HF Markets Minimum Deposit

HF Markets minimum deposit in South Africa is R0.

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 R100 or only a $5 for most payment methods. That’s an accessible amount for almost anyone looking to test the forex trading waters.

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 R1,800.

3) Pro Plus Account: Geared towards experienced retail traders, the HF Markets Pro Plus Account mandates a minimum deposit of R4,700.

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 South Africa

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 $5 (R95) Deposits via cards on HFM are credited within 10 minutes.

Minimum withdrawal via cards on HFM is $5 (R95). 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 South Africa using Rand (ZAR). Bank transfer deposits are credited within 10 minutes.

The minimum deposit for bank transfer deposit on HFM in South Africa is R100.

The minimum withdrawal via bank transfer is R70 and it takes 1 to 3 business days for funds to reach your account.

3) E-wallets: Popular options like Skrill and Neteller are supported for deposits on HF Markets. E-wallet deposits are credited within 10 minutes to your trading account. The minimum deposit amount for e-wallets on HF Markets is $5 (R95).

Minimum withdrawal with e-wallets on HFM is also $5 (R95) 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) Sign in to your dashboard by accessing the HF Markets website or via my.hfm.com/za/login.

Step 2) Once logged in, navigate to the left column menu (desktop view) and click on ‘Deposit’. Choose ‘Bank Transfers’, then select ‘Direct Online Banking’ to proceed with deposits in Rand.

Step 3) On the Direct Online Banking page, input the desired amount in ZAR, verify your address and email, then click ‘Deposit’.

Step 4) A pop-up window will appear for selecting either Online Bank Wire or QR Code Payment. Opt for Online Bank Wire, choose your bank, and follow the provided instructions to finalize your deposit.

Step 5) Upon successful deposit, the funds will be credited to your myWallet. Transfer these funds to a trading account on your dashboard to commence trading.

Locate ‘Transfer Funds’ on the left side menu, enter the transfer amount, click ‘start transfer’, and follow the on-screen prompts to complete the transfer.

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 South Africa Minimum Deposit FAQs