Jul 06 2020 2
As an affirmation of the quality of its customer service, HotForex broker recently launched a HotForex Card program for all members of the system, which is called HotForex MasterCard. With many benefits of HotForex MasterCard such as: allowing cardholders to easily withdraw money via HotForex system, direct cash withdrawal, or convenient online payment, there's no denying that in the future this will be an indispensable means of payment for investors in the foreign exchange market... Today, BRKV would like to share some important information about this unique program in the financial market.
Advantages of HotForex Card
- Secured transaction: HotForex works closely with MasterCard in order to keep their customers safe.
- Global transaction: You can easily pay for products and services anywhere in the world as long as they accept MasterCard.
- With HotForex MasterCard, a trip to the shopping mall is made easier and more convenient.
- You can deposit or withdraw money faster and easier from your HotForex trading account.
- Instant transaction notification on your phone for free.
Sidenotes for HotForex MasterCard
- If you are already in the HotForex Loyalty Traders program when registering a card, you will get 700 Bars ($20) instantly.
- The withdrawal fee at ATMs is 3 dollars. For foreign countries, the conversion fee is varied depending on where you are.
- For balance checking on the ATM, the fee is 0.4 dollar.
- Annual maintenance fee is $5 (if there are transactions) or $10 (if there is no transaction).
- You get Balance change message service for free.
- Maintaining fee is $10
- If you don’t have any money in your account for 100 days, your HotForex card will be deactivated. If you would like to re-activate the card, contact HotForex support (emails, live chat, phone call) to unlock the account when you deposit.
HotForex and MasterCard
Forex MasterCard is an international payment card issued by MasterCard Worldwide (a multinational company headquartered in Purchase, New York, USA) in association with forex brokers like HotForex. MasterCard cards allow you to pay for all transactions both domestically and internationally.
While Visa cards are widely used by Asians, MasterCard cards are more dominant in the US and in Europe, the two cards are equally popular. You can distinguish these 2 cards by the markings on the cards. Specifically, the structure of a MasterCard card includes:
The front of the MasterCard has the words "MasterCard" underneath two interlocking orange and red circles. This icon is located in the lower right corner of the card.
Name and logo of the card issuer, card number, card validity period, security character (with interlocking M and C, imprinted below the Mastercard logo, visible when illuminated with purple light ) and the cardholder's name is embossed on the front.
The back of the card will have a signature box for the cardholder and a security number.
There are 3 types of Mastercard cards to meet the needs of international use and payment for many different subjects.
This is a prepaid card, you can use as much as you can. The card is linked to your existing bank account. The payment amount for the transaction will be deducted from the bank account.
Making a Mastercard debit card is very easy. You just need to bring your identity card to the bank to be able to make a card without having to prove your income. Some banks also allow online registration and appointment, you just need to go to that bank to receive the card.
Credit card is a payment card in the form of spending first, paying later. Cardholders do not need to pay cash directly for the transaction. Instead, the bank will advance the transaction and the cardholder will refund the amount to the bank by the due date specified on the monthly transaction statement.
Unlike debit cards, credit cards are not linked to a deposit account. So after each payment or cash withdrawal, the amount in the deposit account remains the same, unaffected.
The amount used by the cardholder is within a certain transaction limit. This limit is granted by your bank based on your card opening application. Depending on your financial capacity, the bank will grant you the corresponding credit limit.
The prepaid card also has the same withdrawal, payment and transfer features as a debit card. You are allowed to spend within the card's limit. However, a prepaid card has a special feature compared to the two types of credit and debit cards, which is that there is no need to open a bank account and you can open many main and auxiliary cards at the same time.
You can better protect other accounts in the bank (since it's not linked to a checking account) and save on transaction or maintenance fees. However, prepaid cards are restricted to withdrawals and transfers to avoid fraudulent transactions.
Why should you trade with HotForex?
Beside the forex card, there are many advantages of HotForex making it a perfect broker to trade with. Specifically:
- The industry specialists formed it in 2010 in the Republic of Mauritius.
- It obtains the regulations from CySEC (Cyprus) and FSCA (South Africa) as well as FCA, DFSA, FSA.
- It is available in 27 languages, and even has customer service 24x5 per trading day.
- It provides many deposit ways.
- HotForex offers "No-Swap Islamic" account which is specialized as a zero account with nearly zero spread for scalpers and automated traders. Also, it has a PAMM account, but only used for customers of Islamic markets.
- With the international banks, your deposits are safe in segregated accounts.
- Not only providing mostly variable low spread, HotForex also offers fixed spread accounts for scalping or robot trading traders.
About leverage, it varies by the account classification:
- Micro: 1:500
- Premium: 1:400
- VIP: 1:300
Such leverage conditions are not applicable for EU clients as their maximum leverage is 1:30.
Besides the above-mentioned HotForex card, HotForex also has another special one that is beginner support. With an experienced customer service team fluent in more than a dozen languages, they will support you anytime through phone, mail, live chat or Skype. Also, in the educational pages of the company, you can find lots of training materials, videos, or charting tools to refer.
Who else offers forex card?
Actually, HotForex is not the only forex broker who offers this kind of service. There are other brokers as well. But I only want to focus on the big and famous forex brokers because trading with them is much safer. So if you want an option besides HotForex card, you can check out XM card. XM is as big a broker as HotForex and their trading conditions are awesome. Open an XM account now and get your XM card for free.