HFM Broker Review (Hotforex)2024: 🔍Is It Reliable?

HFM Broker Review
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Overall, this review found that HFM is considered Trusted, with an overall Trust Score of 86 out of 99. The broker is well-regulated and has a rating of 4 on Trustpilot. We highly recommend this broker.

This HFM broker review provides a detailed platform analysis, including its features, fees, account types, educational resources and customer support. If you're considering using HFM Broker for your trading needs, it's important to do your research first.

Read on to find out if HFM Broker is the right choice for you.

HFM Overview

HFM, previously known as Hotforex was founded in 2010 and has its headquarters in Cyprus.

🔎 Broker's NameHFM (Formelly Hotforex)
🌐 Websitewww.hfm.com
⚖ RegulationCySEC, FCA, DFSA, FSCA, FSA
📆 Year Founded2010
💳 Minimum deposit$5 USD
💹 Types of assets tradedForex, Metals, Energies, Shares, Indices, Bonds, Commodities, DMA Stocks, ETFs
🎁 BonusesYes
🕹 Demo accountYes
💰 Payment methodsSkrill, Neteller, Debit Card, Wire Transfer, Credit Card, fasapay, Vload
 🧾 Account TypesMicroPremium, VIPZero SpreadFixed, Islamic account
 📈Are multiple accounts supported✔Yes
📊 Is PAMM  & Copy trader supported?✔ Yes
🚀Open Account👉 Click Here

What is HFM (Hot Forex)?

HFM is a renowned brokerage firm that offers a wide range of trading instruments, including forex, commodities, metals, indices, stocks, ETFs, and cryptocurrencies.

HFM broker has a strong reputation in the industry and is known for its reliability and customer satisfaction. The broker has over 3,5 million accounts opened by happy clients and it has won over 25 industry awards.

Is HFM trustworthy?

Yes, HFM is a very trustworthy broker that is regulated by multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Financial Services Commission (FSCA) in South Africa.

These are some of the strictest regulators in the industry.

HFM Account Types

This HFM broker review found that Hotforex offers a variety of account types to cater to different trading preferences.

From beginner-friendly accounts to advanced trading accounts, they have options suitable for all levels of traders. They also provide competitive spreads and leverage, allowing traders to maximize their potential profits.

HFM Cent Account

The HFM Cent account is meant for beginner traders who want to put their trading skills to the test and learn the dynamics of the real market – all while not investing too much of their trading funds. The HFM Cent account has no minimum deposit making it very convinient.

This HFM broker review found that experienced traders can also use the Hotforex cent account to try new strategies or explore a new asset while risking a small amount of capital.

HFM Zero Spread Account

The HFM Zero spread account allows traders to trade with no spreads on major currency pairs and gold. Traders only pay a commission for their trades using this account.

Our HFM broker review team discovered that the Hotforex Zero account is particularly beneficial for those who engage in high-frequency trading or scalping strategies, where every pip matters.

The absence of spreads allows for tighter control over entry and exit points, resulting in potentially higher profits.

HFM Premium Account

The Hotforex Premium account is a trading account that is designed for experienced traders who require advanced trading tools and features to help them achieve their financial goals.

With an HFM Premium Account, traders can access a variety of exclusive benefits and features, including lower spreads, swap-free trading, higher leverage, and priority customer support.

HFM Pro Account

The HFM Pro Account is a comprehensive trading solution designed for seasoned traders and professionals looking to take their trading to the next level.

According to our HFM broker review, the Pro Account offers tight spreads, low commissions, and high leverage, making it an attractive option for traders seeking to maximise profits.

HFM Copy Account

The HFM Copy Account allows traders (followers) to automatically copy the trades of other successful traders (strategy providers, SPs).

SPs can open an HFcopy Account to build their inventory of Followers and trade in exchange for a Performance Fee as high as 50%.

How To Open A HFM Live Account: Step-By-Step Guide

Our HFM broker review team managed to open an HFM real account in less than 3 minutes.

We were able to deposit right away but we could only trade after the account had been verified. (This is different from Deriv which allows you to trade without verifying your account.)

Step 1: Visit the HFM (Formely Hotforex) account signup page.

Click here to get to the HFM Website for real account creation. You will see a page like the one below

Step 2: Fill in personal information:

Enter your personal information, such as your name, email address, phone number, and country of residence. You should also choose your base currency and enter your preferred password.

Step 3: Verify your email and do Hotforex login to the client area

Click on the link sent in your email and then log in to the MyHF client area on Hotforex. The MyHF dashboard lets you manage all your HFM accounts (real or demo) and finances.

Step 4: Choose your account type

Choose the account type you want from the MyHF dashboard. (You can open more than one account).

You will also have to choose the trading platform between MT4 and MT5. Set the account currency and preferred leverage.

Step 5: Verify your HF Markets account

Our HFM broker review team found out that Hotforex needs two documents for account verification.

  • Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing a photo such as an ID card or driving licence will work.
  • Proof of Address – a Bank Statement or Utility Bill. The documents provided should not be older than 6 months and your name and physical address should be clearly displayed.

You can upload this from the HFM account dashboard. HF Markets usually verifies documents in 24-48hrs.

After your account is verified you can deposit and start trading.

How to open An HFM Demo account

1. Go to the HFM website and click “Demo.”

2. Fill out the registration form, which grants access to myHF, the secure back office of HFM, from where traders can add demo accounts.

3. Inside myHF, click “Demo,” select your preferred demo account type, click “Select,” and follow the on-screen instructions. During the process, HFM will send a confirmation e-mail, which requires one-click activation, and one with the login details.

How To Do Hotforex Login (HFM Login)

This HFM broker review found that it is easy to log in to your HFM broker account. Simply follow the steps below.

  1. Open your preferred trading platform e.g. WebTrader, MT4, MT5, Mobile app, etc.
  2. Click on Settings> Log in to new account
  3. Enter your login ID, password, and server. These are the credentials you got when you opened either an HFM live or HFM demo account. You will then be logged into your account.
HFM broker review. Hotforex login

HFM Broker Review: Trading Fees (Trading Costs)

This Hotforex review found that the broker has very competitive trading costs, as well as low non-trading costs.

HFM Spreads:

Generally, HFM Broker offers competitive spreads, ensuring that traders can execute trades with minimal cost.

Below is a breakdown of the spreads changed by HF Markets.

🧾 Account💲 Hotforex Spreads
CentFrom 1 pip
Zero Spread From 0.0 pips
ProFrom 0.0 pips
PremiumFrom 1 pip
Copy AccountFrom 1 pip

HFM Commissions:

Our HFM broker review found that all HFM account types do not charge commissions except the Zero Spread account.

The Hotforex Zero account charges commissions starting from a low $0.03 per 1k lot.

The HF Copy account charges no commission on Forex, Gold and Oil.

HFM Overnight Fees (Swap fees):

Hotforex Broker applies overnight rollover charges, also known as swaps, on positions held overnight on some accounts.

 HFM  offers a comprehensive and transparent fee schedule and overnight fees are charged according to the following:

  • The position size
  •  The position of the trader – whether long or short
  •  The financial instrument being traded

Examples of rollover fees charged by HFM are:

✔EUR/USD with a short swap of -0.5 points and a long swap of -3.0 points
✔ GBP/USD with a short swap of -3.0 points and a long swap of -1.7 points
 ✔XAG/USD with a short swap of -0.09 points and a long swap of -0.09 points
 ✔XAU/USD with a short swap of -0.99 points and a long swap of -2.6 points

HFM allows Muslim traders who adhere to Sharia law to convert their live trading account to an Islamic account, which exempts them from earning/paying interest, which is banned under Sharia law. 

HFM Deposit and Withdrawal Fees:

Our HFM broker review team found that the broker does not charge deposit or withdrawal fees. However, third-party payment processors may charge their own fees.

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HFM Inactivity Fees:

HFM charges inactivity fees on dormant trading accounts. Should your account remain unused for between six months and one year, a $5 fee is charged.

Aside from rollover and inactivity fees, HFM does not charge any additional fees. 

HFM Broker Review: Deposit and Withdrawal Options

HFM supports a wide range of payment options, including all major credit and debit cards, wire transfers, Skrill, Neteller, and Bitcoin (some country restrictions may apply). You can use these methods for both deposits and withdrawals.

Hotforex processes deposits instantly, except for wire transfers which can take up to 2-7 working days to be credited to your HFM account. There’s a minimum deposit amount of $5 for most methods too, aside from Bitcoin which has a minimum deposit amount of $10.

HFM Withdrawal Review

HFM withdrawal options include cards, bank transfers and various e-wallets. Hotforex does not charge any withdrawal fees. However, Wire Transfers may involve some correspondent fees according to your bank and international policies.

How do I withdraw money from HFM?

Do Hotforex login, access your myHF area and submit a Fund Withdrawal request.

HFM Broker Review: Withdrawal Process Step-by-step

  1. Access your myHF page and account area
  2. Select ‘Fund Withdrawal’
  3. Chose the appropriate withdrawal method and amount
  4. Confirm necessary data and processing time/ fees
  5. Submit
  6. Follow up and check on the process or confirmations through your page

How long does it take to withdraw money from Hotforex (HFM)?

Our Hotforex review team found that withdrawal requests are usually processed the same day if submitted before 10:00 a.m. server time. Requests submitted after 10:00 a.m. server time will be processed the following day.

Different withdrawal methods have different processing times. The average withdrawal times for HFM withdrawal methods are:

  • Bank wires – Two to ten business days
  • Credit/debit cards – Two to ten business days
  • Skrill – Instant
  • Neteller – Instant
  • WebMoney – Up to ten minutes
  • FasaPay – Instant
  • PayRedeem – Up to ten minutes
  • Cryptocurrencies – Up to 24 hours / Two business days

Hotforex Minimum Withdrawal

Withdrawal MethodMinimum Withdrawal Amount
Credit/debit cards$5
Bank wires$100

HFM Broker Review: Trading Assets

HFM forex broker offers a comprehensive range of trading assets to choose from. Below is a breakdown of the trading instruments available.

Hotforex Trading InstrumentsNUMBER
Forex50 (major, minor, & exotic pairs)
Metals and energies5 (gold, silver, platinum etc)
Indices11 (S&P 500, Nasdaq 100, Dow Jones, FTSE 100 e.t.c)
Shares56 (Apple, Amazon, Google, Microsoft etc)
Commodities7 (oil, gold, silver, copper, natural gas, etc)
Cryptocurrencies7 (Bitcoin, Ethereum, Litecoin, Ripple, etc)

HFM Broker Review: Hotforex Bonuses

HFM Forex Broker offers a variety of bonuses and promotional incentives to its clients. Below is a description of each of these incentives.

HFM Welcome Bonus:

HFM offers a 100% supercharged bonus to all new customers who open a real account and make a minimum deposit of $10. The welcome bonus is credited to your account immediately and can be used to trade any of the instruments offered by HFM.

The Hotforex welcome bonus is designed to boost the trading capital of new clients.

hfm broker review: hfm bonuses

Rescue Bonus:

If your trading account balance falls below 30% of your initial deposit, you may be eligible for a rescue bonus. This bonus is a non-withdrawable amount that is credited to your account and can be used to trade any of the instruments offered by HFM.

Hotforex Top-Up Bonus:

Existing customers who deposit are eligible for a 10% top-up bonus. This bonus is credited to your account immediately and can be used to trade any of the instruments offered by HFM.

HFM Loyalty Program

Hotforex Broker runs a loyalty program that rewards customers for trading on their website. The more you trade, the further you progress in the program and the more points you earn. Points can then be traded for cash or top-quality trading services.

HFM broker review loyalty program

HFM Gadget Giveaway:

HFM regularly runs promotions where customers can win gadgets and other prizes. These promotions are typically open to all customers, regardless of their account type or trading volume.

HFM Virtual To Real Demo Trading Contest:

The HotForex ‘Virtual to Real’ Demo Contest is held on demo accounts and is open to anyone who opens an HFM account. The contest is held every month from the first to the last day of the month.

Participants can win up to $2000 real money credited to their live account.

HFM Return On Free Margin Promotion

This promotion gives you daily earnings on your free margin. Your earnings are calculated based on your daily free margin and the current month’s accumulated trading volume.

The total return will be credited to your wallet every month. You can use the earnings to trade or you can choose to withdraw them.

Our Hotforex review team found that these promotions and bonuses have terms and conditions that apply to them. It is important to understand the conditions before signing up for the bonuses.

HFM Broker Review: Trading Platforms Available

HFM offers both MetaTrader 4 and MetaTrader 5 trading platforms. In addition, Hotforex also offers the webtrader platform and the HFM mobile app.

  1. MetaTrader 4 (MT4)
    MT4 is one of the most popular trading platforms in the forex industry. MT4 is known for its user-friendly interface, advanced charting tools, and customizable indicators. It also supports automated trading through Expert Advisors (EAs) and offers various order types.
  2. MetaTrader 5 (MT5)
    MT5 is the successor to MT4 and offers even more advanced features, indicators and charting tools. It offers a wider range of order types, including market, limit, stop, and trailing stop orders. It also supports hedging and netting.
  3. HotForex WebTrader
     HFM WebTrader is a web-based trading platform that allows traders to access their accounts from any web browser. It offers a user-friendly interface, advanced charting tools, and a range of order types. It also supports one-click trading and offers real-time news and analysis.
  4. HotForex Mobile App 
    The HFM Mobile App is a mobile trading platform that allows traders to access their accounts from their smartphones or tablets. It offers a user-friendly interface, advanced charting tools, and a range of order types. It also supports one-click trading and offers real-time news and analysis.

HF Markets Broker Review: Education

During our HFM broker review, we found out that Hotofrex offers a range of educational resources for traders of all levels of experience.

Video tutorials:

 HFM offers a wide range of video tutorials. These resources cover topics such as the basics of forex trading, technical analysis, fundamental analysis, risk management, and more. The tutorials and courses are typically structured in a step-by-step format, making them suitable for traders at different levels of expertise.


These webinars hosted by HFM typically cover a wide range of topics, including market analysis, trading strategies, and risk management techniques. Webinars allow traders to interact with experts, ask questions, and gain a deeper understanding of the presented material.

Ebooks and articles: 

HFM offers a variety of ebooks and articles on trading topics. The trading guides and e-books are written by experts and they delve deeper into specific trading concepts and strategies.

Trading glossary: 

HFM offers a comprehensive trading glossary that defines all of the important trading terms. The glossary is a great resource for traders who are new to the markets and who need to learn the basics of trading jargon.

Our HFM broker review is convinced that Hotforex prioritizes trader education by providing a comprehensive library of useful educational materials.

HFM Broker Review: Customer Support

This Hotforex review discovered that HFM customer support is available 24/5 via live chat, phone, and email. The support team proved to be knowledgeable and helpful, and they are always willing to go the extra mile to help customers resolve their issues.

Live chat proved to be the fastest. We were able to talk to an agent in just two minutes which was impressive.

Email proved to be the slowest with responses coming in 24 hours or so.

Overall, HFM generally provides reliable customer support through various communication channels, aiming for prompt responses and helpful assistance.

HFM Broker Review: Regulation

The regulatory status of a broker is a critical factor for traders as it ensures adherence to industry standards, investor protection, and a transparent and secure trading environment. In this regard, HFM is impressively regulated by several strict entities.  

HFM (formerly known as HotForex) is the unified global brand name of HF Markets Group.

Entities within the group are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority of South Africa (FSCA), and the Financial Services Authority of Seychelles. 

See below for HFM-listed companies:

  • HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
  • HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12.
  • HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701.
  • HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885.
  • HF Markets (SV) Ltd – authorized by FSA (St. Vincent and the Grenadines) registration no. 22747 IBC 2015.
  • HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.

HFM's regulation is excellent. The company is regulated by multiple tier-1 and tier-2 financial authorities, which means that it is subject to strict oversight and must adhere to high standards of business conduct.

This is a testament to Hotforex's commitment to providing a transparent and secure trading environment and its dedication to operating within legal frameworks and upholding industry standards.

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HFM Awards:

Hotforex has won over 60 awards for its services and offerings over the years, recent awards include:

  • Most Transparent Broker 2020 (The European – Global Banking & Finance Review Awards),
  • Best Client Services – Global 2020 (Capital Finance International Magazine),
  • Best Broker in Africa 2020 (AtoZ Forex),
  • Best Trading Experience South East Asia 2020 (International Finance Awards),
  • Best Partners Program Global 2020 (International Investor Awards),
  • Excellence in Customer Service Global 2020 (International Investor Awards),
  • Best Global Copy Trading Platform (Global Forex Awards 2019) for the HFcopy trading service.

With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for customer satisfaction, HFM is considered a reliable and safe Forex broker. 

HFM Broker Review Pros & Cons

Hotforex Pros

  • Reliable and well-regulated broker with a high trust score.
  • Great range of markets and trading instruments
  • Competitive trading conditions
  • Low minimum deposit
  • Offers various training platforms
  • Rich educational resources and customer support
  • Offers a variety of trading accounts with different features
  • Fast trade execution
  • Offers copy trading

HFM Cons

  • High leverage may amplify losses
  • Does not offer synthetic indices
  • Some of the broker's services are not available in some countries

HFM Broker Review: Our Verdict

Our HF Markets review showed that the broker is well-known internationally and is well-regulated. With a variety of account types, a wide selection of trading instruments, a user-friendly trading platform, robust security measures, reliable customer support, and educational resources, HFM Broker aims to cater to the needs of traders at different skill levels.

HFM Broker Alternatives


Deriv a a good broker with low trading fees. It is the only broker that offers synthetic indices.


XM is a well-regulated broker with low minimum deposits.


Exness offers low spreads and instant withdrawals.

Frequently Asked Questions On HFM Broker Review

Is HFM a reliable broker?

Yes, HFM is a very reliable broker that has an impressive track record since it was formed in 2010.

Is HotForex (HFM) Legit?

Yes. HotForex is regulated by several entities, and it makes it safe and legit for traders.

What is the minimum deposit in HFM?

The minimum deposit for HFM broker is $5

What types of trading accounts does HFM offer?

HFM offers a variety of accounts including Cent account, Premium account, Pro account and Zero Spread account.

What trading platforms does HFM offer?

HFM offers MetaTrader 4, MetaTrader 5, Web Trader and a mobile app.

What are the spreads and commissions at HFM?

HFM offers competitive spreads and commissions on all of its trading products. For example, the average spread on the EUR/USD pair is 0.9 pips.

Is HFM a good broker for beginners?

es, HFM is a good broker for beginners. HFM offers a variety of educational resources and customer support to help beginners learn about trading and get started.

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