HFM Review

This HFM review looks at the broker that traded as HotForex until 2022 and now runs under the shorter HFM brand. HFM is a multi-entity forex and CFD group founded in 2010, best known for very low entry barriers, a long list of account types, aggressive leverage and an in-house copy trading service. The catch is structural: the group owns well-regulated companies in the UK, Cyprus and South Africa, but most international sign-ups land with an entity in St Vincent and the Grenadines that holds no financial licence.

At a glance, as of November 2026: accounts open from $0, the raw-pricing Zero account charges $3 per side per lot, leverage reaches 1:2000 on standard accounts (and an “unlimited” setting on the offshore InfinityX account), and trading runs on MT4, MT5, a web terminal and the HFM app.

Who is behind HFM?

HFM is the trading name of HF Markets Group, which began life in 2010 as HotForex. The group grew quickly in Africa, Asia and Latin America through local payment methods, sponsorships and an extensive introducing-broker network, and in 2022 it consolidated its brands under the HFM name. The parent, HF Markets Holdings Ltd, is privately held and is not listed on any exchange.

Operationally, the group is run from Cyprus, where its EU subsidiary is based, with further operating companies in London, Johannesburg, Victoria (Seychelles) and Nairobi. HFM is a market-execution broker: orders are filled at the available price, with no requotes on the standard accounts, and the group acts as counterparty on part of the flow.

Regulation and safety: which HFM entity will you get?

Understanding HFM regulation means looking at each company separately, because the protection you receive depends entirely on the entity named in your client agreement. The group’s own regulatory page lists the following:

• HF Markets (UK) Ltd – authorised by the FCA, firm reference number 801701. UK retail clients get leverage capped at 1:30, negative balance protection, segregated money and eligibility for the FSCS (up to £85,000).
• HF Markets (Europe) Ltd – licensed by CySEC under number 183/12 and a member of the Cyprus Investor Compensation Fund (up to €20,000). Several reviews in 2026 report that this entity is no longer taking new copy-trading clients.
• HF Markets SA (PTY) Ltd – an authorised financial services provider with South Africa’s FSCA, FSP number 46632.
• HF Markets (Seychelles) Ltd – securities dealer licence SD015 from the Seychelles FSA.
• HFM Investments Ltd – licensed by Kenya’s Capital Markets Authority as a non-dealing online forex broker, licence 155.
• HF Markets (SV) Ltd – registered in St Vincent and the Grenadines as an international business company (22747 IBC 2015). It is a company registration, not a financial licence.

You can check the UK entity yourself on the FCA register or read the group’s own regulatory environment page. The Dubai (DFSA) office that older reviews mention has ceased operating.

The key point for most readers outside the UK and EU: independent reviews in 2026 consistently report that the global website onboards clients through HF Markets (SV) Ltd. That company is not supervised by a financial regulator, there is no compensation scheme behind it, and any negative balance protection rests on the client agreement rather than on rules enforced by an authority. HFM’s long operating history and Tier-1 sister companies are reassuring, but they do not transfer to an SVG account.

HFM account types compared

HFM keeps a wide ladder of accounts, and conditions can differ slightly by entity and country. The table below reflects the global offering reported in autumn 2026.

Swap-free Islamic versions are available on request, and a free demo gives up to 10,000,000 in virtual funds, though inactive demos are deleted after about a month. In some markets, such as Thailand, a bonus-linked account replaces InfinityX. The minimum trade size is 0.01 lot across the range.

A word on InfinityX: “unlimited” leverage with a 0% stop-out means your whole balance is effectively on the line with every position. It is a marketing feature, not a risk-management tool, and we would not recommend it to anyone who is still learning.

Trading costs: what a lot of EUR/USD really costs at HFM

HFM publishes minimum spreads rather than averages, so independent measurements matter. In August 2026 one testing team recorded an average EUR/USD spread of about 0.19 pips on the Zero account and roughly 1.8 pips on Premium. Another review put the Zero account’s all-in EUR/USD cost at around 0.75 pips.

Worked example (one standard lot, EUR/USD, round trip):

• Zero account: 0.2 pips spread (about $2) plus $6 commission = roughly $8, or 0.8 pips all-in.
• Premium account: 1.8 pips spread with no commission = roughly $18.

The Zero account is therefore clearly the better deal for anyone trading more than occasionally, while Premium costs more than double for the convenience of no commission. HFM’s $3 per side commission sits a little below the industry norm of about $3.50.

Non-trading costs are where HFM is stricter than many rivals. After six months without trading, an inactivity fee of $5 per month is deducted, rising to $10 per month in the second year and $20 per month in the third, with further increases after that. Overnight swaps apply to positions held past rollover unless you use a swap-free account. HFM itself does not charge deposit or withdrawal fees on the main methods, although bank wires below $100 and third-party currency conversion can carry costs.

Platforms, apps and tools

HFM’s platform line-up is MetaTrader-centred. MT5 is available across entities, while MT4 is reported as an offshore-only option. Both support expert advisors, hedging and scalping, and HFM adds plug-ins such as Autochartist and the FX Blue Premium Trader tools.

The HFM app (iOS and Android) handles funding, account management, trading and copy trading in one place, and the web terminal uses TradingView-style charts. What you will not find is cTrader or a native TradingView account connection, which some competitors now offer.

HFcopy is the group’s in-house copy trading service. Followers can filter strategy providers by drawdown, performance fee, risk score and gain, and can start with as little as $10 on a Cent account. PAMM accounts for money managers are also offered. Both are available only through the offshore entity, not to clients of the UK or new clients of the EU company.

Markets you can trade

HFM advertises over 500 instruments. On the main offshore accounts that includes about 53 currency pairs, around 157 share CFDs, 23 indices (spot and futures), a dozen ETFs, metals, energies, soft commodities, bond CFDs and a short list of crypto CFDs. Cent and InfinityX accounts carry a much smaller menu, with InfinityX limited to around 30 pairs, a handful of indices and three cryptocurrencies.

That is enough for forex, gold and index traders, but stock-CFD and crypto coverage is thin compared with multi-asset brokers that list thousands of shares. There are no real shares, options or futures contracts.

Deposits and withdrawals

Payments are one of HFM’s strongest areas, especially for traders in Africa and Asia. Typical methods include Visa and Mastercard, bank wire, Skrill, Neteller, crypto, local bank transfers and mobile money such as M-Pesa in Kenya.

• Cards: from $5, credited within minutes.
• E-wallets such as Skrill: from $10 for deposits and $5 for withdrawals, often instant.
• Crypto: from about $30 to deposit, withdrawals usually within 24 hours.
• Bank wire: from $100, 2–7 business days to arrive and up to 10 days to withdraw.

HFM does not add its own fees to these methods, but your bank or e-wallet may. Withdrawals generally go back to the original funding source first, which is standard anti-money-laundering practice.

Bonuses and promotions

Promotions vary sharply by country and change often. In 2026 the offshore entity offers a top-up (deposit) bonus on selected accounts in some countries, alongside loyalty points, trading contests and refer-a-friend campaigns. Bonus credit has to be traded through before it can be withdrawn, and the terms are what really matter.

UK, EU and other onshore clients are not eligible: rules in those regions ban deposit bonuses for retail CFD traders. If a bonus is the reason you are choosing HFM, read the full terms first and remember that you will be dealing with the unregulated SVG company.

Education, research and customer support

HFM produces a steady stream of webinars, daily market analysis, video tutorials and seminars, partly delivered in local languages. It is solid beginner-to-intermediate material, although it lacks the structured courses and progress tracking of the very best education brokers. Autochartist pattern recognition and an economic calendar round out the research.

Support is available by live chat, email and phone, and each client is assigned a personal account manager. The website runs in around 16 languages. One testing site found the service only average, and the round-the-clock label applies to the dealing desk rather than chat.

Who HFM suits – and who should look elsewhere

HFM fits traders who want a low entry point, MetaTrader with full EA support, a cheap raw-spread account, local payment methods or an integrated copy trading service. UK clients who open with the FCA entity get genuinely strong protection.

Look elsewhere if you want your account held by a regulated firm but live outside the UK, EU, South Africa or Kenya, if you plan to leave the account idle for long periods (the escalating inactivity fee will bite), or if you need thousands of stock CFDs or real shares.

HFM review: rating breakdown

HFM FAQ

Is HFM the same company as HotForex?

Yes. HotForex rebranded to HFM in 2022. The legal entities still carry the HF Markets name, and existing HotForex accounts were migrated.

Is HFM regulated?

The group holds FCA, CySEC, FSCA, Seychelles FSA and Kenyan CMA licences. However, many international clients are onboarded through HF Markets (SV) Ltd, which is registered in St Vincent and the Grenadines and is not a licensed financial firm.

What is the HFM minimum deposit?

The Cent, Zero and Premium accounts have no minimum. The Pro account needs about $100 and InfinityX $500, while payment methods have their own minimums, such as $5 by card.

What leverage does HFM offer?

Up to 1:2000 on standard offshore accounts and an uncapped setting on InfinityX. UK and EU retail clients are limited to 1:30 on major currency pairs.

Does HFM charge an inactivity fee?

Yes. After six dormant months it charges $5 per month, rising to $10 and then $20 per month in later years.

Can I copy trades with HFM?

Yes, through HFcopy in the HFM app or client area, and PAMM is also available, but only on the offshore entity.

Final verdict

HFM offers good conditions at a low price of entry: the Zero account is competitively priced, payments are cheap and flexible, and the app plus HFcopy make it easy to get started. Its weakness is the gap between the strong regulation of its sister companies and the unlicensed SVG entity that most global clients actually sign with. If you can open with the FCA or another regulated HFM entity, it is a sound choice; otherwise, keep balances modest and treat the extreme leverage with caution.

Risk warning: CFDs are complex leveraged products, and most retail investor accounts lose money when trading them.

See how HFM compares in our top 50 forex brokers ranking, forex brokers by country, regulator and platform and all broker reviews.

Risk warning: Trading forex and CFDs on margin carries a high level of risk. Bonus terms are set by each broker and may change; always check the broker's official terms before claiming.