HotForex allows a minimum deposit of $5 to start trading. Depending on the deposit method, it can take anywhere from 10mins to 7 business days for a deposit. The broker offers the fastest transactions 24/5 during working hours. HotForex does not charge any fees for deposits.
Read: Hotforex review
You can choose your account’s default currency like US Dollar, Euro, and Nigerian Naira. Once it’s set, any deposit you make from anywhere in the world will be converted to the account’s default currency. For example, if you live in the UAE, your account’s default currency is USD.
When you deposit any dirhams from your desired payment method, you get a converted amount of USD. Keep in mind that the current conversion rate on currencies is applied while depositing. So checking the conversion rate from your local currency to the account’s currency before making a deposit may be a good idea.
HotForex offers six basic types of accounts.
- Zero Spread
- PAMM (Premium)
- HF Copy
Each account type has a different minimum deposit requirement. See the table
|Account Type||Min. Deposit|
|HF Copy||$500 for Strategy Provider/$100 for Follower|
HotForex offers a wide range of payment options. So clients from all over the world can choose from various payment options and make deposits from the option they wish. However, the minimum deposit requirement also varies for different payment options.
1. Bank Transfers
If you want to use bank transfers to deposit, you can use a wire transfer from your bank.
2. Credit/Debit Cards
HotForex allows two types of cards for deposits:
- Master Card
- Visa Card
3. Alternatives (E-wallets)
HotForex allows deposits from the following alternative methods such as E-wallets:
- Perfect Money
- Crypto Currencies
HotForex allows different minimum deposits for each payment method. See the table:
|Payment Option||Min. Deposit||Deposit Fees||Processing Time|
|Wire Transfer||$250||No Fees for deposits over 250 USD||2 to 7 Business Days|
|Master Card||$50||No Fees||Up to 10 minutes|
|Visa Card||$50||No Fees||Up to 10 minutes|
|iDEAL||$50||No Fees||Up to 10 minutes|
|NETELLER||$50||No Fees||Up to 10 minutes|
|Skrill||$50||No Fees||Up to 10 minutes|
|SOFORT||$50||No Fees||Up to 2 business days|
|Perfect Money||$50||No Fees||Up to 10 minutes|
|Crypto Currencies||$50||No Fees||Up to 10 minutes|
|WebMoney||$50||No Fees||Up to 10 minutes|
How to Deposit
When you complete registration for an account with HotForex, you need to activate your account before making your first deposit and starting trading. To activate your account, you need to verify:
1. Proof of Identity
You must provide a scanned copy of your evidence of legal existence for your account to be activated for trading. Please provide a scanned copy (in PDF or JPG format) of one of the following documents as proof of legal existence:
- Valid Passport
- Valid Personal ID
- Valid Driver’s License
2. Proof of Address
You must provide a scanned copy of your proof of address to activate your account for trading. Please provide a recent (not older than six months) scanned copy (in PDF or JPG format) of one of the following for proof of address:
- Recent Electricity Bill
- Recent Gas Bill
- Recent Phone Bill
- Recent Bank Statement / Credit Card Bill
- Valid ID with Address
- The front and back of the ID need to be submitted, and the ID needs to include the address.
- A passport which includes stamped physical address page
After activating your account, go to “Funding” in the top menu bar and click on “Deposit,” bringing you to the deposit page where you can select a payment option from Credit/Debit cards, bank transfers, or alternative methods.
You can choose “All” to see all available payment options. Available payment options can vary from country to country.
For example, selecting Credit/Debit cards brings you to the page to select the amount you want to deposit.
Select the amount you wish to deposit and click “Deposit.” It brings you to the next page, where you fill in the details and Click on “Pay” at the end of the page.
Or, if you choose any other payment option to deposit, you should follow the instructions to complete the depositing process. Keep in mind, the time required for deposits varies for different payment options.
Sign up Bonuses
HotForex offers two types of signup bonuses
$30 signup bonus to make your trading risk-free. It is not necessary to deposit to participate in this bonus program. Complete the simple steps to receive a $30 FREE SIGN-UP BONUS to begin live trading; no investment is required in this case. Clients in eligible countries can get a no-deposit trading bonus from HotForex.
HotForex offers a bonus of 100% on the amount deposited, either as a cash bonus or a credit bonus, thereby doubling the equity in a trading account. South Korea, Turkey, Bahrain, Jordan, Kuwait, Lebanon, Mauritania, Oman, Qatar, Saudi Arabia, Tunisia, Morocco, Argelia, UAE, and Mexico are the only countries/regions eligible for the credit incentive.
HotForex is one of the few prominent Forex brokers that offer a bonus, and when combined with their excellent trading conditions, traders will find the bonus quite beneficial. Simply activate your trading account by verification process, make a deposit, and select your deposit bonus to earn a bonus.
For retail traders, the HotForex online broker is an excellent alternative. They provide EU and international clients with various account types, are regulated by many agencies, including CySEC, the CFTC, and the FSC of Mauritius, and provide substantial incentives to traders in qualified jurisdictions.
You should read the terms and conditions on the HotForex website before claiming your $30 signup bonus or 100% credit bonus.