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5.3

HFM Review 2024: Is HotForex (HFM) Legit or a Scam?

(4 customer reviews)
5.3/10 (Expert Score)
Product is rated as #25
Trust
7.5
Fees
6.5
Platforms and Tools
6.5
Customer Support
4.5
Tradeable Instruments
6.1
Account Types and Terms
6.8
Deposit and Withdrawals
5
Research and Education
7
HFM (Formerly HotForex)
5.3
Expert Score
#25 rated Forex Brokers
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ZFX
7.6
Expert Score
#3 rated Forex Brokers
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HFM (Formerly HotForex) Overviews


HFM, formerly known as HotForex, is a well-established forex and commodities broker that has been operating since 2010. Catering to both retail and institutional clients, HFM caters to a wide range of clientele, and offers diverse trading platforms, and tools to support traders of all levels. Let's see how their rebranding has had an effect and what they offer.

HFM Review 2024: Is HotForex (HFM) Legit or a Scam?

HFM, formerly HotForex, is a well-established and award-winning forex and commodities broker serving clients worldwide since 2010. With over 3.5 million live accounts opened, more than 200 employees globally, and support for over 27 languages, HFM has solidified its position as a global market leader in the trading industry.

HFM is a reliable broker, known for providing excellent trading conditions, allowing scalpers and traders who use expert advisors, unrestricted access to its liquidity. This commitment to client satisfaction has earned HFM over 60 industry awards throughout its years of operation.

The broker’s state-of-the-art automated trading platforms enable clients to access various spreads and liquidity. HFM’s diverse account options allow clients to customize their trading setup to meet their individual needs. With superior and competitive trading conditions, lightning-fast execution, and a comprehensive range of tools and services, HFM is the go-to for traders of all levels, equipping them with the most competitive trading conditions and helping them to realize their trading ambitions. Overall, they are a reliable broker having earned the trust of many.

Among numerous forex brokers out there, HFM seems to be a reliable and reputable broker with a strong global presence. The broker’s rebranding from HotForex further demonstrates its commitment to continuous growth and innovation in the industry. Let’s see if this broker is right for you.

Broker Feature Overview
Type of Broker Forex broker
Regulation & Licensing
  • Financial Sector Conduct Authority (FSCA) – South Africa
  • Cyprus Securities and Exchange Commission (CySEC) – Cyprus
  • Dubai Financial Services Authority (DFSA) – Dubai
  • Financial Services Authority (FSA) – Seychelles
  • Financial Conduct Authority (FCA) – United Kingdom
  • Financial Services Commission (FSC) – Mauritius
  • Capital Markets Authority (CMA) – Kenya
Applicable Countries Not Allowed To Trade Afghanistan, Algeria, Belgium, British Columbia (Canada), British Virgin Islands, Burundi, Central African Republic, Democratic Republic of the Congo, Eritrea, France, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Israel, Ivory Coast, Lebanon, Liberia, Libya, Myanmar, New Brunswick (Canada), Newfoundland and Labrador (Canada), North Korea, Ontario (Canada), Pakistan, Quebec (Canada), Saskatchewan (Canada), Sierra Leone, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Tunisia, United States of America, Vanuatu, Yemen, and Zimbabwe
Assets Offered
  • Cryptocurrency
  • CFD Stocks
  • Forex
  • Metals
  • Energies
  • Indices
  • Commodities
  • Bonds
  • ETFs
Platforms Available MetaTrader 4 and 5, MetaTrader Web, HFM Mobile
Mobile Compatibility Yes
Payment & Withdrawal Options

 

Skrill
Debit and credit card
Bank Transfer
Wire Transfer
Crypto

Facts About HFM (Formerly HotForex)
  • Established since 2010
  • Over 3,500,000 live accounts opened
  • Rebranded from HotForex
  • More than 200 employees globally
  • Over 60 industry awards received
  • Supports over 27 languages
  • Offers various account types and trading platforms
  • Allows scalpers and traders using expert advisors unrestricted access to liquidity
  • Provides superior trading conditions and fast execution
  • Serves both retail and institutional clients
  • Offers a comprehensive range of tools and services for traders of all levels
  • Regulated by multiple authorities, including CySEC, FCA, and FSCA
  • Offers negative balance protection to clients
  • Provides extensive educational resources for traders
  • Offers a wide range of promotions, bonuses, and loyalty programs
  • Customer support available via Email, phone, and live chat
  • Restricted in several countries due to regulations and laws
  • Lacks a dedicated "Contact Us" page on the website

Pros and Cons


PROS
  • Well-regulated by reputable authorities (FSCA, CySEC, and FCA)
  • Offers MetaTrader 4 and MetaTrader 5 trading platforms
  • Wide range of trading instruments (forex, commodities, indices, cryptocurrencies)
  • Multiple account types to cater to different traders' needs
  • Competitive fees and spreads
  • Comprehensive educational resources for beginners and experienced traders
  • Responsive customer support via Email, phone, and live chat (region-based)
  • Attractive promotions and bonus offerings
  • Loyalty program for active traders
CONS
  • Not available in certain countries due to regulations and restrictions
  • No "Contact Us" page on the website, which might deter some clients
  • Some promotions have complex terms and conditions
  • Limited customer support channels for certain regions

Is HFM (Formerly HotForex) Safe? Broker Regulations


Trading itself has risks involved and among all the financial markets, the forex market ranks high on the list for being most volatile and fast-paced. It takes a lot out of anyone to trade forex. More than having the right skills, knowledge and trading strategy, an investor should weight out their partners in trade, so to speak.

Choosing the best broker to trade with means looking at their offerings: trading instruments, favorable trading conditions, types of accounts, maximum leverage, minimum deposit and more. But above all, the broker and platform must be legal and compliant to certain jurisdictions.

Established for more than a decade, in 2010, HFM is one of the safest brokers there is.

Regulations play a crucial role in maintaining the integrity of the financial services industry. HFM is regulated by multiple authorities, ensuring its compliance with international standards and providing clients with a secure and trustworthy trading environment. The broker is regulated by the following entities:

  • Financial Sector Conduct Authority (FSCA) – South Africa
  • Cyprus Securities and Exchange Commission (CySEC) – Cyprus
  • Dubai Financial Services Authority (DFSA) – Dubai
  • Financial Services Authority (FSA) – Seychelles
  • Financial Conduct Authority (FCA) – United Kingdom
  • Financial Services Commission (FSC) – Mauritius
  • Capital Markets Authority (CMA) – Kenya

This information can be found in the footer section of their new website or under the “Regulation and Licensing” section in the “About” main menu.

Other than regulations, awards play a significant role in determining the quality of a forex broker. Awards are a testament to a broker’s commitment to excellence, reflecting their achievements in providing outstanding services to their clients. Clients should consider a broker’s awards when choosing a provider, as they indicate high expertise, reliability, and customer satisfaction.

Accolades Received in Forex Trading

  • Best Forex Broker – Global 2022
  • Top 100 Companies – World Finance Magazine
  • Best Forex Introducing Broker Provider – Smart Visio Investment Expo
  • Best Forex Trading App – Capital Finance International Magazine (CFI.CO)
  • Best Forex Broker South Africa 2022 – International Finance Awards
  • Best Forex Broker Middle East 2022 – All Forex Review
  • Best Forex Broker Award Asia 2022 – Global Business Review Awards
  • Best Educational Broker – Global Forex Awards 2022
  • Best Forex Partners Program Global 2022 – World Business Outlook
  • Best Forex Reward Program (Loyalty) Global 2022 – World Business Outlook

This information can be found under the awards section of the HFM website.

HF Markets Awards

HFM is a highly-regulated and award-winning forex broker that emphasizes transparency, security, and client satisfaction, providing clients with a security and trustworthiness by adhering to strict regulatory guidelines and consistently receiving industry awards.

  • Financial Sector Conduct Authority (FSCA) - South Africa
  • Cyprus Securities and Exchange Commission (CySEC) - Cyprus
  • Dubai Financial Services Authority (DFSA) - Dubai
  • Financial Services Authority (FSA) - Seychelles
  • Financial Conduct Authority (FCA) - United Kingdom
  • Financial Services Commission (FSC) - Mauritius
  • Capital Markets Authority (CMA) - Kenya

What Can I Trade with HFM (Formerly HotForex)?


HF Markets, formerly HotForex, provides clients with a wide range of trading instruments. These include Forex, Metals, Energies, Indices, CFD Stocks, Commodities, Cryptocurrency, Bonds, and ETFs. This diversity of assets allows traders to diversify their investment portfolio and explore various trading opportunities.

Forex

Forex, or foreign exchange, is the world’s largest and most liquid financial market. HFM offers access to numerous currency pairs, allowing clients to trade major, minor, and exotic pairs. The broker provides competitive spreads, flexible leverage, and detailed contract specifications, including swap values and trading hours.

Metals

Trading precious metals, such as gold and silver, can effectively diversify a portfolio or hedge against inflation. HFM offers clients the opportunity to trade these metals as CFDs against various currencies, with competitive spreads and flexible leverage.

Energies

Energy commodities, such as crude oil and natural gas, are vital resources that drive the global economy. HFM enables its clients to trade these commodities as CFDs, benefiting from the price movements without actually owning the underlying assets.

Indices

Indices represent the overall performance of a particular stock market or a group of stocks. Trading indices allows clients to gain exposure to entire market sectors rather than individual stocks. HFM offers a variety of global indices for clients to trade as CFDs, with competitive spreads and flexible leverage.

CFD Stocks

Trading Contracts for Difference (CFDs) on stocks enables clients to speculate on the price movements of individual company shares without owning the actual stock. HFM provides access to a wide range of popular stocks from major global markets, allowing clients to benefit from price fluctuations while utilizing leverage.

Commodities

Commodities are physical goods, such as agricultural products or natural resources, that are traded on global markets. HFM offers its clients the opportunity to trade a variety of commodities as CFDs, including coffee, sugar, and cotton, with competitive spreads and flexible leverage.

Cryptocurrency

Cryptocurrencies, like Bitcoin and Ethereum, have gained significant popularity in recent years. HFM enables its clients to trade various cryptocurrencies as CFDs, offering exposure to this rapidly growing market without the need to own the digital assets themselves.

Bonds

Bonds are debt securities issued by governments and corporations. Trading bonds allow clients to gain exposure to fixed-income markets and diversify their portfolios. HFM offers a selection of government bonds for clients to trade as CFDs, with competitive spreads and flexible leverage.

ETFs

Exchange-Traded Funds (ETFs) are investment funds that track the performance of a specific index, sector, or asset class. Trading ETFs enables clients to gain exposure to diverse assets through a single instrument. HF Markets offers a variety of popular ETFs for clients to trade as CFDs, with competitive spreads and flexible leverage.

When viewing the assets pages on the HFM website, clients can access detailed contract specifications for each asset class. This includes information on leverage, swap values, and open and closing values. Swap values may be adjusted daily based on market conditions, and triple swaps are applied every Wednesday. Server times are Winter: GMT+2 and Summer: GMT+3 (DST).

HF Markets Contract Specifications for forex

During the time period from 23:55 to 00:05 server time, increased spreads and decreased liquidity may occur due to daily bank rollover. In cases of inadequate liquidity/spreads during bank rollover, widened spreads and excessive slippage may occur, and orders may not be executed during these times.

HF Markets provides diverse trading instruments, allowing clients to explore various trading opportunities and build well-diversified investment portfolios. The broker’s commitment to providing competitive spreads, flexible leverage, and detailed contract specifications makes it a popular choice among traders worldwide.

Thus, HF Markets offers an extensive range of tradable assets, including Forex, Metals, Energies, Indices, CFD Stocks, Commodities, Cryptocurrency, Bonds, and ETFs, which cater to the diverse needs of their clients. By visiting the broker’s website, traders can access more information about the assets offered, contract specifications, leverage, and trading hours.

The ability to trade various assets on a single platform provides traders with the flexibility and convenience necessary to succeed in today’s fast-paced financial markets.

Remember that trading always involves risks, and it’s crucial to understand the asset class you’re trading and its potential risks. It’s also essential to develop a well-planned trading strategy, manage your risks effectively, and stay informed about market developments to achieve long-term success in trading with HF Markets.

  • Cryptocurrency
  • CFD Stocks
  • Forex
  • Metals
  • Energies
  • Indices
  • Commodities
  • Bonds
  • ETFs

How to Trade with HFM (Formerly HotForex)?


HF Markets, a leading forex broker, offers its clients an impressive suite of trading platforms to cater to their trading needs. These platforms include MetaTrader 4 and MetaTrader 5 for all devices (Windows, Mac, iOS, Android, Mobile), MetaTrader 4 Web Terminal, and the new HFM App. The variety of platforms ensures that traders can access the markets seamlessly, no matter their device or location.

HF Markets offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for Windows, Mac, iOS, Android, and mobile devices. These platforms are widely recognized for their user-friendly interface, interbank liquidity, and fast execution. They come with an extensive range of analytical tools, built-in indicators, and the ability to use automated trading programs (Expert Advisors).

The MT4 trading platform is a popular choice among traders due to its impressive array of features, including 9 different timeframes, detailed analysis of quote dynamics, the ability to view multiple charts simultaneously, and over 50 built-in indicators and tools.

On the other hand, the MT5 is adapted to fit the needs of HF Markets’ clients. It offers 21 different timeframes, superior analysis tools, the ability to trade all HF Markets asset classes, view up to 100 charts simultaneously, hedging, one-click trading, and a built-in economic calendar with over 80 technical indicators.

The MetaTrader 4 Web Terminal provides traders with a convenient way to access their trading accounts directly from their web browsers, without downloading or installing any software. This web-based platform offers the same powerful features as the desktop version of MT4, making it an excellent option for traders who want to trade on the go or use a device that does not support the desktop application.

The HFM App, available for both iOS and Android devices, is a feature-rich mobile trading application that allows traders to stay on top of the markets and execute trades from anywhere in the world. The HFM App allows users to trade over 1,200 markets, including forex, stocks, commodities, bonds, ETFs, and indices. The app offers a customizable trading experience with features such as one-wallet multiple account management, flexible trade placement, detailed trade history, charting tools, real-time quotes, and 24/5 multilingual support.

The HFM MetaTrader 4 MultiTerminal platform is designed for traders who need to manage multiple accounts simultaneously from a single interface. This trading platform offers real-time trading activity management, execution of multiple order types, live price feed monitoring, and viewable trading history. The familiar and easy-to-use MT4 interface makes it an ideal solution for users who already have experience with the MT4 trading platform.

To find more information about these trading platforms, visit the “platforms” section on the HFM website. They have dedicated pages for each platform, ensuring you can find all the information you need to decide which platform best suits your trading requirements.

In conclusion, HFM offers a comprehensive range of trading apps that cater to various trading styles and preferences. By providing powerful tools, advanced features, and a user-friendly experience, HF Markets empowers traders to take control of their trading experience and achieve success in the financial marketplace.

Feature MT4 MT5 MT Web Terminal HFM Mobile
One-Click or One-Tap Trading Yes Yes Yes Yes
Trade Straight off Charts Yes Yes Yes Yes
Email Alerts or Push Notifications Yes Yes No Yes
Mobile Alerts Yes Yes No Yes
Stop Order Yes Yes Yes Yes
Market Order Yes Yes Yes Yes
Trailing Stop Order Yes Yes Yes Yes
OCO Orders (One-Cancels-The-Other) No Yes No No
Limit Order Yes Yes Yes Yes
24hr trading Yes Yes Yes Yes
Charting Package Yes Yes Yes Yes
Streaming News Feed Yes Yes No Yes

  • MetaTrader 5 (Windows, macOS, iOS, Android)
  • MetaTrader 4 (Windows, macOS, iOS, Android)
  • MetaTrader WebTerminal
  • HFM Mobile App

How Can I Open HFM (Formerly HotForex) Account? A Simple Tutorial


To open an account with HFM, you will need to head to their website and then click on the “open live account” button which is located in the main menu.

You will then be taken to the registration screen. Here you will need to choose between Individual, corporate, or joint accounts. Then you will need to fill in the criteria, which will include (for individuals) country of residence, phone number, name, birthdate, Email, and password. Note that this may differ pertaining to your region but will most likely be the same.

You will then be prompted that you are registered, and you will need to follow a link sent to the Email address you provided.

After following the link sent to your Email, you will complete your registration and be taken to the client area, where you will need only fill in some more personal information to get started.

  • Go to the HFM website.
  • Click on the "open live account" button located in the main menu.
  • Choose between Individual, Corporate, or Joint accounts on the registration screen.
  • Fill in the required criteria, which includes country of residence, phone number, name, birthdate, Email, and password.
  • Follow the link sent to your email address to complete the registration process.
  • Fill in additional personal information in the client area to get started.

Where Do I Find the Demo Account?

Upon checking out the different trading accounts offered, you won’t be able to locate a demo account under the Trading section where the rest of the HFM trading accounts are grouped. Instead, if you visit HFM’s main website page, the Free Demo Account can be seen right under the Register button where you can opt to go with a free or live account.

Not a major cause for confusion but this direct link will take you straight to the Open a Demo Account page. Both existing and new HFM clients can benefit from the free demo account for honing their particular trading style.

A screen grab of HFM's trading account types

No Demo Account Shown

A screen capture of HMF's register button on their website

If you visit the Trading section on their site, you’ll notice that there’s no mention of a demo account.

HFM (Formerly HotForex) Charts and Analysis


HFM, formerly known as HotForex, is committed to offering a wide range of trading resources and educational materials to help traders of all levels enhance their skills and knowledge in the financial markets. These resources provide valuable information, tools, and insights, ensuring that traders are well-equipped to make informed trading decisions. You can find these resources on the broker’s website under the “Education” section.

Trading Classes: HFM offers comprehensive trading classes covering various aspects of trading, such as risk management, trading strategies, technical and fundamental analysis, and much more. These classes are designed to help traders understand the mechanics of trading, market dynamics, and how to make better decisions when entering and exiting trades. By participating in these classes, traders can gain a solid foundation in various trading concepts and strategies, increasing their chances of success in the market.

The broker provides an extensive library of educational videos that cater to both beginners and experienced traders. These videos are carefully designed and delivered by industry experts, Stuart and Andria, who break down the fundamental concepts of the forex trading industry and teach traders everything they need to succeed in the market. Topics covered in these videos include Forex Essentials, Technical Indicators, the Importance of Central Banks, Psychology of Trading, and Trading Strategies, among others. By watching these videos, traders can expand their knowledge and better understand the financial marketplace.

HF Markets offers a series of training course videos that delve into various trading topics and strategies. These videos cover basic terms, beginners’ courses, trading tools, MetaTrader tutorials, trading strategies, and commodities and futures contracts. By offering practical guidance and in-depth knowledge on these subjects, these videos help traders maximize their profits and minimize losses in the market.

The Forex Education Centre at HFM is dedicated to teaching traders about the forex market in simple terms. It covers everything from understanding the underlying reasons behind the Forex market’s existence to basic strategies and a glossary of concepts. The intention is to create a library of resources for clients to access, providing the tools and knowledge required to trade with confidence. As traders progress through the Forex Education Centre, they can build a strong foundation in various trading concepts, preparing them for success in the financial marketplace.

HFM hosts regular webinars led by experienced market professionals, providing traders with an interactive learning environment. These webinars cover a wide range of topics, including market analysis, trading strategies, and risk management. By participating in these webinars, traders can strengthen their trading skills and knowledge, ask questions, and receive real-time insights from experts. Each live webinar is followed by a Q&A session, giving traders the opportunity to clarify any doubts and gain a deeper understanding of the subject matter.

HF Markets organizes regular events hosted by their experts, which offer unique and invaluable opportunities for traders to meet the team in person and gain exclusive trading knowledge. These events allow traders to enrich their expertise, stay updated with the latest market trends, and participate in Q&A sessions to have their questions answered by industry professionals.

HFM provides exclusive analysis on various financial instruments, helping traders make well-informed market decisions. This analysis offers valuable insights into market trends, potential trading opportunities, and expert opinions on market movements. By accessing this exclusive analysis, traders can stay ahead of the curve and make better-informed trading decisions.

The Earnings Calendar at HFM keeps traders up to date with the latest earnings reports for the companies they care about. During the earnings season, high market volatility can create more profit opportunities but also higher risks of capital losses. By staying informed about the upcoming earnings announcements, traders can better prepare for market fluctuations and make informed decisions regarding their trades.

HFM offers podcasts featuring insightful discussions on various trading topics, including market trends, technical analysis, trading psychology, and much more. These podcasts are a valuable resource for traders who want to stay updated with the latest market news and insights while on-the-go. By listening to these podcasts, traders can gain a deeper understanding of the financial markets, learn from experts, and discover new strategies to improve their trading performance.

With all the available trading resources it seems that HFM is dedicated to providing its clients with an extensive range of trading resources and educational materials, catering to traders of all levels. From trading classes, educational videos, and training course videos to Forex education, webinars, events, exclusive analysis, earnings calendars, and podcasts, HFM offers a comprehensive suite of educational tools that can help traders achieve their trading goals. By taking advantage of these resources, traders can enhance their skills, knowledge, and trading approaches, increasing their chances of success in the financial markets.

  • Tradings Classes
  • Educational Videos
  • Training Courses
  • Forex Education
  • Webinars
  • Events
  • Exclusive analysis
  • Earnings Calendar
  • Podcasts

HFM (Formerly HotForex) Account Types


HFM offers a variety of accounts designed to cater to the needs of different traders. These include Micro, Premium, HFcopy, and Zero Spread Accounts. You can find more information: trading costs, minimum initial deposit, trading conditions and more on these accounts and an account comparison under the “Accounts” section in the main menu on the broker’s website. The base currencies for these accounts are USD and ZAR due to the region; however, depending on your region, the base currency may differ and include something other than USD.

List of HFM Trading Accounts

Before a client can decided if they want to start trading with a particular broker, it’s important that they check if the broker offers favorable trading conditions. One of the determining factors is their account offerings which as described in more than one HFM review, are quite different from those from other brokers.

Below is the list of trading accounts offered:

Micro or Cent Account

The Micro or Cent Account is tailored for traders new to forex trading and those trading smaller volumes. Brokers, through cent accounts, allow investors to trade smaller trade sizes and open an account with a lower initial deposit. HFM’s micro account gives clients the opportunity to trade with cent lots, and like other swap free accounts, doesn’t incur a swap fee.

The Micro Account offers tight spreads from 1 pip, maximum leverage of 1:1000, and market execution. The minimum deposit required is $5/R70, and the minimum trade size is 0.01 lot. There is no commission on this account type.

Premium Account

The Premium Account is designed for experienced retail traders. The account is also unique compared to other brokers in that it gives traders more liberty in choice of position sizes. It features spreads from 1 pip, maximum leverage of 1:500, and market execution. The single trade size limit is 60 lots, with a minimum trade size of 0.01 lot and a flexible trade size increment of 0.01. The Premium Account uses the MetaTrader 4, MetaTrader 5, Webtrader, and Mobile trading platforms. The minimum deposit required is $10/R140, and there is no commission on this account type.

HFcopy Account

The HFcopy Account is available for copy trading 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%. Followers, on the other hand, can deposit funds and start copy trading with their selected SPs. The HFcopy Account offers tight spreads from 1 pip, maximum leverage of 1:500, and market execution. The minimum opening deposit is $300 for Strategy Providers and $100 for Followers. The minimum trade size is 0.01 lot, and there is no commission on this account type.

Zero Spread Account

The Zero Spread or Zero Account offers a low-cost trading solution suitable for all traders, especially scalpers, high-volume traders, and those who trade with Expert Advisors (EAs). With a minimum opening deposit of just $200, this account type provides RAW, super-tight spreads from leading liquidity providers with no hidden markups. Commissions start at a low USD 0.03 per 1K lot. The Zero Spread Account features tight spreads from 0 on Forex, maximum leverage of 1:500, and market execution. The minimum trade size is 0.01 lots (1,000 units of base currency), and the account is available on MetaTrader 4, MetaTrader 5, Webtrader, and Mobile trading platforms.

HFM offers various client accounts to cater to the diverse needs of traders. Whether you are a beginner or an experienced trader, you can find an account type that best suits your trading preference and requirements. For more information and a detailed account comparison, visit the HFM website and explore the “Accounts” section.

Feature Micro Account Premium Account Zero Spread Account HFcopy Account
Account Currencies USD, ZAR USD, ZAR USD, ZAR USD
Available Leverage 1:1000 1:500 1:500 1:500
Minimum Deposit $5/R70 $10/R140 $200/R2800 $100-$300
Commission Per Trade No No Yes No
Decimal Pricing 5th Decimal 5th Decimal 5th Decimal 5th Decimal
Trading Instruments All Available All Available All Available Selected
Min. Lot Size Per Trade 0.01 Lot 0.01 Lot 0.01 Lot 0.01 Lot
Max. Lot Size Per Trade 7 Standard lots 60 Standard lots 60 Standard lots 60 Standard lots
Spreads From 1 pip From 1 pip From 0 on Forex From 1 pip
Demo Account Yes Yes Yes Yes
Swap/Rollover Free No No No No
Hedging Yes Yes Yes Yes
Scalping Yes Yes Yes Yes
Copy Trading Support No No No Yes
Available to U.S. Residents No No No No

Please note that the information provided in this table is based on the data available up to September 2021, and some features might have changed since then. For the most up-to-date information, please visit the HFM website and consult the “Accounts” section.

Do I Have Negative Balance Protection with This Broker?


At HFM, the safety of client’s funds is of paramount importance. The broker ensures that traders can focus on their trading activities without constantly worrying about the security of their funds. This is achieved through a variety of measures designed to provide optimal financial safety.

One essential aspect of financial safety at HFM is negative balance protection. Negative balance protection is vital for traders as it limits their potential losses, providing peace of mind and fostering confidence in their trading activities. This policy ensures that clients are not responsible for paying back a negative balance, even under highly volatile market conditions when margin calls and stop outs may not function correctly.

HFM goes above and beyond to guarantee the security of its client’s funds. Some of the measures taken by the broker include:

  • Market Leading Insurance: HFM has implemented a Civil Liability insurance program with a limit of €5,000,000 to safeguard its liabilities against clients and other third parties. This comprehensive coverage includes protection against errors, omissions, negligence, fraud, and other risks that may lead to financial loss.
  • Industry Leadership and Reputation: As a global leader in online trading, HFM is recognized for its excellence, solid reputation, and award-winning services, ensuring clients that their funds are held securely.
  • Accounts with Major Banks: HFM only partners with major global banks for liquidity provision, capitalizing on its brand’s strength and international standing.
  • Segregation of Funds: Clients’ funds are held in separate bank accounts from the company’s funds, ensuring that they remain off the balance sheet and cannot be used to pay back creditors in the unlikely event of the company’s default.
  • Risk Management: HFM continuously identifies, assesses, and monitors each type of risk associated with its operations, evaluating the effectiveness of its policies, arrangements, and procedures to ensure the company can cover its financial needs and capital requirements at any time.

For more information on HFM’s security of funds measures, please visit their website and navigate to the “Security of Funds” section located under the “About” main menu.

  • Yes, on all account types

HFM (Formerly HotForex) Deposits and Withdrawals


HFM provides clients with a variety of convenient deposit and withdrawal options, ensuring a smooth and efficient trading experience. The broker strives to process transactions quickly and does not charge any deposit fees.

For deposits, there are several options available:

  • Bank Transfers: With a minimum deposit of R100 and a maximum deposit of 10,000 USD, bank transfers are processed within 10 minutes, and no fees are applied.
  • Wire Transfer: This option requires a minimum deposit of 100 USD, with no maximum limit. The deposit time takes 2 to 7 business days, and no fees are charged for deposits over 100 USD.
  • Credit/Debit Cards: Visa and Mastercard are accepted, with a minimum deposit of 5 USD and a maximum deposit of 10,000 USD. Deposits are processed within 10 minutes, and no fees are charged.
  • Alternative Options: Crypto and Skrill are also available. For crypto, the minimum deposit is $30, with a maximum of $10,000, and the deposit is processed instantly with no fees. Skrill requires a minimum deposit of 5 USD and a maximum deposit of 5,000 USD, and it takes up to 10 minutes for the deposit to be processed, with no fees applied.

Withdrawal options also offer flexibility;

  • Bank Transfers: The minimum withdrawal amount is 10 USD / 70 ZAR, and it takes 1 to 3 business days to process, with no fees charged.
  • Wire Transfer: A minimum withdrawal of 100 USD is required, and the processing time ranges from 2 to 10 business days, depending on the correspondent bank. HFM charges no fees; however, sending, correspondent, and receiving banks may apply their own fees.
  • Credit/Debit Cards: For Mastercard and Visa, the minimum withdrawal amount is 5 USD, and the processing time takes 2 to 10 business days, depending on the correspondent bank. No fees are charged for this option.
  • Alternative Options: Crypto and Skrill withdrawals are available as well. The minimum withdrawal for crypto is 10 USD, and it takes up to 24 hours to process, with no fees charged. For Skrill, the minimum withdrawal is 5 USD, and the processing time is up to 10 minutes, with no fees applied.

HFM ensures the protection of payment and data security by not receiving or storing any personal credit card or payment details. Transactions are processed and protected by Level 1 PCI-DSS Certified Independent International Payment Gateways.

Please note that minimum withdrawals are applicable, and clients wishing to withdraw below the minimum levels presented will be required to cover all charges associated with the withdrawal request. Also, note that the aforementioned currency is based on the region we are in, and most likely, your local currency will reflect differently.

  • Skrill
  • Debit and credit card
  • Bank Transfer
  • Wire Transfer
  • Crypto

Support Service for Customer


HFM understands the importance of providing exceptional customer support for its clients, as it is a critical component of the overall forex trading experience. To address the needs of its clients, HFM offers various customer support channels, including Email, Phone, and Live Support.

It is essential to note that the website is region-based, and the available support channels may vary depending on the region. However, for this specific region, Email, Phone, and Live Support are the primary methods of communication with the broker. This information can be easily found in the footer of the website.

Customer support is crucial for various reasons. First, it builds trust and confidence in the broker, as clients know that they have a reliable support system to assist them with any issues or queries that may arise during their trading journey. Second, efficient customer support helps resolve problems quickly, enabling clients to focus on their trading strategies and decisions rather than troubleshooting. Lastly, it fosters loyalty and long-term relationships with the clients, as they feel valued and well-supported by the broker.

However, it is worth mentioning that HFM does not have a dedicated “Contact Us” page on their website, which could be deterring for some clients. A “Contact Us” page typically serves as a centralized location for users to find all the necessary contact information and support channels, making it easier for them to reach out to the broker for assistance. The absence of such a page might make it challenging for potential clients to find the required contact details and could result in missed opportunities for the broker.

In conclusion, HFM offers a variety of customer support channels to cater to its client’s needs in the specified region, which include Email, Phone, and Live Support. While customer support is undeniably crucial for a successful trading experience, the broker could further enhance its accessibility and user experience by adding a “Contact Us” page on their website, providing clients with a one-stop location for all their support needs.

HFM Customer Support Overview
Supported Languages English, Arabic, Chinese (simplified and traditional), Czech, French, German, Greek, Hindi, Hungarian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Thai, Urdu, and Vietnamese
Customer Service By HFM
Customer Service Hours 24/5
Email Response Time Typically within 1 day
Telephonic Support Yes
Personal Account Manager No

  • Supported Languages: English, Arabic, Chinese (simplified and traditional), Czech, French, German, Greek, Hindi, Hungarian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Thai, Urdu, and Vietnamese
  • Customer Service Channels: Email, Telephone, Live Chat
  • Customer Service Hours: 24/5

Prohibited Countries: Where Can I Not Trade with this Broker?


While HFM is a globally recognized broker offering a range of trading services, it is important to note that it cannot operate in certain countries for various reasons, including local regulations, laws, sanctions, and other factors. The list of countries where HFM is not allowed to operate includes:

  • Afghanistan, Algeria, Belgium, British Columbia (Canada), British Virgin Islands, Burundi, Central African Republic, Democratic Republic of the Congo, Eritrea, France, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Israel, Ivory Coast, Lebanon, Liberia, Libya, Myanmar, New Brunswick (Canada), Newfoundland and Labrador (Canada), North Korea, Ontario (Canada), Pakistan, Quebec (Canada), Saskatchewan (Canada), Sierra Leone, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Tunisia, United States of America, Vanuatu, Yemen, and Zimbabwe

The restrictions placed on brokers like HFM can be attributed to several factors, including:

  • Regulatory requirements: Each country has its own set of financial regulations that brokers must adhere to in order to operate within its jurisdiction. These regulations are designed to protect investors and maintain the integrity of the financial markets. If a broker cannot meet the specific regulatory requirements of a country, it may be restricted from offering its services to clients in that country.
  • Sanctions and embargoes: Some countries, such as Iran and North Korea, are subject to international sanctions and embargoes that prohibit financial institutions and brokers from engaging in business activities with them. These sanctions are typically imposed due to political, security, or human rights concerns and can result in brokers being unable to operate in the affected countries.
  • Legal restrictions: In some cases, a broker may be restricted from operating in a country due to local laws and regional restrictions. For example, some countries have strict financial laws that make it difficult for foreign brokers to offer their services, while others may have legal restrictions on certain types of financial products or trading activities.
  • Risk management: brokers often conduct their own risk assessments when deciding which countries to operate in. Factors such as political instability, economic uncertainty, and high levels of financial crime can make it difficult for forex brokers to ensure the safety of their clients’ funds and the overall stability of their operations.

In conclusion, the restrictions on forex brokers like HFM operating in specific countries are due to a combination of regulatory, legal, and risk management factors. These restrictions serve to protect both the broker and its clients, ensuring that financial services are provided in a safe, secure, and compliant manner across the globe.

  • Afghanistan, Algeria, Belgium, British Columbia (Canada), British Virgin Islands, Burundi, Central African Republic, Democratic Republic of the Congo, Eritrea, France, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Israel, Ivory Coast, Lebanon, Liberia, Libya, Myanmar, New Brunswick (Canada), Newfoundland and Labrador (Canada), North Korea, Ontario (Canada), Pakistan, Quebec (Canada), Saskatchewan (Canada), Sierra Leone, Somalia, South Sudan, Sudan, Syria, Trinidad and Tobago, Tunisia, United States of America, Vanuatu, Yemen, and Zimbabwe

Special Offers for Customers


HFM offers a variety of special offers and promotions designed to cater to the needs of its clients, enhance their trading experience, and make their journey with the broker more rewarding. These promotions include bonus offerings, a loyalty program, contests, free funding, and merchandise. Special promotions and offers attract new clients and help retain existing ones, making it an essential aspect of a successful brokerage service.

HFM Deposit Bonus Offerings

The HFM Deposit Bonus Offerings consist of four unique promotions that cater to different client preferences. These promotions include a 50% balance increase fora minimum deposit of $50, daily cash rebates of USD 2 per lot for every deposit of USD 10 or more, increased account leverage for deposits over USD 50, and relaxed time limits for completing volume requirements. These deposit bonuses are automatically applied to eligible deposits, making it easy for clients to enjoy the benefits.

Forex no deposit bonus

The forex no deposit bonus program is geared towards incentivizing new joiners to register an account with HFM. A nice alternative to a demo account, this no deposit incentivization program lets new joiners start trading forex without using any of their own money.

Here, new joiners can get a feel of a real trading account without the usual risks involved in being an owner of a paid or live account.

Specifically on the no deposit bonus offer, its pre-requisite terms and conditions can be complex and misguiding. For this reason, reading the terms and conditions thoroughly is recommended before taking part. This can be found here: Terms and conditions (forex no deposit bonus).

HFM Trading Rewards Loyalty Program

The HFM Trading Rewards Loyalty Program is designed to reward active traders with HFM Bars, which can be exchanged for cash or trading services. With four different reward levels (Red, Silver, Gold, and Platinum), the more active trading days a client accumulates, the more HFM Bars they earn for each round-turn lot they trade.

HFM Contests

HFM also hosts various contests, such as the Traders Awards, Demo Contests, and festive contests, offering traders the chance to showcase their skills and win cash prizes, trading services, and other rewards. These competitions motivate traders to perform their best and foster a sense of community among HFM clients.

HFM Funding

Clients can enjoy free and secure account funding with HFM, as the broker does not impose any additional fees on transactions made for depositing funds into trading accounts. Furthermore, HFM covers any fees charged by banks for wire transfers, ensuring that the funds allocated for deposits are credited to the client’s accounts without any deductions.

HFM Merchandise

Lastly, HFM offers an exclusive range of merchandise, such as branded clothing and accessories, as a token of appreciation for its loyal traders and partners. These items cannot be purchased but are instead offered as gifts to HFM’s valued clients.

Special offers and promotions play a crucial role in attracting and retaining clients for a broker like HFM. HFM demonstrates its commitment to delivering exceptional trading support and rewarding its clients for their loyalty and dedication by providing bonus offerings, loyalty programs, contests, free funding, and merchandise.

  • Bonus Offerings
  • Loyalty Program
  • Contests
  • Free Funding
  • Merchandise

HFM (Formerly HotForex) Review Conclusion: Reputable Broker with Easy-to-use Platform


As with any investment decision, potential clients should conduct their research and due diligence before committing to a particular broker

PIPPENGUIN

Overall and based on our review here, the broker appears to be safe and reliable. While we have not delved into every aspect of their operations, the information we have reviewed, such as their regulatory compliance, customer support channels, and commitment to offering a variety of promotions and services, indicate that they strive to provide a secure and trustworthy trading environment for their clients.

As with any investment decision, potential clients should conduct their research and due diligence before committing to a particular broker. However, from the information available, this broker seems to be a viable option for those seeking a safe and reliable trading partner.

Summary and Key Takeaways


Throughout our in-depth review, we have analyzed several aspects of HFM, a leading Forex and CFD broker. The following points offer a comprehensive summary of our discussion:

  • Regulation: HFM operates under the oversight of renowned regulatory bodies, ensuring the safety and security of clients’ funds and trading activities. This regulatory compliance instills confidence in traders, as they can trust that their investments are being handled responsibly and transparently.
  • Trading Platforms: Catering to a wide range of traders, HFM provides popular and user-friendly platforms such as MetaTrader 4 and MetaTrader 5. These platforms offer advanced charting tools, customizable indicators, and expert advisors, all aimed at enhancing the overall trading experience.
  • Deposit and Withdrawal Options: HFM offers clients an array of convenient deposit and withdrawal options, including bank transfers, credit/debit cards, and alternative payment methods like cryptocurrencies and e-wallets. Moreover, HFM does not charge any deposit fees, making transactions more cost-effective for traders.
  • Customer Support: Although the broker does not have a “contact us” page, HFM provides essential support to clients in this region through Email, phone, and live chat. The availability of multiple support channels ensures that clients receive timely assistance for their concerns, further enhancing the broker’s reliability.
  • Restricted Countries: Due to various reasons such as regulations, laws, sanctions, and broker’s entities, HFM is not allowed to operate in a list of countries. This information is crucial for potential clients, as it helps them determine whether HFM can cater to their specific needs based on their location.
  • Special Offers and Promotions: HFM features a range of attractive promotions that can benefit both new and existing clients. These include bonus offerings, a loyalty program, contests, free funding, and merchandise. Such incentives can significantly enhance the trading experience and encourage traders to remain loyal to the broker.

  • Regulation: HFM operates under renowned regulatory bodies
  • Trading Platforms: Offers MetaTrader 4 and MetaTrader 5 for diverse traders
  • Deposit and Withdrawal Options: Multiple options are available with no deposit fees
  • Customer Support: Accessible through Email, phone, and live chat
  • Restricted Countries: HFM cannot operate in certain countries due to regulations and other factors
  • Special Offers and Promotions: Bonus offerings, loyalty programs, contests, free funding, and merchandise available

FAQs


Is HFM a good broker?

HFM is a reliable and well-regulated broker, offering a wide range of trading instruments, platforms, and features for traders. With competitive fees and responsive customer support, HFM is considered a good broker for both beginners and experienced traders.

What is the minimum deposit for HFM?

The minimum deposit for HFM varies depending on the deposit method used. For bank transfers, the minimum is R100, while for wire transfers, it is 100 USD. For credit/debit cards and Skrill, the minimum deposit is 5 USD. For crypto, the minimum deposit is $30.

How does HFM trading work?

HFM offers trading services on various financial instruments, including forex, commodities, indices, and cryptocurrencies. Clients can use the popular MetaTrader 4 or MetaTrader 5 platforms to execute trades, analyze the market, and manage their trading positions. HFM provides various account types, educational resources, and trading tools to help traders make informed decisions and develop effective trading strategies.

What is the minimum withdrawal for HFM?

The minimum withdrawal amount for HFM depends on the withdrawal method used. For bank transfers, the minimum is 10 USD / 70 ZAR. For wire transfers, it is 100 USD. Credit/debit cards are 5 USD, while for crypto and Skrill, the minimum withdrawal amount is 10 USD and 5 USD, respectively.

4 reviews for HFM Review 2024: Is HotForex (HFM) Legit or a Scam?

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  1. Lori Smith

    It’s all a scam, i traded with different brokers, most of them disappear when I make withdrawal request, some of them will try to convince you not to withdraw and instead invest more while others will actually allow you withdraw a little amount so they can build your trust and after that they begin to make large requests. i lost a lot to these fraudulent brokers, i was depressed for months luckily I come across a comment on a recovery website that recommended a funds recovery expert on Binary/forex and bitcoin investment recovery in the person of Mr Brian Murphy when i met him i didn’t believe he could get back my money because i have been scammed a lot already and didn’t know who to believe, but my good feeling told me to give it a try and i did,God is so kind,Him and his team work relentlessly to recover my funds and my funds refunded back to me within a week interval, i was able to get access to my funds within his help, I can’t still believe how possible it is to get my invested capital back including my bonus with the company. I know some people must have been a victim of any scam investment broker. I feel obligated to recommend him and his great funds recovery strategy, feel free to reach out to him if you you having issues withdrawing your funds,via his email address: brianmurphyhelpdesk@gmail.com He will help you to claim back your lost investment from your scam broker, i was obligated to recommend Him for the good service which they offered to help my issue with my broker.

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  2. JJ

    I think the spread is too high. At times its much higher than other brokers. Don’t trust them

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  3. Ben

    I think the spread is too high. At times its much higher than other brokers.

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  4. mc doc

    I haven’t had a good experience with them. Their support takes a couple of days to respond and my KYC wasn’t approved for ages

    - CONS: slow kyc slow response
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    HFM Review 2024: Is HotForex (HFM) Legit or a Scam?
    HFM Review 2024: Is HotForex (HFM) Legit or a Scam?
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