HotForex Review – How Does HotForex Deposit Work?


In this Hotforex review we will take a look at how their deposit options work. In order to deposit money in your account, you can use a Nigerian debit or credit card. The range of credit cards they accept includes Visa, MasterCard and Verve. You can deposit up to $7500 using a Visa card and the same is true for Mastercards. Most credit card deposits are processed within 10 minutes.

Negative balance protection

Negative balance protection is a great way to protect your trading account in the case of a losing trade. It closes your positions as soon as your balance falls to zero. This feature can be very comforting for Forex traders, who may be worried about losing all of their money in a trade. However, before deciding to sign up for this service, make sure to check the regulation of your broker. It is important to choose a broker that is FMA-regulated in order to protect your money.

If your account falls into a negative balance, your broker will not pay you for your losses. This is an important feature to look for, because it allows you to stay in the market longer without a massive debt. The disadvantage to this benefit is that it can result in the broker asking you to add money to your account.

Low spreads

HotForex is the most popular forex trading platform in Nigeria. It offers a variety of accounts with low spreads, starting at 0 pips for a zero spreads account. Other accounts start at 1 pip. HotForex in Nigeria also offers free educational resources for its clients, such as eBooks, trading guides, webinars, and educational courses.

HotForex is registered in the Financial Services Authority of St Vincent and the Grenadines, but there is no local regulator in Nigeria. Nevertheless, HotForex enjoys a reputation for providing a secure trading environment. Moreover, it offers a broad selection of trading instruments, a low spread policy, and a high level of client fund protection. HotForex in Nigeria also offers forex trading accounts in Naira, making it particularly convenient for Nigerian traders.

Another option with low spreads is IC Markets. This forex trading platform has the lowest spreads in Nigeria. Its standard account is free of charge, but there are higher fees if you choose a commission-free account. This forex trading platform also charges no fees for account deposits and withdrawals. However, it does charge fees from your local bank if you make international bank transfers.

Demo contest

The demo contest at HotForex is an excellent way to practice the different aspects of forex trading. Participants will have the opportunity to test out their skills on a virtual account, with the chance to win a real deposit of up to $2,000! This contest will run for a month, with winners announced at the end of every round. This contest is great for newbie traders and experienced investors alike!

HotForex is a regulated forex and commodities broker that offers trading services for both retail and institutional clients. Its platform, the MetaTrader platform, offers a number of features including charts, indicators, and expert analysis. It is regulated by multiple top-tier authorities, including the FCA in the United Kingdom. Additionally, it has received numerous awards and is considered a reliable and safe forex broker in Nigeria.


Hotforex is one of the top forex brokers in Nigeria, and offers an attractive set of features and benefits. Among these are its low spreads, which are much lower than those offered by other brokers, as well as the option of free deposits via local banks. Moreover, the company offers excellent customer support and a local phone number for any queries. Another plus of Hotforex is that the minimum deposit amount is only N1800. The minimum withdrawal amount is also N5$.

Another highlight of HotForex Nigeria is that it offers a wide range of trading instruments. The company offers 15 major and 38 minor currency pairs as well as CFDs on stocks, energies, cryptocurrencies, and commodities. It also offers a wide variety of payment options and offers quick withdrawals.

Demo account

When you sign up for a HotForex live account, you’ll need to provide some forms of identification and proof of address. These can include copies of a national ID card, passport, driving license, utility bill, or bank statement. If you have questions about these requirements, you can contact customer support by phone, email, or live chat. You can also visit the HotForex office in Lagos for additional assistance.

FXTM offers competitive fees and a wide range of tradable instruments. It offers up to one-to-three-to-1 leverage, a low commission per trade, and a demo account for novice traders. Its reputation for offering attractive conditions and a highly regulated broker has earned it an enviable reputation in the Forex industry.