Max. Leverage
for Forex

Minimum Deposit
Ksh550 or $5
EUR/USD Spread
1.3 pips

HotForex is a Forex Broker that is licensed in Kenya by the Capital Markets Authority (CMA) in Kenya and Top-Tier regulations in many jurisdictions.

They offer Forex Trading & CFD Trading on metals, energies, shares, bonds, commodities, indices, ETF, and stocks DMA.

HotForex has an option for local deposit/withdrawals in Shilling via Bank Transfer and MPesa, supports KES Base Currency Accounts, and local customer support via a Kenyan phone number with an office in Nairobi.

HotForex Review Summary
Broker Name HotForex Kenya
Establishment Date 2010
Address HFM Investments Ltd, The Oval Building, Corner of Jalaram Road/Ring Road Westlands, 5th floor, Nairobi, Kenya.
Minimum Deposit KSh550 or $5
Maximum Leverage 1:400
Regulation CMA, FCA, CySEC, FSCA, DFSA, FSA Seychelles
Trading Platforms HotForex MT4 and MT5 for PC, Mac, Web, Android
Start Trading with Hotforex

HotForex Pros

  • HotForex is licensed in Kenya by CMA
  • Accepts deposits from Kenyan banks.
  • Allows withdrawals of funds to Kenyan banks
  • HotForex has KES as a base currency for accounts
  • Has a physical office in Kenyan
  • Has responsive 24/5 customer support via email, local phone call and live chat
  • Supports multiple trading platforms MT4, MT5 and web trader, including mobile trading (Android and iOS)

HotForex Cons

  • Customer service is not available 24/7
  • Charges dormant account fees

Regulation and Safety of Funds

HotForex is considered safe and low risk for traders based in Kenya because they are registered in Kenya and their parent company ‘HF Markets Group’ has been licensed by multiple Top-Tier regulators. HotForex is authorized by the following regulators:

1) CMA: Capital Markets Authority (CMA) has licensed HotForex as a non-dealing online foreign exchange broker under the name ‘HFM Investments Limited’ with CMA license number 155.

HotForex Kenya License with CMA

2) FCA: The Financial Conduct Authority (FCA) in the United Kingdom as ‘HF Markets (UK) Limited’ has authorised ‘HF Markets (UK) Limited’ to provide financial products and services with Reference number 801701.

HotForex FCA regulation

3) FSCA: The Financial Sector Conduct Authority (FSCA), South Africa as ‘HF Markets SA (PTY) Ltd’. Hotforex is registered as a Financial Service Provider (FSP) in South Africa, with FSP number 46632.

HotForex FSCA license South Africa

4) DFSA: Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE) has authorised ‘HF Markets (DIFC) Ltd’ to carry on financial services in the UAE.

HotForex license in UAE

5) FSA: Financial Services Authority (FSA) in Seychelles as ‘HF Markets (Seychelles) Ltd.’, licensed as a security dealer.

HotForex registration with FSA

HotForex Leverage

All account types have maximum leverage of 1:400 in Kenya, in line with the CMA regulation. Traders can choose to use floating leverage or fixed leverage option.

Note: Trading with leverage is very risky, and you must avoid using more than 1:30 leverage on forex. The availability of a floating leverage option is an advantage, and you must never use 1:1000 leverage.

HotForex Account Types

HotForex has 5 account types for traders to choose from, and a demo account, which features unlimited options and is risk-free for beginners to use and familiarise themselves with the trading platform before they open live accounts.

The account types and their basic features are:

1) Micro Account: Requires a minimum deposit of $5 or KSh550 to start trading, offers maximum leverage of 1:400 (which is adjusted when the account balance exceeds $300,000). HotForex Micro Account has no commission charges and spreads start from 1.3 pips.

2)Premium Account: The HotForex Premium Account requires a minimum deposit of $100 or KSh11,000 from traders before they start trading. Maximum leverage is at 1:400. The account is commission-free and spreads start around 1.3 pips.

3)HotForex ZERO Spread Account: This account type requires traders to deposit a minimum of $200 or KSh22,000. The maximum leverage is 1:400. Commission charge for opening 1 lot is $3 (making $6 for a round turn) for majors and $4 for others.

The shilling commission charge on HotForex is KSh330 per 1 lot of majors and KSh440 for others. The spreads on this account start from 0.1 pips for forex, with limits and stops at 2 pips.

4)HFCopy Account: This account type supports trade copying and requires a minimum deposit of $300 for strategy providers and $100 for followers. Maximum leverage on the HFCopy account is 1:400. The account is commission-free and spreads start at 1.3 pips.

The maximum follower per strategy provider is 1000 and holders of this account type have limited tradeable instruments.

5)Swap-free Islamic Account: HotForex Islamic account option is available for holders of Micro, Premium, Zero Spread, and Auto accounts. The minimum deposit applied is based on those account types. Spreads start from 1 pip, and supported account base currencies are USD and KES. Islamic account holders can trade all instruments on the platform.

HotForex Shilling Account: HotForex offers KSh and USD as Base Currency for Micro, Premium, Auto, and Zero Spread Accounts. HFCopy Account only supports USD as base account currency. Traders can choose KES as account currency at the point of registration.

HotForex Fees

HotForex is transparent about its fees and you can find details on their website. Some trading fees have been reviewed below:

1) HotForex Moderate Spread: Spreads on HotForex start from around 0.1 pips, which are considered moderate compared to other brokers. HotForex has no fixed spread and operates a variable spread system, which is basically the difference between the asking price and bid price.

An example of HotForex spreads with the Premium account is shown on the table below:

Instrument/Pair HotForex Typical Spread
EUR/USD 1.3 pips
NASDAQ 2.03 pips
Gold/Euro CFD (XAUUSD) 0.25 pips

2) High Commissions with Zero Spread Account: The Zero spread account charges low spreads, but has relatively high commission fees, starting at $3 per 1 lot for majors, which is $6 for a round turn, and $4 per 1 lot for others, which is $8 for a round turn. Shilling charges are KSh330 per lot for majors, making it KSh660 for a round turn and KSh440 per lot for others, making it KSh880 for a round turn

3) Moderate Overnight Fees (Swap): The swap fees on HotForex are lower than some other brokers like FXTM, but much higher fees than Exness. Swap fees differ with traded instruments and pairs, account type, and trade size. An example of the trading swap fees for 1 position of forex EUR/USD and GBP/USD with KES as base account currency going long or short:

Pairs Position size Swap Short Swap Long
EUR/USD: 1 -7.69 KES -46.13 KES
GBP/USD: 1 -46.13 KES -26.14 KES

It is important to note that HotForex uses a floating swap policy, which means swap rates change daily. You can use the swaps calculator on the HotForex website to determine your exact swap fees.

4) HotForex Low Non-Trading Fees: Non-trading fees refer to funding fees, withdrawal fees, and inactivity charges. HotForex charges low non-trading fees. See details below:

Deposit fees Withdrawal fees Inactivity charges
NO NO* YES (after 6 months)

How to Open HotForex Account in Kenya (Basic steps)

To start trading on the HotForex platform, you need to open a live account. Follow the steps below to open your trading account.

Step 1) Go to the Hotforex website at

Step 2) Click on the ‘Open Live Account’ button, highlighted in green colour, at the top right side of the page.

HotForex Kenya website homepage

Step 3) Select the client type, either as an individual, corporate or joint, then fill in your information, create a password, select Kenya as country of residence, check the box beside ‘I have read and accepted the privacy policy’ after reading, and click on register.

HotForex Kenya account opening

Step 4) A verification link will be sent to your email address. Go to your email inbox and click the ‘Activate Account’ link to continue with your registration.

HotForex Kenya registration

Activate HotForex account in Kenya

Step 5) When you click on ‘Activate Account’ in the email, your account will be activated, and you will be taken to your dashboard (an example is shown below).

HotForex Kenya user dashboard

You will also get a confirmation email with your ‘myHF account ID’ after the account is activated.

HotForex myHF account details

Step 6) On your dashboard, you will be required to complete registration/profile by supplying some personal and economic information, including your experience level with Forex trading.

HotForex Kenya new user details required

HotForex account information for new users

Note that the system automatically sets KES as your account currency and you can change it to USD at this point.

Step 7) Next, you will be required to upload a valid ID to verify your identity and a proof of address to verify your address. Then wait for the approval.

HotForex Verification in Kenya

If you cannot upload the documents, you can send them via email to HotForex back-office via [email protected] using your myHF account ID as part of the email subject line.

Step 8) After your account is approved, you can make deposits, start trading, make transfers and withdrawals.

Note: that if your account is unapproved, you can only deposit a limited amount and will not be able to withdraw any funds. To become fully approved on the Forex platform, you must upload those required documents. 

HotForex Deposits & Withdrawals

Traders can deposit to HotForex trading account through the multiple accepted payment methods on the website, including direct bank transfers, cards, mobile money (MPesa, Airtel Money), e-wallets like Skrill. HotForex support bank transfer in Shilling from all Kenyan banks.

HotForex does not accept payment from third-party accounts, which means that all payment sources must be in the same name as the name on the trading account.

What is the HotForex Minimum deposit?

The minimum deposit is $5 for the HotForex Micro Account, other account types like Premium Accounts require a different minimum deposit of KSh550 or $100.

The minimum deposit for KES on HotForex is KSh550. The maximum deposit is unlimited for wire transfer and KSh250,000. Deposits on HotForex are credited instantly except wire transfers that take 2-7 business days to be credited.

Note that the minimum deposit for mobile money on HotForex is Ksh600.

Minimum deposit for HotForex in Kenya

What is the HotForex Minimum withdrawal?

The minimum withdrawal from HotForex is Ksh600 or $10 for mobile payments and Ksh11,000 for wire transfers. There is no maximum withdrawal amount.

Withdrawals to Kenyan banks via wire transfers are processed within 2 to 10 business days, while withdrawals via mobile money on HotForex are processed instantly.

HotForex withdrawal methods in Kenya

HotForex only approves withdrawals to the same method/source from which the deposit was made. This means if you deposit funds through a bank transfer, you can only withdraw through a bank transfer to the same account. The same thing applies to other payment methods.

How do I Deposit Funds in HotForex Kenya?

Step 1) Visit the HotForex website and click login at the top right side, and select myHF.

HotForex homepage

Step 2) Fill in your myHF account number and myHF password then click login.

HotForex login page Kenya

Step 3) On your dashboard, you will see ‘Deposit’ on the left column menu (desktop view), click on it.

dashboard of HotForex

Step 4) Several payments options will be shown to you, click on the method you want to use for deposits (we will use bank transfers for this example).

Deposit options for HotForex

Step 5) After clicking Bank Transfers, further select wire transfer, you will then be required to choose to make your transfer deposit to HotForex in KES or USD or EUR.

HotForex transfer options

Step 6) Select KES transfer, then proceed to make a direct transfer to HotForex account number with African Bank Corporation Ltd in Kenya. It is recommended to use your account ID as part of the description for the transfer.

After making the transfer, send an email to [email protected] with your myHF account ID and transfer details for your wallet to be credited.

HotForex Kenyan bank account for deposit

How to Withdraw Funds from HotForex Kenya?

Step 1) Visit the HotForex website and select login at the top right side, and select myHF.

Step 2) Fill in your myHF account number and myHF password then click login.

Step 3) On your dashboard, you will see ‘Withdraw’ on the left column menu (desktop view), click on it.

To withdraw funds in Shilling to your Kenyan bank, select Wire Transfer, fill out the amount, your bank account, and other information on the form that appears, then click ‘Withdraw’ and follow the instructions to complete the withdrawal.

HotForex Withdrawal to kenya bank account

You can select other withdrawal and deposit options, then follow the prompts/instructions to complete the deposit or withdrawal.

How many Trading Instruments are available at HotForex?

HotForex offers over 1,200 trading instruments, all of which are CFD instruments, find their categories below:

Instrument Availability Number
Forex Yes 53 currency pairs (15 majors & 38 minors)
Commodities Yes 5 Commodities Futures
Energies Yes 4 Energies Spot and Futures Energies
Metals Yes 6 CFDs on Metals spot
Indices Yes 23 Indices Spot and Futures
ETFs Yes 34 ETFs Spots
Shares Yes 54 Shares Contracts
DMA Stocks Yes 945 DMA Stocks Spot
Bonds Yes 3 Bonds Contracts

HotForex Kenya Customer Service

HotForex has responsive customer service support. Traders can reach HotForex support via any of the means below during working days:

1) Live chat: HotForex live chat is fast, their representative responds within 2 minutes when a chat is initiated and provides relevant answers to questions asked. Whether you are a registered user or not, you can access the live chat. You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work. Our team submitted a request but didn’t get a callback.

2) Phone number support: HotForex has an active local phone number support, and the call centre agents responded in less than 1 minute when we tested it. The answers to questions were relevant. The phone line is active from 9:00 AM to 6:00 PM on working days.

The Kenyan phone number is +254-203894292. The HotForex global support phone number is +44-20-3097-8571, available 24 hours for 5 days.

3) Email Support is fair: You can reach HotForex via email support at [email protected] Once you send an enquiry email, you will receive an auto-generated response to show that a ticket has been created for your enquiry.

A representative replied to our test enquiry email in about 9 minutes, we sent another question and got a reply in less than 10 minutes. The answers to our questions were relevant and satisfactory.

4) Physical office: HotForex office address in Kenya is at The Oval Building, Corner of Jalaram Road/Ring Road Westlands, 5th floor, Office 2-7, Nairobi, Kenya.

According to their live chat support, customers can walk into the office to make enquiries, and it is open from 9:00 AM to 6:00 PM Mondays to Fridays

HotForex Bonus

HotForex offers bonuses for different activities. Each category of bonuses has its terms and conditions to qualify. Current bonus offerings are:

1) 100% Supercharged Bonus: Traders can earn up to 100% cash rebates whenever they deposit $250/Ksh27,500 or more. The bonus is capped at a maximum of $50,000/Ksh5,500,000.

This bonus is available to all clients using Premium and Islamic accounts. Traders can choose to use the cash from this bonus for trading or withdraw to a bank account.

2) 30% Rescue Bonus: This is also referred to as Rescue Program. This bonus is offered to traders during a drawdown period, to help manage their losses. A 30% bonus is credited to the clients’ accounts for every deposit above $50/Ksh5,500.

The Rescue Bonus cannot be withdrawn to a bank account but can be used for trading. This bonus is capped at a maximum of $7,000/Ksh770,000 and when traders make a withdrawal, the bonus amount is removed.

3) 100% Credit Bonus: This HotForex bonus is available to only Micro, Premium, and Islamic account holders. It increases the leverage volume for account holders and can be withdrawn if the minimum volume requirement is met.

This bonus is credited to traders’ accounts upon new deposits of $100 or 11,000 KES. The bonus is capped at $30,000 or 3,300,000 KES maximum.

Traders can request for the bonus to be released after meeting the volume requirement within 3 months, after 3 months, they lose the right to claim this bonus. It is important to note that not all trading instruments count towards the volume requirements.

4) HotForex 50% Welcome Bonus Program: To qualify for this bonus, simply make a deposit of at least $50 or Ksh5,500 and the bonus will be added to your account automatically.

You can get a maximum of Ksh110,000 /$1,000 in this way. You cannot withdraw this bonus and you cannot have it at the same time as the 30% Rescue Bonus.

HotForex offers a 50% Welcome Bonus Program to new traders on their first deposit. With this offer, you get 50% of your deposit balance in additional trading funds. The offer is only available to people who use the MT4 platform.

Do we Recommend HotForex Kenya?

HotForex is CMA-authorized and regulated in multiple jurisdictions. HotForex customer support is available in Kenya and they respond quickly to enquiries on business days.

HotForex Kenya has negative balance protection, have low fees compared to some brokers, and offers bonuses to traders. They also have many account types, so you can choose an account with features that work best for you.

One downside to trading with HotForex is that they charge account inactivity fees after 6 months, but you can avoid this if you withdraw all funds, leaving your balance at zero.

Based on these details, we recommend that HotForex Kenya is safe for trading and good for beginners.

HotForex Kenya FAQs

Is HotForex Kenya a Market Maker?

HotForex claims to be a 100% Straight Through Processing (STP) Broker with no dealing desk under the Market Execution policy. This means all clients/traders have their orders executed instantly under normal market conditions and at the real market price.

How long do withdrawals take at HotForex?

Typically, withdrawals to Kenyan bank accounts are processed within 24 hours. Traders can initiate withdrawals 24/7. Withdrawals initiated before 10:00 AM server time are processed on the same business day before 5:00 PM server time.

If the withdrawal is submitted after 10:00 AM server time, then it will be processed the following business day between 07:00 AM and 5:00 PM server time.

Is HotForex legit in Kenya?

HotForex is legit in Kenya, considering that the company is regulated by CMA, a Kenyan agency and other multiple Top-Tier regulators, they have a physical address in Kenya, and a phone number through which you can talk to a representative.

Above all, some Kenyans who have used HotForex have reviewed it as being real, as they were able to deposit and withdraw their funds.

What is the minimum deposit at HotForex Kenya?

HotForex Kenya Minimum deposit is $5 for the HotForex Micro Account. HotForex minimum deposit for Kenyan Shilling is Ksh550.

Does HotForex have KES Account?

HotForex offers KES accounts to traders in Kenya. At the point of registration, your trading account currency is set to KES automatically.


Note: Your capital is at risk

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