HFM
- Leverage: 1:30 | 1:2000
- Regulation: CySEC, FCA, DFSA, FSCA, FSA, CMA
- Min. Deposit: 0 US$
- HQ: Cyprus
- Platforms: MT4, MT5, HFM Trading App
- Found in: 2010
HFM Licenses
- HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12
- HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701
- HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885
- HF Markets (SV) Ltd – authorized by FSA SVG registration no. 22747 IBC 2015
- HF Markets (SV) Ltd – authorized by FSC (Mauritius) registration no. C110008214
- HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
- HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles) registration no. SD015
- HFM Investments Ltd – authorized by CMA (Kenya) license no. 155
What is HFM?
HFM is a multi-asset Forex broker that offers Forex and Commodities trading while previously was known as HotForex.
HFM offers CFDs trading services choice of 7 account types and trading platforms with tight spreads averaging EUR USD 0.1 also operating unrestricted liquidity. Which is allowing any size or profile trader choose between various spreads and liquidity providers via automated trading platforms and perform any strategy, including News trading.
- The brokerage firm itself was established in 2010 with its headquarter in Cyprus, yet in addition serves several global offices including Dubai, South Africa also offshore entities in St Vincent and the Grenadines.
- While indeed HFM shows great interest and impacts mainly in Africa (see Ghana Brokers), Asian and MENA regions which bring some of the great opportunities to global residents and plus to International proposals overall.
Besides, HFM offers its trading service along with the applicable licenses in each region it operates that regulate the Forex industry, therefore delivers service trustworthily.
HFM Pros and Cons
HFM is a broker with a good reputation and regulations based on our finds. The offering is user friendly, we mark large portfolios for Forex and CFDs instruments, while fees are considered low compared to other popular brokers, besides minimum deposit is among lowest in industry allowing any size of traders to sign. Also, there is truly remarkable education section suitable for beginning traders and one of the best ranges our financial experts saw of webinars and seminars performed globally.
On the other hand, HFM has limited portfolio for EU clients, with only Forex and CFDs are offered. Also, international trading is done via offshore branches with lower requirements, however HFM has good reputation so is considered to sign in.
| Advantages | Disadvantages |
|---|---|
| Founded in Cyprus known for its great technology | International offering done via offshore |
| Regulated Financial Conduct Authority FCA, CySEC, South Africa etc | |
| Broker with some of the best range of Forex and Commodities markets | |
| Numerous industry awards | |
| Low First Deposit | |
| Low Fees |
Awards
Besides its looks to us an attractive trading proposal at first look, there are some confirmations about its trustworthy business due to official figures and numbers, as well as numerous industry awards that HoForex holds and counting. We also saw great development of HFM along the ttime, before broker mainly operate in Europe and now is one of the trully global brokers with great coverage of regions.
- Until now there are more than 500,000 Live accounts opened with the HFM, along with multiple Industry awards and sponsorship HFM prestigious titles recognize as Best Clients Funds Security Broker, Best Forex Provider, Top 100 Companies etc, see our snapshot find below.
Is HFM scam or safe Broker?
No, HFM is not a scam, we consider HFM a safe broker due to being licensed by several top authorities including FCA, FSCA and CySEC.
- HFM is a brand name of HF Markets (Europe) Ltd. that is authorized and regulated by the CySEC a regulatory authority for Investment Services firms in Cyprus, also operates with cross-border licenses, authorizing HFM to provide investment services within EEA zone.
In simple terms it means the broker is regulated and authorized to offer its trading service along with necessary safety measures and controls applied.
Where HotForex located?
In addition to its main license from CySEC, the broker holds other licenses to be able to serve clients from some specific jurisdictions including South Africa, Dubai, England etc. Besides, wee see obvious evolvement in HFM growth and regulation, now Broker operates fully legally in Africa region too with South Africa and Kenya obtained licenses.
Also, there are HFM entities that are registered in offshore zones alike Mauritius, SVG and Seychelles. While our general recommendation is not to trade with offshore brokers as they simply do not regulate Forex trading, due to HFM multiple parallel regulations it is considered to be safe to trade with them.
See our conclusion on HFM Reliability:
- Our Ranked HFM Trust Score is 9 out 0f 10 for good reputation, excellent service for years and constant growth and reaches to more jurisdictions. HFM holds reliable top-tier licenses, is one of the biggest Brokerages worldwide, while the only point is International trading available via the offshore entity.
| HFM Strong points | HFM Strong points |
|---|---|
| Authorized and Regulated by CySEC, Financial Conduct Authority FCA, FSCA South Africa | Three entities based in offshore zones |
| Negative balance protection | |
| Constant enlarging of licenses | |
| Global reach with available access of Asia, Africa regions | |
| Additional Civil Liability Insurance |
How are you protected?
For the funds protection, which is an important part of the regulated broker, HF Markets (Europe) Ltd. is a member of the Cyprus Investor Compensation Fund. It constitutes a claim of the covered clients against investment firms. Clients’ deposits are protected under the requirements of the regulators.
While in addition to that HFM safeguard traders with a Civil Liability insurance program for a limit of €5,000,000, which includes coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss, giving extra layer of protection and another good point to our HFM Review. However, according to applicable laws and regulations, the conditions vary from one entity to another, see our snapshot of HFM licenses below.
Leverage
While trading with HFM we founf availabilitty of fixed or floating leverage, which is indeed a very useful tool, especially for traders of smaller size. Leverage brings an opportunity to increase your potential gains through its possibility to multiply balance in a particular number of times. Yet remember that leverage may work in reverse too, defining also your risks, that is why it’s so important to understand how to use tool smartly.
- HFM offers various leverage levels from the “modest” one as determined by European regulations allowing 1:30 for Forex instruments, and up to very high ratios of 1:2000 available via international branch. Yet, again always make sure to learn about high risks of leverage, as retail trading accounts lose money rapidly due to high leverage.
Therefore, your leverage levels are firstly settled according to the regulatory requirement in the region or another also your prof level in finance, so make sure to verify with the customer support team which one you entitled to.
- European entities that oblige to ESMA regulation, the maximum leverage ratio is set to a 1:30 on Forex instruments, 1:25 Spot Metals, etc.
- South Africa residents may access leverage of up to 1:200
- Higher leverage ratios like 1:400, 1:500 or even 1:2000 are offered through HFM offshore entities since a particular registration does not limit offering and allows high leverage levels.
Account types
HFM provides an variety of account options with 6 different accounts based on specific requirements. The range offers Micro, Premium, Zero spread, HFCOPY, PAMM Premium Accounts, and Swap Free Accounts, also you can select the Islamic Account suitable for traders from the MENA region or beyond.
- From the very beginning, you may sign in for Demo Account and then transfer it to a Live one just by depositing money.
- Each of the account types brings good flexibility and allowing to choose based on your trading strategy, allowing either beginning traders, investors or professionals to find its own way in trading.
- Another good point we admit is the opportunity to trade Micro lots, use Cent or Nano account, or specify account for Copy Trading. You may see below in our HFM Review snapshot below details of each, also negative and positive points to consider:
| Pros | Cons |
|---|---|
| Fast Account Opening, fully Digital | Accounts and offer depends on the entity |
| 6 Account types | Some conditions are not available in some regions |
| Great options for a particular trading style | |
| Very Low Min deposit free of charge | |
| Micro Account, Cent Account and Islamic Accounts offered |
How to open HotForex Demo Account?
To open a Demo account is pretty easy since there is no verification is needed at this step, we were able to open demo account in minutes. While you should simply follow the process of risk-free account opening on HFM website and get access to either MT4 or MT5 platforms with unlimited demo funds. So here is the step by step process of Demo Account opening:
Opening Trading Account step by step:
1. Go into HFM Demo Account Sign In page
2. If you are a new client enter your personal data First and Last Name, Country of residence, email, phone, etc. Or in case you’re existing client follow sign in
3. Fill in all required information for the first register of myHF
4. An account will be approved almost immediately, where through your client area you can get access to New Demo Account, next you can follow with Live Account submit to manage your funds
How to open HotForex Live account?
Once you ready or decided to start Live Trading you can submit for a Live account where HFM may ask you for confirmation of your documents including identity, residency and other proof before you start. In both cases, you will get access to myHF client area where you can manage all your accounts and finances.
What Instruments I can trade in HFM?
One of the HFM Pros also is offered market range that includes 17 trading tools and 150+ trading products with access to global markets. These include Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and included for last years offering to trade Cryptocurrencies with Bitcoin, Ethereum, Litecoin, Ripple and more.
HFM Fees
HFM trading costs mainstays at the tight spread offering in general andl bringing some of the most attractive spread opportunities among the industry as we conclude based on our research, also proposing spreads from 0 pips on some accounts. However, is good to check on the additional, non trading fees and charges for deposits or withdrawals all in all concluding your trading costs, see fee table below:
- HFM Fees are ranked average, low with overall rating 8 out of 10 based on our testing and compared to over 500 other brokers. Fees are different based on entity, yet traders can use free deposits and withdrawals mainly worldwide
Overview of the Non Trading Fees
Important to consider, there is a fee charged in case you didn’t use your account and show no activity for 6 months or more. After this your account entitled to 5$ HFM inactivity fee per month.
Despite this, there are no deposit fees or some of the withdrawals are free as well, which we will see in our HFM review further.
| Fees | HFM Fees | FXTM Fees | XM Fees |
|---|---|---|---|
| Deposit Fee | No | No | No |
| Withdrawal Fee | No | No | No |
| Inactivity Fee | Yes | Yes | Yes |
| Fee ranking | Low | Average | High |
Spreads
HFM fees are built in a transparent manner while the only charge is variable spread, which is a difference between bid and ask price, also HFM does not offer fixed spread (Find fixed spread brokers list here). HFM does not charge additional fees or commission, thus your calculation of the position is quite seamless and easy despite the level of trader you are, see our spread finds below:
- Spreads fees defined by the account type you use, thus Micro Account spread starting from 1 pip and Zero Account offers 0 fee which averages on 0.2 pips most often.
- However, the difference between trading costs also defined by the margin requirements, which increase almost double in case you wish to trade with 0 spread. So make sure to verify account conditions in detail before you sign in.
Below you may see a comparison of the most popular instruments, the typical spread based on Standard conditions, as well for your information compare fees to another broker FP Markets.
- HFM Spreads are ranked average/ low with overall rating 8 out of 10 based on our testing comparison to other brokers. We found Forex spread lower than the industry average of 1.2 pips for EURUSD which is great plus
Comparison between HFM fees and similar brokersAsset/ PairHFM SpreadFXTM SpreadXM SpreadEUR USD Spread1 pips1.5 pips1.6 pipsCrude Oil WTI Spread5 pips9 pips5 pipsGold Spread19935BTC USD Spread302060
Overnight Fee
As well always consider overnight or rollover fees as trading costs in case you holding an open position longer than a day. This fee is defined by each instrument separately and you will see it directly from the platform or upon the opening of the trade, see below example with Cryptocurrencies.
However and unless you trading through swap-free accounts designed to traders following Sharia rules, as these accounts restricted from any interest rates or swaps.
Fee conditions upon opening of trade
Deposits and Withdrawals
There are multiple ways to fund trading accounts supported by HFM. Besides broker issue its very own HFM MasterCard for a straight transaction and the ability to make safe online payments.
- HFM Funding Methods we ranked Excellent with overall rating 10 out of 10. Minimum deposit is among lowest in industry, also Fees are either 0 or very small, besides range of supported funding methods is good, but be sure to verify conditions with entity you trade
Here are some good and negative points on XM funding methods found:
| HFM Advantage | HFM Disadvantage |
|---|---|
| Minimum deposit – 5$ for Micro Account | Methods and conditions vary based on entity |
| Wide range of deposit option including Credit Card, Bitcoin, WebMoney and fasapay | |
| Free deposit and withdrawals |
Deposit Methods
One of the great points in we found is that HFM offers over 14 methods to deposit or withdraw money, also along the time adding more methods based either on new offerings like Crypto Deposits or enlarging accessibility to local transfers or payment methods available at the regions. Those methods include:
- major credit and debit cards
- wire transfers and domestic transfers available at some regions
- vast of e-wallets, including Cryptocurrency Deposit, fasapay, WebMoney, and more.
How do I deposit money on HFM?
So in order to deposit money on HFM you simply need to select the payment provider of your preference, as well as the one that is available in your region, and proceed with the payment. HFM will process your withdrawal within a short time and is available 24/5.
What is the minimum deposit for HotForex?
HFM minimum deposits start from 0$, yet, if you just make a first deposit check out preferences on a minimum requirement according to the account type as well, also determined by the payment method you would choose.
HFM Withdrawal Review
HFM withdrawal options including cards, bank transfer by far most used option and various ewallets. And the last point withdrawal fee, which is actually 0$ is amazing news that allows you not to worry about extra fees. However, Wire Transfer may involve some correspondent fees according to your bank and international policies.
How do I withdraw money from HFM?
In order to proceed with the Withdrawal, you should access your myHF area and submit a Fund Withdrawal request.
HFM Broker Review Withdrawal step by step
- Access your myHF page and account area
- Select ‘Fund Withdrawal’
- Chose the appropriate withdraw method and amount
- Confirm necessary data and processing time/ fees
- Submit
- Follow up and check on the process or confirmations through your page
How long does it take to withdraw money from HFM?
Various payment methods will process withdraw money in slightly different time. HFM accounting team confirms transactions quite quickly as we had on our trade test, yet the matter might take longer due to payment providers. Alike Wire transfer will take 2-10 working days, also depending on your bank and international policy processing, while ewallets will load the request Instant.
Trading Platforms
HFM provides an award-winning MT4 Platform as its main trading software and its newer version MetaTrader 5. It is not a surprise choice, as platforms enable one-click trading along with numerous tools and access to institutional quality technology through advanced configuration, also offering a good choice between platforms so whether you are a very beginner or an advanced trading veteran the software might be suitable well.
Web Trading Platform
MT4 and MT5 HFM terminals available in various versions that suit your personal needs and allows efficient trading through the Desktop Platform, WebTerminal which is compatible with any browser. Or by the use of MT4 MultiTerminal with access to manage multiple accounts simultaneously, however desktop version still remains the most complete with all features and add-ons available there.
- HFM FIX/API is ideal for clients that want to use the FIX protocol.
- Also, there is a possibility to copy trade or become a professional master to be copied through an advanced PAMM technology designed by HFM.
Mobile Trading Platform
HFM has developed a new mobile application – HFM Trading App or HFM Mobile Application . The app is available for both Android and iOS users. MT4 and MT5 mobile trading are actually known for its advanced capabilities and interactive charts with almost the same productivity as its full versions, while the app takes the trading experience trully great with over 30 technical indicators and 24 analytical objects, so mobile capabilities are very good, and we enjoyed testing it too. See our ranking and comparison to other brokers below:
- HFM Platform Selection ranked Excellent with overall rating 9 out of 10 compared to over 500 other brokers. We mark it as excellent since there is a choice between industry popular platforms like MT4 and MT5, also HFM has its own trading apps packed with tools and excellent research. HFM technology overall might be suitable for day trading, long or short trading, copy trading, Robot Trading, EAs all with quality execution.
HFM Platform Look and Feel:
Does HFM allow scalping?
Yes, HFM allows scalping and places no restrictions on the strategies, however various entities and regulations may apply some conditions so you better always check terms and conditions.
Particularly about scalping, there is no restriction and HFM range of accounts alike with Zero spread may assist you even better to trade this strategy.
How do I manage my risk?
While placing an order you should manage your risks smartly while tools like Limit Order and Stop loss orders will assist you, since they are the most basic risk management toos. Stop loss will set a particular position to be automatically closed at the predetermined price, sot that you won’t lose more than you define. Also, HFM provides good calculators and trading journal to keep track on your performance and is highly advised by us for use too.
Placing Trading Orders
Customer Service
Another important point while choosing the broker and within our HFM Review is customer service. Eventually, the broker provides support in 27 languages which is an impressive number that covers almost all world most used languages, and allowing traders from almost any country to join trading and get quality support.
- Customer Support in HFM is ranked Good with overall rating 9 out of 10 based on our testing. As we check the traders’ reviews and tried HFM Customer Service Live Chat for our tests too, the satisfaction statistics is good, and HFM provides a good level of customer support along with support materials, see our Ranking breakdown below:
| Pros | Cons |
|---|---|
| Customer oriented policy | No 24/7 customer service |
| Live Chat | |
| Supporting 27 languages | |
| Good ranking of Support | |
| Fast answers |
HFM Research and Education
Education is another strong point of HFM since the broker concentrates and puts efforts on Africa and Asia regions so its allows various traders to join in. We found very well-designed and explained Trading courses, Live Webinars, Video Tutorials, Daily Analysis and Market Outlooks along with News Feeds all provided in impressive number of languages, so with HFM you have all potential to become a better trader whether you’re a beginner or a professional one.
Trading Research Tools
For Research HFM provides an excellent range of analytical and research tools. This includes Analytical Objects, Economic Calendar, Autochartist and Trader’s Board for comprehensive analysis, as well as additional Premium Trading Tools. In addition, there is a VPS Hosting available, while free VPS packages provided to those who deposit from 5,000$
- HFM Education ranked with overall rating 10 out of 10 based on our research. HFM Trading Academy, Webinarsm Video and Analytics are at very very good level, we might rank with our over 10 years of Trading experience as one of the best education Brokers among the industry
Is XTB good for beginners?
Based on our research, we can recommend XTB for beginners since it did a great job incorporating state-of-the-art educational resources and research tools. XTB’s trading platform is quite user-friendly and the spreads are lower than the industry average. Another great aspect is that it doesn’t have a minimum deposit requirement making it favorable amongst newbies.
HFM Review Conclusion
Overall, HFM is a well-established customer-oriented broker with secure, regulated trading environment suitable for almost every trader. The services and products are tailored to specific requirements and bring very good range of choices including accounts, platforms, tools, and instruments with the ability to choose a suitable strategy with almost no restrictions.
So in our financial review though either you wish to join copy traders or to use EAs, perform scalping or become a partner etc. there is an option for all. As well, HFM pricing is one of the lowest rates in the industry.
Based on Our findings and Financial Expert Opinion HFM is Good for:
- Beginning Traders
- Traders withh Experience
- Investors
- Copy Trading
- Trading Education
- Traders who prefer MT4 and MT5 platforms
- Currency Trading and CFD Trading
- Running various Strategies
- EAs trading
- PAMM Trading
- Excellent Research
