HotForex ZAR Account

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HotForex is a multi-regulated Forex broker with a low minimum deposit. They offer tight spreads on over 50 currency pairs.

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72.83% of retail investor accounts lose money when trading CFDs with this provider.

This guide will give you all the details about the HotForex ZAR account and how to open it. South Africa’s HotForex is one of the leading Forex brokers. The South African Financial Sector Conduct Authority (FSCA) regulates the fundamental part of the market.

More than 1000 financial instruments are available for trade at this broker, known for its low trading costs and exceptional brokerage service.

Additionally, HotForex‘s accounts have become more ZAR-friendly, which means it can convert ZAR-USD at a low exchange rate since the US dollar is the base currency for most of its trading accounts.

Alternatively, some of the broker’s accounts make the Nigerian naira one of the base currencies available alongside USD and EUR.

Capital requirements for HotForex accounts

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There are six types of HotForex accounts and two additional options. HFCopy and PAMM (Premium) are two account variations available: Micro, Premium, Zero Spread, Automatic, and PAMM.

With HFCopy, you have the option of creating a follower or provider account. Also, you can choose to open the account with an Islamic trading account. This applies to just four types of accounts, including the Micro, Premium, Zero Spread, and Auto.

Demo accounts are available for all of the account types mentioned above for 30 days to check the broker’s services and platforms. Starting capital requirements for each type of account are as follows:

Account type Maximum leverage Spread types Spread from pips Max. Open Orders
Micro 1:1000 Variable From 1 pip 150
Premium 1:500 Variable From 1 pip 300
Zero Spread 1:500 Variable From 0 on Forex 500
Auto 1:500 Variable From 1 pip 300
PAMM 1:300 Variable From 1 pip 500
HF Copy 1:400 Variable From 1 pip 300
4.4 stars from 468 ratings

up to 50%

HotForex is a multi-regulated Forex broker with a low minimum deposit. They offer tight spreads on over 50 currency pairs.

Sign upSign up
CFD service. Your capital is at risk.
72.83% of retail investor accounts lose money when trading CFDs with this provider.

Which Hotforex account is the cheapest one to start trading with?

A Micro account requires only 72 ZAR investments on the client’s part. This makes it the cheapest option to start trading Forex with HotForex. Maximum leverage of 1:1000 is also possible with this account type.

However, the account can only hold 150 positions at a time, which should not be an issue if you are not a high-volume trader. A Premium account, on the other hand, is a better option, as it allows up to 300 positions to be open simultaneously.

It also requires more deposit up to 1441 ZAR but represents HFCopy followers’ accounts. Therefore, we call it the second-cheapest account type with this broker.

If you are interested in using automated trading opportunities or starting day trading, an HFCopy account is a perfect choice. However, compared to the Micro account, the leverage is limited to 1:400.

A Zero Spread account provides ultra-tight spreads and flexible order limits, ideal for trading Forex.

Traders can open positions with spreads starting at zero pip for the most popular currency pairs in this account type. Spreads start at 1 pip for the rest of HotForex’s accounts.

How can you start trading with the HotForex ZAR account?

Along with the USD and EUR, ZAR currency is also available as a base currency on HotForex trading accounts.

In addition to the Micro, Standard, and Zero Spread accounts, NGN (Nigerian Naira) accounts can even be opened by the South African traders residing in Nigeria. The very low broker yet offers ZAR-USD exchange fees.

Your real trading account can often be opened by choosing an account type first. Then, select the account type that follows the HotForex registration form. Depositing a minimum amount varies based on the account type from 72 to 7500 South African rands.

As part of the trading opening verification process, you also have to provide proof of your identity. Furthermore, by making deposits with HotForex, you can also participate in the broker’s bonus programs.

How to register for the HotForex ZAR account? Step by Step Guide

  1. Hot Forex makes it easy to open an account. Click on the sign up button.
  2. You can trade with our demo account risk-free since we provide you with unlimited demo funds and access to HotForex MT4 and MT5 platforms.
  3. You can start trading with real money through the live account right away. You do not at all need to select the best account type. You need to complete the online registration and submit your documents.
  4. The registration process is fully required to move into the personal area. Please enter your full name, email, and other information as shown below. To ensure a smooth withdrawal process, verify the data is accurate; it will be necessary for verification. Then, click the option of “Register.”
  5. Upon successful registration, you will receive an email with the confirmation link. To activate your trading account, click the link shared in the email. You can now open your first trading account once your email address is verified. After completing your Profile, click “Save & Continue.”
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Steps to follow for a Hotforex live account verification

As long as you have the correct documents on hand, you should be able to pass the live account verification process quite quickly and easily. It is a simple and easy process to verify the ZAR trading account on HotForex.

To verify the trading account, you have to submit the below-mentioned documents first:

  • Passports and driver’s licenses are examples of ID documents.
  • Make sure you also have proof of your residence, which can be either the bank statement or the utility bill of the last three months.

Account currency accepted by Hotforex

The account currency you can use as an HF Markets trader differs according to your account type and regulation. For example, although EUR is usually available in most rule sets, USD is generally available everywhere.

Other available currencies are determined by where you live, but FCA traders can use GBP, SV traders can use NGN, and FSCA traders in South Africa can use ZAR.

Traders from South Africa can open a trading account with this broker through ZAR currency use.

Which tradable assets are available on HotForex for trading?

HotForex traders can open positions in all financial markets except the cryptocurrency market. Trading instruments number more than 1200.

A lot of traders are attracted to HotForex. The leverage for HotForex varies based on the type of tradable asset, including currency pairs, metals, energies, stocks, indices, bonds, commodities, DMA stocks, and ETFs.

1.   Forex

At HotForex, you can trade 53 different currency pairs. Leverage is offered at 1:1000, and spreads vary depending on the currency traded. For example, the EUR/USD spread is 1.3 pips, the smallest.

2.   Energies

HotForex offers the most popular oils on the energy market: Crude Oil and UK Brent Oil. There is leverage of 1:166 and 1:50 for energy trading, respectively. UK Brent oil spreads are also low, at 0.07 pips, while Crude oil spreads are 0.11 pips.

3.   Metals

Silver has the highest leverage of 1:100 for silver, and gold has the highest leverage of 1:200 for gold of the six metals traded. The spreads for metals at HotForex are very low, making them a very popular asset in the market.

4.   Stocks

The HotForex trading platform allows its customers to trade stocks of over 50 of the most popular companies, with a maximum leverage of 1:14. Prices are subject to fluctuation.

5.   Indices

A stock index is a collection of corporations in the same industry or a specific province. With a maximum leverage of 1:200, HotForex offers more than 20 indices for traders to choose from.

6.   Bonds

HotForex offers the trade of Euro Bund, UK Gilt, and US 10-year Treasury bonds, but not every broker does. Trading Bonds on HoForex is great with leverage of 1:50.

7.   Commodities

HotForex offers traders copper, coffee, sugar, US cocoa, and US cotton no2. Their leverage is generous, and they offer floating spreads that vary based on the commodity.

8.   DMA Stocks

Trading directly in world stock markets is offered by HotForex, which offers eight different countries’ stock exchange markets, each with a different list of listed corporations.

Most Forex brokers do not offer direct market access to their clients, but hot Forex does.

What is the minimum deposit option on Hotforex?

Minimum deposits for HF Markets are determined by several factors, including the type of account you have, whether you are a registered user of Hotforex or HF Markets, and which regulatory body you belong to.

HF Markets and HotForex are the same broker and yet separate companies. HF Markets will be your choice if you are a CySEC investor; otherwise, HotForex.

No fee is charged on the minimum deposit or the withdrawal of the amount.

How is account funding possible with the Hotforex ZAR account?

Funding your HF Markets account can be done in a variety of ways. Typically, wire transfers, credit cards, debit cards, and eWallets are all accepted.

Within CySEC, you must make a minimum wire transfer deposit of $250. Under other regulations, you should make a minimum deposit of $100. HF Markets will also not cover fees for anything under these amounts.

SV regulations restrict the availability of Union Pay for funding. The minimum funding amount is $50, and the process takes up to 24 hours.

Thus, you can use the Visa debit cards in case you are trading under the course of DFSA regulations. Moreover, the process takes minutes, and there is no such fee.

The minimum is $5 if you are trading under SV and FSCA regulations. DFSA rules do not permit online payment.

CySEC and FCA traders are regulated differently, although CySEC traders require $5 to start, while FCA traders require $50. You can even look for the account opening or deposit via PayPal or Skrill.

How much withdrawal is required by HotForex?

We hope you will need to withdraw money at some point. Typically, credit/debit cards and eWallets will be used in that case.

Fees based on your bank and regulator can range from wire transfers. Additionally, the process can take 2-10 days under DFSA, not just one day.

There is a minimum withdrawal amount of $50, and DFSA charges no fees for withdrawals made to Visa debit cards. The process takes 2-5 days. Online withdrawals are also not possible through DFSA.

HotForex pros & cons

Pros and Cons

 

Pros

  • FCA, CySEC, FSCA, and DFSA regulation is legal.
  • The website clearly outlines all hot Forex regulations
  • Deposits are not subject to fees
  • Bitpay is the only withdrawal method with a commission fee of 1%.
  • Islamic accounts
  • Trading demo account
  • Platforms for trading MT4 and MT5
  • A huge section on education
  • Funds should be segregated
  • Protecting against negative balances

Cons

  • Trading of cryptocurrency is not allowed
  • Risk increases with high leverage

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Related questions-FAQs

1.   Is HotForex a reliable broker?

There is a series of regulatory authorities for HotForex in St. Vincent and the Grenadines. It often includes the FCA, FSCA, CySEC, and DFSA, all recognised for dealing in international currencies.

2.   Can I withdraw a minimum amount from HotForex?

A trader’s account may be withdrawn by credit/debit cards, FasaPay, Neteller, WebMoney, and Bitpay at a minimum of 5 ZAR, while wire transfers or Vlad require 100 ZAR.

3.   Is the HotForex platform working in South Africa?

HotForex is the safest and a licensed platform to conduct its trading activities in South  Africa. However, HotForex holds top-tier licences, including the FCA from the United Kingdom, CySEC from Cyprus, and FSCA from South Africa.

4.   When does the deposit of funds take place?

In HotForex, you can consider depositing money within the time frame of 10 minutes; however, if you are using a wire transfer, it might take 2-7 business days.

Bottom line

HotForex has grown to be one of the top Forex brokers in many different ways. However, it is still considered the frontier in terms of trustworthy financial brokers.

Among HotForex’s many advantages is its wide range of tools. Bonuses and promotions are also among the broker’s advantages. For example, HotForex offers 100% and 30% rescue bonuses to keep traders engaged.

Among the many awards HotForex has received on a regional and international basis, HotForex has won more than 50. World-renowned and eligible bodies issue the awards.

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