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HFM (HotForex) Broker Review
Updated: July 4, 2023
Last Updated On July 4, 2023
4.53
/ 5
Does NOT accept Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.Last Updated On July 4, 2023
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.
Our verdict on HFM
HFM (formerly known as HotForex) is not ASIC-regulated. We recommend traders look at trading with Axitrader or Pepperstone instead.
HFM is a global CFD broker offering a relatively wide range of trading products including Forex, cryptocurrencies, commodities, indices, shares, bonds, and ETFs. Unusually for a large international broker, HFM does not hold an ASIC licence and Australian traders will be trading through the St Vincent and Grenadines licenced subsidiary.
The HFM Micro Account has lower trading costs than most other brokers’ entry-level accounts with a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip on the EUR/USD. Experienced traders will be interested in HFM’s ZERO Spread Account, with EUR/USD spreads starting at 0.0 pips and a 6 USD commission.
HFM supports both the MT4 and MT5 platforms – but unlike most other brokers does not offer its own web-based platform – and has several excellent trading tools to assist traders further. Access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD – well above the required minimum deposit.
HFM does not charge any withdrawal or deposit fees, allows hedging, scalping, and copy trading, and offers an excellent selection of educational and market analysis materials to get new traders started
| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | CySEC, FCA, DFSA, FSC |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 1000:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, MT5, HFM Trading App |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs |
Overall Summary
Deposit & Withdrawal Methods
Supported Platforms for HFM (HotForex)
Account Information
Trading Conditions
Company Details
Deposit & Withdrawal Methods
Supported Platforms for HFM (HotForex)
Pros
- Low minimum deposit
- Tight spreads
- Well regulated
- Good range of accounts
Cons
- Limited base currencies
Is HFM (formerly known as HotForex) Safe?
With a long history of responsible behaviour and international regulation, we consider HFM to be a safe broker to trade with.
Founded in 2009 and headquartered in Cyprus, HFM is the global brand name of HF Markets Group. Entities within the group are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority of South Africa (FSCA), and the Financial Services Authority of Seychelles. See below for HFM listed companies:
- HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
- 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 (St. Vincent and the Grenadines) registration no. 22747 IBC 2015.
- HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.
Global clients of HFM will be trading with HF Markets (SV) Ltd, which is authorised by the Financial Services Authority (FSA) of St Vincent and the Grenadines. Unlike other regulators, such as ASIC in Australia and the FCA in the UK, the FSA St Vincent and Grenadines does not force HFM to restrict leverage or to be members of a client compensation scheme. But all Australian client funds are held in segregated accounts with top-tier banks and HFM is subject to frequent audits of its finances and client operations. In addition, all global clients have negative balance protection, meaning they can never lose more money than is held in their trading account.
HFM has won numerous awards for its services and offerings over the years, recent awards include:
- Most Transparent Broker 2020 (The European – Global Banking & Finance Review Awards),
- Best Client Services – Global 2020 (Capital Finance International Magazine),
- Best Broker in Africa 2020 (AtoZ Forex),
- Best Trading Experience South East Asia 2020 (International Finance Awards),
- Best Partners Program Global 2020 (International Investor Awards),
- Excellence in Customer Service Global 2020 (International Investor Awards),
- Best Global Copy Trading Platform (Global Forex Awards 2019) for the HFcopy trading service.
With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for customer satisfaction, HFM is considered a reliable and safe Forex broker. While HFM’s global clients are not as well protected as their clients in the EU and the UK, the FSA provides adequate security including ensuring that HFM segregates client accounts from its own funds and conducting frequent audits.
HFM (formerly known as HotForex) Trading Fees
HFM’s trading fees are slightly higher than average compared to other brokers
HFM is unusual amongst brokers in that it offers five different account types, where most brokers will offer three or less. Trading costs will vary depending on the account type chosen by a trader (for more detail on HFM’s account types, click here).
Despite the variation, overall trading costs are slightly higher than average across all five accounts, though the accounts themselves do offer different benefits in terms of trading strategies and minimum deposit.
HFM’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Trading Cost Formula: Spread x Trade Size + Commission = Cost in Secondary Currency (USD)
As you can see from the table above, in most cases HFM’s trading costs are built into the spread – though the ZERO Spread account does carry a 6 USD commission and tighter spreads. Spreads are variable at HFM, meaning that they will get wider or tighter depending on trade volume and market volatility.
While HFM does not publish a table of its overnight financing fees (swap fees), it does have a swap calculator – making it easy to figure out the cost of holding a trade overnight. For instance, the fee for holding 1 lot of EUR/USD overnight in a long position is 6 USD, and 0.6 USD for a short position.
The average cost of trading one lot of EUR/USD at similar Forex brokers tends to be 9 USD or lower. Compared to other brokers, HFM’s trading fees are slightly higher than average except for its ZERO Spread Account, where the costs are slightly lower than average – though this account does require a 200 USD minimum deposit.
Opening an Account at HFM (formerly known as HotForex)
Opening an account at HFM is a fully digital process and is hassle-free compared to other brokers
Australian traders cannot open an account at HFM.
Opening a live account at HFM is easy and takes less than 3 minutes. While HFM also offers Corporate Accounts and Joint Accounts we will focus on opening an Individual Account:
- Initially, you will need to provide your full name, phone number, email address, and date of birth. You will also have to choose whether you want the base currency of your account to be USD or EUR. For more on account base currencies at HFM, click here.
- Once this step is complete, you will have access to your MyHF dashboard. This is the administrative hub for your demo accounts, your live accounts, and your finances.
- From the MyHF hub, you will need to choose the account type that best suits you and submit your Know Your Customer (KYC) documentation. HFM needs at least two documents to accept you as an individual client:
- Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing your photos such as an ID card or driving licence will work.
- Proof of Address – a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address are clearly displayed.
- Important Note: The name on the Proof of Identification document must match the name on the Proof of Address document.
- You can upload your documents directly from your myHF area; alternatively, you can also scan them and send them to [email protected].
- Once this step is complete, you will need to make at least the minimum required deposit for your chosen account via one of HFM’s deposit methods. For more on HFM’s deposit and withdrawal policies, click here.
- Your documents will be checked by the verifications department within 48 hours. Any deposits will be credited to the account only after your documents have been approved and your myHF area is fully activated.
- We advise you to read HFM’s risk disclosure, customer agreement, and terms of business before you start trading.
HFM (formerly known as HotForex) Account Types
HFM offers more account types than most other brokers and most of the account types are suitable for beginners
HFM has four different account types suited to both beginner and experienced traders alike. Beginner traders are inexperienced traders who have never traded before or who have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek.
Accounts with lower minimum deposits which allow trading in micro-lots are generally more suited to beginner traders. However, spreads on these accounts are often wider than those with higher minimum deposits. Experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads.
An STP broker, HFM offers four market execution accounts, three of which are standard trading accounts. The other account is a specialised copy trading account. Maximum leverage varies according to account, with leverage of 1000:1 available on the Micro Account but limited to 1:500 on most other accounts. Hedging, scalping, and algorithmic trading are unlocked on all accounts – though signal trading is only available on the Auto Account – and all accounts are also available as Islamic accounts.
Micro Account
A good entry-level account for beginner traders, with leverage of up to 1:1000 and a minimum deposit of 5 USD. The variable spreads start from 1 pip on major pairs, which is tight for an account with such a low minimum deposit (most other brokers will have pips as wide as 1.5 pips on their Cent or Micro Accounts), and no commissions are charged. The only downside to this account is that a trader can only hold open 150 simultaneous orders, and the lots per trade are limited.
Premium Account
The minimum deposit on this commission-free account is 100 USD, and leverage is up to 1:500. With this account, the lots per trade are up to 300, and the spread starts at 1 pip, which is slightly wider than you would find at similar brokers. The maximum total trade size is 60 standard lots per position, and stop-out levels are at 50%.
ZERO Spread Account
This is a market execution account with spreads starting at 0 pips on the EUR/USD. Note that zero spreads are only available on major currency pairs, and exotic pairs still carry wide spreads. As with all raw spread accounts, you will be charged a commission – in this case, the charge is 3 USD per lot (6 USD total round turn) on majors and 4 USD per lot (8 USD total round turn) on minors and exotics.
As with the Premium account, the ZERO Spread account allows traders to keep 60 trade standard lots per position, with leverage of 1:500. ZERO Spread accounts are good for beginner traders and have lower ongoing trading costs but require a minimum deposit of 200 USD.
HFcopy Account
The HFcopy Account is available to both Strategy Providers (SPs) and Followers who have joined HFcopy. SPs can open an HFcopy Account to build their inventory of Followers and trade in exchange for a Performance Fee, as high as 50%. Available only on MT4 platform, the spread starts at 1 pip, and leverage is up to 400:1. Trading instruments offered on this account are limited to Forex, Indices, and Gold. The minimum deposit is 300 USD for SPs and 100 USD for Followers. Accounts are only denominated in USD.
All accounts are available on MT4 and MT5, except for the HFcopy Account, which is only available on MT4, for more on HFM’s Trading Platforms, click here.
Overall, HFM’s trading costs are slightly higher than other similar brokers, though the minimum deposits are in line with other international brokers operating in Australia. The Micro Account is an excellent account for beginner traders; its spreads are tighter, and its costs are lower than the entry-level accounts at other brokers.
All the accounts (except for the HFcopy Account) provide access to the entire range of HFM’s trading assets, including Forex pairs. HFM offers metals, energies, indices, shares, commodities, cryptocurrencies, bonds, and ETFs. For more detail on HFM’s assets, click here.
HFM (formerly known as HotForex) Deposit & Withdrawal
Unlike most other Forex brokers, HFM charges no fees for deposits and withdrawals, but withdrawal times are slightly higher than average for the industry – in addition, HFM does not allow withdrawals via credit/debit card.
As an FSA-regulated broker, HFM ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.
It’s important to note that while HFM allows deposits to be made with credit and debit cards, withdrawals can only be made via bank wire or alternative payment systems.
Traditional deposits are handled on weekdays and conditions apply to each of the deposit options.
- Bank Wire – HFM will cover the fees for transfers over the minimum amount of 250 USD. The funds will be added to your trading account within one business day of the funds reflecting in HFM’s account.
- Visa/Mastercard – A minimum deposit of 5 USD is required and will take approximately 10 minutes to reflect in your trading account. There are no fees for this deposit method.
- Alternative Payment Systems – HFM allows deposits from several alternative payment systems. These include fasapay, Skrill, VLoad, WebMoney and BitPay. All of these deposit methods will reflect to your trading account within minutes and there is no charge for deposits – though HFM will no cover any VLoad processing fees.
Traditional withdrawals are processed within 24 hours (weekdays only) of receiving them, and different conditions apply to each of the payment methods.
- Bank Wire – No fees and a minimum withdrawal of 100 USD. Bank wire withdrawals can take 2-10 days to receive depending on your bank. Be aware that HFM will not cover any bank wire fees charged by your bank or corresponding banks.
- Alternative Payment Systems – HFM allows withdrawals using several alternative payment systems. These include fasapay, VLoad, WebMoney and BitPay. Withdrawals will generally hit your account in a few minutes from these methods and no fees are applied, except in the BitPay, where a 1% charge is attached.
HFM is unusual amongst brokers in that it generally does not charge any fees for deposits or withdrawals. This is welcome and certainly contributes to customer satisfaction. While deposits and withdrawals are free and deposits are fast, withdrawals do take longer than most other brokers – 2-10 business days for card withdrawals is particularly poor.
The main concern here is that HFM does not provide for credit/debit card withdrawals, and most other international brokers in the Australian market will provide better funding options.
HFM Base Currencies (Trading Account Currencies)
HFM has a very limited number of base currencies compared to other brokers and does not offer trading accounts denominated in AUD.
At HFM, you can only choose from two base currencies: USD and EUR – though the Micro, Premium, and ZERO Spread Account can also be denominated in Nigerian Naira. This is extremely limited compared to most other international brokers operating in Australia.
It is especially bad news for Australian traders that they cannot have a trading account in AUD and all AUD deposits must be converted to either USD or EUR. Conversion fees can make trading expensive, and are usually not presented on the fee report, but will affect your profitability.
HFM (formerly known as HotForex) Trading Platforms
With both MT4 and MT5 but no proprietary trading platform, HFM’s platform support is average compared to other Forex brokers
HFM offers both MT4 – the most popular trading platform in the world – and MT5 – the latest version of the industry standard. As well as the desktop applications, HFM also offers MT4 and MT5 WebTerminal, which are browser-based versions of the platforms, along with mobile and tablet versions of both iterations.
While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of HFM offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.
Metatrader 4 (MT4)
Developed by MetaQuotes in 2002, MT4 is still the most popular CFD trading platform in the world. Although the platform’s interface is now dated, MT4 is still widely recognised for its fast execution speeds, a wide range of charting tools, algorithmic trading, and customisability. Other features of MT4 include:
- Supports the creation, modification, and utilisation of automated trading strategies.
- Supports MQL4 programming language.
- Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor.
- Allows traders to develop their own custom indicators.
- Superior charting tools in nine timeframes
- 24 graphical objects
- 30 built-in indicators
- Four pending order types, including buy stop, sell stop, buy limit, and sell limit.
HFM also offers support for MT4 MultiTerminal, providing a convenient method of managing multiple accounts simultaneously from a single interface.
Metatrader 5 (MT5)
Developed in 2010, MT5 is the newer version of its predecessor, MT4. The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. On MT5, you can trade stocks, stock indices, commodities, cryptocurrencies, ETFs, and precious metals.
MT5 is more powerful and faster than MT4, especially when it comes to back-testing functionality for automated trading algorithms. MT5 also has a built-in news feed, market depth indicator, economic calendar, and trades that can be made on charts. Additional features of MT5 include:
- 12 timeframes
- 38 built-in indicators
- 37 graphical objects
- Six pending order types
- Multi-threaded strategy tester
Both MT4 and MT5 are available as downloads, browser-based, and on iOS and Android devices. Mobile access is 24/7, and the mobile apps employ the latest SSL encryption technology for security.
HFM (formerly known as HotForex) Mobile Trading Platforms
HFM mobile trading platforms are average when compared to other brokers
HFM offers support for the MT4 and MT5 mobile trading apps for Android and IOS, including a native iPad app.
The HFM MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further empowers traders while on the move.
HFM (formerly known as HotForex) Trading Tools
HFM offers an excellent range of trading tools when compared to other brokers
HFM’s range of trading tools includes Autochartist, a free VPS service, and a set of Premium Trading Tools. While all these tools are provided free, traders are required to make a substantial deposit before access is provided.
Autochartist
Free for all HFM clients with a minimum deposit of 100 USD, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and MT5 and scans all available CFD markets for trading opportunities.
Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:
- Chart pattern recognition
- Fibonacci pattern recognition
- Key level analysis
- Pattern quality indication
VPS
HFM clients with a minimum deposit of 5000 USD can also subscribe to a free VPS hosting service provided by external third-party providers. VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure. The VPS service is only available to traders using the MT4 platform.
Premium Trader Tools
Free to all HFM clients with a minimum deposit of 200 USD, Premium Trader Tools give traders access to institutional quality technology, including advanced trading tools, user-configurable news and information, and trade analysis. It also includes an array of sophisticated alarms and messaging systems, and live sentiment and correlation tracking. The full list of tools in the package includes:
- Trade Terminal: A feature-rich professional trade execution and analysis tool, providing several trading features and order controls that are not included in MT4 or MT5.
- Connect: A customisable news feed aggregator and interactive economic calendar
- Correlation Matrix and Correlation Trader: These tools work together to show correlations between pairs of trading symbols. It functions with any symbols available in the trading platform, allowing a calculation of the correlation between multiple asset classes against Forex. The Correlation Trader will then allow for detailed inspection of the correlation between any two instruments.
Other trading tools available at HFM include a range of trading calculators, which can be used to calculate pip value, swap fees, risk percentages and support and resistance levels.
HFM (formerly known as HotForex) Trading Assets
HFM recently reintroduced cryptocurrencies to trade, and it has a larger number and wider range of assets to trade than most other CFD brokers
HFM offers over 1000 CFD trading instruments on all trading accounts, except for the HFcopy Account. Besides Forex pairs, HFM offers metals, energies, indices, shares, commodities, cryptocurrencies, bonds, DMA stocks (MT5 only), and ETF trading.
- Forex pairs: HFM offers 53 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and ZAR/JPY. While this is a substantial number, other brokers will offer 60+ pairs to trade. Maximum leverage is 1:1000.
- Cryptocurrencies: HFM offers 19 crypto pairs to trade including Bitcoin, Ethereum, Dash, and Litecoin among others. Leverage is up to 50:1 on cryptos, but traders should be aware of trading with high leverage on such a volatile asset.
- Metals: HFM offers silver and gold crosses with both the EUR and USD as well as palladium and platinum futures. This is an average selection of metals compared to other brokers. Maximum leverage is 1:200 on gold but falls to 1:20 on palladium futures.
- Energies: HFM offers spot and futures contracts on both Brent and WTI oil. Maximum leverage is 1:66.
- Indices: HFM offers spot and futures contracts on a range of international indices, including the NASDAQ, S&P500, FTSE100, DAX30 and the Nikkei. This is a broad range of indices compared to other brokers. Maximum leverage is 1:200.
- Shares: HFM offers 71 share CFDs to trade, including popular US tech companies, and multinational energy companies alongside some of the key constituents of the JSE such as BAT and Absa Group. While this may seem like a smaller range of share CFDs than offered by other brokers, HFM also offers 950 DMA stocks. Maximum leverage is 1:14.
- Stock DMAs: In addition to its range of share CFDs, HFM also offers 950 DMA stocks – allowing traders to trade directly on stock exchanges around the world. This asset class is only available on MT5. Maximum leverage is limited to 1:5
- Commodities: HFM offers five of the most common commodity futures to trade, such as coffee and sugar. Maximum leverage is 1:66
- Bonds: HFM offers CFD trading on the three most popular Bonds in the world – UK Gilts, Euro Bunds, and the US 10-year. Maximum leverage is 1:50.
- ETFs: Exchange Traded Funds have rapidly gained in popularity in recent years, and HFM offers spot contracts on 34 of the most traded ETFs in the world. Maximum leverage is 1:50.
HFMs range and depth of assets available to trade are impressive and much more than is normally seen at other similar brokers.
HFM (formerly known as HotForex) Research and Market Analysis
HFM has a competent in-house research team and has partnered with several third-party analysis companies to provide more useful market analysis than is available at most other brokers.
HFM’s research and market analysis is divided into three main sections, each of which provides a specialised benefit for traders looking for market insight and trading opportunities.
Forex News – In partnership with FXSTREET, a respected market news aggregator and publisher, HFM provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements, there is some reporting on technical analysis – mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.
HFAnalysis – This is the hub for HFM’s own market research content. The focus is a market news blog, split between fundamental analysis and technical analysis, and trader education. From here traders can also access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. From here traders can also access the HFM podcast; generally published mid-week this is a detailed look at recent market movements and a look ahead to potential market-impacting events. Overall, the analysis provided by HFM’s experts is detailed and accurate and is on par with the in-house research provided by other large international Forex brokers.
Advanced Insights – This plugin for MT4 and MT5 provides sentiment and volatility analysis from an insight engine that applies big data AI to millions of news articles and live trading positions. The plugin also provides a timeline of the upcoming events and presents detailed infographics on HFM’s full range of assets. While this tool is provided free, traders will need to have deposited at least 100 USD and made closed trades worth 10 lots or more in the previous two months.
Trading calculators and economic calendars are also available for reference outside of a trading platform.
Between the analytical tools and the sheer scale of market research on offer – in audio, text, and video format – from both in-house and third-party experts, HFM’s market analysis is considerably more useful than most other brokers – though is about equal when compared with other international brokers with large research and analysis budgets.
HFM (formerly known as HotForex) Education
Much like the market analysis at HFM, the educational content available is multi-format, competent and more useful for beginners than that available at most other brokers
Traders who open a demo or live account will get access to the HFM e-Course. This course is well-structured and includes the basics of Forex theory and Forex trading, reading, and interpreting charts, trading strategies, trading psychology, and technical analysis.
Video tutorials are available without registration, and these cover introductory concepts, Metatrader tutorials, trading strategies, and lessons in economic theory.
Webinars on current events, advanced trading strategies, and risk and money management are run every few days. These webinars do not require an account at HFM, but you will need to register
Overall, the quality of the educational content is very high, and HFM obviously does its best to educate beginner traders. More experienced traders will also find the information and material on offer useful, especially the webinars and video analysis on more advanced topics. This is unusual in the industry, as while most brokers will try to educate beginners, traders with more experience are often underserved.
HFM Demo Account
HFM offers an unlimited demo account, allowing prospective traders to test trading strategies under real market conditions. Demo accounts are loaded with 100,000 USD in virtual currency and have access to both the MT4 and MT5 platforms.
HFM (formerly known as HotForex) Bonuses and Promotions
HFM offers multiple bonuses, trading contests, and promotions for all traders. At the time of writing, the following bonuses are available:
- On deposit bonus: With this bonus, traders earn daily cash rebates of 2 USD per lot directly to their account. It applies to every deposit of 250 USD or more, and increases account leverage.
- Rescue Bonus: It applies to deposits over 50 USD, and traders can access greater leverage. It also protects traders from periods of drawdown.
For all the current HFM Bonus information, please refer to its website.
HFM (formerly known as HotForex) Customer Support
HFM customer support is better than most other brokers
Award-winning customer service and a client-focused approach to business mean that beginner traders at HFM can rely on excellent support.
Support is available 24/5 in over 27 languages via email, live chat, and telephone. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.
HFM’s goal is to provide the best customer service to clients by maintaining a client-focused culture. This approach to supporting clients won them the Best Global Forex Trading Education Provider 2018 (Global Brands Magazine).
Evaluation Method
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the HFM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
HFM (formerly known as HotForex) Risk Statement and Disclaimer
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HFM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.90% of retail investor accounts lose money when trading CFDs with HFM. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Overview
An STP broker offering multi-asset trading, HFM is a good broker for both beginner and experienced traders alike. HFM offers a relatively low-cost Micro Account and support for both MetaTrader platforms, though many other international brokers also offer their own trading platforms – which are often easier for beginners to use. In addition, HFM has a bespoke copy trading account, excellent customer support, and world-class educational content and market analysis.
The range of assets available to trade is relatively large when compared to other brokers, though HFM has withdrawn cryptocurrency CFDs from its product line-up. Overall trading costs are slightly higher than average, but there are many benefits to trading with this broker – explaining its large international customer base.
Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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Does NOT accept Australian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
4.53
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