When it comes to forex dealing, picking a broker is one of the most important decisions a trader can make. HFM broker stands out as a great choice because it combines cutting-edge technology with easy access for users. This review aims to look at all of HFM’s different services, such as its different account types, trade systems, fee structures, and ways to contact customer service.
HFM positions itself as a comprehensive and adaptable trading ally, suitable for both experienced traders and newcomers to forex. We want to give you an honest look at it’s capabilities by looking closely at how it meets the different needs of modern forex users.
HFM: Overview
Established: 2010
Headquarters: United Kingdom
Trading Platforms: MetaTrader 4, MetaTrader 5
Mobile Trading: Yes
Minimum Deposit: $0
Account Types: Cent, Zero, Pro, Premium, Top-up Bonus
HFM company, which started in 2010 and used to be called HotForex, is a major player in the forex dealing business. It has a lot of different financial instruments, like forex pairs, commodities, indices, stocks, and cryptocurrencies, so that it can suit many different trade styles.
In particular, it is known for having a safe and clear buying atmosphere that follows strict rules set by several financial authorities. The company places great importance on security and uses cutting-edge technology to protect client funds and info.
HFM also cares about its customers and offers a lot of learning materials for buyers of all levels. Competitive spreads and leverage make it a good choice for traders who want to save money. It is an excellent choice in the forex market because it offers a good mix of safety, educational help, and low cost.
Regulation and Registration
HF Markets (SV) Ltd, or HFM Broker, is incorporated in St. Vincent & the Grenadines (registration number 22747 IBC 2015) and adheres to international business laws. Multiple authorities worldwide regulate HFM. The Financial Conduct Authority (FCA) oversees the UK, bearing the registration number 801701. The Dubai Financial Services Authority (DFSA) regulates HFM under license number F004885.
The Financial Sector Conduct Authority (FSCA) oversees its operations in South Africa, with the license number 46632. The Financial Services Authority (FSA) in Seychelles grants HFM the license number SD015 for its activities. Additionally, in Kenya, HFM is authorized as a non-dealing online foreign exchange broker by the Capital Markets Authority, holding license no. 155.
These diverse regulations highlight HFM Broker’s global compliance and reliability in financial trading.
Account Types of HFM
CENT Account
- Currency: USC
- Minimum Deposit: $0
- Spreads: From 1.2 pips
- Trading Instruments: forex, gold
- Maximum Leverage: 1:2000
- Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading
ZERO Account
- Currency: USD, EUR, NGN, JPY, THB
- Minimum Deposit: $0
- Spreads: From 0 on forex and gold
- Trading Instruments: forex, metals, stocks, bonds, indices, energies, commodities, cryptos, and ETFs
- Maximum Leverage: 1:2000
- Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading
PRO Account
- Currency: USD, EUR, NGN, JPY, THB
- Minimum Deposit: ฿3300
- Spreads: From 0.5 pips
- Trading Instruments: forex, metals, stocks, bonds, indices, energies, commodities, cryptos, and ETFs
- Maximum Leverage: 1:2000
- Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading
PREMIUM Account
- Currency: USD, EUR, NGN, JPY, THB
- Minimum Deposit: $0
- Spreads: From 1.2 pips
- Trading Instruments: forex, metals, stocks, bonds, indices, energies, commodities, cryptos, and ETFs
- Maximum Leverage: 1:2000
- Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading, HFM Platform
TOP-UP BONUS Account
- Currency: USD, NGN, ZAR, JPY
- Minimum Deposit: $0
- Spreads: From 1.4 pips
- Trading Instruments: forex, metals, stocks, bonds, indices, energies, commodities, cryptos, and ETFs
- Maximum Leverage: 1:1000
- Trading Platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading, HFM Platform
Deposit and Withdrawal
HFM Broker offers 24/5 deposit and withdrawal services with no deposit fees. Bank transfers and credit/debit card payments require a minimum deposit starting at ฿200, processed instantly or within 10 minutes. Alternative methods start at a $30 minimum.
HFM processes withdrawals on the same day for requests made before 10:00 am server time. The minimum withdrawal amount is $5. Most withdrawals are free of charge, except for a 1% fee on some alternative methods processed within two business days.
Products in HFM
- Forex
- Metals
- Stocks
- Bonds
- Indices
- Energies
- Commodities
- Cryptos
- ETFs
Trading Platforms of HFM
- MetaTrader 4
- MetaTrade 5
Fees of HFM
HFM’s trading fees are asset-specific and account-dependent, averaging $15 for commission-free forex and $7-$9 for commission-based. Equity CFDs incur a flat $8 cost plus variable asset charges, while cryptocurrencies, indices, and commodities are commission-free, with fees based on the contract size.
Overnight swap rates apply, with triple charges on Wednesdays. Currency conversion fees arise for non-base currency transactions. HFM charges no deposit or withdrawal fees except a 1% BitPay fee. Inactivity fees kick in at $5 monthly after six months of dormancy.
HFM Promotions
HFM offers a top-up Bonus scheme with two main incentives. The first is a 100% bonus available on the initial deposit, open to all clients, with withdrawable profits. This bonus is automatically applied when claimed.
The second is a 20% bonus applied to every subsequent account transfer, with the potential to receive up to ฿180,000 as a bonus. Similar to the first, this offer is accessible to all clients and allows for the withdrawal of profits. Terms and conditions apply to both bonus schemes.
Customer Support
- Email: [email protected]
- Live chat: 25/7
- Phone: +44-203 097 85 71
Pros & Cons
Pros
- Advanced trading tools
- Extensive market research.
- Wide market access via the app
- Earnings on unused margin
- Competitive trader pricing
- Rich educational content
Cons
- Reliance on MetaTrader
- Basic educational materials
- Higher trading costs
- Limited mobile charting
- Regional service limits
- No weekend support
Pros Explained
- Advanced trading tools: HFM provides sophisticated tools like Autochartist, enhancing trading experiences with better analytics and insights.
- Extensive market research: HFM delivers a mix of in-house and third-party market analyses, offering traders diverse and comprehensive perspectives.
- Wide market access via the app: HFM’s mobile app enables traders to access and trade in over 3,500 markets, offering flexibility and convenience.
- Earnings on unused margin: HFM’s return on free margin (ROFM) feature allows traders to earn interest on unused account margins.
- Competitive trader pricing: HFM’s commission-based accounts provide attractive pricing, benefiting active traders seeking cost-effective trading options.
- Rich educational content: HFM offers extensive educational resources, aiding beginners and experienced traders in expanding their knowledge.
Cons Explained
- Reliance on MetaTrader: HFM uses the MetaTrader suite instead of a proprietary web trading platform, potentially limiting platform diversity.
- Educational materials: HFM’s educational content, while extensive, is less advanced than some industry leaders, which may affect the learning curve for traders.
- Trading costs: Certain account types at HFM have trading costs above the industry average, posing a concern for cost-sensitive traders.
- Mobile charting: The charting tools in HFM’s mobile app are limited, particularly in the number of available indicators.
- Service limits: HFM faces geographical limitations on specific products and services, impacting traders in certain regions.
- Weekend support: Customer support at HFM is unavailable on weekends, which could be inconvenient for traders needing assistance outside standard business hours.
Is HFM Worth Considering?
HFM is a viable choice for many traders, offering a secure, regulated environment with diverse trading options and low pricing. It’s well-suited for beginners to experienced traders, supporting various strategies, including copy and EA trading.
The broker’s strengths include low or no initial deposit requirements, support for MT4 and MT5, and a broad choice of trading instruments. However, it falls short in online fund transfer options, lacking popular systems like Neteller and Skrill. Depending on individual trading needs, this mix of pros and cons makes it an attractive yet selective option.
FAQs
HFM Broker, formerly HotForex, is a global forex and commodities broker offering trading services and facilities to retail and institutional clients.
HFM supports widely used trading platforms like MetaTrader 4 and MetaTrader 5, offering versatile trading experiences suitable for all trader levels.
HFM offers comprehensive customer support, including 24/5 live chat, email support, and a range of educational resources for traders.
HFM provides a variety of account types, including cent, zero, pro, premium, and top-up bonus accounts, catering to different trading needs and preferences.
HFM offers a diverse portfolio of trading instruments, including forex, metals, stocks, bonds, indices, energies, commodities, cryptos, and ETFs, catering to various trading interests and strategies.
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