Last Updated on February 5, 2022 by Patrick Mahinge
If you are looking for a reputable forex broker in Kenya, HotForex is the way to go. I will break it down for you in a nutshell.
- HotForex is one of the few online forex brokers that accept Mpesa, which means ease of deposits and withdrawals for forex traders in Kenya
- You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)
- Hotforex is an STP (Straight through Processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker
- And to top it up, HotForex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.
If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at HotForex. Use this link to claim your 100% Credit Bonus.
- 5 Reasons Why Kenyans Choose to Trade Forex With HotForex
- HotForex Review Summary
- Is HotForex Regulated in Kenya?
- Hotforex Account Types
- Is Hotforex an ECN Provider?
- How Long Does it Take to Withdraw from HotForex?
5 Reasons Why Kenyans Choose to Trade Forex With HotForex
1. Easy Account Opening and Verification Process
For forex traders in Kenya, opening and verifying a forex trading account can be a bit of a hassle.
You see, many forex brokers require what is known as a proof of address document to verify that you are who you say you are.
Unfortunately, for traders in Kenya, we only have documents bearing our P.O. Box Details, something that most forex brokers look down upon.
However, with HotForex, you can easily bypass this hassle by providing two of your “P.O. Box” documents, say a bank statement and your Mpesa statement, Zuku Invoice or Safaricom Home Fibre Invoice (the two must have the same P.O Box address as the one you presented when opening an account.)
For even quicker account verification at HotForex, once you upload your documents on the client portal, follow it up with an email with the document attachments, including your national ID card.
If after all this you’re unable to verify your account, consider using our Forex Account Verification Service.
2. HotForex Offers Easy Mpesa Deposits and Withdrawals
HotForex Kenya is still one of the best forex brokers that accept Mpesa deposits and withdrawals. And needless to say, although Mpesa is not the only possible way to fund your forex trading account, it does make life for most Kenyans easier.
With HotForex, you can enjoy same day deposits and withdrawals using Mpesa if you do the transactions before 11:00 a.m. The minimum Mpesa deposit at HotForex is 1,000/= while the maximum deposit stands at 100,000/=. For starters, we recommend that you start trading with at least 10.000/= in your account.
3. HotForex Copy Trading
HotForex offers a superior copy trading platform that allows even beginner forex traders to invest in the forex market with some level of confidence. They call their copy trading platform HFCopy.
Beginners in forex can open the HFCopy account, choose a strategy provider (SP), allocate some amount of their capital to the SP, who will start trading on their behalf.
The good thing with HotForex’s HFCopy trading platform is that the strategy provider only gets paid when they make profits. This gives them extra incentive to use the top-earning and the safest trading strategies.
Strategy Providers on HotForex’s HFCopy platform choose how much to charge you as a follower, with most charging between 20-50% of the profits they make.
Does HotForex Accept Mpesa?
Yes. HotForex accepts Mpesa deposits and withdrawals. To deposit money into your HotForex account using Mpesa, you’ll first need to log into your account at my.hotforex.com and then proceed to follow the instructions provided by the broker. The minimum deposit using Mpesa is Kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.
HotForex Review Summary
|Minimum Initial Deposit||$50|
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||49|
|CFDs - Total Offered||104|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||No|
|Cryptocurrency traded as CFD||Yes|
|Average Spread||1.2 pips on EUR/USD|
Is HotForex Regulated in Kenya?
HotForex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the Financial Conduct Authority (FCA), which is one of the best regulatory authorities in the world.
This is one of the forex brokers that we highly recommend to Kenyans as the they accept Mpesa as a means of depositing and withdrawing money from your trading account.
We insist on trading with forex brokers that accept Mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept Mpesa.
Hotforex Account Types
Hot Forex offers 6 account types namely:
- Micro Account from only $5
- Premium Account from just $100
- PAMM Account for fund managers
- HotForex ZERO Spread Account
- Unlimited risk free Demo Account
Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the Micro Account. Day traders and Swing traders go for the Premium Account while scalpers are best suited with the HotForex Zero Spread Account.
Is Hotforex an ECN Provider?
How Long Does it Take to Withdraw from HotForex?
One of the areas where HotForex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, HotForex makes you wait anywhere from 3-24 hours to process withdrawal requests.
Hotforex is an STP (Straight through Processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker, this means no requotes, no price manipulation and the lowest spread from the interbank itself
- STP Broker
- No Deposit or withdrawal fee’s
- Instant execution
- Tight spreads
- No requotes
- Can sometimes take over a second for order execution