rate.

The free-of-cost local bank transfer in NGN is highly advantageous for Nigerian clients. There is no commission involved and HotForex covers all the costs incurred during the transaction of funds via local bank transfer. If the base currency of the account, as well as the deposit currency, is NGN, then no conversion fee will be applicable. According to our review, this is the most convenient method to deposit and withdraw at HotForex in Nigeria.

HotForex Trading Platforms

Hotforex allows trading on all the available instruments through MetaTrader trading platforms and the HFM app. We have separately reviewed the available trading platforms at HotForex in Nigeria.

Web Trading Platforms

MetaTrader 4 and MetaTrader 5 are the available web trading platform at HotForex in Nigeria. Both these platforms can be customised on any web browser. These are available in multiple languages and support market, limit, and stop loss orders. Trailing stop loss orders are not available on the web trading platform.

HF web mt4 platform

MT4 and MT5 web trading platforms have limited features compared to the desktop version. However, traders who wish to link their accounts with online tools through web browsers prefer trading with MT4 and MT5 web trading platforms. MT4 is ideal for beginners while MT5 is more suitable for advanced traders.

Mobile Trading Platforms

MT4 and MT5 are also available for mobile devices at HotForex. Additionally, HotForex also offers its proprietary trading application for Android and iOS devices called as HFM app.

MT$ mobile platform

MT4 and MT5 mobile trading platforms are quite popular among forex traders globally. However, the mobile version of these platforms only offers limited features and accessibility to charts and indicators.

The HFM app has a much better interface compared to MT4 and MT5 applications. Traders can get real-time news and market updates through the HFM app. It has various charting tools and indicators. HotForex also offers customer support services on weekdays 24/5 through the HFM app.

HFM app

Desktop Trading Platform

MT4 and MT5 are the available choices for desktop trading platforms. These platforms can be downloaded on Windows and macOS devices and accessed through one-step login. These are available in 21 languages.

MT4 trading platform

MT4 offers 9 timeframes and 30 indicators and has a single-threaded strategy tester. MT5 is an upgraded version of MT4 and offers 21 timeframes and 37 indicators with a multi-threaded strategy tester. MT4 was introduced in 2005 by MetaQoutes Software while MT5 was launched in 2010 by the same firm.

MT5 trading platform

At the time of this review, no other trading platforms are available at HotForex in Nigeria.

HotForex Available Instruments

All the financial instruments offered by HotForex are derivative CFD instruments. This means there is no physical buying and selling of the assets but only the price differences are speculated to book profits and loss.

Following the financial instruments that can be traded at HotForex in Nigeria.

Asset Class Number of Instruments (CFDs) Max Leverage
Forex Pairs 53 1:1000
Metals 6 1:200
Energy 4 1:66
Indices 11 Spot, 12 Futures 1:200
Shares 71 1:14
Commodities 5 1:66
Bonds 3 1:50
Stocks (DMA) 944 1:5
ETFs 34 1:5

Compared to other regulated CFD brokers in Nigeria, HotForex offers a large number of trading instruments. Variety in the availability of instruments provides more opportunities to the traders in various capital markets.

HotForex Customer Support & Contact

The customer support service is excellent as clients can reach out to support executives through multiple methods. To test the diligence of executives and the quality of support for Nigerian clients, we raised multiple queries through different methods.

  1. Live Chat: The live chat support is decent when compared with other regulated brokers as the waiting time ranges from 1 min to 10 min on working days. The response was resourceful and the support executives are user-friendly but the response time is slightly higher on average.
  2. HotForex Nigeria Chat

  3. E-mail Support: Clients can raise their queries through email support at [email protected] We raised multiple queries at different times of the day and received a useful reply in 2-6 hours.
  4. Phone Support: HotForex offers local phone support for Nigerian clients. The support executives can be reached out through local numbers +234 12279160 and +234 12279161. They also have a global support number +44-2030978574.
  5. HotForex Nigeria Contact information

Overall, the customer support service through live chat window and e-mail is decent. The availability of local phone numbers for customer support is advantageous for local clients in Nigeria.

HotForex Bonus

At the time of this review, HotForex has attractive bonus offerings for Nigerian clients. We found 3 bonus offerings that can be grabbed by any Nigerian client. Following are the details and conditions of each bonus offer.

HotForex Bonus

  1. 100% SuperCharged Bonus: This bonus is exclusively available with the Premium account only in which each deposit gets doubled or increases by 100%. The minimum deposit amount to claim this bonus is 75,000 NGN. The maximum bonus that can be claimed is 50,000 USD equivalent. The added bonus amount will be removed from the account balance when withdrawals are made.
  2. 30% Rescue Bonus: This bonus is applicable to the deposits made over 50 USD, 40 EUR, or 20,000 NGN. The maximum bonus amount is 7,000 USD equivalent per client. The bonus amount can be used in every manner but cannot be withdrawn.
  3. 100% Credit Bonus: This bonus is applicable to Nigerian clients with a minimum deposit of 100 USD or 30,000 NGN with the Micro and Premium accounts. An e-mail needs to be sent to [email protected] requesting the bonus of 100%. The maximum bonus amount is 30,000 USD or equivalent in NGN.

Compared with other regulated CFD brokers in Nigeria, the bonus offerings at HotForex are much more lucrative and beneficial for Nigerian clients.

Do we Recommend HotForex?

Yes, HotForex is a regulated forex and CFD broker in Nigeria that uses a 100% STP method for trade execution. They offer NGN as the base currency of the account with free deposits and withdrawals through local banks in Nigeria. The spreads are slightly higher than average but HotForex is a safe and reliable broker to trade forex and CFDs in Nigeria.

HotForex FAQs

Is HotForex a Good Broker?

Yes, HotForex is STP broker that is regulated by multiple top tier regulatory authorities. It offers different account types and accepts local bank transfer in Nigeria.

What is the Minimum Deposit at HotForex in NGN?

The minimum deposit at HotForex is $5. The minimum deposits through local bank transfer in Nigeria is N4000 at HotForex.

How Long Does it Take to Withdraw Funds From HotForex?

The withdrawals from HotForex through local bank transfers in Nigeria can take up to 24 hours to reflect in the bank account.

Does HotForex Have NGN Accounts?

Yes, all the account types at HotForex can be opened with NGN as a base currency in Nigeria. No conversion charges will be applicable if deposits are also done in NGN into NGN based accounts.

77.29% of retail investors accounts lose money when trading CFDs with this provider. Visit Broker