This article introduces the HotForex deposit procedures and the relevant matters such as;
- What is “myWallet” in HotForex?
- Conditions of deposit procedures including minimum deposit amount and fees
- How to deposit money into myWallet
- How to transfer money from myWallet to your trading account(s)
HotForex is highly rated by traders when it comes to withdrawal procedures. The related article regarding the rating to HotForex can be found below:
For details of HotForex withdrawal procedures;
There is no exchange fee even if HotForex’s account currency does not include your home currency.
HotForex supports USD, EUR, NGN, and JPY as account currencies. If your home currency is not one of them, you should select USD. But some may wonder whether they have to make a conversion from your home currency into USD or vice versa by themselves when making a deposit and withdrawal.
At HotForex, you can make a deposit with your home currency as it will be automatically converted into your account currency free of charge. The MT4 or MT5 exchange rate at the time of deposit or withdrawal shall apply. It is convenient for traders as they don't have to do any extra procedures.
What Is “myWallet”?
The money transferred to HotForex is first kept at an intermediate account called “myWallet” in your personal (login) account MyHF.
- First, deposit money to myWallet from your bitwallet or bitpay account, or with your credit card or debit card
- Then, transfer the money from myWallet to your trading account(s)
Many brokers allow traders to directly deposit money to their trading account(s). However, HotForex requires traders to deposit money to myWallet first and then allocate it to the trading account(s).
- You can deposit USD 1,000 to myWallet and then transfer a part of the deposited money (ex: USD 500) to your trading account.
- The transfer from myWallet to the trading account is done instantly.
Deposit Methods, Minimum Deposit Amount and Fees
The below table summarizes the deposit methods available at HotForex, the minimum deposit amount, fees, and the time it takes to complete the procedure.
While the minimum deposit amount varies slightly depending on the method, no deposit fee is charged.
|Minimum Deposit Amount
|Time required to complete the procedure
|Within 15 minutes
|Within 15 minutes
- The minimum deposit amount and bonus eligibility vary depending on the type of trading account.
- The table below summarizes the types of trading accounts and the minimum deposit amount eligible for the bonus.
|Zero Spread Account
|100% Supercharge Bonus
|100% credit bonus
|Minimum deposit amount eligible for bonus
How to Deposit Money to myWallet
①Login to myHF and click [Deposit]
②Select the deposit method and enter the required information and deposit amount.
Why bitwallet is recommended.
The most recommended deposit method is via bitwallet, an online wallet service.
- You can also withdraw your deposit amount and profit to your bitwallet account.
- Deposit and withdrawal procedures via your bitwallet account can be done quickly.
Due to anti-money laundering measures, withdrawals are made using the same payment method/gateway that was used to make the initial deposit. If you make a deposit using a credit card or debit card, the portion of the amount exceeding the deposit amount shall be sent back to the account of bitwallet or bitpay.
How to Transfer Money from myWallet to Trading Account(s)
Once you have made a deposit to your myWallet account, the next step is to transfer money to your trading account(s).
①Click [Transfer Funds].
②Select [Transfer from] and click [Start Transfer], and you are required to enter the details of the amount to complete the procedure.
Here is the summary of HotForex deposit procedures;
①Making a deposit from your bitwallet account is recommended.
②The money transferred to HotForex is always kept in myWallet of MyHF (login account).
③To start the trading, you should transfer money from myWallet to the trading account(s).
④There is no deposit fee.