HF Markets Minimum Deposit in Kenya - SafeForexBrokers.co.ke (2024)

HF markets minimum deposit in Kenya is $0 (Ksh0)

When embarking on your forex trading journey, one of the first questions that naturally arises is, “How much money do I need to start?”

HF Markets (HFM) formerly called Hotforex, a well-established forex broker, offers a range of solutions to suit different budgets and trading styles.

Let’s explore their minimum deposit requirements of HF Markets, regulations, payment methods, step-by-step guide to deposit and more, in this review.

What is the minimum deposit for HFM

The minimum deposit on HFM is Ksh700 for most payment methods. However, HF Markets have different account types that require different minimum deposit amounts to activate the account and start trading. Here is a summary:

1) Premium Account: Tailored for retail clients, the HF Markets Premium Account doesn’t enforce a mandatory minimum deposit. You can deposit any amount you prefer.

2) Pro Account: Designed for experienced retail traders, the HF Markets Pro Account requires a minimum deposit of 13,000 KES.

3) Pro Plus Account: Geared towards experienced retail traders, the HF Markets Pro Plus Account mandates a minimum deposit of 40,400 KES.

4) Zero Account: Ideal for retail clients engaging in high-volume trading, utilizing EAs, and seeking lower spreads, the HF Markets Zero Account doesn’t demand a mandatory minimum deposit.

5) Cent Account: Specifically crafted for new traders, the HF Markets Cent Account allows trading in forex and gold exclusively. There’s no mandatory minimum deposit, and the account balance is denoted in Cents (United States Cents), where $10 is represented as 1,000 cents.

Read more on HFM’s account in our HF Markets review.

Accepted Deposit Methods on HFM Kenya

HF Markets offers a number of options for depositing funds. Here’s what you can use:

1) Credit/Debit Cards: The classic choice, Visa and MasterCard are widely accepted on HF Markets. The minimum deposit via this method is 700 KES. Deposits via cards on HFM are credited within 10 minutes.

Minimum withdrawal via cards on HFM is 700 KES. It takes about 2 to 10 business days for you to receive the funds after initiating a withdrawal.

2) Bank Wire Transfers: Good for larger deposits, you can make deposits to your HFM Account through your local bank in Kenya using Shilling (KES). Bank transfer deposits are credited within 2 to 7 business days.

The minimum deposit for bank transfer deposit on HFM in Kenya is 11,000 KES.

The minimum withdrawal via bank transfer is 11,000 KES and it takes 2 to 10 business days for funds to reach your account.

3) E-wallets: Popular options like MPesa, Skrill and Neteller are supported for deposits on HF Markets. E-wallet deposits are credited instantly or within 10 minutes to your trading account. The minimum deposit amount for e-wallets on HF Markets is 700 KES.

Minimum withdrawal with e-wallets on HFM is also 700 KES and it takes only 10 minutes for you to receive the funds or it happens instantly.

HF Markets Deposit Methods Table

Here is a summary of payment methods accepted by HF Markets for deposits.

HF Markets Deposit Rules

1. Deposit Fees: HF Markets does not charge any deposit or withdrawal fees. Nonetheless, the third-party payment processing platform you use, such as your bank or card, may impose independent transaction fees.

2. Deposit Time: You can initiate deposits and withdrawals from your trading account at any time, on any day. However, in cases where instant processing is not feasible, you may experience a wait time of up to 24 hours for deposits and up to a few days for withdrawals.

3. Payment Source: HF Markets only accepts deposits from payment methods (bank account and cards) that are in the same name as the name used on your HFM trading account.

Withdrawals are also only made to same sources you have used to make deposits and must bear your name as well. HFM does not process payments from or to a third party account.

How do I deposit money into my HFM account?

Step 1) Access your dashboard by logging in to the HF Markets website or via my.hfm.com/ke/login.

Step 2) Upon accessing your dashboard, locate ‘Deposit’ in the left column menu (desktop view) and click on it.

Step 3) Choose your preferred payment method from the options provided. For this example, we’ll proceed with bank transfers.

Step 4) Within the bank transfers section, select ‘wire transfer’. You’ll then be prompted to indicate whether you’re depositing funds to HF Markets account shown in KES, USD, or EUR.

Step 5)Opt for KES transfer and proceed to make a direct transfer to HotForex’s account with the African Bank Corporation Ltd in Kenya. It’s advisable to include your account ID as part of the description for the transfer.

After completing the transfer, send an email to [emailprotected] containing your myHF account ID and transfer details. This will ensure that your wallet is credited accordingly.

Note: Please keep in mind that HF Markets only approves deposits from accounts or payment methods that bear the same name as your HF Markets trading account.

Comparison Of HF Markets Minimum Deposit With Other Brokers

Here is a comparison of HF Markets minimum deposit with that of their competitors.

HF Markets Kenya Minimum Deposit FAQs