HFM, formerly known as HotForex, has been an online trading brokerage on the scene since 2012. The brokerage has registered several new entities in the decade since its grand opening.
Our detailed HFM review will go through them all, showing you the level of protection you have with each. Read on to learn if this trading intermediary can be trusted.
The company follows ESMA and MiFID in Europe, limiting leverage to 1:30. However, with offshore entities, you can get up to 1:1000, which poses a risk to your funds. Additionally, you have reduced fund safety as offshore license providers don’t require compensation funds or any minimum capital, meaning firms can quickly go bankrupt.
Now that you know who you’re dealing with, let’s move on to their operations.
HFM is a Cyprus-based brokerage house with several entities offshore and in Africa. The firm has an overall solid reputation.
Based on our detailed analysis, HFM broker mainly operates in the following countries:
All you need to know about the HFM trading platform is its terrific offer. The brokerage offers access to MT4 and MT5. Both have millions of users and hold the most significant market share in today’s trading world.
The reason for such popularity is the number of trading tools and the perfect customizability. Whether you use MetaTrader 4 or the newer version, MT5, you can expect to see a large number of TAs, in addition to social trading, Expert Advisors, and other enhanced features.
Whether you’re new to trading or a seasoned investor, you are going to love both MetaTrader versions.
Of course, another fine touch of working with MetaTrader is their mobile app. You can download it on any Android or iOS-based device and enjoy convenient account login.
With HFM, you can choose between four market classes:
The firm doesn’t offer crypto trading. It’s a drawback on one side, but it also complies with the FCA ban from 2021. According to it, offering crypto CFDs is not allowed due to the asset’s high risks.
The spread is variable, starting from 1.0 pips for all account types, with the exception of a Zero Spread one. As its name suggests, the spread starts from 0.0 pips on Forex and gold. Additionally, you must pay swaps for overnight trades unless you register for an Islamic account.
There are five HFM trading accounts on offer, those being:
The first two are classic accounts, differing in leverage lowering from 1:1000 to 1:500, respectively (valid only offshore). As explained, the Zero Spread account has raw spreads on certain assets.
PAMM, or Percentage Allocation Management Module, implies investing a certain amount in the pool of investments managed by a professional and receiving a percentage in return.
Finally, HFCOPY is an account allowing you social trading – copying trades of more experienced investors. The minimum deposit for those providing strategies is $500, while it’s $100 for followers.
Islamic swap-free account is available as Micro, Premium, and Zero Spread. Initial deposits are the same; the only difference is in the swap. Additionally, this account type is only available on MT4.
The HFM Demo account is available to all who wish to test the system before paying. To register, you must provide personal details, including your name, email, phone number, date of birth, and country of residence. Then, you can access a trial account and simulate the conditions from the live one.
You can choose among several HFM withdrawal methods, including:
Note that the latest method has a fee of 1%, while all others are free of charge. Depending on the chosen method, it can take anywhere from 1h to 10 days for the money to appear in your account.
HFM is an online trading brokerage based in Cyprus. Additionally, the firm has several offshore entities, two in Africa, the UK, and Dubai. The minimum deposit starts at $5, while trading can be done on MT4 or MT5.
Let us know if you experience issues with this or any other trading brokerage. Global Fraud Protection has dedicated chargeback experts and CipherTrace crypto analysts prepared to evaluate your case during a free consultation. Share your story today!
HFM is a broker holding several licenses in all tiers. If you have any issues with your account, we may be able to assist.
HFM offers its clients a risk-free Demo on the MT4 platform.
Yes, HFM has dedicated mobile apps – MT4 and MT5.
HFM is a broker holding several licenses in all tiers. If you have any issues with your account, we may be able to assist.
HFM offers its clients a risk-free Demo on the MT4 platform.
Yes, HFM has dedicated mobile apps – MT4 and MT5.
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