After careful consideration and extent investigation in the quest to find a broker suitable for retail traders that’s suitable for beginners and advanced traders we have concluded that Hotforex is one of the best to cater to those specific needs. Over the past 11 years they have kept a clean record in providing superb services to their clients across the whole and maintain that reputation by continuing to give good quality service the industry can offer.
Minimum deposit and Free Education
Hotforex requires the least minimum deposit (US $5) equating to approximately R70 to get started, allowing people who would like to trade on a tight budget to participate as well. As a beginner you will have access to world class education material that you don’t have to pay for, you don’t even need to fund your account to learn how to trade.
Market Leading Insurance
Hotforex is one of the safest brokers to use, it has kept an impeccable reputation across the industry and has proved itself with the numerous awards it multinational regulations it holds. In addition to that, they have market leading insurance on client funds to safeguard its liabilities against clients and/or other third parties with civil liability insurance.
Hotforex is regulated but the Financial Sector Conduct Authority (FSCA)
With authorisation number (FSP) 46632. Click her to view the steps to follow to verify is a broker is regulated.
Security of Funds
Hotforex is one of the few brokers that can confidently prove that your funds are secure and insured. The FSCA requires FSPs to keep Client funds segregated from business funds and that those funds need to be insured so that in the event that the broker gets in trouble, client’s funds can be secured and clients are not inconvenienced or suffer financial loss as a result of the broker. A similar case can be drown to the judgement that the high court issue in favour of the FSCA when they withdrew JP Markets license. Most, if not all, clients were affected negatively and some till today still have not received their money.
ZAR Base Currency and USD base Currency accounts
With Hotforex, you can trade with a USD account or a ZAR account or both if you would like. In addition to choosing your preferred base currency, you will also be able to choose which platform you prefer using between the MT4 and MT5 before opening a live account.
Funding and Withdrawals
They provide a variety of funding and withdrawing options that can allow all types of banks in South Africa to transact with the broker. They do not charge fees on funding or withdrawals that are made by their clients and it takes up to 10 minutes for your deposit to reflect. To boost your funds, they offer a wide variety of bonus offers to suit your specific trading so that you can get the most out of their bonuses.
Variety of tradable Instruments
Hotforex has the one of the most diverse product offering with over 1 200 instruments that clients can trade. These instruments range from locally JSE listed companies such as Naspers Ltd to currencies, bonds, commodities and ETFs.
Here is a list of some advantages of trading with Hotforex
- Multinational regulated Broker with regulation over 6 jurists including South Africa regulated by the FSCA(FSP 46632)
- Free educational material (beginner and advanced traders)
- Security of funds
- ZAR and USD base currency
- 5 account types
- 6 Funding methods
- Zero spread account
- Bonus offering
- Smart trading tools
- Copy trading system
- Support in your preferred language
- Trade on MT4 and/or MT5
- Segregation of funds
- Market leading insurance
- Negative balance protection
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