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Hotforex South Africa Review 2021

HotForex Review 2021: Good Broker Or Another Scam?

Do you want to know the deposit, withdraw details of hotforex? If yes, then this article can surely assist you. The popularity of forex trading has enhanced rapidly, and now a large group of people is planning to jump into it. But it is highly significant to have ample knowledge before starting, so if you want to get yourself updated about one of the leading traders, then delve into the article.

HotForex Overview

HotForex South Africa can be defined as an international broker authorized by five regulatory bodies that include FSA, FSCA, CySEC. They have their office in Johannesburg, South Africa as well. It greatly assists in elevating the confidence of people in this broker. The model on which they work is the market maker. 

When it comes to currency options, they usually allow two currencies ZAR and USD. But they support a good number of currency pairs, and we think that is a great thing.

Now, let’s shed some light on the pros and cons of the HotForex:

Pros

  • The minimum deposit is low
  • Regulated by multiple regulatory entities
  • Spreads are tight

Cons

  • Unavailability of local deposit methods
  • Customer support is not that good
  • Leverage is high

HotForex Deposit and Withdrawals

On the platform of HotForex, luckily, you got great funding options. Additionally, the minimum deposit is as low as $10. So, if you are a beginner and want to jump into the forex trading world, it is an excellent option to kick start. 

Additionally, there are no deposit or withdrawal fees. The withdrawal time usually relies on the method you have chosen. But on average, it takes 2-10 days, and we think this time duration is quite long.

Here are the details of payment options you have on this platform:

  • Bank Wire Transfer
  • Bitcoin
  • Credit/Debit Card
  • Neteller
  • Skrill

HotForex Customer Support

The account opening process takes a good time. They will ask you a lot of questions related to the industry. The purpose of asking those questions is to clarify that the customer has the proper knowledge about forex and CFD trading. In case of any query, you can consult their support system 24/5 by using several means such as email, telephone, or live chat. The opening time of markets is 23;00(GMT on Monday, and the markets close at 22:00 on Friday. So, you can contact them during this time.

Forex Trading Education

If you visit their website, you can surely find extensive educational material. They have an e-learning center to provide education to their clients. 

In addition, they conduct webinars that assist customers in learning various technical aspects. They also have a library of short videos regarding different trading-related concepts. So, all these things can help a beginner in learning a lot of new things.

Final Verdict

To sum up the discussion, we would like to say that it is a famous and globally recognized forex and CFD broker. They have a lot of informational material on their website that can lend a helping hand in making you understand things in a better way. If you have used the broker, let us tell you about your experience in the comments section.