HotForex Kenya

HotForex Kenya is part of a huge family of international brokers – HF Markets Group – that exemplify the industry of FX trading, and quite frankly puts it on a pedestal, creating an image of FX trading as an activity that anyone can do and profit from it. In essence, HotForex Market is the quintessential broker. HotForex Kenya alone is one of the best brokerages we have reviewed in a long time, and this is just one of the subsidiaries!

HOTFOREX KENYA BONUSES

HotForex Kenya is in a very interesting and rather niche situation in which it can offer bonuses to local users, while also being a legit broker, with subsidiaries licensed by some of the world's top overseers.

• 50% Welcome Bonus: It increases the user's first deposit by 50%. The user need deposit only $50 to activate this. 50% on top of $50 is an additional $25, increasing the client's trading potential to $75. The bonus is applicable to the MT5 platform and available only to Micro account holders.
• 100% Supercharged Bonus: The deposit is increased by 100%, and users earn a daily $2 rebate for every standard lot traded with. The bonus also increases the overall leverage. Applies to deposits of $250 and over. The cash earned can be traded with and or directly withdrawn! The maximum cumulative bonus is $50 000, while the maximum rebate that can be accumulated is $8000.
• 100% Credit Bonus: A bonus that encourages careful trading, but also acts as a boost to trading by increasing the leverage and giving a boost to funds. Some withdrawal conditions apply,like  trading volume requirement and stop out level, but if the user is careful enough he or she may be well rewarded.
• 30% Rescue Bonus: 30% will be added to the applicable deposited sum. This bonus is strictly used as a margin, helping users out of sticky situations, by increasing the account leverage. Applicable to deposits over $50, with a cap of $7000 as a maxed bonus amount. The deposit cannot be withdrawn but can be lost.
• There are even contest that create an incentive around trading and winning prizes like other bonuses, cash prizes, and gifts.

All Bonus Terms and Conditions apply, and we advise users to read them before investing in bonuses. There might be certain turnover requirements and other peculiarities worth taking note of.

These bonuses will allow HotForex Kenya to attract a large audience, and in turn make the broker even bigger than it already is.

HOTFOREX KENYA REGULATION

Hotforex Kenya – going under the URL hotforex.co.ke – is part of the Member of HF Markets Group. The HF Markets Group encompasses a broad range of brokerages, all under the same name of HF Markets. We are trying to put in perspective the fact that, even if one of the subsidiaries isn't licensed, another is, and therefore the one that holds a license acts as a testament to the legitimacy of the other.

• HF Markets (Europe) Ltd is a Cypriot Investment Firm, regulated by CySEC, and is available under the hfeu.com URL. Through this entity HF Markets is available as a cross-border service provider to most EU countries, meaning that HF Markets is authorized by BaFIN in Germany, CNMV in Spain, the MFSA in Malta, CONSOB in Italy, and many more.
• HF Markets (UK) Ltd, licensed by the UK's FCA, operating under hfmarkets.co.uk.
• HF Markets (DIFC) Ltd, authorised  by the Dubai Financial Services Authority (DFSA), under the following URL: hfmarkets.ae.
• HF Markets (SV) Ltd is incorporated in Saint Vincent and the Grenadines, available under hotforex.com/sv.
• HF Markets SA (PTY) Ltd in South Africa, licensed by the Financial Sector Conduct Authority (FSCA), and available under the URL hotforex.co.za.
• HF Markets (Seychelles) Ltd, which is located in Seychelles, and licensed by the Seychelles Financial Services Authority (FSA). The URL is hfm.com.sc.

The following review will focus on HotForex Kenya.

Considering that one of the HF Market entities holds a license from CySEC, while another from the FCA, the FSCA, and so on, is enough for us to state that users trading with HotForex Kenya will not be exposed to any risks. These are some of the biggest regulators in the industry and in order to build such an impressive reputation as well as an extensive catalog of licensed brokers (especially CySEC and the FCA) they must have had their hands full with dedicated work that places clients' safety and needs as a top priority.

Yet, HotForex Kenya holds its very own local Kenyan legit brokerage license courtesy from the Capital Markets Authority (CMA) of the Republic of Kenya. The CMA is an independent government agency responsible for licensing and overseeing markets participants, including FX companies. All licensed brokers need to present proof of a $500 000 minimum capital, which is actually a serious requirement and a great way to filter out pretenders. The CMA is not to be underestimated and is surprisingly efficient as a regulator.

HotForex Kenya is safe and secure, and will greatly benefit Kenya-based traders even more so than one might imagine when considering that the African FX industry is crammed with scams. This is perhaps one of the best brokers available to Kenyans at the moment.

HOTFOREX KENYA PLATFORMS

Clients can take full advantage of the MT4 and the MT5, the two best trading softwares in the world.

The MT5 is the latest version of the MetaQuotes software, and we are seeing a constant rise in its popularity, especially with brokers that want to expand and follow the trail of innovation. The MT5 comes with additional content and more improved elements: level 2 market depth, more indicators, one-click reverse positions, improved EAs, advanced tick charts, increased time frames, trading bot improvements, and hundreds of more tools and extras.

The MT5 is available on all mobile devices (Apple and Android), as a desktop trader, and can even be accessed on any web browser. And the same for the MT4.

Speaking of the MT4, in no way do we dream of undermining it, and in fact, we still think that the MT4 is better than most platforms out there despite its age. Users can still spend hundreds of hours on it, and still discover new and exciting little elements and details that can have dramatic effects on their trading.

HOTFOREX KENYA TRADING CONDITIONS

Users can trade with more than 1200 instruments, including forex currency pairs, commodities, bonds, metals, energies, shares, indices and ETFs. The leverage can be accessed at a much higher rate than that of the HF Market subsidiaries of Europe and the UK. Here, clients can take advantage of a 1:400 leverage cap.

There are 4 account types:

• Micro Account, where the spreads start off at 1 pip.
• Premium Account, where the cost of trade starts at 1 pip.
• HF Copy, allowing for variable spreads starting from 1 pip
• Zero Account, 0 pip spread but has a commission of $0.03 per micro lot, or $3 per standard lot.

HOTFOREX KENYA PAYMENTS

The minimum deposit requirement here is just $50.

Clients can invest by means of bank transfers, dusupay, and iPay.

There are no fees on wire deposits over $100 or 11000 KES. Ipay and dusupay have no fees.

Wire deposits take up to 7 days to process, while the rest of the payment methods process deposit requests instantaneously.

All withdrawal requests submitted before 10:00 am (server time) will be processed on the same working day as the requests, between 7:00 am and 5:00 pm.

The payment conditions are crafted in such a smart way, that just about anyone can enter and start trading with the firm. This is the mark of a professional broker.

BOTTOM LINE

Calling HotForex Kenya overwhelming would be an understatement. Not only is this one of the finest African brokers we have visited, but it may just be one of the best brokers we have reviewed thus far. Go for it!