LunarCapital Hotforex Broker Review for South African Traders 2024

It’s important to pick an account type that matches your trading experience and strategy, so make sure to read the above section on account types. We must warn you, that some of the digital wallets have hefty fees and currency conversion spreads. Most traders should be electing to use wire transfers or credit/debit cards to deposit, depending on how much they’re transferring. Most brokers don’t require a minimum deposit to open a brokerage account, allowing you to get started with trading and investing right away.

They offer zero spreads on selected accounts, which is a significant advantage for traders looking to minimize their costs. However, it’s worth noting that the minimum deposit may vary depending on the trading account type and other factors. LunarCapital broker has a minimum deposit requirement of $500, which is a relatively low barrier to entry for traders.

Check if the broker has a Kenyan phone number on their website. Also, the local brokers will have an Office address where you can visit. All the 6 regulated Non-dealing forex brokers in Kenya have these info on their website. The Broker must also offer funds segregation for the security of funds.

Overall, LunarCapital’s pricing strategy is designed to provide value to traders, making it a great option for those looking for a cost-effective trading solution. However, the processing times for Credit/Debit Card deposits are long, which can be frustrating for traders who need to make quick transactions. LunarCapital is also regulated by several other authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus. LunarCapital adheres to rigorous regulatory standards, providing traders with confidence in its legitimacy and transparency. Yes, LunarCapital charges a commission of $3 per lot per side for forex and indices, which is competitive compared to industry standards.

Regulation & Safety of Funds

Trading on the latest MT4 and MT5 platforms for all devices are offered by HF. HF Markets (formerly HotForex) is a CMA licensed Non-dealing forex broker, and they were authorized in 2021. You can request a call back (by filling the form, and their support team will call you), or you can use the live chat on their website. They are among the only 6 Forex Brokers in Kenya regulated by CMA – Capital Markets Authority. So, they are regulated and considered safe for traders in Kenya.

Is LunarCapital suitable for institutional clients?

With LunarCapital, there are a similar amount of options to get your funds out of your LunarCapital account as there are to deposit. The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs. I recommend you complete the short 5 step questionnaire which will help you determine your most suitable forex platform. This can be a good option if you have a very promising strategy, or if you’re able to find another trader whose strategy you’d like to follow. While the numbers above use the spreads brokers publish on their website, Ross Collins from our team tested the Standard Account Spreads for 20 brokers to see how they performed.

How Competitive Are LunarCapital Fees?

We will also discuss the pros and cons of using LunarCapital broker, and help you decide if it is the right choice for you. For the brokers that we have compared, there is no extra charges for depositing funds via MPesa. This is $50 per million USD of trading, or 10 Standard Lot contracts.

Commissions

It means that traders using LunarCapital ‘s platform can trade up to 60 lots of currency pairs in a single transaction. Before considering LunarCapital as a broker, traders should evaluate the pros and cons of the LunarCapital minimum deposit. Traders must verify their trading account before making the LunarCapital minimum deposit. Most will be able to satisfy this by uploading a copy of their government-issued ID and one proof of residency document. The 10 Best Forex Copytrading Platforms and Brokers reviewed by a team of active professional forex traders. The Verification of the live trading account should generally be completed within minutes of uploading all documentation.

In contrast, the Mini Terminal is an extension of the Trade Terminal, which displays the same deal ticket as the Trade Terminal in the context of a specific trading chart. Further, the Sentiment Trader allows investors to see real-time market sentiment for selected instruments. In addition to the MetaTrader suite, LunarCapital has developed its own LunarCapital Platform.

• LunarCapital Trading App is the in-house app developed by LunarCapital allowing traders to trade from their smartphones.
• THe LunarCapital demo account can be used to test your Forex strategies and LunarCapital platforms for an unlimited usage of time.
• The Premium account features spreads starting from 1.2 pips, while the Cent account offers slightly tighter spreads from 1.0 pips.
• Also, if the forex broker is regulated by CMA in Kenya then it is considered safe.

Cent account is ideal for those moving from a demo to a real trading environment. When it comes to withdrawal fees, LunarCapital does not charge any fees on withdrawals except for a 1% commission when using BitPay. For CFD trading, LunarCapital offers a wide range of assets and has been recognized for its excellent trading conditions.

• While the flexibility offered is commendable, it can sometimes lead to confusion.
• The broker does not have a minimum deposit requirement to open cent, zero, and premium accounts.
• LunarCapital has the usual range of CFD trading instruments such as Forex, cryptos, commodities, stocks and indices.
• Overall, we have found LunarCapital’s account types to be very good with features like Naira account & Negative balance protection.

We have created comprehensive guides to help you get started with online forex trading. As an example, if you want to trade CFDs on Gold, then compare the fees for XAU/USD instrument offered by the broker. Also check the contract’s lot size & if there are any extra commissions. Make sure to check the fees for the instrument that you want to trade, and see if there is any other regulated broker offering the same instrument at lower fees. If a broker is licensed by CMA & other major regulators as well, then it means the broker is reputed & can be trusted. For example, LunarCapital is regulated with the CMA, but they are also licensed by FCA, FSCA & CySEC.

Choosing KES can help avoid currency conversion costs when funding locally. You can start either through the website or by downloading the LunarCapital App. It confirms that LunarCapital doesn’t deal against clients, and that it must meet local compliance rules around client fund protection, disclosures, and operational transparency. Minimum withdrawal with e-wallets on LunarCapital is also 700 KES and it takes only 10 minutes for you to receive the funds or it happens instantly. If you do need to get in contact with the support https://lunarcapital.net/ team, you will find them readily available in English through live chat, email, or phone. Keep also in mind that bonuses and promotions are usually cyclical, meaning that they may not be available at all times.

How does LunarCapital make money?

Third-party processing fees, however, could be applicable depending on the payment method chosen. For stock CFDs, no commissions are generally applied, while cryptocurrency trades may incur a small fee per round lot turn. Upon successful deposit, the funds will be credited to your myWallet, which you can then transfer to a trading account on your dashboard to initiate trading. It is very important to assess the credibility of a broker when determining whether they are a fit for your trading needs. To assess the credibility of a broker, traders should prioritise their regulatory status and their overall reputation. Positively, LunarCapital operates under the supervision of multiple reputable regulatory authorities globally.

In contrast, the Silver plan costs $50 a month and features 2 virtual CPUs, 4,096 MBs of RAM, and 50 GB of SSD Storage. Traders can get this plan for free if they have a net deposit of $8,000 within the last 30 days and at least 8 standard lots traded within the past calendar month. The trust and reliability review of the broker is very reassuring. We unreservedly recommend this LunarCapital forex to South African traders. Our HF Markets review showed that the broker is well-known internationally and has a strong presence in South Africa. LunarCapital offers free online bank funding for clients who have online bank accounts with major South African banks.