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HFM Review 2024

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

June 14, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.37% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our research led us to conclude that HFM is a commendable choice for traders interested in forex and CFDs. With its diverse offering and positive evaluations across multiple aspects, HFM is recommended for traders looking for a reliable and robust trading platform, with a particular emphasis on copy trading.

Overall Rating

7.8 / 10

Minimum Deposit

Trust Score info

Trusted

Pros and Cons

thumb_up_off_alt Pros

Wide Range of Trading Platforms: HFM provides a variety of platforms including MetaTrader 4, MetaTrader 5, and its own proprietary copy trading platform, catering to different trading preferences.
Trading Tools Availability: Offers trading signals and copy trading, enhancing its trading suite for more strategic trading options.

thumb_down_off_alt Cons

Trading Costs: The prices and fees for trading are higher than average with their spread-only accounts.
Fewer Tradeable Symbols: The range of available tradeable symbols has dropped to about 500, below average compared to the industry.

Ratings Summary

Investment Types - 7.5/10
Commissions & Fees - 7.5/10
Trading platforms - 7.5/10
Research - 8.0/10
Mobile Apps - 7.5/10
Education - 7.0/10
Overall - 7.8/10

Can I trust HFM?

Yes, HFM is a trustworthy broker, regulated by MiFID and the U.K. FCA, with a "Trusted" trust score of 86 from ForexBrokers.com.

HFM is currently licensed and/or authorised by the following regulatory bodies:

Tier-1 Regulators - Financial Conduct Authority (FCA) and regulated in the European Union via the MiFID passporting system
Tier-2 Regulators - Central Markets Authority (CMA), Financial Sector Conduct Authority (FSCA), and the Dubai Financial Services Authority (DFSA)
Tier-3 Regulators - None
Tier-4 Regulators - Mauritius' Financial Services Commission (FSC) and Financial Services Authority (FSA)

Is HFM good for beginners?

Our assessment concludes that HFM is a favorable choice for beginners, supported by its comprehensive educational offerings in both advanced and beginner videos, and an array of educational materials dedicated to forex and CFD trading. That said, its educational offering still lags behind the industry leaders.

Feature	HFM
Education (Forex or CFDs) info	Yes
Client Webinars info	Yes
Videos - Beginner Trading Videos info	Yes
Videos - Advanced Trading Videos info	Yes
Investor Dictionary (Glossary) info	Yes

HotForex account YouTube educational video detail

HFM commissions and fees summary

In terms of commissions and fees, HFM is an okay option for investors, especially considering its average spread cost for the EUR/USD pair is 1.2, which is slightly higher than the industry average of 1.08. It does not require a minimum deposit and offers a range of payment methods, although it lacks active trader discounts. Overall, HFM is recommended based on its commission and fee structure.

Feature	HFM
Minimum Deposit info	$0
Average Spread EUR/USD - Mini info	1.2 info
Average Spread EUR/USD - Standard info	1.2 info
All-in Cost EUR/USD - Active info	0.7 info
Active Trader or VIP Discounts info	No

HFM trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

HFM provides robust trading platforms including MetaTrader 4, MetaTrader 5, and a proprietary copy trading platform, covering a broad spectrum of trader needs. Be aware however that its proprietary platform only supports copy trading; HFM does not support a web app for trading beyond the MetaTrader suite.

Trading platforms offered: HFM supports MetaTrader 4, MetaTrader 5, and a proprietary copy trading platform, HF Copy.

Trading tools: Offers comprehensive trading tools including copy trading and trading signals.

Copy trading: Available, providing an additional method for traders to engage with the market.

Feature	HFM
Virtual Trading (Demo) info	Yes
Proprietary Platform info	Yes
Desktop Platform (Windows) info	Yes
Web Platform info	Yes
MetaTrader 4 (MT4) info	Yes
MetaTrader 5 (MT5) info	Yes
DupliTrade info	No

HFM trading platform screenshots

HotForex MT5 desktop trading platform news

HotForex MT5 desktop trading platform watchlist

Mobile trading apps at HFM

Our testing found that HFM's mobile trading apps are well-suited for traders who need access on the go, with a high level of functionality and ease of use recommended for mobile traders.

Feature	HFM
Android App info	Yes
Apple iOS App info	Yes
Mobile Economic Calendar info	Yes
Mobile Alerts - Basic Fields info	Yes
Mobile Charting - Draw Trendlines info	Yes
Mobile Watchlist info	Yes

HFM mobile app screenshots

HotForex HF mobile trading app watchlist

HotForex mobile trading app news headlines

HotForex MT5 mobile trading app economic calendar

HotForex MT5 mobile trading app watchlist

How do I open an account with HFM?

Visit the HFM website and locate the registration page.
Complete the online application form with your personal and financial details.
Verify your identity and address by uploading the required documents.
Once verified, fund your account using one of the supported methods.
Begin trading by accessing your new HFM account.

What can I trade at HFM?

HFM allows trading in a variety of markets, offering 102 forex pairs and a total of 500 tradeable symbols, which is below the industry average of 3,623 tradeable symbols.

Feature	HFM
Tradeable Symbols (Total) info	500
Forex Pairs (Total) info	102
Social Trading / Copy Trading info	Yes
Cryptocurrency (Physical) info	No
Cryptocurrency (Derivative) info	Yes
Spread Betting info	No

HFM research screenshots

HotForex Markets research market analysis

HotForex Markets Traders Board client sentiment data

Account funding at HFM

HFM supports several funding options including bank wires, Neteller, credit cards, and Skrill. However, it does not support PayPal as a funding method.

Feature	HFM
Visa/Mastercard (Credit/Debit) info	Yes
Bank Wire (Deposit/Withdraw) info	Yes
PayPal (Deposit/Withdraw) info	No
Skrill (Deposit/Withdraw) info	Yes
Neteller (Deposit/Withdraw) info	Yes

About HFM

HFM, established in 2010, has grown into a reputable broker in the forex and CFD trading industry. Not publicly traded and focused on providing robust trading tools and educational resources, HFM has developed a strong presence especially in markets where it is regulated, such as under MiFID and the U.K.'s Financial Conduct Authority. With a diverse offering that includes multiple trading platforms and advanced trading tools, HFM aims to cater to a broad spectrum of traders, from beginners to experienced professionals.

Compare HFM

See how HFM stacks up against other brokers.

HFM vs Exness HFM vs City Index HFM vs Capital.com HFM vs FxPro HFM vs TMGM HFM vs ATFX HFM vs DooPrime HFM vs Markets.com HFM vs ActivTrades HFM vs Trade Nation HFM vs TopFX HFM vs XM Group HFM vs RoboForex HFM vs LegacyFX HFM vs FP Markets HFM vs TeleTrade HFM vs Tickmill HFM vs FOREX.com

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.