HotForex is one of the most popular Forex brokers in South Africa. It is regulated by numerous financial market regulators including the Financial Sector Conduct Authority of South Africa (FSCA). The broker is famous for its low trading costs and exceptional brokerage service with more than 1000 financial instruments available for trade. Furthermore, HotForex has made its account more ZAR-friendly, which means that it offers low-cost conversions for ZAR-USD since USD is the base currency for most of the broker’s trading account types. On the other hand, some of the broker’s accounts offer Nigerian naira as one of the base currency options along with USD and EUR.
South African traders are best at utilizing trading resources to make money in South African Forex industry even without financial resources. That is why they look for low trading-cost brokers most of the time. HotForex is one of the cheapest and high-quality Forex brokers which is expressed in the minimum trading capital requirement of the broker, as well. The minimum deposit required to start trading with HotForex is 72 ZAR, or equivalent to 5 US dollars. The deposit requirement will differ from one account to the other at HotForex according to the benefits provided by every single account type. We will cover the different requirements for starting capital across all HotForex account types.
HotForex has six different account types with additional two account options. You can choose between the following account variations: Micro, Premium, Zero Spread, Auto, PAMM (Premium), and HFCopy. For the HFCopy account, you can choose to set up your profile as a follower or strategy provider. Furthermore, you can also choose to have an Islamic account, which can be applied to four account types only: Micro, Premium, Zero Spread, and Auto. Of course, you can set up a demo account for any of the mentioned account types for 30 days in order to test out the services and platforms of the broker. The minimum required starting capital for each of the accounts is as follows:
The cheapest option to start trading Forex with minimal deposit requirement at HotForex is a Micro account with requires only 72 ZAR investments from the client’s side. This account type also has the most flexible leverage reaching the maximum limit of 1:1000. However, the account is limited to 150 simultaneously open positions, which will not be a problem if you are not a large-volume trader. If you are, on the other hand, then a Premium account is a better option which increases the limit of simultaneously open positions up to 300. This account also requires a bit higher deposit up to 1441 ZAR, however, it represents the second cheapest account type with the broker together with HFCopy followers’ account.
HFCopy account is a perfect choice for those who would like to use automated trading opportunities or want to start day trading. But the leverage is a bit restricted compared to the Micro account – up to 1:400. If you would like to trade Forex with ultra-tight spreads and a flexible limit on simultaneous orders then you should go for a Zero Spread account. This account type allows traders to open positions on the most popular Forex currency pairs with spreads starting at 0 pip. All the rest HotForex accounts offer spreads starting at 1 pip.
As a base currency, you cannot choose ZAR for any of the accounts. All accounts are available in USD or EUR. The three account types – Micro, Standard, and Zero Spread can also be opened in NGN (Nigerian Naira), which is also quite a suitable option for South African traders residing in Nigeria. However, the broker offers very low conversion fees for ZAR-USD exchange.
In order to set up your real trading account, you should choose an account type first. After you choose your account type you have to go through the HotForex registration form and make a minimum deposit, which will range from 72 South African rands to 7500 rands depending on the account type. You will also have to go through a verification process in order to verify your identity. Afterward, you are also eligible to participate in some of the HotForex bonus programs which are applicable to the deposits you make with the broker.
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