HFM

HFM, formerly known as HotForex, is a multi-asset Forex broker that offers trading in Forex and Commodities. Established in 2010 and headquartered in Cyprus, HFM also maintains offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines.

HFM provides a user-friendly trading experience with seven account types, tight spreads averaging EUR USD 0.1, and unrestricted liquidity. This allows traders of all sizes and profiles to choose between various spreads and liquidity providers via automated trading platforms and execute any strategy, including News trading.

HFM is particularly focused on the African, Asian, and MENA regions, offering global residents and international traders a comprehensive range of trading opportunities. The broker operates under the applicable licenses in each region it serves, ensuring the reliability and trustworthiness of its services.

HFM is a reputable Forex and CFD broker headquartered in Cyprus and regulated by multiple financial authorities, including CySEC (Cyprus Securities and Exchange Commission), FCA (Financial Conduct Authority), DFSA (Dubai Financial Services Authority), FSCA (Financial Sector Conduct Authority), and CMA (Capital Markets Authority).

Traders can access HFM’s trading services through the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as the HFM Trading App, a mobile-optimized platform designed for seamless trading on the go.

HFM offers a diverse range of trading instruments, including 17 trading tools across Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies. This comprehensive selection caters to the diverse trading needs and preferences of a wide range of traders.

To provide traders with an opportunity to test their strategies and familiarize themselves with the trading platform before risking real capital, HFM offers a demo account. This demo account allows traders to practice trading in a simulated market environment without incurring any financial losses.

HFM maintains a low minimum deposit requirement, making it accessible to traders of all levels of experience and capital availability. The minimum deposit amount varies depending on the account type chosen.

HFM’s tight spreads, averaging 1 pip for EUR/USD, provide traders with competitive pricing and the potential to enhance their trading profitability. The broker also offers a variety of base currencies to accommodate traders from different regions.

HFM is committed to providing its clients with comprehensive educational resources to empower them to make informed trading decisions. The broker’s Trading Academy offers a wealth of learning materials, including articles, videos, and webinars, covering various trading topics from fundamental analysis to technical indicators. Additionally, HFM hosts regular seminars and workshops to provide traders with valuable insights and strategies.

HFM’s customer support team is available 24/5 to assist traders with any inquiries or issues they may encounter. The team is knowledgeable, responsive, and committed to providing timely and effective support to ensure a smooth trading experience.

Overall HFM Ranking

Our comprehensive assessment of HFM reveals that it stands out as a reliable and competitive Forex and CFD broker with exceptional trading conditions. HFM’s global reach caters to traders worldwide, including those in Europe, Africa, and Asia. The broker’s user-friendly platform, diverse trading instruments, and extensive educational resources make it suitable for both beginners and experienced traders seeking advanced technical trading solutions.

Here’s a summary of HFM’s key strengths:

• Global Presence: HFM operates under multiple regulatory bodies, enabling it to serve traders from various regions, including Europe, Africa, and Asia.
• Diverse Trading Instruments: HFM offers a wide range of trading instruments, including Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies, providing traders with ample opportunities to diversify their portfolios.
• Competitive Trading Conditions: HFM’s tight spreads, averaging 1 pip for EUR/USD, and low minimum deposit requirements make it attractive to traders of all experience levels and capital availability.
• Advanced Trading Platform: HFM provides access to popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as the HFM Trading App, ensuring a seamless trading experience across various devices.
• Comprehensive Education: HFM’s Trading Academy offers a wealth of learning resources, including articles, videos, and webinars, empowering traders to make informed trading decisions.
• Responsive Customer Support: HFM’s dedicated customer support team is available 24/5 to address trader queries and resolve any issues promptly.

Awards

Apart from its appealing trading proposition at first glance, HFM’s trustworthiness is further solidified by official data, industry awards, and its remarkable growth over time. Initially operating primarily in Europe, HFM has evolved into a truly global broker with a significant presence across various regions.

HFM’s commitment to providing exceptional trading services and establishing a reputable brand has been recognized through numerous industry awards. These accolades serve as external validation of HFM’s dedication to its clients and the overall quality of its offerings.

HFM’s global expansion is another testament to its success and trustworthiness. The broker has successfully established its presence in various regions, catering to traders worldwide and demonstrating its ability to adapt to diverse market conditions and regulatory frameworks.

Overall, HFM’s impressive track record, industry recognition, and global reach underscore its position as a reputable and trustworthy Forex and CFD broker.

Is HFM a Scam or a Safe Broker?

No, HFM is not a scam. It is a legitimate and regulated Forex and CFD broker that operates under multiple reputable financial authorities. These regulatory bodies oversee the broker’s activities to ensure compliance with industry standards and protect traders’ interests.

HFM’s regulatory licenses include:

• Financial Conduct Authority (FCA): The FCA is a leading financial regulatory body in the United Kingdom. Its oversight ensures that HFM adheres to strict standards of conduct and financial integrity.
• Financial Sector Conduct Authority (FSCA): The FSCA is the financial regulatory body in South Africa. Its authorization confirms that HFM meets the necessary requirements to operate in the South African market.
• Cyprus Securities and Exchange Commission (CySEC): CySEC is the financial regulatory body in Cyprus. Its license signifies that HFM adheres to high standards of transparency, investor protection, and operational efficiency.

In addition to these regulatory licenses, HFM has a strong track record of providing reliable trading services to its clients. The broker has been operating for over a decade and has earned a positive reputation among traders worldwide.

Therefore, based on the available evidence, HFM can be considered a safe and reputable Forex and CFD broker. Its regulatory licenses, positive track record, and commitment to transparency and investor protection indicate that it is a legitimate and trustworthy provider of trading services.

Where is HFM Located?

HFM is headquartered in Cyprus and holds a CySEC license, the Cyprus Securities and Exchange Commission. To serve clients in specific jurisdictions, HFM has obtained additional licenses, including:

• Financial Sector Conduct Authority (FSCA) license in South Africa: This license allows HFM to operate legally in the South African market.
• Dubai Financial Services Authority (DFSA) license in Dubai: This license permits HFM to offer trading services to clients in Dubai.
• Financial Conduct Authority (FCA) license in England: This license authorizes HFM to provide trading services to clients in the United Kingdom.

HFM’s expansion into Africa has resulted in additional licenses being granted, including:

• Capital Markets Authority (CMA) license in Kenya: This license allows HFM to operate legally in Kenya.

In addition to its presence in regulated jurisdictions, HFM has entities registered in offshore zones such as Mauritius, St. Vincent and the Grenadines (SVG), and Seychelles. While generally, trading with offshore brokers is not recommended due to a lack of regulation, HFM’s multiple parallel regulations provide a level of safety and trustworthiness that makes it an acceptable choice for traders.

Here’s a summary of HFM’s regulatory licenses:

Jurisdiction	Regulatory Body	License
Cyprus	Cyprus Securities and Exchange Commission (CySEC)	CySEC license
South Africa	Financial Sector Conduct Authority (FSCA)	FSCA license
Dubai	Dubai Financial Services Authority (DFSA)	DFSA license
England	Financial Conduct Authority (FCA)	FCA license
Kenya	Capital Markets Authority (CMA)	CMA license

HFM’s diverse regulatory landscape demonstrates its commitment to operating in compliance with local laws and regulations. This commitment, combined with its strong track record, makes HFM a safe and reputable Forex and CFD broker.

How are you protected when trading with HFM?

HFM prioritizes the protection of its clients’ funds and implements various safeguards to ensure their financial security. As a member of the Cyprus Investor Compensation Fund (ICF), HFM’s clients are eligible for compensation in the event of the broker’s insolvency. The ICF covers eligible clients’ claims up to €20,000 per client.

In addition to the ICF, HFM further safeguards its clients with a Civil Liability insurance program for a limit of €5,000,000. This comprehensive insurance covers against errors, omissions, negligence, fraud, and various other risks that may lead to financial losses. This additional layer of protection provides traders with peace of mind and reinforces HFM’s commitment to client security.

It is important to note that the specific protection conditions may vary depending on the HFM entity you are trading with. Refer to HFM’s website or contact customer support for detailed information on the protection offered by your specific entity.

Key takeaways for client protection with HFM:

• HFM is a member of the Cyprus Investor Compensation Fund (ICF), providing compensation coverage up to €20,000 per client in case of the broker’s insolvency.
• HFM holds Civil Liability insurance for a limit of €5,000,000, offering additional protection against various risks that may lead to financial losses.
• Always verify the specific protection conditions applicable to your HFM entity by checking their website or contacting customer support.

Leverage: A Double-Edged Sword

HFM provides traders with the option of fixed or floating leverage, a tool that can significantly enhance potential gains. However, it’s crucial to recognize that leverage also magnifies potential losses, making it imperative to employ it judiciously.

HFM offers a spectrum of leverage levels, ranging from the “modest” 1:30, as mandated by European regulations for Forex instruments, to the much higher 1:2000 accessible through the international branch. Remember, higher leverage entails greater risks, necessitating extreme caution among retail traders.

Your leverage levels are initially determined based on regulatory requirements in your region or your level of financial expertise. To confirm your eligibility, consult with HFM’s customer support team.

For European entities adhering to ESMA regulations, the maximum leverage ratio is capped at 1:30 for Forex instruments and 1:25 for Spot Metals.

South African residents can access leverage of up to 1:200.

Higher leverage ratios, such as 1:400, 1:500, or even 1:2000, are offered through HFM offshore entities, as their non-EU registration allows for higher leverage levels.

Key Takeaways:

• Leverage can amplify both profits and losses.
• Understand your leverage limits and use the tool wisely.
• Higher leverage entails greater risks, exercise caution.
• Consult HFM’s customer support to confirm your leverage eligibility.

Account Types

HFM offers a diverse range of account options to suit the specific needs of traders. With six distinct account types, HFM caters to a wide spectrum of trading styles and experience levels. The available account types include:

• Micro Account: Ideal for beginner traders seeking to start with smaller amounts and minimize risks.
• Premium Account: Designed for traders with more experience who prioritize tighter spreads and enhanced trading conditions.
• Zero Spread Account: Tailored for traders who prefer commission-free trading and favor tighter spreads.
• HFCOPY Account: Enables traders to replicate the trading strategies of successful HFM traders.
• PAMM Premium Accounts: Provides a platform for professional money managers to attract and manage funds from investors.
• Swap Free Accounts: Complies with Islamic principles by eliminating overnight interest charges.
• Demo Account: Offers a risk-free environment to practice trading strategies and familiarize oneself with the HFM platform.

Traders can also opt for a Cent or Nano account, which utilize smaller currency units, further reducing the risk per trade. Additionally, the Islamic Account is specifically designed for traders from the MENA region or those who adhere to Islamic principles.

Key Takeaways:

• HFM offers a variety of account types to suit different trading styles and experience levels.
• Traders can choose from Micro, Premium, Zero Spread, HFCOPY, PAMM Premium Accounts, and Swap Free Accounts.
• Islamic Accounts are also available for traders who adhere to Islamic principles.
• Demo Accounts allow traders to practice trading strategies without risking real money.
• Cent or Nano accounts utilize smaller currency units to reduce risk per trade.

How to Open a HotForex Live Account

Once you’ve decided to start live trading, you can apply for a HotForex Live account. HotForex may request verification documents, such as proof of identity, residency, and other documentation, before you can begin trading. In either case, you will gain access to the myHF client area, where you can manage your accounts and finances.

Here are the steps on how to open a HotForex Live account:

1. Go to the HotForex website and click on the “Open Account” button.
2. Fill out the registration form. You will be asked to provide your personal information, such as your name, email address, and phone number.
3. Verify your identity. You will need to upload a copy of your passport or other government-issued ID.
4. Verify your residency. You will need to upload a copy of a utility bill or other document that shows your address.
5. Choose your account type. HotForex offers a variety of account types, so you can choose one that suits your trading style and experience level.
6. Deposit funds. You can deposit funds into your account using a variety of methods, such as credit cards, e-wallets, and bank transfers.
7. Start trading. Once your account has been verified and funded, you can start trading on the HotForex platform.

Diverse Trading Instruments at HFM

HFM offers an extensive range of trading instruments to cater to the diverse needs of traders. With 17 trading tools and over 150 trading products, HFM provides access to a global marketplace of financial instruments. The comprehensive list includes:

• Indices: Trade major stock indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.
• Metals: Diversify your portfolio with precious metals like gold and silver, as well as base metals like copper and zinc.
• Energies: Trade on the global energy market with instruments like crude oil, natural gas, and Brent oil.
• Shares: Gain exposure to individual stocks of leading companies across various industries and regions.
• Commodities: Expand your portfolio with agricultural commodities like wheat, corn, and soybeans, as well as soft commodities like coffee and sugar.
• Bonds: Invest in government and corporate bonds to generate steady income and diversify your portfolio.
• ETFs: Trade exchange-traded funds that track a specific market index, sector, or commodity.
• DMA Stocks: Access direct market access (DMA) for stocks, enabling real-time trading at institutional-grade levels.
• Cryptocurrencies: Trade on the emerging cryptocurrency market with instruments like Bitcoin, Ethereum, Litecoin, Ripple, and more.

HFM Fees

HFM’s trading costs are primarily characterized by tight spreads, which are among the most competitive in the industry. In some cases, spreads can start from 0 pips. However, it’s important to consider additional non-trading fees, such as account inactivity fees and withdrawal fees, when calculating overall trading costs.

HFM’s fees are generally considered average to low, with an overall rating of 8 out of 10. Fees may vary depending on the entity, but traders can generally enjoy free deposits and withdrawals.

Overview of Non-Trading Fees

One important consideration is the inactivity fee, which is charged if an account remains inactive for six months or more. The inactivity fee is $5 per month.

Despite this, HFM does not charge deposit fees, and some withdrawal methods are also free of charge.

Fee Comparison

Fee	HFM	FXTM	XM
Deposit Fee	No	No	No
Withdrawal Fee	No	No	No
Inactivity Fee	Yes	Yes	Yes
Fee Ranking	Low	Average	High

HFM Spreads

HFM’s trading fees are transparent and straightforward, with only variable spreads charged. Variable spreads represent the difference between the bid and ask prices, and HFM does not offer fixed spreads. HFM also does not charge additional fees or commissions, making it easy to calculate trading costs.

Spreads vary depending on the account type used. For instance, Micro Accounts offer spreads starting from 1 pip, while Zero Accounts provide 0 fees, with average spreads around 0.2 pips. However, it’s important to note that margin requirements increase almost double for 0-spread trading.

Below is a comparison of spreads for popular instruments under Standard conditions:

Asset/Pair	HFM Spread	FXTM Spread	XM Spread
EURUSD Spread	1 pip	1.5 pips	1.6 pips
Crude Oil WTI Spread	5 pips	9 pips	5 pips
Gold Spread	199	35	199
BTCUSD Spread	30	20	60

HFM’s spreads are ranked average to low, with an overall rating of 8 out of 10 compared to other brokers. Notably, HFM’s Forex spreads are below the industry average of 1.2 pips for EURUSD.

Overnight Fees

When holding an open trading position for more than a day, consider the impact of overnight or rollover fees on your trading costs. These fees are determined individually for each instrument and are displayed on the trading platform or upon opening the trade.

HFM Deposits and Withdrawals

HFM offers multiple convenient ways to fund your trading account, including their own HFM MasterCard for direct transactions and secure online payments. With a minimum deposit of just $5 for Micro Accounts, HFM’s deposit requirements are among the lowest in the industry. Additionally, HFM typically charges no deposit fees or very minimal fees, making it an attractive option for traders.

HFM Funding Methods Highlights

• Low minimum deposit: Starting from just $5 for Micro Accounts.
• No or minimal deposit fees: Enjoy cost-effective funding options.
• Wide range of funding methods: Choose from credit cards, Bitcoin, WebMoney, fasapay, and more.
• Free deposits and withdrawals: Benefit from zero charges for most funding methods.

Key Takeaways:

• HFM offers a variety of convenient and cost-effective funding options.
• Low minimum deposit requirements make it accessible to traders of all levels.
• Free deposits and withdrawals further enhance the overall funding experience.
• Funding methods may vary depending on the HFM entity you trade with.

Additional Considerations:

• Carefully review the funding conditions and fees associated with your chosen entity.
• Processing times may vary depending on the funding method used.
• Ensure you have the required verification documents in place before making a withdrawal.
• Contact HFM customer support for any questions or assistance with deposits and withdrawals.

Diverse Deposit Methods for HFM Traders

HFM provides traders with an extensive range of deposit methods, exceeding 14 options. The company continuously expands its offerings, introducing new methods like cryptocurrency deposits and enhancing accessibility to local transfers and payment options. This comprehensive list includes:

• Major credit and debit cards for convenient and secure transactions.
• Wire transfers and domestic transfers for reliable fund transfers, available in select regions.
• A variety of e-wallets, including cryptocurrency deposits, fasapay, WebMoney, and more, offering flexibility and versatility.

Making a Deposit on HFM

Depositing funds into your HFM trading account is a straightforward process:

1. Select your preferred payment provider, ensuring it’s available in your region.
2. Initiate the payment, providing the necessary details.
3. HFM will process your deposit promptly and make the funds available for trading.
4. HFM’s deposit processing services are available 24/5.

HFM Minimum Deposit Requirements

HFM’s minimum deposit requirements vary depending on the account type and payment method chosen. Some account types, like Micro Accounts, allow deposits as low as $0. However, it’s advisable to check the specific minimum deposit requirements for your chosen account type and payment method.

Key Takeaways:

• HFM offers a wide selection of deposit methods to suit diverse trader preferences.
• The company continuously expands its deposit options to enhance accessibility and convenience.
• Depositing funds into your HFM account is a simple and quick process.
• Minimum deposit requirements vary depending on the account type and payment method chosen.

Additional Considerations:

• Review the available deposit methods and their respective processing times.
• Ensure you have the necessary verification documents in place before making a deposit.
• Contact HFM customer support for any questions or assistance with deposits.

HFM Withdrawal Options and Procedures

HFM offers a variety of convenient withdrawal methods, including credit and debit cards, bank transfers, and a range of e-wallets. Notably, HFM does not charge any withdrawal fees, making it an attractive option for traders. However, it’s important to note that wire transfers may incur additional charges depending on your bank and international policies.

Initiating a Withdrawal on HFM

To withdraw funds from your HFM trading account:

1. Access your myHF area and select “Fund Withdrawal.”
2. Choose the preferred withdrawal method and enter the amount you wish to withdraw.
3. Provide the necessary details for the selected withdrawal method.
4. Confirm the withdrawal request and review the processing time and fees.
5. Submit the withdrawal request and monitor the process through your myHF account.

Withdrawal Processing Times

Withdrawal processing times vary depending on the chosen method:

• Wire transfers: 2-10 business days
• E-wallets: Instant processing

Trading Platforms

HFM provides traders with a choice of award-winning trading platforms, including MetaTrader 4 (MT4) and its newer version, MetaTrader 5 (MT5). These platforms offer one-click trading, advanced charting tools, and access to institutional-grade technology.

Web Trading Platform

Both MT4 and MT5 HFM terminals are available in various versions to suit individual needs. Traders can choose from the Desktop Platform, WebTerminal compatible with any browser, or MT4 MultiTerminal for managing multiple accounts simultaneously. The Desktop Platform offers the most comprehensive set of features and add-ons.

HFM FIX/API

For clients who prefer the FIX protocol, HFM provides a robust FIX/API solution.

Copy Trading and PAMM Technology

HFM offers copy trading capabilities, allowing traders to automatically replicate the trading strategies of successful HFM traders. Additionally, HFM’s advanced PAMM technology enables professional money managers to attract and manage funds from investors.

Mobile Trading Platform

HFM’s mobile trading app, HFM Trading App, is available for both Android and iOS users. The app provides access to MT4 and MT5 mobile trading, offering advanced capabilities and interactive charts with almost the same productivity as their full versions. The app includes over 30 technical indicators and 24 analytical objects, making it a powerful tool for mobile traders.

Platform Selection Ranking

HFM’s platform selection received an Excellent rating with an overall score of 9 out of 10 compared to over 500 other brokers. This high rating reflects the availability of industry-leading platforms like MT4 and MT5, HFM’s own trading apps packed with tools and excellent research, and the overall suitability of HFM’s technology for various trading styles, including day trading, long-term trading, copy trading, and robot trading.

Platform Comparison Table

Platforms	HFM	FXTM	Plus500
MT4	Yes	Yes	No
MT5	Yes	Yes	No
Own Platform	Yes	Yes	Yes
Mobile Apps	Yes	Yes	Yes

Does HFM Allow Scalping?

Yes, HFM allows scalping strategies and does not impose any restrictions on trading approaches. However, it’s crucial to always review the terms and conditions for your specific entity, as regulations may vary.

HFM’s range of accounts, particularly those with zero spreads, can be particularly advantageous for scalping strategies.

Risk Management Strategies

Effective risk management is essential for successful trading, and HFM offers several tools to help you manage your risk:

• Limit Orders: Set a maximum price for buying or selling an asset to prevent unfavorable price movements.
• Stop-Loss Orders: Automatically close a position if it reaches a predetermined price, limiting potential losses.
• Trading Calculators: Utilize HFM’s provided calculators to estimate potential profits and losses based on various trading scenarios.
• Trading Journal: Maintain a detailed record of your trades to analyze performance, identify patterns, and make informed trading decisions.

Key Takeaways:

• HFM permits scalping strategies without restrictions.
• HFM’s account options, particularly zero-spread accounts, can be beneficial for scalping.
• Employ risk management tools like limit orders, stop-loss orders, trading calculators, and trading journals.
• Regularly review terms and conditions for any applicable restrictions or regulations.

Customer Service

HFM provides comprehensive customer support in 27 languages, catering to a global clientele and ensuring that traders from almost any country can access quality assistance. Customer satisfaction with HFM’s support services is generally positive, with prompt responses and knowledgeable support agents.

Research and Education

HFM prioritizes education and offers a wealth of resources for traders of all levels, with a particular focus on Africa and Asia. The broker provides well-structured trading courses, live webinars, video tutorials, daily analysis, market outlooks, and news feeds, all available in multiple languages.

Trading Research Tools

HFM equips traders with a robust suite of analytical and research tools, including analytical objects, an economic calendar, Autochartist, Trader’s Board for comprehensive analysis, and additional premium trading tools. VPS hosting is also available, with free VPS packages provided for deposits of $5,000 or more.

HFM Review Conclusion

Overall, HFM stands out as a well-established, customer-centric broker offering a secure and regulated trading environment suitable for a wide range of traders. Its services and products are tailored to specific requirements, providing a diverse selection of accounts, platforms, tools, and instruments, allowing traders to choose a suitable strategy with minimal restrictions.

Whether you’re interested in copy trading, using EAs, engaging in scalping, or becoming a partner, HFM caters to diverse trading styles and preferences. With some of the lowest pricing in the industry, HFM is an attractive option for traders seeking a cost-effective and comprehensive trading experience.

Key Takeaways:

• HFM provides customer support in 27 languages, ensuring global accessibility.
• HFM offers extensive trading education and research resources for traders of all levels.
• HFM provides a comprehensive suite of analytical and research tools for informed trading decisions.
• HFM caters to a wide range of trading styles and preferences.
• HFM offers competitive pricing and overall value for traders.

Recommendation:

Based on our findings and financial expert opinion, HFM is well-suited for:

• Beginning traders seeking a supportive and educational environment
• Experienced traders looking for a versatile platform and diverse trading options
• Investors interested in copy trading or managed accounts
• Traders seeking a comprehensive trading education
• Traders preferring MT4 and MT5 platforms
• Currency traders and CFD traders
• Traders employing various strategies
• EAs trading
• PAMM trading
• Traders seeking high-quality research materials