Our impartial review aims to provide you with valuable insight to make an informed decision when considering trading with HF Markets.
| HF Markets website | www.hfm.com |
| Mobile App | Yes |
| Commission | $3 per side |
| EUR/USD average spread | 1.6 pip (on standard account) |
| Swap-free | Yes |
| Inactivity fee | $5 per month |
| Support | 24/6 |
| CFD Products | Forex, Metals, Indices, Stocks, Commodities, Bonds, Energies, Crypto |
| HFM Minimum Deposit in ZAR | R0 |
HFM Accounts Comparison
| 🌐
Country |
♙
CENT |
♙
ZERO |
♙
PRO |
♙
PRO PLUS |
♘
PREMIUM |
♕
VIP |
♕
VIP PRO |
♕
Premium Pro |
| HFM Nigeria | N0 | N0 | N50,000 | N200,000 | $0 | ❌ | ❌ | ❌ |
| HFM South Africa | R0 | R0 | R1,800 | ❌ | $0 | ❌ | ❌ | ❌ |
| HFM Kenya | Kes0 | Kes0 | K13,000 | ❌ | $0 | ❌ | ❌ | ❌ |
| HFM Global | ❌ | ❌ | ❌ | ❌ | $0 | NA | NA | NA |
Pros and Cons of HF Markets
Pros
- Regulated in different parts of the world including with FSCA in South Africa, CMA in Kenya
- USD, ZAR, KES, NGN base currency accounts are available
- Multilingual Customer Service
- Variety of account types
- Allows copy trading
- Committed to education
- Offers VPS hosting
- Cent Account is good for beginners
- Swap-free trading
- Promotions & Bonuses for new traders
Cons
- No educational videos on their mobile app
- Support not available in local African languages
- Toll-free phones not available in many jurisdictions
- The Zero Account doesn’t offer exactly 0.0 pip spreads. EUR/USD typical spread is still 0.1 pip
- Only Premium Account is used for trading on the HFM Mobile App & this account has higher spreads
- No Exotic currency pairs. This could be a negative for Expert Advisor automated programs that need exotic pairs to function optimally
- Energies asset class doesn’t contain Natural Gas CFDs
- Poor Search Function as assets are not grouped into categories to make search easier.
- Inactivity fees which increase after 6 months of dormancy
HFM Regulation & Global Presence
HF Markets is a financial company that was founded and established in Mauritius in 2010. They obtained their first license as a securities dealer from the Financial Services Commission of Mauritius in the same year.
In 2015, the company incorporated into St. Vincent and the Grenadines, and they have expanded their regulatory licenses to seven other countries worldwide.
The table below shows HF Markets verifiable license in different jurisdictions:
| Jurisdiction | License Number | Date of License |
| Mauritius | C110008214 | 2010 |
| Cyprus | 183/12 | 2012 |
| Seychelles | SD015 | 2015 |
| South Africa | 46632 | 2016 |
| Dubai | F004885 | 2018 |
| United Kingdom | 801701 | 2018 |
| Kenya | 155 | 2021 |
In countries where HF Markets is not licensed, they usually register clients in another jurisdiction. For example in South Africa, HFM is regulated by the government so trading accounts will be registered under laws of South Africa.
Similarly in Kenya, HF Markets is regulated by the CMA, so trading accounts will be registered under Kenyan law etc.
However in jurisdictions where there is no government regulation (such as Nigeria), trading accounts are registered under offshore regulation; meaning under laws of foreign countries.
Just like Nigerian trading accounts are subject to laws of Saint Vincent & The Grenadines, any legal issues will be heard in the corresponding oversea court.
Countries where HF Markets does not offer its services
Some of these countries where you cannot get HF Markets service include the USA, North Korea, Canada, Sudan, and Iran. Users from these countries cannot signup at HFM.
Customer Support and Languages
HF Markets offer customer service in up to 25 languages. However African languages are not supported and this is a minus given that some of the clients come from Africa.
You can get in touch with HF Markets via Phone, Email, Live Chat, or Fax; from Monday to Friday during working hours. However HF Markets does not offer support on weekends, which can be a challenge if you trade weekend markets like Cryptocurrency CFDS.
Live Chat: You can speak with an HF Markets agent through live chat on their official website or on the HFM mobile app. Customer service takes about 1-2 minutes to respond.
Emails: HF Markets have a dedicated email to handle complaints but response may be delayed more than 24 hours.
Personal Account Manager: HF Markets assigns a human account manager to all account holders (except the Cent Account). You can reach this account manager anytime you have issues.
Telephone Trading: for those times when internet network is unavailable, and you can’t access your system, you can place a call to HF markets and tell them to trade on your behalf.
Telephone trading is important so you don’t lose money on already opened trades during system downtime or any unforeseen circumstances.
HF Markets has country-specific phone numbers that you can call to reach customer service. For some countries, these numbers are toll-free and for others are charged. Here is a list of HFM contact numbers per country:
| Jurisdiction | Toll-free Phone |
| UK | No |
| Brazil | No |
| Colombia | No |
| Mexico | No |
| Nigeria | No (Nigerian Phone Number is available) |
| South Africa | No (SA Phone Number is available) |
| Kenya | No (Kenyan Phone Number is available) |
HF Markets CFD Product Menu
HFMarkets offers 1000+ instruments. However, these instruments are available as Contract for Difference (CFD). This means that you do not get to own the underlying asset, but you can attempt to pick the direction of the market price.
If you’re right about the direction of the market, HF Markets pays you the price difference, however if you’re wrong, you pay them the difference.
You can trade CFDs on the following assets:
- 50+ Forex pairs: Major& Minor FX pairs are available but there are no exotics.
- 4 Metals
- 2 Energies (oil only)
- 11 Indices(Spot & Futures)
- 90+ stocks: HF Markets does not group their stock into categories so searching can be difficult. However from our search we found stocks in categories such as Energy, Telecom, Healthcare, Finance,& Tech.
- 5 commodities: Cotton, Sugar, Coffee, Cocoa, & Copper.
- 3 bonds: Eurobond, UK Gilt, & US 10 Year Treasury Note
- 30+ ETFs
- 40 cryptocurrencies: including Bitcoin, Ethereum, Litecoin, & Ripple etc.
HF Markets Leverage
| CFD | Nigeria | Kenya | South Africa |
| Forex | 1:2000 | 1:400 | 1:2000 |
| Indices | 1:500 | 1:400 | 1:200 |
| Metals | 1:2000 | 1:400 | 1:2000 |
| Energy | 1:66 | 1:66 | 1:66 |
| Commodity | 1:66 | 1:66 | 1:66 |
| Bonds | 1:50 | 1:50 | 1:50 |
| ETF | 1:5 | 1:5 | 1:5 |
| Crypto | 1:50 | Not offered | 1:50 |
HF Markets Commission Fee
How much commission willi pay when trading with HF Markets?
| Instrument | HF Market Commission |
| Forex CFDs | $3 per side per standard lot |
| Commodity CFDs | Zero commission |
| Bond CFDs | Zero commission |
| ETF CFDs | 0.05 USD per share per side |
| Crypto CFDs | 0.5 USD per lot per side |
| Stock CFDs | 0.1% commission |
| Indices CFDs | 0.5 USD per lot per side |
HF Markets Account Types& Spread
HFM has multiple account types & supported currencies for different regions. For example, HFM is one of the few brokers that have ZAR accounts for traders based in South Africa.
These are the account types that you can open at HFM.
1. HF Markets Cent Account
The Cent Account is designed for traders who have finished practicing with the demo trial account & want to test the real market with little capital.
Because it is designed to minimize risk, you can only trade Forex & Gold CFDs on it. Instead of a standard lot of 100,000 units of CFDs, a standard lot on the Cent Account is reduced to 1,000 units (called a Cent Lot).
TheCent account does not charge commission; however, it charges a variable spread that starts at 1.2 pip. This account only supports USD account-based currency.
2. HF Markets Zero Account
The Zero Account offers you access to trade CFDs on Forex, commodities, stocks, ETFs, Bonds, Cryptocurrencies, indices, Energies, and Metals.
The spread starts at 0.0 pip for forex and a commission of $3 per side per lot on currency pairs. For Gold, you will be charged a commission of $14 per round for every 100 ounces traded.
You can place your order using market execution, and you are allowed to open up to 500 trades simultaneously with a minimum trade size of 0.01 lot and a trade size increment of 0.01.
When trading on a margin, you get a margin call at 50% and a stop out at 20%. USD, EUR, KES, NGN, and JPY are supported account-based currencies.
3. HF Markets Pro Account
With USD, EUR, KES, NGN, and JPY as your account base currency on the Pro Account, you can trade all the assets that HF Markets offers.
The minimum trade size in the Pro account is 0.01 lot, and you can make a trade size increment of 0.01. Orders are executed using market execution.
The account allows you to keep up to 500 open trades simultaneously. However, leveraged trades will get a margin call at 50% and a stop out at 20%.
Spread on the HF Markets Pro Account starts at 0.6 pip; the account does not charge commission when you trade forex.
4. HF Markets Pro Plus Account(Nigeria Only)
The HF Markets Pro Plus account was specifically designed for the Nigerian Market & it supports the trading of all HFM’s CFD products.
Using Market Execution, the account allows you to open a minimum lot size of 0.01 lot and a maximum trade size of 60 standard lots per position. You can increase the trade size by an increment of 0.01.
You can open up to 500 orders simultaneously. Leveraged trades will have a margin call at 50% and a stop-out level of 20%.
USD and NGN are the account-based currencies that the Pro Plus account supports. This account charges a variable spread that starts at 0.2 pip and charges zero commission when you trade forex.
5. HF Markets Premium Account
The Premium Account is HF Markets flagship account because it allows you trade on the HFM Mobile App.
It supports USD, KES, NGN, ZAR, EUR, and JPY account base currencies. You can also trade all of HFM’s tradable instruments.
Like other accounts above, the premium account allows you to open a minimum trade size of 0.01 lot, a trade size increment of 0.01, and a maximum trade size of 60 standard lots per position.
You can also open 500 trades simultaneously and expect a margin call at 50% if you have leveraged trades that are not going in your favor, Failure to meet the margin call will result in a stop out at 20%.
HF Markets Premium Account does not charge commission when you trade forex; however, it charges a variable spread that starts at 1.2 pip.
Swap-free Trading on HF Markets
Swap is also called overnight holding cost. You can be credited a swap (in your favor) or you can be debited a swap, it all depends on the underlying mechanics.
For example if you sell a currency with a high interest rate, & buy another with a high interest rate, you will be credited a swap.
However by the time the broker subtracts the interest on loan he gave you from your swap credit, it may turn to a debit. This is why some traders prefer swap-free so they don’t have to deal with the arithmetic and unexpected debits.
HF Markets offers swap-free trading on all their accounts, but this only works for Forex and Gold. However in certain jurisdictions like Nigeria, swap-free covers all trading instruments so Nigerians don’t pay or earn swaps.
Dormant Account & Inactivity Fee
After 6 months of inactivity with no inflows/outflows, you will be charged a $5 monthly inactivity fee. If your inactivity persists, the fee is increased to $10 per month.
For Demo Accounts that are left inactive (without logging in) for 29 days will be deleted without informing you.
HF Markets Return on Free Margin
Return on Free Margin is a promotion that HFM offers to its clients that are registered under The HFM Saint Vincent legal entity.
This promotion allows eligible clients to receive daily earnings that are calculated based on their daily free margin and total trade volume for the month.
You can earn up to 3% interest on unused margin with HF Markets& the funds have to be lying inside your trading account. Terms & conditions apply.
HF Copy Trading
More experienced traders can earn a commission for letting other HF Markets traders copy their strategies on the HF Markets platform.
To become a strategy follower, you need to open a live HF Markets Account, sign up as a follower, and choose the strategy provider you wish to copy. After that, you can fund your account and start copying.
For professional traders, allowing followers to copy your strategy can earn you up to a 50% performance fee.
Deposit and Withdrawal Conditions
To avoid conversion fees, it is generally recommended to deposit and withdraw funds in your account-base currency.
While HF Markets itself doesn’t charge any deposit or withdrawal fees, please note that your bank or any other third-party financial institution you use may charge you fees for these services.
This table contains of summary of HF Markets’ deposit and withdrawal
| Kenya | Minimum deposit | Duration |
| iPay | 700KES
|
Instant
|
| DusuPay | 700 KES
|
Instant
|
| Mpesa | 700 KES
|
Instant
|
| Wire transfer | 11,000KES | 2 to 7 business days |
| Nigeria | ||
| Bank Transfer | 4,000 NGN
|
Deposit: Instant
Withdrawal: 24 hours |
| Crypto | $30
|
Deposit: Instant
Withdrawal: 24 hours |
| Neteller | $5
|
Deposit: 10 minutes
Withdrawal: Instant |
| Skrill | $10
|
Deposit: 10 minutes
Withdrawal: Instant |
| Visa card | $5
|
Deposit: 10 minutes
Withdrawal: |
| South Africa | ||
| Bank Trasfer (EFT) | R100
|
Deposit: 10 minutes
Withdrawal: R70 (1 to 3 business days) |
HFM Platforms
HF Markets offers three trading platforms; their flagship mobile trading app called the HFM App, as well as the popular MT4 and MT5 platforms.
HFM Mobile App: This app is available on both Android and iOS & only those who open the HF Markets Premium Account can trade with it (but you can still view balances of other accounts on it & transfer funds between them).
MT4 and MT5: MetaTrader 4 and 5 are shared trading platforms that are accessible on mobile, PC, and web.
For a quick breakdown of the features of MT4, MT5, and the HFM App, refer to the table below:
| Metric | HFM App | MT4 | MT5 |
| User interface | Easy to use | Easy to use | Easy to use |
| Pending Orders | Through MT5 | 4 | 6 |
| Depth of Market | Yes | No | Yes |
| Technical Indicators | Through MT5 | 30 | 38 |
| Chart types | 3 | 3 | 3 |
| Graphical objects | Through MT5 | 31 | 44 |
| Time Frames | 9 | 9 | 21 |
| Economic calendar | Yes | No | Yes |
| Hedging/Netting | Both | Hedging | Both |
| Strategy Tester | Multithreaded | Single threaded | Multithreaded |
Automated Trading & VPS Hosting
VPS is an acronym that stands for Virtual Private Server. It is a remote server where you can host your ExpertAdvisors.
VPS enables you to run your Expert Advisor 24/7 & it reduces latency, minimizes downtimes, and is compatible with all Expert Advisors.
HF Markets has partnered with Beek Financial Cloud to provide 3 packages of VPS hosting to clients.
| HFM VPS Package | HFM VPS Cost | How to get HFM VPS for free |
| Bronze | $25/month | -Minimum deposit of $400 in 30 days
-Must have traded 2 standard lot in the last calendar month
|
| Silver | $50/month | -Minimum deposit of $8000 in 30 days
-Must have traded 8 standard lot in the last calendar month
|
| Gold | $80/month
|
-Minimum deposit of $15000 in 30 days
-Must have traded 15 standard lot in the last calendar month
|
Education and Research
On the HF Markets official website, they have a plethora of educational material &the HFM Mobile app has one of the best Demo Accounts when compared to features other forex trading apps have.
HF Markets also have a podcast where professionals talk about online trading, from what tradable assets are, how to manage risk, and technical indicators to the mindset required to be a successful trader.
Their podcast is available on Spotify, Amazon music, and other podcast streaming platforms.
From time to time, HFM also hosts local webinars and events where they provide physical education and support to clients and potential clients.
HFM Bonus & Promotions
HFM have ongoing 100% bonus on deposits of up to USD 50,000. The clients from South African, Nigeria & Kenya can avail this promotion at the time of the last update.
HFM also had a $30 no deposit bonus promotion in the past, but this is no longer active.
What is the minimum deposit at HFM (HotForex)?
The lowest minimum deposit at HFM is USD 5, or equivalent in NGN, ZAR & KES.
For example, for South African traders, the lowest minimum deposit in ZAR at HFM is R70, and you can deposit through EFT via bank transfer.
For Nigerian traders, the lowest minimum deposit is N10,000, and you can deposit through bank account in Naira.
For Kenyan traders, HFM acceptsMPesa, and you can deposit minimum of KES 1000.
How can I Register HFM Account?
To open an account at HotForex (HFM), you first need to choose an account type. After you have selected the account you want to open, then select it, fill in the details like your Name, email, phone. You also need to complete the financial adequecy test.
After that you need to upload your documents for KYC. This would include your ID proof & Address proof. For ID proof you can upload copy of your driver’s license, passport etc. For Address proof, you need to upload a scanned copy of any recent bill, like a phone bill with your address on it.
After you have submitted your KYC documents, these will be reviewed by HFM, and if it is sufficient, they will accept it, and your account will be registered.
For demo account, you are not required to submit these details.
HFM Final Verdict – 8.3/10
| Regulation | HF Markets is licensed in UK, South Africa & Kenya.But doesnt have footprint in Canada & Australasia | 8/10 |
| Account Types | Lots of accounts, base currencies to suit different levels of experience | 10/10 |
| Fees | Not a true zero spread broker as you cant get 0.0 pip spreads with HF Markets. | 8/10 |
| Platforms | No partnership with 3rd party sppecialist platforms like TradingView&ZuluTrade. Also HFM mobile app only works with Premium Account | 8/10 |
| Education | No educational guides on the HFM mobile app | 9/10 |
| Customer service | No weekend support. African languages should be included & more toll-free phone lines added | 7/10 |
