HFM (HotForex) offers a range of key features for traders, including diverse account types such as Cent, Premium, ZERO, Pro, and HFcopy. With a user-friendly platform and the option for MT4 and MT5 mobile apps, traders can access various markets. The broker provides advanced trading tools like Premium Trader Tools, Autochartist, and VPS services. HFM is regulated in multiple jurisdictions, ensuring a level of safety for client funds. Additionally, the broker offers educational resources, live webinars, and market analysis, catering to traders of all levels.
Popular users’ questions about HFM:
Can HFM be trusted?
Yes, HFM can be considered trustworthy. The broker operates under various regulations, including being regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Dubai Financial Services Authority (DFSA) in the United Arab Emirates, the Financial Sector Conduct Authority (FSCA) in South Africa, and the Seychelles Financial Services Authority (SFSA) in the Seychelles. These regulatory measures contribute to the safety and reliability of the broker.
How much commission does HFM take?
The commission structure at HFM varies depending on the type of account. For example, the ZERO account operates on a commission-based model with charges of $3 per lot (6 USD total round turn) on major Forex pairs. Other accounts may have different commission structures, and traders should review the specific terms of their chosen account.
What is the minimum deposit for HFM?
HFM offers flexibility in minimum deposits. Technically, there is no minimum deposit requirement to open certain accounts like the Cent, Zero, and Premium accounts. However, for the most competitive trading account, such as the Pro Account, a minimum deposit of $100 is required.
Is HFM an ECN broker?
HFM provides different types of accounts, and the account type determines the broker's execution model. While certain accounts, like the ZERO Account, follow a market execution model, classifying them as ECN accounts, not all HFM accounts may strictly adhere to the ECN model. Traders should check the specific features of each account to understand the execution model in place.
HFM review 2024: A comprehensive analysis
HFM, also known as HotForex, stands as a prominent brokerage firm that has garnered attention in the financial markets. With a global presence, HFM caters to a diverse audience, offering a range of trading services across various asset classes. As of 2024, this comprehensive analysis delves into the platform’s features, regulations, trading tools, customer support, and overall performance.
What is HFM?
HFM, previously recognized as HotForex, operates as a brokerage brand under HF Markets (SV) Ltd, an offshore entity situated in St. Vincent & the Grenadines. The HF Markets Group extends its global operations through subsidiaries registered in various locations, with its European activities centered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
Catering to a diverse international audience, HFM provides a website in 27 languages and serves nationals from numerous countries, excluding the USA, Canada, Sudan, Syria, and North Korea. The broker has earned accolades in categories like best Forex analysis provider, best customer service, and best overall Forex broker, particularly in regions such as South Africa, the Middle East, China, and Western Europe.
A deposit of USD 100 provides access to the exclusive HFM ZERO spread account, delivering tight spreads directly from major liquidity providers without additional mark-ups. This account follows a commission-based structure, with commissions starting at USD 0.04 per 1K lot.
HFM stands out for its extensive range of tradable markets, encompassing Forex, stocks, indices, bonds, commodities, ETFs, energy products, and crypto CFDs. The company offers both dealing desk and non-dealing desk trading options, contingent upon the specific account type selected by the user.
Pros and cons of using HFM
Pros
HFM incorporates the advanced Premium Trader Tools, developed by FX Blue Labs, along with signals from the Autochartist plugin, enhancing the capabilities of the default MetaTrader suite.
Leveraging big data and artificial intelligence, HFM provides Advanced Insights, offering sentiment analysis and other research tools to assist traders.
HFM strikes a commendable balance between in-house market analysis, third-party research content, and news headlines sourced from FxStreet.
The in-house team at HFM produces special research reports, including monthly, quarterly, and annual outlooks, providing valuable insights to traders.
HFM's Traders Board module offers correlation and sentiment data, enriching the overall trading experience for users.
The enhanced HFM mobile app now supports trading across 3,500 markets, offering increased accessibility and convenience.
Cons
HFM exhibits trading costs that are deemed above average, a consideration for traders mindful of their transaction expenses.
The mobile app provided by HFM has a constraint in terms of available indicators, potentially limiting the technical analysis options for users.
HFM currently lacks an alternative web app, which might be a drawback for traders who prefer web-based platforms over traditional desktop applications.
HFM account types
HFM fees and commission
When it comes to fees and charges, HFM keeps things competitive. For the EUR/USD pair, the fee is 1.2 pips, which is a bit lower than what's usual in the industry. But, for other pairs like GBP/USD and AUD/JPY, HFM tends to have slightly higher fees compared to the average.
If you go for the account without commissions, they say the fee is as low as 0.5 pips. But, in reality, it's more like 1.4 pips or $14 for a standard lot. On the other hand, if you choose the commission-based account, the fee starts at 0.0 pips, and on average, it's about 0.2 pips. But remember, there's a commission of $6.00 per lot or a total cost of $8.00 for major currency pairs.
For those who trade a lot, there's a loyalty program that can help bring down the costs. Also, if you're into trading stocks, indices, ETFs, or bonds, HFM keeps the costs competitive there too. Plus, if you're buying stocks directly, they don't charge a commission.
Just keep in mind, if you don't use your account for six months or more, they'll charge you $5 every month until you start using it again.
HFM withdrawal and deposits
HFM regulation and licensing
HFM operates under various entities, each subject to different regulatory bodies:
HFM safety and security
To safeguard traders, HFM provides negative balance protection, preventing them from incurring debts beyond their deposited amounts during unfavorable trading conditions.
Adding an extra layer of security, HFM has acquired civil liability insurance, covering amounts up to €5,000,000. This insurance serves as a protective measure against broker errors, negligence, fraud, and various other risks that could potentially impact client funds.
HFM ensures a strict segregation of client funds in dedicated bank accounts, distinctly separate from company funds. Importantly, these client funds are not considered part of the company's balance sheet, ensuring they remain untouchable in the event of the company facing financial challenges or bankruptcy.
HFM trading features
HFM education
HFM stands out in the education domain, particularly focusing on Africa and Asia to cater to a diverse group of traders. The platform offers well-structured and comprehensible trading courses, live webinars, video tutorials, daily analyses, and market outlooks. These resources are available in multiple languages, providing an inclusive learning environment for traders at all skill levels, whether novice or seasoned professionals.
HFM is equipped with a set of analytical and research tools to aid traders in making informed decisions. The platform offers Analytical Objects, an Economic Calendar, Autochartist, and Trader’s Board for comprehensive market analysis. Additionally, traders can access Premium Trading Tools, and those with a deposit exceeding 5,000 USD can benefit from free VPS hosting.
To assist traders in anticipating market volatility and changes in spread sizes, HFM provides an economic release calendar. This tool proves valuable for understanding the timing of economic events that may impact the financial markets.
HFM customer support
HFM offers a good customer support service tailored to the needs of traders. The support team is available 24/5, aligning with the Forex trading week, and can be reached through various channels such as live chat, email, and phone assistance.
The support representatives stand out for their responsiveness and professionalism, providing timely assistance for any technical issues or queries related to trading conditions. For traders who prefer independent problem-solving, HFM offers a comprehensive FAQ section on its website, addressing commonly asked questions.
In terms of advantages, HFM's customer support excels in live chat availability, multilingual support (covering over 27 languages), and the provision of quick and relevant answers.
However, one notable disadvantage is the absence of 24/7 availability, which may be a consideration for traders requiring round-the-clock support.
