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| Category | Details |
|---|---|
| Tradeable Assets | Forex, metals, energies, indices, stock CFDs, bonds, ETFs, crypto |
| Min Deposit | $0 (Pro account: $100) |
| Forex Majors Spread | From 0 pips on Zero (plus commission), from 1.4 pips on Premium |
| Regulators | FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), CMA (Kenya) |
| Trading Platforms | MetaTrader 4, MetaTrader 5, HFM app, HFM WebTrader |
| Funding Methods | Cards, bank wire, Skrill, Neteller, crypto and local payment methods |
| Currency Pairs | About 40 currency pairs |
| Available Leverage | Up to 1:30 for UK and EU retail clients; up to 1:2000 through offshore entities |
| Broker Type | Market maker and STP, depending on account |
| Founded | 2010 |
| Country | Group entities in the UK, Cyprus, South Africa, the Seychelles, Kenya and St Vincent and the Grenadines |
| Free Demo Account | Yes |
| Clients Accepted | Most countries, but not the US, Canada or the UAE |
| Pricing System | Spread only (Cent, Premium, Pro) or raw spread plus commission (Zero) |
| Inactivity Fee | Yes |
HFM has been around since 2010, most of that time under the HotForex name, and rebranded in 2022. It is a classic MetaTrader broker: MT4 and MT5, a handful of account types aimed at different budgets, and a large international client base.
This review covers HFM’s accounts, real trading costs, regulation and platforms, checked in October 2026 against HFM’s own pages and recent independent reviews. Conditions differ a lot between HFM’s entities, so the details that apply to you depend on where you live.
The group started in 2010 with a license in Mauritius and traded as HotForex for over a decade. It added licenses in Cyprus, the Seychelles, South Africa, the UK and Kenya, and reports more than 4 million client accounts opened and over 100 industry awards.
In 2022 HotForex became HFM, with HF Markets as the legal name of its companies. The product has stayed focused on MetaTrader, with additions such as the HFM app, built-in copy trading and InfinityX, a high-risk offshore account with very high leverage.
HFM runs through several companies, and the one you join depends on your country:
HFM does not accept residents of the US, Canada or the UAE.
HFM’s range is smaller than the big multi-asset brokers. On MT5 through its global entity, ForexBrokers.com counted about 350 instruments:
Everything is a CFD, so you trade price moves rather than owning the asset. If you mainly trade major forex pairs, gold and indices, the range is plenty. If you want a deep list of stocks, look elsewhere.
There is no cTrader and no TradingView connection. Expert Advisors work on MT4 and MT5, but HFM’s terms restrict arbitrage strategies, so read them before running high-frequency bots.
Swap-free Islamic versions are available on request, and there is a free demo account.
HFM accepts clients from most of the world, with the main exclusions being the United States, Canada and the UAE. Other countries may be restricted by local rules. UK and EU residents are placed with the FCA and CySEC entities, where leverage is capped at 1:30 and some products, such as crypto CFDs for UK retail clients, are not available.
HFM’s copy trading service is built into the HFM app and client area. You browse strategy providers, filter them by gain, maximum drawdown, risk score and performance fee, and copy them with as little as $10 through a Cent account. Providers earn a performance fee on profits they make for followers.
HFM also runs PAMM and MAM accounts for money managers who trade on behalf of several clients through MetaTrader 4. As always with copy trading, check how deep a provider’s worst drawdown has been, not just their headline return.
HFM does not charge for most deposits and withdrawals, including cards, Skrill, Neteller and bank transfers over $250. Banks may add correspondent fees on wires, and crypto withdrawals through BitPay carry a 1% fee.
Your cost depends heavily on the account:
The Zero account is the one to pick if you trade regularly. ForexBrokers.com measured an all-in EUR/USD cost of about 1.1 pips on it, which is competitive but not the cheapest available.
The dormant fee schedule is harsher than most. If you stop trading, withdraw your balance rather than leaving it sitting there.
HFM’s regulation is a tale of two halves. Its UK and EU companies are authorized by the FCA and CySEC, which means segregated client money, negative balance protection, 1:30 leverage caps and access to compensation schemes. Its South African and Kenyan entities are also properly regulated.
Most clients outside those regions, though, join HF Markets (Seychelles) Ltd or HF Markets (SV) Ltd. The Seychelles FSA is a light-touch regulator, and the St Vincent company is not regulated as a broker at all. That is how HFM can offer leverage up to 1:2000. ForexBrokers.com gives HFM a Trust Score of 85 out of 99, which is reasonable but below the most trusted brokers.
If you can choose, open your account with the most strongly regulated entity available to you.
Research is solid for a MetaTrader broker: four or five daily market articles, weekly Live Market View webinars, an FXStreet news feed, an economic calendar, Autochartist pattern recognition and client sentiment data. There is no Trading Central or TradingView.
Education is more limited: a short beginner course of about 11 lessons, webinars, a podcast and a few platform videos. It covers the basics but will not take you much further.
Support is available 24 hours a day, five days a week, from Sunday night to Friday night server time, by live chat, phone and email. Help is offered in a wide range of languages, and the online help center covers most account and payment questions.
HFM is a reasonable choice for MetaTrader traders who want flexible account types, especially the raw-spread Zero account, and copy trading in a simple app. UK and EU clients get properly regulated accounts.
Be careful if you are outside those regions. You will most likely be with an offshore entity, very high leverage is easy to reach, and the dormant fees are steep. If strong regulation matters to you and you have the choice, brokers like Pepperstone and IC Markets offer similar pricing with tighter oversight.
Comparing options? Read our XM vs HFM and RoboForex vs HFM comparisons.
Trading from South Africa? See our guide to the best forex brokers in South Africa.
HFM, known as HotForex until 2022, is a MetaTrader broker with four main account types, including a raw-spread Zero account at $6 per lot. UK and EU clients get FCA or CySEC regulation, but most clients elsewhere join offshore entities with very high leverage and lighter oversight.
Affiliate disclosure: AlphaInvestors may earn a commission if you open an account through links on this page, at no extra cost to you. Read our affiliate disclosure.
