Does HotForex Accept Bitcoin?
No, HotForex no longer accepts Bitcoin, whether for payment or withdrawal. HotForex made public on the 29th of 2021 that it had discontinued cryptocurrency trading. It implies that all crypto coins Bitcoin inclusive, are no longer accepted by HotForex, whether a trader intends to buy, sell or swap.
According to HotForex, this decision was necessitated by the volatile nature of the crypto market. Its dynamic nature has made it very unpredictable and volatile. It was on this backdrop that HotForex decided to discontinue crypto trading or any other crypto-related activity.
Because of this decision, all ongoing trades of cryptocurrency also known as open positions were set to “close only mode”. This was effective from Friday the 11th of June, 2021.
Setting open positions to close only mode meant and still means that it is impossible to buy new crypto stocks. In such a situation, you’re only authorized to close the ongoing trade but can’t buy new stocks. Also, any pending crypto trade that had not been activated, will be automatically deleted. Open trades could be modified or closed, but all crypto trades had to come to an end on or before the 25th of June 2021. Thus, if trades were not closed before this date by the trader, the platform will automatically close the trade, and profits will be rewarded, while losses will be deducted.
In September 2017, the broker platform HotForex began accepting Bitcoin for deposits and withdrawals. This was due to the drastic rise in Bitcoin price and increased turnover perceived by the broker when this crypto is traded. At the time, you could trade Bitcoin on HotForex, you could also swap or sell them. The platform had its policies regarding Bitcoin trading and these policies varied from other brokers’.
Earlier in 2017, HotForex only allowed Bitcoin as a deposit option. It was a new development that allowed users to deposit bitcoins by transferring bitcoins from a platform to theirs. Later that year, HotForex added Bitcoin to their Contract For Differences (CFD) where traders, while accessing their stock in a bid to tender a trade, can buy or sell bitcoin on the platform. Any Bitcoin bought is automatically converted to the coin the user trades in (account base currency). For instance, if you trade with USD when you buy a Bitcoin, it is converted to its USD equivalent.
Other Deposit Methods Accepted by HotForex
Deposits on HotForex can be made using either of the following methods:
Bank Transfers
You can deposit fiat currencies using any of the banks in your location. Whether you’re paying over the counter, or by wire transfers. For most bank transfers, the minimum cash allowed is 5 dollars while there are no benchmarks for maximum transfer.
Credit/Debit Cards
HotForex also allows payment using debit or credit cards. Using Mastercard or Visa cards, you’re allowed to deposit a minimum of 5 dollars and a maximum of 10,000 dollars at a time.
Other deposit alternatives are:
Fasapay
Neteller
Payredeem
Perfect Money
Shrill
Web Money
Bitpay
For withdrawals, the same options are available. Bear in mind that HotForex does not charge deposit or withdrawal fees.
To deposit or withdraw, log in to your HotForex account, click the menu box (it looks like three horizontal lines stacked upon each other) at the top right of your screen, and go to the “deposit” or “fund withdrawal” option. Follow the prompts to complete your transaction.
Conclusion
Having realized that HotForex does not accept Bitcoin or any other cryptocurrency if your interest is solely crypto, you will have to try out other brokers, there are tons of them. But if you’re a forex person or one looking for ways to invest, HotForex can help with that. This decision to discontinue acceptance of cryptocurrency currency by HotForex can be reversed, so it is suggested to look up their site after reading this, as the information presented here is that which is available at the fine of this publication.
- Does HotForex deal only on Forex?
No, HotForex has chains of dealings including sports. They may seem to only deal with Forex because Forex forms the larger part of their operations.
- How much does withdrawal on HotForex cost?
HotForex charges no withdrawal or deposit fee. See the related paragraph above.
