HF Markets Minimum Deposit Summary
HF Markets Minimum Deposit $0 (Ksh0)
Deposit Methods Credit/Debit Card, Bank Wire Transfer, e-Wallets
Account Types Cent Account, Premium Account, Pro Account, Pro Plus Account, Zero Account
Deposit Fees No Fees
Account Base Currencies KES, USD
Withdrawal Fees No Fees
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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.

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Note: CFD trading is risky

HF Markets Deposit Methods Table

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

Deposit Methods Availability Minimum Deposit Charges Processing time
Internet banking/bank transfers Yes 11,000 KES Free 10 minutes
Cards Yes 700 KES Free Instant
E-wallet Yes (MPesa, Skrill & Neteller) 700 KES Free Instant

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.

HotForex login page Kenya

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

dashboard of HotForex Kenya

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

Deposit options for HotForex

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.

HotForex transfer options

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 [email protected] containing your myHF account ID and transfer details. This will ensure that your wallet is credited accordingly.

HotForex Kenyan bank account for deposit

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.

Broker Minimum Deposit
HF Markets Ksh700
Exness Ksh 1,460 ($10)
OctaFX Ksh 3,650 ($25)
FXTM Ksh 20
FXPesa Ksh 500
XM Ksh 730

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Note: CFD trading is risky

HF Markets Kenya Minimum Deposit FAQs

What is the minimum deposit for HFM zero account?

$0. The Zero Account on HF Markets requires no mandatory minimum deposit. You can activate the account without any deposit, however to start trading, you must make a deposit, and the minimum deposit you can make via the payments method is R100 or $5.

How long does HFM deposit take?

Credit/debit card payments and e-wallets are usually instant or within 10 minutes. Local bank transfers in shilling are deposited instantly while international bank wire transfers may take a few business days to reflect on your account. The processing time for your deposits to show in your account depends on your chosen deposit method.

How much does it cost to start trading on HFM?

HF Markets has accounts with no mandatory minimum deposits, but to start trading on HF Markets platform, you will need to deposit a minimum of KES 700. HFM does not charge any deposit fees, but you will pay spread on the trades you initiate.

What is the minimum deposit in KES for HF markets?

The minimum deposit on HF Markets is Ksh700 via local bank transfers. The minimum deposit is Ksh700 with cards or e-wallets.

Does HF Markets Charge for Deposits?

HF Markets generally doesn’t charge deposit fees. That means any time you top up your trading account, the entire amount arrives intact.

Does HFM give no deposit bonus?

HFM offers 20% deposit bonus on all transfers to your trading account. This bonus is capped at a maximum of 700,000 KES. This is called ‘Top-up bonus’, it is available to all clients and while you cannot withdraw the bonus, any profits realised from using it to trade can be withdrawn.

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Note: Your capital is at risk

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Your capital is at risk. CFD Product.