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HFM (HF Markets) Review 2023

HFM Markets Review

HF Markets formerly known as HotForex is a multi-asset online broker offering trading opportunities in forex, commodities, indices, and more. It provides trading services and facilities to both retail and institutional clients.  This HF Markets review will cover the company’s history, contact details, asset range, bonuses, payment methods, and much more. At the end of this review, we hope you be able to make an informed decision about whether to open an account with them or not.

The broker has been in operation since 2010. The company has over 3,000,000 live trading accounts and more than 200 employees globally. It provides its services to its traders in 27 languages and has won over 50 industry awards

Since this is a lengthy article, we have created a table of contents below for easy navigation.

HF Markets Headlines

HF Markets has been in business since 2010, therefore it’s an established broker. It was founded by George Koumandaris who is still the owner.

The broker is authorized by the Financial Conduct Authority (FCA), a highly regarded regulator with stringent compliance. The accreditation allows the broker to provide UK and international investors with access to a wide range of CFD assets, including forex, stocks, indices, bonds, ETFs, and commodities. Direct access to the markets is provided through country-leading liquidity providers. The company headquarters are located in London.

Trading Platforms

HF Markets offers industry-recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platform options. Both platforms are suitable for new and experienced traders and available via web terminals or desktop clients, which can be downloaded as 32 and 64-bit applications to PC devices running Windows, Mac OS, and Linux systems. Installation is straightforward and the broker offers a 101 tutorial guide if you are having issues.

MetaTrader 4

  • 9 timeframes
  • Live news streams
  • Customizable charts
  • 4 pending order types
  • Analysis of quote dynamics
  • Single-thread strategy tester
  • Access to Expert Advisors (EAs)
  • 50+ built-in technical indicators
  • Ability to overlay analytical objects
  • User-friendly, multilingual interface
  • Interbank liquidity and fast execution
  • Daily account statement with profit & loss summary
MetaTrader 5 Trading PLatform
MetaTrader 4 Platform

MetaTrader 5 Web Terminal

  • 21 timeframes
  • Hedging support
  • One-click trading
  • Customizable charts
  • 6 pending order types
  • Built-in economic calendar
  • Multi-threaded strategy tester
  • 80+ built-in technical indicators
  • View up to 100 charts simultaneously
  • Enhanced order management capabilities
MetaTrader 5 Web Terminal
MetaTrader 5 Platform

HF Markets Assets

The HF Markets provides clients with investment and trading opportunities with more than 1,000 trading instruments in the following markets:

  • Forex – Over 50 pairs of currencies, including the majors, minors, and exotics
  • DMA Stocks – Place trades directly on the order books of global stock exchanges
  • Energies – Spot and futures trading opportunities on Brent Oil in the United Kingdom or on US Crude Oil
  • Commodities – Access to soft commodities trading including cocoa, coffee, and sugar
  • Metals – Derivatives trading on gold or other spot metals including platinum and silver
  • Indices – Access the world’s leading indices on stock markets, including UK100, GER30, and Volatility 75 index (VIX)
  • Bonds – Trade derivatives on bonds issued by the world’s leading economies, including Euro Bond and UK Gilt
  • ETFs – Access to the most common way to diversify across the markets, currencies, and fields such as space, healthcare, mining, and information technology
  • Shares – Trade CFDs on the shares of top-performing international companies, including Tesla, Apple, Amazon, and Facebook

HF Markets Fees

The broker offers competitive low spreads across all assets with fast execution times from the market-leading liquidity providers. Clients can trade directly from live quotes. HFM operates as a pure ECN brokerage pricing model with direct market execution.

Commissions are only charged on the HF Markets Zero spread account only. Fees are transparent and start from as low as $0.03 per one thousand lots on major forex pairs like EUR/USD, USD/JPY, and GBP/USD. Commissions on other forex pairs start at $0.04 per 1,000 lots. This includes GBP/NZD, EUR/DKK, and USD/RUB.

The broker charges a swap fee for positions held overnight, but there are no additional hidden costs such as inactivity charges.

Leverage offered by HFM

Since HFM Markets is regulated in Europe, it is subject to ESMA regulations regarding maximum leverage limits. Major forex pairs such as EUR/USD and GBP/USD are offered at the maximum leverage of 1:30. Minor and exotic forex pairs such as USD/HKD, metals, and indices are offered at a 1:20. Commodities, including GOLD, are available at a maximum leverage of 1:10. The maximum leverage available for stock trading is 1:5.

Visit the broker’s website for full details on leverage by instrument.

Here is an overview of the leverage limits provided by the broker:

  • Equities – 1:5
  • Commodities – 1:10
  • Minor and exotic forex pairs and indices – 1:20
  • Major forex pairs – 1:30

Mobile App

The broker offers a powerful multi-asset mobile application platform; HFM App. The app can be downloaded for free on your iOS and Android device. The application offers financial analysis tools, an affiliate dashboard, the latest news, updates, and direct access to your trading account while on the go.

The below features are available in the comfort of your hand, anytime, anywhere:

  • Traders Board – Global market movers with live charts
  • HF Copy – Join forces by either creating trading strategies as a strategy provider or Copying trades as a follower
  • Daily Market Analysis – Expert analysts providing details on assets to watch
  • Education – Register for upcoming webinars
  • Trading Tools – Access trading calculators, and economic calendar
  • MyHF Area – Access your account, deposit, withdraw and transfer funds directly through the app
  • Trading Positions – Real-time market sentiment indicator with trader reactions to currency and commodity movements
  • Navigation Bar – Switch easily between views for quick access to live rates, news, trading tools, and more from the click of a button
  • Charting Functionality – Advanced charts with a customizable interface, select different time frames, apply technical indicators, and much more
HFM Markets Mobile App
HFM Markets Mobile App

MetaTrader 4 and MetaTrader 5 are also both available in the form of mobile application apps for iOS and Android devices. They provide access to many of the same features as the desktop platforms, including account management and trading, portfolio evaluation, and technical analysis, although some charting options are disabled.

Payment Methods

Deposits

HFM Markets’ minimum deposits vary by account type. The standard Premium Account has the lowest at £100/$100/€100. The broker does not charge a deposit fee for any payment method and account funding transactions are available 24/5, though the processing times vary by method. There are four account funding currencies: USD, KES, EUR, and GBP. Accepted account payment methods include:

Bank Transfers

  • Trust – $20,000 maximum limit, $100 minimum limit, no fees, up to 2 business days processing
  • Wire Transfer – no maximum limit, $250 minimum limit, no fees, 2 to 7 business days processing time

Credit/Debit Cards

There are no fees to deposit your HF Markets account with a credit or debit card

  • Visa – $10,000 maximum limit, $5 minimum limit, up to 10 minutes of processing
  • Mastercard – $10,000 maximum limit, $50 minimum limit, up to 10 minutes of processing

E-Wallets

  • Skrill – $10,000 maximum limit, $50 minimum limit, no fees, up to 10 minutes of processing
  • Neteller – $5000 maximum limit, $50 minimum limit, no fees, up to 10 minutes of processing

Note, that HFM Markets does not offer cryptocurrency deposits like USDT, or Bitcoin. For full details on how to make deposits, solutions to any account funding, and withdrawal problems or questions, contact the broker’s customer support (details below).

HFM Markets offers the HFM PaySpark Card. This is a UnionPay card that can be used in over 170 countries. The card is accessible to investors after opening a live account with the broker, subject to availability in your region. Make fast secure payments, withdraw money from ATMs globally and withdraw funds from your myHF account.

Withdrawals

The broker does not charge a withdrawal fee, although some bank wire transfers may have additional fee structures. Withdrawals are processed within 24 hours if the request is received between Monday to Friday. To withdraw, select the fund withdrawal logo once sign-in details are filled in. Note, that a minimum withdrawal limit applies, which varies by the method. Withdrawal options include:

  • Neteller/Skrill – $5 minimum withdrawal limit, instant processing
  • M-Pesa – $5 minimum withdrawal limit, instant processing
  • Trustly – $100 minimum withdrawal limit, up to 2 business days processing time
  • Visa/Mastercard – $5 minimum withdrawal limit, 2 to 10 business day processing time, depending on the corresponding bank
  • Wire Transfer – $100 minimum withdrawal limit, 2 to 10 business day processing time, depending on the corresponding bank

Withdrawals must be made using the same method used to deposit funds. The broker cannot withdraw more capital back to a credit card than was initially deposited.

Demo Account

HFM offers traders a demo account option similar to those offered by XMXtradeJustForexJP MarketsExnessOctaFX, IC Markets, and FXTM. The online demo account is a good option to familiarise yourself with the trading platforms offered, the markets available, and strategies you may want to try out, with no monetary risk. Notable features include:

  • Unlimited use
  • Up to $100,000 in virtual funds
  • Simulated real-time market conditions
  • Access to trade on MT5 Terminal and WebTrader

To open a demo account, you must fill out your personal details in the registration process.

HF Markets Promotions

Depending on which country you are from there are different promotions. However HFM Markets UK affiliate doesn’t offer any promotions to new or existing clients, this includes a no deposit, welcome or free bonus. This is aligned with the regulations of the FCA, restricting the financial incentives that can be offered to customers.

HFM Global offers different promotions, like 100% supercharged bonus and instant rebates, 100% credit bonus, 30% rescue bonus, and 50% welcome bonus. Terms and conditions can be found on the relevant websites.

Regulation And Licensing

HFM Markets holds licenses in all countries of operation, including Dubai, Kenya, Cyprus, and South Africa. Our review was pleased to see the safeguarding of customer assets with segregated funds implemented in all jurisdictions. The broker complies with annual and quarterly reports and reviews requests with internal audits conducted regularly. HF Markets UK is regulated by the Financial Conduct Authority (FCA). This is a highly regarded authoritative body in the financial market with stringent compliance protocols.

The licenses held by HF Markets customers should be reassuring to all traders. These come with benefits like negative balance protection, segregated client funds in top-tier bank accounts, and a Civil Liability Insurance program with liabilities protection up to $5,000,000. The broker is also a member of the Financial Services Compensation Scheme (FSCS), with £85,000 compensation available to all retail traders against the financial failure of the investment company.

Additional Features

HF Markets clients can benefit from a range of additional tools and educational content. On the roster are economic calendars, risk management systems and position size calculators, pip size, and margin calculators. The website also hosts a page dedicated to advanced trading tools with comprehensive user guides and YouTube videos for extra aid. Topics include sentiment trader systems, correlation matrices, session maps, and alarm managers. Utilize these tools provided to get the most out of your trading experience.

HotForex Economic Calendar

The HotForex education client area is comprehensive and suitable for new and experienced traders alike. Available content includes live forex trading webinars, daily market analysis, global economic releases, and e-courses, covering topics like carrying out exchange rate calculations, hedging, utilizing leverage, understanding VPS hosting, introducing the cryptocurrency market, and more.

Account Types offered by HF Markets

HotForex UK offers three live account types available to the retail trader, the Premium Account, Zero Spread Account, and Premium Pro Account. All of these offer access to all trading terminals, instruments, telephone trading, and a personal account manager. Other similarities include market execution order types and a minimum trade size of 0.01 lots. Account details include:

Premium

Suitable for all traders.

  • No commissions
  • Spreads from 1 pip
  • Variable leverage rates
  • Minimum deposit – £100/$100/€100
  • Margin call/Stop Out Level – 80%/50%
  • Maximum simultaneous open orders – 300

Zero Spread

The HotForex 0 spread account is particularly useful for high-volume traders, scalping, and those trading with Expert Advisors (EA).

  • Variable leverage rates
  • Commissions applicable
  • Spreads from 0 pips on forex pairs
  • Minimum deposit – £200/$200/€200
  • Margin call/Stop Out Levels – 80%/50%
  • Maximum simultaneous open orders – 500

Premium Pro

For the professional trader with experience, knowledge, and expertise

  • No commissions
  • Spreads from 1 pip
  • Up to 1:400 leverage
  • Margin call/Stop Out Level – 50%/20%
  • Minimum deposit – £5000/$5000/€5000
  • Maximum simultaneous open orders – 300

To open a HotForex live account, identity verification documents are required to be uploaded for compliance with know-your-customer (KYC) guidelines. This is standard practice across FCA-regulated brokers and may include providing a utility bill or driving license for proof of address. The sign-up process and document submission can be completed within three minutes.

Our HF Markets review was pleased to see accessible account types available. These include an Islamic Account with no swap or rollover charges and a joint account for up to two members. There is no micro account/cent account offered to UK clients, though this is available under a Naira account in Nigeria.

Benefits

  • Negative balance protection
  • Unlimited usage demo account
  • Range of deposit & withdrawal methods
  • Transparent fee and commission structures
  • Advanced mobile apps with full trading access
  • Market-leading insurance for up to €5,000,000
  • Virtual private server (VPS) integration support
  • Regulated by the Financial Conduct Authority (FCA)
  • Various account types plus Islamic and joint accounts
  • Comprehensive educational platform and trading tools
  • Access to the Financial Services Compensation Scheme (FSCS)
  • Live chat option with customer support available in 27 languages

Drawbacks

  • No cryptocurrency trading
  • No proprietary trading terminal

Trading hours

HotForex follows standard hours with trading 24 hours a day, Monday through Friday. However, this can vary for different instruments. Trading starts at 00:01 GMT on Monday and ends at 23:59 GMT Friday. HotForex’s VPS server time has a GMT offset of +2 (GMT+3 during summer).

Customer Support

HotForex offers a range of customer contact options, available 24/5 in 27 languages. There is also a contact form on the website that can be filled out for the broker to get back to you and a Telegram group.

  • Telephone: +44 20 3519 9898
  • Live Chat: The button at the top of the website
  • Email Address: sup[email protected] media including Facebook and LinkedIn
  • Office Address: HF Markets (UK) Ltd, Bloomsbury Building, 10 Bloomsbury Way, Holborn, London, WC1A 2SL

There is also a comprehensive FAQ section on the broker’s website. Topics include reopening an archived account, downloading the APK-compatible terminal, PAMM account review, referral schemes, and more. HotForex user reviews from 2022 may also provide valuable information before starting your investing journey, these can be found on sites like Trustpilot and Quora.

Safety And Security

Clients can rest assured that HotForex provides a safe trading environment. Trading terminal login and client area interfaces are password protected. Account registration requires profile verification to comply with KYC validation. The MT4 and MT5 platforms assure high-tech encryptions, secure logins, and industry-standard data privacy.

All payment transactions, including withdrawal processing, are protected by level 1 PCI-DSS certified, independent international payment gateways. The broker ensures risk management protocols are integrated into all operations and policies and procedures are in place to mitigate potential scam impediments.

HF Markets Verdict

HotForex provides opportunities for traders of different abilities to invest in multiple CFD and spot assets on the established MT4 and MT5 platforms. Traders can be assured of the FCA regulatory authorization, multilingual customer contact options, transparent fees, and a variety of security and safety systems. Follow the link below to sign up and get started today.

Frequently Asked Questions

Does HFM UK Offer A ZAR Account?

HotForex UK offers accounts in GBP, USD, and EUR base currencies. A ZAR account is accessible via the HotForex Limited ZA affiliate. Visit the region’s website for minimum deposit requirements in the ZAR currency, access to HFcopy, and more.

Is HFM A Market Maker Broker?

HotForex is an STP and ECN broker with no dealing desk. The broker provides investors with live quotes directly from top-tier liquidity providers in the market

Is HFM a regulated broker?

Yes, HotForex UK is regulated by the Financial Conduct Authority (FCA), firm reference number 801701. The FCA is a renowned and rigorous financial watchdog with many safety systems in place for retail traders.

Is HFM a good broker?

HotForex is a legit, regulated broker. With over 10 years of established service and trading opportunities across various asset classes, it provides a good platform for inexperienced and veteran investors. Trade the NASDAQ (NAS100) index, USOIL, US30, forex pairs like GBP/JPY, and more.

What Is The HFM Demo Contest?

The HotForex virtual to real demo contest is a promotional bonus incentive available to traders in 2022 on the HF Markets Group global platform. Note, that this is not available to UK clients.

What Trading Platforms Does HFM Offer?

The broker offers two trading platforms: MetaTrader 4 and MetaTrader 5. The industry-established terminals offer advanced trading tools, user-friendly dashboards, and live quote streams including commodity trading on XAU/USD and spot gold. The platforms can be downloaded from the HotForex website and via QR codes.

What Are The HotForex Global Affiliates?

HotForex (HF Markets Group) is comprised of various global affiliates. This includes HF Markets Europe Limited, HF Markets DIFC Ltd, HF Markets South Africa, and HF Markets Seychelles Ltd. Refer to these affiliates and contact the relevant head office when trading in offshore countries like Zimbabwe, Zambia, Nigeria, Malaysia, Kenya, Australia, India, Ghana, Indonesia, Iran, Jamaica, Japan and more.

How do I withdraw money from HF Markets?

Withdrawals can be made from HotForex via debit or credit card, bank wire transfer, M-Pesa, Neteller, or Skrill from the myHF Area.

What is the minimum deposit at HF Markets?

The minimum deposit for an account at HotForex depends on the account type and region you are trading from. For international traders, Micro accounts start at $5 deposits. For EU traders, premium accounts start at $100

How long does a withdrawal take in HF Markets?

HotForex Withdrawal times vary depending on which payment method you choose. The broker will process your request within 48 hours, yet transaction times can take between 2-10 business days on credit cards and wire transfers. E-wallets are the fastest withdrawal method, with instant results after processing.

Do HF Markets offer copy trading?

Yes – social trading at HotForex allows you to easily follow and copy the trades that high-ranking traders make. There are also ways to communicate and interact with other traders, such as comments, likes, and links.

What is the max leverage in HF Markets?

The maximum leverage offered by HotForex, HF Markets (SV) Ltd is 1:1000.

Accepted Countries

HFM accepts traders from Australia, Thailand, Canada, the United States, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Kenya, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.

HF Markets Alternatives

If you are looking for alternatives to HF Markets we have compiled a list of the top 5 brokers that are similar to HFM below. This list of brokers like HFM is in order of similarity and only includes companies that accept traders from your location.

  1. OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
  2. Vantage Markets – Reliable and affordable trading since 2009. Join over 400,000 others trading on 300+ CFD products over assets like forex, gold, indices, and shares from 0.0 spreads through TradingView, MT4, or MT5. Vantage is ASIC-regulated and client funds are segregated. Open an account in under 5 minutes.
  3. RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
  4. AvaTrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada, and South Africa. Avatrade is particularly strong in integration, including MT4
  5. FXTM – FXTM is a leading forex and CFD broker. Offering a huge range of markets and 6 account types, they cater to all levels of traders.

We hope this HF Markets review helped you learn more about the broker. You may also want to see our step-by-step guide on how to open an account on HotForex and our ultimate guide on how login to an HFM platform.