HFM Review

HFM is a multi-regulated forex and CFD broker founded in 2010, formerly known as HotForex. Headquartered in Cyprus and operating through seven regulated entities worldwide, the broker serves over 3.5 million clients across 180+ countries. HFM holds licences from the FCA (UK) and CySEC (Cyprus) — two tier-1 regulators — alongside FSCA, DFSA, and CMA licences.

In March 2026, HFM announced a multi-year partnership with Arsenal FC as an Official Global Partner, signalling significant growth ambitions in the retail trading space.

Who Is HFM?

HFM launched in 2010 under the HotForex brand before rebranding in May 2022 to reflect a broader multi-asset offering beyond forex. The company operates through multiple legal entities: HF Markets (Europe) Ltd in Cyprus, HF Markets (UK) Ltd in the United Kingdom, HF Markets SA (PTY) Ltd in South Africa, HF Markets (DIFC) Ltd in Dubai, HF Markets Ltd in Kenya, and offshore entities in St Vincent and Seychelles.

CEO George Koumantaris has led the company since its founding. HFM is privately held with no announced IPO plans. The broker has won over 60 industry awards during its 16-year history.

HFM's client base exceeds 3.5 million live accounts, with a strong presence across Africa, the Middle East, and Southeast Asia. The broker positions itself as a mid-tier option offering institutional-grade trading conditions at retail price points.

Regulation and Safety

HFM holds seven regulatory licences — one of the broadest regulatory footprints in the industry:

• FCA (UK): Licence 801701 — HF Markets (UK) Ltd
• CySEC (Cyprus): Licence 183/12 — HF Markets (Europe) Ltd
• FSCA (South Africa): FSP 46632 — HF Markets SA (PTY) Ltd
• DFSA (Dubai): Licence F004885 — HF Markets (DIFC) Ltd
• CMA (Kenya): Licence 155 — HF Markets Ltd
• FSA (Seychelles): Licence SD015 — HF Markets (Seychelles) Ltd
• FSA (St Vincent): HF Markets (SV) Ltd

The FCA and CySEC licences are the strongest of the seven. UK clients under the FCA benefit from the Financial Services Compensation Scheme (FSCS), which covers up to GBP 85,000 per person. EU clients under CySEC have access to the Investor Compensation Fund (ICF), covering up to EUR 20,000.

Client funds are held in segregated accounts across all entities. Negative balance protection applies to FCA and CySEC clients. The CySEC entity also carries civil liability insurance.

ForexBrokers.com assigns HFM a Trust Score of 85 out of 99. This places it in the "trusted" category, though below the top-scoring brokers like IG Group (99/99) and Saxo Bank (99/99).

Most international clients outside the EU and UK are onboarded through the Seychelles or St Vincent entities, which carry weaker regulatory protections. This is standard practice for brokers serving emerging markets, but traders should understand which entity they are registering with.

One notable development: HFM reportedly stopped onboarding new EEA retail clients from Q3 2025. Existing clients were unaffected, but prospective EU traders should verify availability directly.

HFM does not accept clients from the US, Canada, Sudan, Syria, Iran, or North Korea.

Account Types

HFM offers five account types across a range of trading profiles.

Cent

Designed for beginners testing strategies with minimal risk. Trades are denominated in cents, so a $10 deposit functions as 1,000 cent units. Spreads start from 1.2 pips with no commission. No minimum deposit required.

Premium

The standard retail account. Spreads from 1.2 pips, no commission, no minimum deposit. Suitable for traders who want straightforward pricing without per-trade fees. This is the most popular account type.

Pro

Tighter spreads from 0.5 pips with no commission. Minimum deposit of $100. Aimed at active traders who want better pricing without paying per-lot commissions.

Pro Plus

The tightest commission-free option. Spreads from 0.2 pips, minimum deposit of $250. No commission charges. This account sits between the Pro and Zero for traders who want near-raw spreads without the commission structure.

Zero

Raw spreads from 0.0 pips with a $3 per side ($6 round-turn) commission. No minimum deposit. Built for scalpers and high-volume traders who need the tightest possible spreads.

All accounts support MT4 and MT5. Swap-free Islamic versions are available across all types.

Trading Conditions

Spreads and Commissions

HFM's pricing is competitive across the Pro, Pro Plus, and Zero accounts. On the Zero account, EUR/USD typically trades at 0.1-0.3 pips during the London session, with the $6 round-turn commission bringing the all-in cost to roughly 0.7-0.9 pips. This is comparable to IC Markets' Raw Spread account ($7 round-turn) and Pepperstone's Razor account ($7 round-turn).

The Pro Plus account's 0.2 pip spread with no commission is a standout. Few brokers offer sub-0.5 pip spreads without charging a per-lot fee.

The Premium and Cent accounts carry wider spreads of 1.2 pips on EUR/USD. This is slightly above the industry average for commission-free accounts (typically 1.0-1.2 pips), but acceptable for casual traders.

Leverage

Leverage varies significantly by entity:

• FCA (UK) / CySEC (EU): Up to 1:30 on major forex pairs (ESMA regulations)
• FSCA (South Africa): Up to 1:200
• DFSA (Dubai): Up to 1:30
• Offshore (SVG/Seychelles): Up to 1:2000

The 1:2000 leverage available through offshore entities is among the highest in the industry. Negative balance protection applies, but traders should exercise caution with leverage at these levels.

Execution

HFM operates an ECN/STP No Dealing Desk model. Orders are routed directly to liquidity providers without broker intervention. The execution model supports market orders, limit orders, and stop orders across all account types.

Instruments

HFM offers one of the broadest instrument ranges in the retail broker space:

• Forex: 53+ currency pairs covering majors, minors, and exotics
• Stocks (CFDs): 96 on MT4, 846 on MT5
• Physical Shares: 1,800+ via DMA (EU/UAE entities only)
• Indices: 23 major global indices
• ETFs: 34 (MT5 only)
• Metals: 6 including gold, silver, platinum, palladium, and copper
• Energies: Crude oil, Brent, and natural gas
• Commodities: Cotton, cocoa, sugar, coffee, and copper
• Bonds: 3 (Bund, Gilt, US Treasuries)
• Cryptocurrencies: 10+ including BTC, ETH, XRP, and LTC

The 1,800+ physical shares available through DMA on MT5 (EU/UAE entities) is a genuine differentiator. Most retail brokers offer stock CFDs rather than direct market access to underlying shares. For traders who want both forex and equities, this breadth is difficult to match outside of brokers like Interactive Brokers or Saxo Bank.

Platforms

HFM provides four trading platforms:

MetaTrader 4

The industry standard for forex trading. Available on desktop, web, and mobile. Supports Expert Advisors, custom indicators, and one-click trading.

MetaTrader 5

Adds broader instrument access (846 stock CFDs, 34 ETFs, DMA shares), more timeframes, an integrated economic calendar, and depth of market. Available on desktop, web, and mobile.

HFM App

A proprietary mobile application for iOS and Android. Manages MT4, MT5, and HFcopy accounts from a single interface. Combines account management, trading execution, and analytics.

HFcopy

A copy trading platform where traders can follow strategy providers. Full transparency on provider statistics, drawdown, and track record. Traders maintain full control over copied positions.

HFM also offers VPS hosting for automated trading strategies and free demo accounts across all platforms.

What HFM lacks is cTrader and TradingView integration. For traders who prefer these platforms, alternatives like Pepperstone (cTrader + TradingView) or IC Markets (cTrader) may be more suitable.

Deposits and Withdrawals

HFM charges no fees on deposits or withdrawals (except 1% on BitPay crypto transactions).

Deposit Methods and Times

• Bank wire: 2-5 business days
• Credit/debit cards (Visa, Mastercard): Instant
• Skrill / Neteller: Instant
• FasaPay: Instant
• BitPay (BTC, ETH, USDT): Network confirmation time
• Regional local payment methods vary by country

Withdrawal Processing

• E-wallets (Skrill, Neteller): Minutes to 24 hours
• Credit/debit cards: Up to 10 business days
• Bank wire: 1-10 business days
• Same-day processing available if submitted before 10:00 server time

The minimum deposit is $0 on Cent, Premium, and Zero accounts, $100 on Pro, and $250 on Pro Plus. This zero-minimum policy on most accounts makes HFM highly accessible.

Trustpilot reviews consistently praise withdrawal speed, though isolated reports mention delays during KYC verification processes.

Customer Support

Support is available 24/5 (Sunday 00:05 to Friday 23:50 server time) through live chat, email, phone (+44-2030978571), and callback request. The team operates in 26+ languages including English, Spanish, Arabic, Chinese, Filipino, Indonesian, Korean, Malay, Thai, and Vietnamese.

Live chat response times average under 2 minutes. Email responses typically arrive within 30 minutes to 2 hours. The multilingual support covering 26+ languages is above average for the industry, particularly valuable for HFM's diverse international client base.

Fees Summary

Who Is HFM Best For?

HFM is best suited for:

• Traders who want strong multi-regulation (FCA + CySEC) with competitive pricing
• Active traders seeking raw spreads with $6 round-turn commission
• Stock traders wanting DMA access to 1,800+ physical shares (EU/UAE)
• Traders in Africa, Middle East, and Southeast Asia looking for multilingual support
• Beginners who want to start with no minimum deposit
• Copy traders using HFcopy

HFM is not ideal for:

• Traders who require cTrader or TradingView integration
• US, Canadian, or Australian clients (not accepted)
• Traders seeking the absolute lowest commissions (Tickmill offers $6 RT, HeroFX from $1/lot)
• EEA residents looking to open new accounts (reportedly paused Q3 2025)

Frequently Asked Questions

Is HFM regulated?

Yes. HFM holds seven regulatory licences including FCA (UK, licence 801701) and CySEC (Cyprus, licence 183/12) — both tier-1 regulators. Additional licences include FSCA (South Africa), DFSA (Dubai), CMA (Kenya), and offshore entities in Seychelles and St Vincent.

What is the minimum deposit for HFM?

There is no minimum deposit on Cent, Premium, and Zero accounts. The Pro account requires $100 and Pro Plus requires $250.

Does HFM charge withdrawal fees?

No. HFM does not charge fees on deposits or withdrawals, except for a 1% fee on BitPay (cryptocurrency) transactions. Third-party payment providers may apply their own charges.

What leverage does HFM offer?

UK and EU clients are limited to 1:30 on major forex pairs per FCA/ESMA regulations. South African clients can access up to 1:200. Offshore clients (Seychelles/St Vincent) can access up to 1:2000.

What platforms does HFM support?

HFM offers MetaTrader 4, MetaTrader 5, the proprietary HFM App (iOS/Android), and HFcopy for copy trading. cTrader and TradingView are not available.

Is HFM the same as HotForex?

Yes. HotForex rebranded to HFM in May 2022 to reflect its expanded multi-asset offering beyond forex. The company, management, and regulatory licences remain the same.

Final Thoughts

HFM sits in a strong position among mid-tier brokers. Seven regulatory licences — including FCA and CySEC — provide a level of trust that most competitors in the emerging market space cannot match. The instrument range is genuinely impressive, with 1,800+ physical shares via DMA setting it apart from the typical retail broker offering.

The Pro Plus account deserves attention. Spreads from 0.2 pips with no commission is an unusual combination that benefits frequent traders who dislike per-lot fee structures. The Zero account's $6 round-turn commission is competitive with industry leaders.

Where HFM falls short is platform diversity. The absence of cTrader and TradingView limits its appeal to traders who have moved beyond MetaTrader. The Premium account's 1.2 pip EUR/USD spread is also slightly above the industry average for commission-free accounts.

The Arsenal FC partnership (March 2026) signals financial stability and growth ambitions, though partnerships do not substitute for regulatory compliance. Some ForexPeaceArmy reports of profit cancellation and account issues warrant caution, though these appear to be isolated cases rather than systematic problems.

For traders in HFM's core markets — Africa, the Middle East, and Southeast Asia — the combination of multi-regulation, competitive pricing, broad instrument access, and 26-language support makes it one of the strongest options available. For UK and EU traders, the FCA and CySEC protections add a safety layer that most emerging-market-focused brokers lack.