Previously known as HotForex, HFM is a multi-asset broker that provides trading in currencies and commodities.
- HFM provides CFD trading services with a variety of 7 account types and trading platforms, tight spreads operating with unconstrained liquidity, and average spreads of EUR 0.1, which enables traders of any size or profile to use automated trading platforms to execute any trading strategy, including news trading while selecting from a range of spreads and liquidity providers.
- While it is true that HFM primarily focuses on and impacts Africa (see Ghana Brokers), the Asian and MENA regions also provide many excellent chances to citizen’s worldwide and international proposals as a whole.
In addition, HFM provides its trading service with the necessary permits in each location where it conducts business, which ensures reliable service.
Pros and Cons of HFM
Based on our findings, HFM is a broker with a solid reputation and legal requirements. The service is user-friendly, we maintain sizable portfolios of Forex and CFD instruments, and fees are thought to be reasonable in comparison to those charged by other well-known brokers.
In addition, the industry’s lowest minimum deposit enables traders of all sizes to sign up. A special education section for new traders is also available, along with one of the best selections of international webinars and seminars our financial specialists have ever seen.
On the other hand, XM only offers Forex and CFDs to clients in the EU, which is a limited portfolio. Additionally, offshore branches with fewer criteria are used for international trade, although HFM is still deemed to be signed in due to its high reputation.
Is HFM a safe broker or a scam?
HFM is a brand name of HF Markets (Europe) Ltd., authorized and regulated by CySEC, a regulatory authority for Investment Services firms in Cyprus. It operates with cross-border licenses, charging HFM to provide investment services within the EEA zone. No, HFM is not a scam.
Simply put, it indicates that the broker has been approved and regulated to offer its trading service, together with the appropriate safety precautions and regulations.
What city is HotForex in?
The broker has additional licenses in addition to its primary CySEC license to service clients from countries like South Africa, Dubai, England, etc. In addition, we observe a clear evolution in HFM regulation and expansion. The broker now works legally in Africa, thanks to licenses received in South Africa and Kenya.
There are also HFM entities that are registered in offshore jurisdictions like Seychelles, SVG, and Mauritius. While we typically advise against trading with offshore brokers because they flat-out do not regulate Forex trading, it is considered safe due to HFM’s numerous parallel rules.
Our Hot Forex review analysis of HFM Reliability here:
- HFM is one of the biggest Brokerages in the world and holds trustworthy top-tier licenses, yet the sole international trading is done through an offshore corporation.
How are you safeguarded?
HF Markets (Europe) Ltd. is a Cyprus Investor Compensation Fund member for funds protection, a crucial component of the licensed broker. It represents a claim made by insured clients against investment companies. Regulator regulations safeguard deposits made by customers.
Types of accounts
- With six separate accounts, HFM offers a range of account alternatives based on various needs. The range includes Islamic Accounts appropriate for traders from the MENA region and abroad, as well as Micro, Premium, Zero spread, HFCOPY, and PAMM Premium Accounts.
- Each account type brings good flexibility and allows you to choose based on your trading strategy, allowing beginning traders, investors, or professionals to find their way in trading.
- You can immediately sign up for a Demo Account and transfer it to a Live one just by depositing money.
- We also concede that the ability to trade micro lots, employ cent or nano accounts, or specify a budget for copy trading is desirable.
How can I sign up for a HotForex demo account?
While comparing with other forex brokers, no verification is required here at Hot Forex, opening a Demo account was relatively simple for us. While all you need to do is follow the steps to open a risk-free account on the HFM website to gain access to the MT4 or MT5 platforms and an infinite supply of demo money. So, the procedure for opening a demo account is as follows:
Steps for opening a trading account
- Visit the page to sign into the HFM Demo Account.
- Enter your personal information, including your First and Last Name, Country of Residency, Email, Phone, etc., if you are a new client. Alternatively, if you are already a client, please sign in.
- Complete all fields for the first myHF registration.
- Almost soon as an account is approved, you can access a new demo account through your client area and submit a live account to handle your funds.
How can I create a Live HotForex account?
When you are prepared or have decided to begin live trading, you can apply for a live account with HFM. HFM may require you to provide proof of your identity, residency, and other documentation before you begin. You will have access to the myHF client area in both situations, where you can manage your accounts and finances.