Editor’s Verdict
HFM offers clients upgraded MT4/MT5 trading platforms, PAMM accounts, and a proprietary copy trading service. The core trading environment consists of cutting-edge trading tools, low trading costs, a balanced asset selection, and high leverage. Quality education and research are also available. I reviewed this broker to determine if it provides demanding traders with an edge. Should you trade with HFM?
High leverage, bonuses, and loyalty program ideal for active traders
Quality educational tools and in-house research for beginner traders
A competitive pricing environment in its commission-based account
Upgraded MT4/MT5 trading platforms and cutting-edge trading tools
Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Overview
One of the Most Competitive Overall Trading Environments.
| Headquarters | Mauritius | |
|---|---|---|
| Regulated | CySEC, FCA, FSA, FSC Mauritius, CMA, DFSA, FSCA | |
| Year Established | 2010 | |
| Execution Type | ECN/STP, Market Maker | |
| Minimum Deposit | $5 | |
| Trading Platforms(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | |
| Signals | ||
| US Persons Accepted? | ||
| Islamic Account | ||
| Segregated Account | ||
| Managed Accounts | ||
| Support Hours | 24/5 | |
| Customer Support |   | |
| Demo Account |
I like the range of products HFM provides, starting with the 12-plugin upgrade for MT4/MT5. HFM also understands the importance of competitive regulation, leverage, and loyalty programs. With more than 3,500,000 live accounts supporting 27+ languages, HFM understands the needs and requirements of profitable traders, for which I applaud and recommend them.
Regulation | Yes |
Minimum Raw Spreads | 0.0 pips |
Minimum Standard Spreads | 1.0 pips |
Minimum Commission for Forex | $6 per round lot |
Commission for CFDs / DMA | 0.10% / $5 |
Cashback Rebates | Yes |
Minimum Deposit | $5 |
Inactivity Fee | $5 |
Deposit Fee | Third-Party |
Withdrawal Fee | Third-Party |
Funding Methods | 15+ |
HFM Regulation and Security
Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. HFM presents clients with five regulated entities and maintains an overall secure trading environment.
Country of the Regulator | Name of the Regulator | Regulatory License Number |
Cyprus | Cyprus Securities and Exchange Commission | 183/12 |
UK | Financial Conduct Authority | 801701 |
Dubai | Dubai Financial Services Authority | F004885 |
South Africa | Financial Sector Conduct Authority | 46632 |
Seychelles | Financial Services Authority | SD015 |
Kenya | Capital Markets Authority | 155 |
Is HFM Legit and Safe?
The bulk of business derives from HF Markets (SV) Ltd, registered as an International Business Company (IBC) in St. Vincent & the Grenadines, registration number 22747 IBC 2015. It remains an unregulated but duly registered subsidiary. Since HFM has licenses from multiple world-class Forex regulators, I can confidently suggest that traders manage their portfolios at HF Markets (SV) Ltd.
As one of the most trusted and secure Forex brokers, HFM has its hard-earned and well-deserved reputation to uphold. All client deposits remain segregated from corporate funds, and HFM provides negative balance protection to all traders. An industry-leading $5,000,000 civil liability insurance dwarfs the protection available from Tier1 regulators, creating one of the most secure trading environments among all brokers.
Fees
I rank trading costs among the most defining aspects when evaluating a broker, as they directly impact profitability. HFM offers traders commission-free Forex trading with higher spreads, a highly competitive commission-based alternative, and fractional share dealing from $5 per transaction.
| Commissions/Spreads | Both | |
|---|---|---|
| Withdrawal options | ||
| Deposit options |
The commission-free trading account lists a minimum spread of 1.0 pips but carries an average one of 1.3 pips or $13 per 1.0 standard lot. The commission-based alternative commences with a raw spread of 0.0 pips and average spreads of 0.2 pips for a commission of $6.00 per lot or total costs of $8.00 for major currency pairs. Commissions increase to $8.00 for total trading fees of $10.00 per lot.
Active traders can lower expenses via the volume-based loyalty program. Equity CFD commissions of 0.10% and trading costs on commodities, indices, ETFs, and bonds remain equally competitive. Fractional share dealing is available from $5.00 per transaction, and HFM also maintains commission-free direct share dealing.
Here is a screenshot of HFM quotes during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads.
The average trading costs for the EUR/USD at HFM in the commission-free and commission-based trading accounts:
Average Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
1.3 pips | $0.00 | $13.00 |
0.2 pips | $6.00 | $8.00 |
One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
Noteworthy:
- HFM offers a positive swap on qualifying short positions, so traders can be paid money to hold trades open overnight
MT4/MT5 traders can access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-based account.
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for one night will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
0.2 pips | $6.00 | -$5.80 | X | $13.80 |
0.2 pips | $6.00 | X | $0.00 | $8.00 |
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for seven nights will cost the following:
Average Spread | Commission per Round Lot | Swap Long | Swap Short | Total Trading Costs |
0.2 pips | $6.00 | -$40.60 | X | $48.60 |
0.2 pips | $6.00 | X | $0.00 | $8.00 |
Range of Assets
HFM maintains over 1,200 assets covering Forex, commodities, equity CFDs, DMA equities, indices, ETFs, and bonds. Additionally, it added 2,000+ physical shares, including fractional share dealing supportive of smaller portfolios and long-term unleveraged dividend income strategies.
Asset List Overview
| Commodities | ||
|---|---|---|
| Metals: | ||
| Indices | ||
| Stocks | ||
| CFDs | ||
| Oil | ||
| Gold | ||
| ETFs |
HFM Leverage
The maximum HFM leverage for Forex retail traders is a highly competitive 1:1000 in the Micro account and 1:500 for active traders. Commodity and index traders get up to 1:200, while equity CFDs remain limited to an unusually low 1:14. Overall, the HFM leverage ranks among the most generous ones, providing traders with a potential edge. Negative balance protection ensures traders cannot lose more than their deposit.
HFM Trading Hours (GMT +3)
Asset Class | From | To |
Forex | Monday 00:00 | Friday 23:59 |
Commodities | Monday 01:00 | Friday 23:59 |
European Equities | Monday 10:01 | Friday 18:24 |
US Equities | Monday 16:31 | Friday 22:54 |
Noteworthy:
- Equity markets open and close each trading session, unlike Forex and commodities, which essentially trade 24/5
I recommend the following step for MT4/MT5 traders to access trading hours:
1. Right-click on the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Sessions.
Forex | Yes |
Cryptocurrency Pairs | No |
Commodities and Metals | Yes |
Index CFDs | Yes |
Equity CFDs / DMA Shares | Yes |
Energies | Yes |
Bonds | Yes |
ETFs | Yes |
Options, Futures, and Synthetics | No |
Maximum Retail Leverage | 1:1000 |
Maximum Pro Leverage | 1:500 |
Account Types
The five trading account types, plus a demo and an Islamic account, cater to various needs and cover the entire spectrum of trader types. I like the Micro version for testing new EAs or manual trading strategies. My preference remains the Zero Spread, which I recommend to all active traders.
The PAMM Premium caters well to account managers and requires a deposit of only $250. HFM also offers a dedicated copy trading account, HF Copy, available from $500 for strategy providers and $100 for followers. With minimum deposits between $5 and $500 and maximum leverage between 1:300 and 1:1000, HFM maintains a competitive mix of account types.
HFM Demo Account
HFM offers unlimited demo accounts for MT4/MT5, and traders may select their desired demo account balance from within the MT4/MT5 trading platforms. They are ideal for testing strategies and algorithmic trading solutions.
I recommend a demo account balance similar to the planned live account real money deposit. I also want to caution beginner traders against using a demo account as a full educational tool. It can create unrealistic trading expectations, and the absence of real risk produces a false psychological simulation of trading with real money.
Disclaimer: Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Trading Platforms
HFM offers traders MT4/MT5 and upgrades them with 12 trading tools by FX Blue Labs plus Autochartist. They are available as a desktop client, a webtrader, and a mobile app, while MT4 comes with the PAMM module. The upgrades result in a very competitive solution, and HFM also developed its proprietary mobile app, HF App.
The MT4 trading platform remains the leader in algorithmic trading, and MT4/MT5 features a built-in copy-trading platform. I like the investment HFM made into upgrading the sub-standard out-of-the-box MT4/MT5, ensuring traders have an edge in financial markets.
Overview of Trading Platforms
| Platform Languages |
| |
|---|---|---|
| OS Compatibility |
| |
| Charting Package | ||
| Scalping | ||
| Hedging | ||
| Mobile Alerts | ||
| E-mail Alerts | ||
| Guaranteed Limit Orders | ||
| Guaranteed Execution | ||
| One-click Execution | ||
| OCO Orders | ||
| Interest on Margin | ||
| Web-based Trading | ||
| Mobile Trading | ||
| MT4 | ||
| MT5 | ||
| cTrader | ||
| Proprietary Platform | ||
| Automated Trading | ||
| Guaranteed Stop Loss |
Mac
Windows
Linux
iPhoneUnique Features
Besides the 12-plugin MT4/MT5 upgrade and the Autochartist plugin, HFM offers VPS hosting, supporting 24/5 algorithmic trading and API trading, allowing demanding clients to connect advanced trading solutions to the HFM infrastructure, plus a sentiment index. The HFM Trader’s Board has data on how HFM clients trade and a lucrative partnership program is also available.
Research and Education
Besides Autochartist, a market-leading third-party analytics tool, HFM presents Advanced Insights free of charge to registered clients. It uses big data AI-assisted analytics, and traders may use it from the MT4/MT5 trading platforms.
A five-member team provides additional market commentary and analytics. Real-time market news from FXStreet completes the research tools. I value the investment HFM made using AI and big data to help clients navigate financial markets, especially with more than 3,200 assets available to trade.
HFM maintains one of the most valuable educational sections in the industry. I recommend new traders begin with the 47 Forex education videos followed by the well-structured Training Course Videos, consisting of 13 sections filled with numerous lessons.
The Forex Education/e-Course builds on the excellent value, and the How-To videos explain some essential functions of the myHF back office and the MT4/MT5 trading platforms. Webinars, podcasts, and live events add a personalized touch and interactive educational experience. HFM also partnered with Blue Sky Forex for free webinars, enhancing the overall approach to educating beginner traders.
Disclaimer: Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Customer Support
| Support Hours | 24/5 | |
|---|---|---|
| Customer Support | | |
| Website Languages |
|
Multi-lingual customer support is available 24/5, and HFM transparently lists all contact methods on its website. It also maintains a trading desk for phone-assisted trades. HFM describes its products and services well, and it has plenty of videos and a well-structured FAQ section. It limits the need for customer support. I recommend live chat should traders require assistance for non-urgent matters and phone support for emergencies.
A direct line to the finance department where most issues may arise is missing, but phone support exists.
Bonuses and Promotions
HFM offers four deposit bonuses, including two withdrawable ones, to traders meeting volume requirements. They are bonuses traders can benefit from as part of a long-term portfolio-building strategy. Trading contests for live and demo accounts also exist. Terms and conditions apply, and traders must understand them before participating in any programs. I recommend caution with trading contests, as they can promote reckless trading habits, especially among beginner traders chasing a prize rather than learning how to trade.
A four tier loyalty program rewards active traders with cash rebates and other perks. HFM also introduced a Return on Free Margin program, paying up to 3.00% on the available margin, calculated daily, and paid monthly directly into the myHF wallet. HFM maintains a total prize pool of $1,000,000.
Disclaimer: Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Awards
HFM has received 60+ industry awards from well-respected sources. They are a statement of the ongoing efforts by HFM to maintain a competitive edge for its clients.
Among the HFM awards are:
- Best Forex Affiliate Program - Global Banking and Finance 2012
- Best Online Broker Asia - World Finance Magazine 2013
- Best Client Fund Security - Global Financial Market 2014
- Best FX Online Broker - New Europe Magazine 2015
- Best Forex News & Analysis Provider - MENA Dubai FX Show 2016
- The Bizz 2017 Peak of Success - World Confederation of Businesses 2017
- Best Global Forex Trading Education Provider - Global Brands Magazine 2018
- Best Global Forex Copy Trading Platform - Global Forex Awards 2019
- Best Forex Trading Conditions Global - International Business Magazine 2020
- Best CFD Trading Conditions - World Economic Magazine 2021
I like to note the awards for best trading conditions and client security, as they belong to the HFM core offering to traders, where HFM excels.
Opening an Account
The only application form takes less than 20 seconds to complete, asking for country of residence, name, e-mail, phone number, and date of birth, which grants access to the myHF back office. HFM does not ask unnecessary questions, the process is hassle-free, and the back-office user friendly.
Account verification remains a necessary final step, usually satisfied by sending a copy of your ID and one proof of residency document.
Minimum Deposit
The minimum deposit at HFM is between $5 and $500, depending on the account type.
Payment Methods
HFM accepts bank wires, credit/debit cards, FasaPay, Neteller, PayRedeem, Skrill, WebMoney, and cryptocurrencies.
Accepted Countries
HFM caters to traders resident in most countries, except the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, and Vanuatu. Please note that EEA traders must trade with the less competitive Cyprus subsidiary as HFM does not accept them via its international brokerages.
Deposits and Withdrawals
The secure myHF back office handles all financial transactions for verified clients
The minimum deposit is $5 for most payment processors, except for Skrill, SGD wire transfers, and PayRedeem, where it is $10, and bank wires, which require $100. HFM does not charge internal deposit or withdrawal fees, except for a 1% levy on cryptocurrency withdrawals, but third-party costs apply. Processing times remain dependent on the payment processor and geographic location of traders, ranging between instant and ten business days.
HFM processes all withdrawal requests received before 10:00 a.m. during the same business day between 7:00 a.m. and 5:00 p.m. (GMT +3). Otherwise, it will process them the following business day. Not all payment processors are available to every client, restricted by geographic location, and HFM sends withdrawals to clients via the deposit path and any access via bank wire. Clients can review the entire withdrawal conditions on the HFM website, where HFM transparently posts them.
Is HFM a Good Broker?
I like the trading environment at HFM for both beginner and advanced traders. Beginner traders get one of the most comprehensive educational services industry-wide, and the advanced traders benefit from a trading environment supportive of manual, algorithmic, social, and copy trading. High leverage, generous bonuses, a loyalty program, and interest on free margin complement cutting-edge trading tools and ensure HFM clients have a notable edge in financial markets. The absence of cryptocurrency CFDs, for now, in an otherwise well-balanced asset selection is the only criticism in an otherwise excellent trading environment.
I particularly want to highlight the management team at HotForex, who understands the importance of competitive regulation, the safety of clients, and the benefits of leverage and loyalty programs. I can only recommend HotForex, where traders get a broker who cares about them and understand the trading conditions that enable profitable traders to succeed.
FAQs
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