HotForex withdrawal tutorial – Payment methods

If you use HotForex as your online broker, then you should know about its withdrawal process. The withdrawal process is quite as important as the deposit process. In fact, it is more important. This is because you are in the game of trading to make money. And when you make the profits, you should not experience any barriers in getting access to the money.

The process of withdrawing your profits varies from broker to broker. You should pay attention to the withdrawal process for your broker so that you don’t have issues when the time comes.

HotForex withdrawal methods

HotForex withdrawal methods

Important facts about the withdrawals with HotForex: 

  • Multiple methods available
  • No fees for withdrawals
  • Duration is depending on the payment method
  • HotForex does withdrawals very fast

(Risk Warning: Your capital can be at risk)

Introduction to HotForex

Hot Forex is a forex broker with a presence in 180 countries in Asia, Europe, and Africa. It boasts of several millions of traders who use its services to make trades on the global markets. The broker is one of the most regulated brokers you can find out there. It is regulated by at least 5 credible institutions spread across over 4 jurisdictions.

Its regulators include the Financial Sector Conduct Authority (FSCA) of South Africa, Financial Conduct Authority (FCA) of the United Kingdom, the Dubai Financial Services Authority (DFSA), and the Financial Services Commission (FSC) of Mauritius. There are still a couple of others.

Withdrawal methods – How to do a withdrawal with HotForex?

The process of withdrawing your profits or funds from your trading account differs from broker to broker. HotForex features one of the most diverse payment methods amongst forex brokers.

Available payment methods:

  • Wire transfer
  • UnionPay
  • Master-/ Visa Card (Credit Cards)
  • Cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ethereum)
  • fasapay
  • Neteller
  • Skrill
  • VLoad
  • WebMoney

However, HotForex is that their own process of withdrawal is quite simple and basic. That is, it is straightforward even for those who are not experts in the use of technology. Be it withdrawing from your e-wallet such as Neteller, or withdrawing via bank transfer, you will see that it is quite an easy process.

It is important we note some points. For one, before you can process your withdrawal from your HotForex forex trading account, you must have undergone the KYC process (Know Your Customer). Here, you have to submit certain documents to help the broker ascertain that you are who you claim you are. The required documents may vary from country to country, but the common ones are the national/international passport or driver’s license or voter’s card, or national identity card, amongst others.

You are expected to send scanned copies of these to Hot Forex for the verification of your identity.

Withdrawal fees

Withdrawing your funds from Hot Forex takes some time to get processed, and this can take a couple of days. After that, it can take several days for the funds to actually become visible in your balance, depending on which method you’re using or the bank you use. Whether or not a fee will be charged for your withdrawal depends on the withdrawal method or channel you are using.

If you withdraw via bank transfer you will be charged some fees – and this can quite be exorbitant. Some other payment service providers can charge, even more, so make sure you get familiarized with their rules before you opt for them as your payment method with HotForex. However, if you have access to E-wallets like Neteller and WebMoney and use them as your withdrawal channels, you will not be charged any amount at all.

(Risk Warning: Your capital can be at risk)

The process of withdrawing funds

Here, we will take you through the process of actually making withdrawals. However, it is felt that we cannot effectively talk about the withdrawal process without first discussing the processing of depositing funds in the first place.

1. The deposit process

This process is the initial stage of trading forex. Transfer of funds to the HotForex broker is available after signing up for an account. The process is quite simple. You log into your HotForex trading account and go to the dashboard. There, you follow the prompts that lead to where you can make your deposits. HotForex has an array of payment and deposit options including the following:

  • Wire Transfer
  • Bank Cards including debit and credit cards, especially those powered by card processors such as Visa and MasterCard.
  • E-wallet providers such as WebMoney, VLoad, Skrill, and Neteller.
  • Crypto coin – Bitcoin, Ethereum, Litecoin, and BCH.

The choice of payment system you go for is always up to you as the trader. HotForex made these options open to everyone because client satisfaction is very important to them. Upon selecting the payment system, the next thing is for you to specify the amount you wish to have deposited into the account. Next, you will be asked to fill in a simple form for the transfer of funds.

The information that they will require you to fill here will be dependent on the payment option you select. For instance, if you select the card payment (for instance, MasterCard), the platform will require you to enter your card number, the expiry, and other information. The transfer of funds occurs immediately. Moreover, the client is not charged any fees or additional payments, which happens with many other forex brokers.

It is worth noting that the limit for depositing funds into a trading account – the minimum amount that you can deposit into a trading account — is $5. We must note that this is amongst the lowest you can find with forex brokers anywhere. It gives traders the ability to try out trading while taking the littlest of risks. On the other hand, the maximum amount you can deposit is $10,000. These restrictions are due to no fault of HotForex. It is a regulated broker. So, it must adhere to rules set by its regulators.

However, the same payment system and details that you intend to use for withdrawal is also the one that you use to deposit funds.

2. The withdrawal process

After recording profits in the markets, you need to convert your money into cash. To do this, use the Hot Forex company’s withdrawal service, which is also located in the “Cashier” section just like the Deposit. So, to withdraw your funds, you go to the same section where you carried out deposits.

The broker has tried to make this process as simple and understandable as possible. All you need to do is to specify the amount you want to withdraw, as well as the payment details for the withdrawal. You can also make known the reason for the withdrawal in the comments if you feel like it. By the way, this is not compulsory – it is just an opinion poll used by the broker to improve the quality of their services to their clients. In the “Withdrawal method” field, you will automatically be given the details that you used when depositing funds so you don’t need to go through the hassle of filling it again.

If you are not going to change them, it means the withdrawal will be as fast as possible. If you change the details, the broker may request additional confirmation of your identity to protect your funds from fraudsters. According to the client agreement, the period for client withdrawal of funds is 24 hours. But usually, the process might last just 3-4 hours (untypically fast for most forex brokers).

Delays may happen if the transaction arouses suspicion from the broker’s security team. Withdrawal of funds can incur fees, for example, if the withdrawal is made immediately after the deposit. For this, the commission is 10%. In principle, this is not the broker’s commission, but that of the payment system through which the transaction is carried out.

The withdrawal methods are exactly the same as the deposit methods. So, we have the regular options of bank wire, debit, and credit cards (MasterCard or Visa), then E-wallets and cryptocurrencies.

Conclusion on HotForex withdrawal – Fast and secure

The process of withdrawing your funds from your trading account can change from one broker to another. For HotForex, the process can get quite complex. However, the above explanations and clarifications should go a long way in helping you. From our experience, HotForex is one of the safest online providers on the market with high deposit insurance. In addition, the company is multi-regulated, and regulated payment methods are used. You can do your withdrawal easily and fast.

(Risk Warning: Your capital can be at risk)