Trading with HotForex? You should be very well equipped if you have had a look at our HotForex review.
If you are looking to explore the broker on a deeper level though, we have created this guide especially for you.
Here you will learn more about the funding methods available with the broker as well as the Hotforex minimum deposit amount that is required by the broker in every instance.View Contents
Table of contents
HotForex Account Base Currency
The HF Markets base currency is that which you can trade in through your account. Top forex brokers will usually make several base currencies available, giving you a range of choices when trading. This is also the case with HF Markets.
The base currency that you will have access to depends on the area where your account is regulated. Typically within this, USD are available everywhere. Euro as a base currency is also available within Europe as you would expect.
Other base currencies are available. These will depend on the area where you are located. Some examples of this are the fact that GBP is accepted if you are trading from within the UK, NGN is available for Nigeria based traders, and ZAR is also accessible for those within South Africa.
This represents a good degree of choice for all types of trader no matter your location around the world.
HotForex Funding and Deposit Methods
An especially extensive range of deposit methods are available from HotForex. These each have an associated minimum deposit which you may wish to take into account.
With that in mind, let’s take a closer look at each HotForex deposit option and the corresponding minimum deposit for HotForex:
Wire transfer is a deposit method which we always expect to see, and it is indeed available again with HF Markets. This method of deposit is available around the world to all traders.
There is no minimum deposit associated with this method, although as a trader you should be aware that a deposit of under $250 with the HF Markets entity, and under $100 with the HotForex entity will leave you liable for a bank fee. You may also wish to check with your bank to find out if they levy any fees in this regard. The time it takes to process your deposit will depend on your bank but typically this can range between 2-5 business days.
Credit and debit card deposits are among the most convenient for traders. Naturally, HF Markets and Hotforex broker branches facilitates this by offering deposit by Visa, Mastercard, Maestro, and UnionPay to all traders who require it. Debit card funding only is available under DFSA regulation, while credit card and debit card funding are available under every other regulatory type.
The HotForex broker minimum deposit that applies to this funding method is $50 and the process is completely free of any fee. It is also effectively instant in how quickly you can access the funds. This typically takes a maximum of 10 minutes.
eWallets are another popular deposit method that is made available by HF Markets. These are not available under DFSA regulation though they are available in Europe through either Neteller or Skrill. The minimum deposit using these methods is $5, although under FCA and CySEC regulation this minimum is increased to $50. The deposit itself should be accessible within 10 minutes.
You can also deposit with the HotForex entity using certain cryptos. This is available under the SV regulation using Skrill, BitPay or other methods. Through these methods mentioned, the current minimum amount for funding is $5 although it can be subject to change. The funds are usually available quickly within a 10 minute period.
Other HotForex deposit Methods
There are other HF Markets deposit methods available which depend on where you are located in the world. These are particularly common outside the CySEC and FCA area. These deposit methods usually carry no fees and are typically instant.
The following HF minimum deposits do apply though within the following areas:
- Indonesia – 200,000 IDR
- Malaysia – 50 MYR
- Thailand – 50 THB
- Vietnam – 300,000 VND
If you are trading from within South America, other local deposit methods from a number of local banks are available although fees could vary in these cases, so it would be best to check with your bank and the broker support team.
HotForex Minimum Deposits
As per the other forex trading low minimum deposit brokers, having looked at the variety of ways that are available to fund your account, let’s take a more in-depth look at how the minimum deposit with HF Markets is reflected on the account type you select.
This will also depend somewhat on the regulatory area where you are based because HF Markets and Hotforex, despite being the same broker, are 2 separate entities.
The HotForex micro account is a great starting place for any new traders. The account allows value trading with microlots and facilitates a minimum deposit of only 5 USD (or 70 ZAR if you’re trading from South Africa). An Islamic Micro account, where required, is offered by this Entity.
The HF Markets and HotForex Zero Account is available under multiple regulatory bodies, CySEC, SV, FCA, DFSA, and DFSA. The only small difference is that under DFSA regulation it is known as a VIP account.
This account type balances lower spreads with slightly higher commissions. The minimum deposit here is 200 USD, EUR, or GBP, and 2800 ZAR. Again, Islamic accounts are available if needed.
The VIP Account is essentially very similar to the Zero account with the difference being the region. This account is available under DFSA regulation and as an added bonus it does allow you contact with a HF Markets relationship manager.
The HotForex minimum deposit on this account type id $20,000 or 74,000 AED. Again the Islamic account is available on request.
Next we have the HF Markets Auto Account. This only offered by the HotForex broker branch, and it’s available under SV and FSCA regulation and allows for autotrading and connection with the MQL5 community to find and follow signal providers.
When it comes to the minimum funding amounts, these currently stand at 200 USD or EUR and 2800 ZAR within South Africa with an Islamic account available to anyone who requires.
The HFCopy Account allows you to become either a copy trader or a signal provider. This account type is available under both CySEC and SV rules with a minimum deposit as follows:
- Signal Providers should deposit a minimum of 1,000 EUR or 500 USD depending on area
- While Copy Traders need to start with 300 EUR or 100 USD, again, depending on the branch of the broker.
The HotForex FIX account is one that used to be available under SV regulation. This is no longer the case. It had previously offered fixed spreads with a minimum deposit of $500. Luckily though, there are many other account types to choose from.
The PAMM account offered by the HotForex entity is available only to premium account holders and with a HotForex minimum deposit of $250. This account is only available if you are regulated within the SV jurisdiction.
The HF Markets Premium Account is again available in several areas of regulation and comes with a minimum HF Markets deposit of 100 EUR, USD, or GBP. In South Africa, the minimum deposit amount should be 1400 ZAR while under DFSA regulation you will need to deposit 400AED.
There are many trading benefits in terms of cost and other factors that are available to premium account traders which may be unavailable to other traders. This account type can also be linked to a PAMM account as mentioned above. Islamic Account options also remain available to premium account holders.
The last account type we will take a look at is the highest level HF Markets account which boasts a lower spread than the others. This account is available under CySEC, SV, FCA, DFSA, and FSCA regulation with a minimum deposit of 500 EUR, USD, or GBP (changing to 400 if you are based in the UK under FCA). With DFSA regulation 2000AED is also acceptable.
Again there are a host of benefits although commissions are a little higher. It can also be linked with a PAMM account and finally once again Islamic Account options are available.
HotForex Deposit Bonus
The final area for us to cover may be an important one depending on your trading goals and expectations. However you should be aware of the fact that ESMA, within Europe, banned deposit bonuses. Due to this stringent regulatory environment, there are no deposit bonuses or contests available under HF Markets EU.
$30 No Deposit Bonus
HF Markets typically do offer a range of bonuses to those traders located outside of CySEC and FCA regulatory areas. Within these regions, it is difficult due to stringent regulatory environments.
The one which is available as a HotForex no deposit bonus is a $30 bonus. Although this amount is not immediately available for you to withdraw, you can do so once you have met some of the trading requirements. You can then withdraw any profits which you have made from this HF Markets no deposit bonus.