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    A review of HotForex for South African traders| KOL Forex Analysis•Langa Ntuli

    Abstract:In the last five years, brokers originally from South Africa have not received the greatest reception. While there are plenty of international brokers for South Africans, many clients have been looking for brokers closer to home. There are almost countless legit firms internationally that are used by South Africans.
    Langa

      In the last five years, brokers originally from South Africa have not received the greatest reception. While there are plenty of international brokers for South Africans, many clients have been looking for brokers closer to home. There are almost countless legit firms internationally that are used by South Africans.

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      It‘s perfectly safe to trade with these brokers if they have acquired regulation from some of the leading regulators like the FCA, CySec, etc. Fortunately, some of these brokers have tapped into the South African market and gained an FSCA license to strengthen their reputation here. The FSCA (Financial Sector Conduct Authority) is South Africa’s main regulatory body for financial institutions, including forex brokers.

      Reputable FSCA-approved international brokers should give South Africans the peace of mind they‘ve been after. While the regulation doesn’t necessarily mean a broker is not liable to act out of favor, these cases are sporadic. Truly reputable brokers are hassle-free and usually work ethically and efficiently for their traders. The other advantage is that some brokers may have a physical office in the country, typically somewhere in Johannesburg or Cape Town.

      The broker I would recommend here is HotForex. Below are some of their main features:

    FoundedRegulatorsHead officeRegions not supported 2009CySec, FSCA, FCA, DFSA, FSACyprusUSA, Canada, Sudan, Syria, North Korea
    Security Negative balance protectionSegregated bank accounts
    Number of currency pairs 49
    Fees Trade from $51.2 pips on EUR/USD(Avg. spread 2.09 pips for majors and minors)Commissions (on some accounts)SwapsNo deposit/withdrawals feesNo inactivity fee
    Trading features ECN/STPMT4MT5Mobile appWebTrader Allows scalpingAllows hedgingAllows EAs Demo account Standard accountZero spread accountVIP accountCopy trading accountMAMM accountIslamic accountDeposit bonusesCash rebates
    Payment options VISA/Visa Secure, Mastercard/Maestro card, Skrill, Neteller, bank wire
    Customer service options Live chat, email, phone

      First and foremost, when choosing a broker, solid regulation has to be confirmed. HotForex is FSCA-regulated. They have owned this license for over three years, and their Johannesburg has been around since May 2017. Owing to their excellent reputation here, there havent been issues regarding any malpractice against clients.

      Arguably, the next vital factor to consider is the fees. The fees in this regard refer to any transactions you would make (depositing and withdrawing) and, more importantly, spreads. In most cases, its much easier and seamless to fund with a card than any of the other funding options. Any card from Nedbank or FNB works with no fuss on HotForex, and there are no charges from them. $5 is the minimum required for their Micro account, which is a very affordable amount to start with.

      Regarding spreads, there isnt anything surprising about this broker. You can expect competitive spreads in line with many of its competitors worldwide. The other advantage is that they do offer accounts in ZAR, asides from USD and EUR. I know a couple of traders prefer a broker that provides ZAR accounts since, of course, this is the currency they are most familiar with, making it easier for counting purposes.

      The fourth consideration is the execution model the broker uses. While there are always arguments about where a broker truly falls here, I‘d believe that HotForex is undoubtedly an STP broker since I’ve never experienced any form of price manipulation in my years of trading with them. The other reason is their spreads are relatively reasonable across the board as well. The last consideration that some traders worry about is withdrawals. I havent experienced any real issues in that regard, either.

      Overall, HotForexs trading conditions are simple to understand, and they offer a very hassle-free service for their South African clients.

      【About the author】

      Mr. Ntuli is a retail trader and writer in forex. He has been

      engaged in the forex markets for many years. He also has knowledge about

      many other financial markets, namely stocks, indices, and

      cryptocurrencies. For the past year, he has then transitioned to writing

      content on various forex-related topics for different clients ranging

      from broker reviews, trading strategies, indicators to educational

      information about the markets.

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