HFM Review 2023 - Verified Customer Reviews

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4.7
User Rating
4.2
(68)
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HFM Review

Updated June 08, 2023
4.7
Score breakdown
Pricing: 4.5
Regulation: 5
Popularity: 5
User Rating: 4.2 (68)

HFM overall score rank: 3 out of 66

HFM forex broker review

Risk Warning: Trading leveraged CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

KEY TAKEAWAYS

  • Excellent range of educational materials
  • Great selection of 965 DMA stocks
  • Multiple regulations, including South Africa, Cyprus, the UK, and Seychelles
  • Customer support in 27 languages, available 24/5

Regulations and Money Protection

5.0  


Entity Name Licence & Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
HF Markets (Europe) Ltd Cyprus CySEC License ✔️
segregated client money
✔️
up to €20,000
✔️
HF Markets (UK) Ltd UK FCA License ✔️
up to £85,000
HF Markets (DIFC) Ltd UAE DFSA License
HF Investments Ltd Kenya CMA License
HF Markets (SV) Ltd (SVG) SVGA FSA Registration
HF Markets SA (PTY) Ltd (South Africa) South Africa FSCA License
HF Markets (Seychelles) Ltd Seychelles FSA License

Entity/Regulation

The HFM broker (formerly known as HotForex) is an award-winning CFDs broker with headquarters in Cyprus and regulated in multiple jurisdictions across the globe:
  • International clientele: HFM, registered as HF Markets (SV) Ltd, with address at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines will be the main counterparty for international customers. HF Markets (SV) Ltd is registered as an International Business Company with number 22747 IBC 2015. This entity does not provide services to residents of the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu and EEA countries.

  • European (CySEC) regulation: HF Markets (Europe) Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license Number 183/12 and holds a cross-border licence, authorising the company to provide investment services internationally.

  • UK FCA regulation: HF Markets (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

  • Dubai DFSA regulation: HF Markets (DIFC) Ltd is authorised and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.

  • Kenya CMA regulation: HFM Investments Ltd is authorized by the Capital Markets Authority in the Republic of Kenya as a non-dealing online foreign exchange broker with license number 155.

  • South Africa FSCA regulation: HF Markets SA (PTY) Ltd, also trading as HFM, is authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with license number 46632.

  • Seychelles FSA regulation: HF Markets (Seychelles) Ltd is incorporated under the laws of the Republic of Seychelles with registration number 8419176-1 and regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer License number SD015.

Client Money Protection

  • HFM complies with the highest safety standards for clients' funds. For this reason, HFM clients' funds are kept in top-tier international banks, fully segregated from the company's funds.

  • HFM also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. HFM holds the client's money separately from the company funds and does not use these funds for any operational expenses or purposes.

Negative Balance Protection

For accounts opened via any entity of the HF Markets Group, there is a default Negative Balance Protection mechanism in place, preventing traders from incurring negative balances. With NBP, HFM customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage

✔️Cent
✔️Premium
✔️Zero
✔️Pro
✔️PAMM
✔️Islamic Accounts

✔️Forex
✔️Indices
✔️Stocks
✔️Futures
✔️ETFs
✔️Bonds
✔️Commodities
❌Cryptos
✔️MT 4
✔️MT 5
❌cTrader
✔️HFH App
✔️HF Copy
✔️Auto account
30:1 Europe

50:1 UAE

400:1 Kenya

1000:1 ZA & SC

2000:1 SVG

Account types and currencies

  • HFM offers several types of trading accounts (subject to the contracting entity and client jurisdiction), with a highlight on the Cent, Premium, Zero and Pro accounts. HFM also offers swap-free accounts for traders of Islamic belief and a swap-free option for all traders*.

  • HFM allows for social trading, including copy trading, via the HF Copy account (as a follower or a signals provider) and through the Auto account, connected directly to any MQL5 trading signals account.

  • HFM has PAMM accounts alternatives for money managers.

  • HFM's maximum leverage ratio is up to 2000:1 for accounts opened by residents of the accepted countries.

  • Currently, HFM trading accounts are only available in EUR, USD, JPY and NGN*.

    *subject to the account type, contracting entity and traders' geographical location

Financial instruments

Trading with HFM can be done via the MetaTrader 4 and MetaTrader 5, available on the web, desktop terminal and mobile versions and the in-house developed HFM App. HFM offers an excellent selection of more than 1,200 assets to trade, including forex, indices, stocks and commodities.

  • FX market: 50+ currency pairs, including all major pairs, and some minor and exotic crosses.

  • Indices: 11 global indices CFDs, including the DAX, AUS200, FTSE100 and NIKKEI 225. Also on the indices category, 12 indices futures CFDs contracts of global exchanges, including the CAC40, US100, S&P500 and VIX.

  • Shares: 54 shares derivatives available for trading, with low margin requirements, of some of the world’s largest, and most well-known companies and banks, such as Apple, Amazon, Boeing, Facebook, Lloyds Bank, Lufthansa, NatWest and Tesla.

  • Stocks: 946 stocks CFDs available for trading, with DMA access directly on the order books of global stock exchanges, such as NYSE, NASDAQ, CAC and FTSE, from worldwide top companies and banks, such as Apple, Tesla, Tesco, Rio Tinto, Barclays, Bank of America, Adidas, and BNP Paribas.

  • ETFs: 34 Exchange Traded Funds available for trading, of high-quality, low-cost ETFs including ETFs from Aerospace & Defence, Commodities, Energies, Mining, Pharma, Real Estate and Technology.

  • Bonds: 3 bonds CFDs based on highly rated government-issued debt securities; Euro Bund, UK Gilt and US 10-year treasury note.

  • Commodities: 8 commodities CFD available for trading; 6 metals – Platinum, Palladium, versus the USD and Gold and Silver versus the USD and the EUR, 2 energies – UK Oil and US Oil, and 5 soft commodities including Coffee and Cocoa.

  • Cryptocurrencies: Currently, HFM does not offer or support the trading of cryptocurrencies CFDs.

Pricing

4.5  


Pricing/
Account
Cent Premium Pro Zero HFcopy
Spread EUR/USD from 1.2 pip from 1.2 pip from 0.5 pip from 0.0 pip from 1.0 pip
Commissions (1 lot) 6 USD
Minimum Deposit $0 $100-₦50,000-€100-¥13,000 $0 from $500 - strategy provider
from $100 - follower

Spreads

HFM spread for the most traded pair, the EUR/USD, and for the Cent and Premium accounts, starts at 1.2 pip and no commissions. We consider this spread to be average when compared with other top brokers and could represent an alternative for investors looking to trade just with the bid/ask prices and no extra costs.

With an HFM Zero account, the EUR/USD minimum spread is 0.0 pip (typically 0.2 pip). To benefit from the lower spreads of the Zero account there's a cost to pay: a commission. For the EUR/USD, the standard lot commission for 1 lot (100,000 units) is 6 USD commission (3.0 USD per side/lot). We consider this commission to be in line with other top brokers.

Rollover Rates

HFM swap rates, as of 07-06-2023, for 1 lot EUR/USD (100,000 units) are -9.60 USD for holding overnight a long 1 lot contract and 0.00 USD for holding overnight a short 1 lot contract. We consider HFM swap rates to be worse when compared with the rollover rates offered by other top forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 5 different currencies* and maintained via 15 different funding methods*, including cards, bank wires and e-payments such as Neteller, Fasapay, Skrill and Bitcoin*. Deposited funds are available, usually, within 10 minutes. HFM does not charge any fees for deposits.

  • Withdrawals fees - Same policy applies for withdrawals (processing times vary from instant to 10 working days). HFM does not charge any additional fees for withdrawals. However, the sending, correspondent and receiving bank may charge transaction fees according to their fee structure. For more information, please visit the HFM deposit and withdrawals dedicated page.

  • Inactivity fee - Currently, HFM does not charge an inactivity fee or any account maintenance fees.

    *depending on the contracting entity and traders' geographical location

Popularity

5.0  


Forex Education Deposit Options Deposit/Withdrawals Fees Non-expiring demo account Customer Support
FX Courses
Webinars
Video Tutorials
Fundamental & Technical Analysis
Trading Tools
Cards
Bank Wire
E-payments
✔️ Multi-language
24/5 Support
Live Chat

The popularity of HFM deserves a great 5 out of 5. HFM is considered a good broker for traders looking for a regulated company and safety of funds. With over 2,000,000 accounts opened in more than 10 years of business (according to their corporate website) HFM seem to have a fair market share and managed to capture the attention of traders.

  • Trading accounts - The HFM Zero account is a popular choice with traders looking to save on trading costs, with a lower spread and a competitive commission of $6.00 per lot traded. Extra points for HFM's policy of no fees on deposits or withdrawals.

  • Forex education - HFM also gets extra popularity points for their extensive range of forex education materials, available through the Education tab. HFM clients can enrol on webinars and forex courses to enhance their trading skills, and overall market knowledge, watch and learn with several video tutorials, and read and make informed decisions with HFM fundamental & technical analysis reports. HFM traders will also have access to the broker's Trading Tools tabs, packed with several Forex calculators and other handy tools.

Funding Methods Bank Wire, Cards, Fasapay, iDeal, Neteller, PaySafeCard, Przelewy24, Skrill (Moneybookers), Sofort, Webmoney, Western Union, TrustPay, Bitcoin
Support Languages Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish, Vietnamese

  • Minimum deposit - Opening a trading account with HFM is completely hassle-free and can be done online, taking around 10 minutes to complete all the required forms. The minimum deposit requirement with HFM varies from 0 USD to 5,000 USD, depending on the selected account.

  • Customer support - HFM's multi-language customer support service is available 24 hours, 5 days a week, in 27 languages. HFM's support is available via phone call, contact form, email and live chat directly from the broker's website.

Broker Profile

Founded in 2010 and with headquarters in Cyprus, HFM is an award-winning forex and commodities CFDs broker, providing trading services and facilities to both retail and institutional clients. Through its policy of providing the best possible trading conditions to its customers, HFM allows both traders and scalpers the use of EAs (Expert Advisors).

HFM offers various account types, trading software and tools to facilitate individuals and institutional customers to trade forex and CFDs online. All Retail, affiliates and white-label clients have the opportunity to access various interbank spreads and liquidity via state-of-the-art automated trading platforms. HFM provides an unparalleled variety of account options for individuals, fund managers and institutional customers.

Coupled with good trading conditions and fast execution times, customers can enjoy a tailored trading experience that perfectly suits their needs. HFM provides all the tools and services needed for clients, of any level, to realise their trading ambitions.

Overall, on our 2023 HFM review, the broker scores top marks, with a satisfactory 4.7 out of 5. The HFM broker is a valid choice for traders looking for a reputable broker with multiple regulations and several retail clients' fund safety mechanisms. Also positively, the great choice of trading instruments merged with generous 0 fees for deposit/withdrawals and fast processing times. Points to review? Probably the overall cost of trading. HFM spreads and swap rates could be slightly lower, and more in line with other top brokers.


Data supplied in partnership with CashBackForex - Forex Rebates places HFM in the top 10 brokers for popularity with traders opening an account in 2023.


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4.2
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HFM user rating score rank: 8 out of 66

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HFM Products

Forex
Metals
Indices
Commodities (coffee, sugar...)
Cryptocurrencies
Bonds
Bitcoin