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HF Markets Review 2024

Written By

Jemma Grist

Written By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Jul 15, 2024

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Overall Rating

4 / 5

HF Markets is #98 in our CFD broker rankings.

Customer Reviews (15)

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Customer Reviews

Minimum Deposit $0

Trading Platforms MT4, MT5, AutoChartist

Instruments CFDs, Forex, Metals, Energies, Stocks, Indices, Commodities, Bonds, ETFs

Regulators CySEC, FCA, DFSA, FSCA, FSA, CMA

Account Currencies USD, EUR, GBP, PLN

Payment Options Wire Transfer, Visa, Mastercard, Debit Card, Credit Card, Skrill, Neteller

Awards

• Best Forex Trading App 2022 - Capital Finance International Magazine
• Best Educational Broker 2022 - Global Forex Awards
• Best Forex Broker South Africa 2022 - International Finance Awards
• Best Forex Broker Middle East 2022 - All Forex Review
• Best CFD Trading Conditions 2021 - World Economic Magazine
• Best Market Research & Education Global 2021 - Capital Finance International Magazine
• Best Client Services 2020 - Capital Finance International Magazine

Pros

• Heavily regulated holding licenses with top financial agencies including CySEC
• Respected brand with millions of users and 60+ accolades
• Superb research tools including advanced insights dashboard and daily market commentary

Cons

• Slow sign-up process
• Average spreads on some assets
• Mediocre range of funding options

HF Markets (HFM) is a leading CFD broker with access to the top-rated MetaTrader 4 and MetaTrader 5 platforms. With fast execution speeds, strong regulatory oversight and fee-free deposits and withdrawals, the brand is a popular option for traders of all experience levels.

In this HF Markets review, our experts assess the benefits and drawbacks of signing up, from account types and minimum deposits to welcome bonuses, leverage and withdrawal times.

Assets & Markets

HF Markets, formerly HotForex, offers a decent suite of CFDs, with over 1000 assets spanning 8 asset classes.

It doesn’t rival the extensive list of instruments offered by competitors like CMC Markets, which provides 12,000+ assets, but the range of currencies is particularly strong and HFM also offers bonds, which aren’t provided by some alternatives. We also rated that energies, indices, and commodities are available via futures contracts.

Supported instruments include:

• Metals – Four precious metals; gold, silver, platinum and palladium
• Indices – 11 global stock indices such as the S&P 500, FTSE 100 and GER 40
• Commodities – Five soft commodities; cocoa, coffee, copper, cotton and sugar
• Bonds – Three government bonds; Euro Bund, US 10-Year Treasury Note and UK Gilt
• Stocks – 100+ global company shares including BlackRock Inc, Google, NatWest, and Uber
• ETFs – 15+ exchange-traded funds across several sectors, markets, and currencies
• Energies – Two energies; UK Brent Oil and US Crude Oil available as spot or futures contracts
• Forex – 50+ currency pairs; majors, minors, and exotics including GBP/USD, EUR/CAD, USD/JPY, and NZD/CHF

Longer-term investors will appreciate that 2000+ physical stocks can also be bought and sold, while fractional shares reduces the financial barrier for newer traders. I thought the useful insights into buy vs sell market conditions was a nifty bonus too.

Account Types

HF Markets offers three live accounts, with trading conditions to suit different strategies, budgets and experience levels; Premium, Premium Pro, and Zero. Our experts were pleased to see a swap-free Islamic account is also available for Muslim traders.

All accounts come with a minimum trade size of 0.01 lots, access to a personal account manager, and a maximum trade size of 60 lots. Several base currencies are also available, including USD, EUR, GBP and PLN, making the broker accessible to a range of traders.

After testing HF Markets, I would recommend the Premium account for beginners, with no minimum deposit requirement, zero commissions, and reasonable spreads from 1.4 pips.

Premium

Best for entry-level traders

• Commission-free
• Maximum 500 open orders
• Floating spreads from 1.4 pips
• $0 minimum deposit requirement
• 80% margin call and 50% stop-out level

Premium Pro

Best for seasoned retail traders and pro traders

• Commission-free
• Maximum 300 open orders
• Floating spreads from 1 pip
• $500 minimum deposit for experienced retail traders and $5000 for pro traders
• 50% margin call and 20% stop-out level

Zero

Best for raw spreads

• Maximum 500 open orders
• Floating spreads from 0 pips
• Commission fees for forex trades
• $0 minimum deposit requirement
• 80% margin call and 50% stop-out level

How To Open A HF Markets Account

I found the account registration thorough, including a multiple-choice questionnaire to test my trading knowledge.

On the downside, it took me more than 10 minutes to sign up, which is slower than some alternatives, including XM.

To get started:

1. Register for a HFM account
2. Choose your country of residence from the dropdown menu
3. Add your email address and choose a password
4. Accept the terms and conditions and select ‘Register’
5. Confirm your account registration by verifying your email via the link
6. Complete your personal details on the following screen including name, email, gender, phone number, and DOB. Choose an account base currency and select ‘Continue’
7. Add your investment projections and employment status and select ‘Save And Continue’
8. Complete the ‘Appropriateness Assessment’ – a questionnaire designed to test your prior trading experience and knowledge
9. Upload identity verification documents and proof of residency
10. Submit the application

Payment Methods

Deposits

HF Markets offers a strong selection of deposit options, making it easy to fund an account and start trading.

You can choose between credit/debit cards, bank wire transfers, or e-wallet solutions like Neteller and Skrill. On the negative front, HFM does not accept crypto account funding.

It is worth noting that all payment methods have a minimum deposit requirement, though there is no minimum to open a live trading account (Premium and Zero accounts).

Processing times are in line with competitors, with deposits processed within 10 minutes except for wire transfers which can take up to seven working days. I also appreciated that there were no fees for deposits, as long as wire transfers are over $250.

• Skrill – $50 minimum deposit, $10,000 maximum
• Neteller – $50 minimum deposit, $5000 maximum
• Bank Wire Transfer – $250 minimum deposit, no maximum
• Visa and Mastercard Credit/Debit Cards – $50 minimum deposit, $10,000 maximum

How To Fund Your Account

I thought the deposit process was straightforward and only takes a couple of minutes. To fund your account using a bank wire transfer:

1. Log in to the HFM client area
2. Choose ‘Deposit’ under the ‘Funding’ title on the side menu
3. Select a payment method using the icons listed along the top of the page
4. Follow the on-screen instructions to initiate a payment using your internet banking provider
5. Submit the payment

Withdrawals

Similar to other top brokers, you can request a withdrawal back to the original payment method.

HF Markets processes all requests within 24 hours, which is reasonable, but there is no weekend processing, regardless of the payment method.

When we used HF Markets, we found that Neteller and Skrill offer the fastest fund removals, with near-instant availability.

I was also pleased to see that HFM does not charge any withdrawal fees, which is competitive vs eToro which charges $5.

• Skrill – $5 minimum withdrawal, instant processing
• Neteller – $5 minimum withdrawal, instant processing
• Credit/Debit Card – $5 minimum withdrawal, two to ten-day processing
• Bank Wire Transfer – $100 minimum withdrawal, two to ten-day processing

Trading Fees

HF Markets scores fairly well in terms of trading fees. The broker operates with no dealing desk intervention, meaning you benefit from tight spreads directly from top-tier liquidity providers.

While using HF Markets, we got spreads of 1.3 pips on the EUR/USD and 1.6 pips on the USD/JPY. These are competitive and fare well against other leading brokers.

Commissions apply to forex trades on the Zero Account only, in return for the tightest spreads from 0 pips. Fortunately, commission charges are decent, coming in as low as $0.03 per 1k lot on popular forex pairs like the EUR/GBP and USD/JPY.

Non Trading Fees

Retail traders will be liable for swap rates on positions held overnight, which is in line with other CFD brokers.

It is worth noting that a $5 monthly inactivity fee applies after six months of no activity. However, this is competitive and lower than alternative brands like XTB which has a $10 charge.

Our team was also pleased to see that all additional premium tools, such as Autochartist, are available for free.

HF Markets Platforms

HFM offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, two of the best third-party trading solutions. We also rated the proprietary mobile app, which we review in more detail below.

MT4 and MT5 are industry-leading terminals, ideal for trading CFDs. Both platforms offer a wealth of customizable features, superb charting and technical analysis tools, plus support for automated trading.

I would recommend MT5 for more experienced traders, owing to its larger suite of timeframes, order types, and extra tools. It also offers faster and more efficient processing.

I have pulled out my favorite features from each platform below.

MetaTrader 4

• Single-thread strategy tester
• Three chart types; bar, line and candlestick
• Access to Expert Advisors for automated trading
• Nine timeframes from one minute to one month
• 31 analytical tools such as shapes, arrows, and text
• Four pending order types; buy limit, buy stop, sell limit and sell stop
• 30 integrated technical indicators including RSI, Bollinger Bands, and Moving Average

MetaTrader 5

• Multi-thread strategy tester
• Integrated economic calendar
• 21 timeframes from one minute to one month
• Access to Expert Advisors for automated trading
• MQL5 programming language to create custom robots and technical indicators
• 44 analytical tools such as Regression Channel, Elliott Wave, and Fibonacci Retracement
• Six pending order types; buy limit, buy stop, sell limit, sell stop, buy stop limit, sell stop limit
• 38 integrated technical indicators including MACD, Bollinger Bands, and Stochastic Oscillator

Both platforms are available for free download to computer devices or directly through major web browsers. We also rated that HF Markets provides integrated YouTube videos to help with PC and mobile installation.

How To Place A Trade

I found it easy to open and close trades on both platforms. I like the one-click trading function straight from live charts, which you can enable:

1. From the top menu, choose ‘Tools’ and then ‘Options’
2. Select the ‘Trade’ tab
3. Check the ‘One Click Trading’ option
4. Select ‘Ok’ to confirm
5. Use the ‘Buy’ and ‘Sell’ icons in the top left corner of the chart to use the faster trade function

Alternatively, you can make a trade by following these steps:

1. From the MetaTrader interface, double-click on the instrument you want to trade
2. In the ‘New Order’ window pop-out, enter the volume (in lots)
3. Use the arrow icons to add a stop-loss or take-profit level if required
4. In the menu below, select whether to place an instant or pending order
5. Add a comment as an order reference if needed
6. Choose ‘Sell’ to go short, or ‘Buy’ to go long

Mobile App

HFM App

I was impressed by the HFM App. I liked that you can view the latest financial news, evaluate your full trading history and performance, and access real-time price quotes. You can also open and close positions, plus add instruments to your favorites watchlist.

I found the navigation bar particularly easy to use, with simple switching between functions. The charts are also customizable with the option of three different styles and nine timeframes. You can also add four popular technical indicators including RSI and MACD.

The application is available for download to iOS and Android (APK) devices.

MetaTrader

MT4 and MT5 are also both available as mobile apps for free download to Apple and Android devices.

The small-screen platforms provide all the powerful features of the PC versions, including interactive charting with drawing tools and technical analysis. I found the push notifications particularly useful, alerting you to major events and price movements.

For seasoned technical traders, I would opt for the MetaTrader apps over the HFM solution, due to the stronger suite of charts and analysis tools.

Regulation & License

HF Markets is a heavily regulated broker with a high trust score. 

The HF Markets Group holds licenses with top-tier regulators, including the Cyprus Securities and Exchange Commission (CySEC), UK Financial Conduct Authority (FCA), Dubai Financial Services Authority (DFSA), and South Africa’s Financial Sector Conduct Authority (FSCA).

Though fund protection and safeguarding initiatives will vary between entities, our experts were reassured to see the provision of negative balance protection and segregated accounts.

Another plus is the Civil Liability insurance policy up to €5 million which protects retail investors against fraud and negligence.

Importantly, our experts did not find any evidence of historical scams or major security breaches.

Leverage

The leverage offered by HF Markets varies depending on your jurisdiction. Retail clients registered under the CySEC, FCA, and DFSA-regulated branches can trade with a maximum leverage of 1:30. If you qualify for a professional account you can access higher leverage up to 1:400. However, you will need to demonstrate sufficient trading experience and funding.

In contrast, traders registered with the FSA or FSCA-authorized entities can access high leverage up to 1:1000 and 1:500, respectively. These rates are in line with other major brokers.

Demo Account

While using HF Markets, we were pleased to find that a free demo account is available. You can get a virtual bankroll up to $100,000 and we particularly rated that there are no time constraints. This means you can run your simulator profile alongside your live account to test strategies.

The demo account is compatible with all trading platforms, account types and pricing models.

How To Open A Demo Account

I didn’t have any issues opening a demo account. To get started:

1. Sign in to the HF Markets client area
2. Select ‘CFD Trading Accounts’ from the side menu and choose ‘Open A Demo Account’
3. Select either the ‘Demo Premium’ or ‘Demo Zero’ account
4. Choose a platform to test
5. Select a virtual balance from the dropdown menu and select ‘Open Demo Account’
6. Login credentials will be displayed on the following screen

Bonuses & Promotions

Similar to other brokers, regulatory restrictions from bodies like the CySEC and FCA limit the use of welcome bonuses and financial incentives. Instead, the brand offers a strong selection of extra tools and services.

Having said that, our team did find a string of historical promotions from the global branch, including a $30 no-deposit bonus, a $100 sign-up reward, and referral schemes.

To improve its rating further, it would be good to see demo trading contests with perks and rewards.

Additional Features

Education

HF Markets offers a reasonable selection of educational content and learning resources.

We rated the choice of learning styles, including live webinars, daily market analysis, and e-books, even if the quality of the content doesn’t compete with the likes of CMC Markets and Pepperstone.

Though there is no categorization by experience level, we could find useful information quickly. We thought the e-books most were suitable for beginners, with the first chapters covering an introduction to forex and the basics of trading.

There are also plenty of analytical tools available to help with trading decisions. This includes an economic calendar, live market news streams, and company earnings calendars.

I would also recommend signing up for exclusive insights from the brand’s team of experts, who provide detailed market commentary and forecasts. This is a free service and information is sent daily to registered email addresses.

Tools

Autochartist

A big bonus for me is that Autochartist is available at no charge.

The pattern recognition tool can help identify potential trades along with set-up guidance. You can integrate the tool directly into the MetaTrader platforms to provide continuous market scanning, 24 hours a day.

Copy Trading

Another benefit of trading with HF Markets is the proprietary copy trading terminal; HFCopy.

We liked the detailed performance table of experienced investors, with details on gains, stability and maximum drawdown. This means you can find and follow individuals that align with your trading objectives.

A minimum deposit requirement of $100 applies if you want to follow and copy the positions of more seasoned traders, which is reasonable compared to alternatives.

Professional traders are permitted to set performance fees up to a 35% split of profits.

On the downside, it is a shame that the service is not available to traders in the UAE or UK. We would also have appreciated social investing features, such as a community discussion forum.

Advanced Insights

One of our favorite tools offered by HF Markets is the Advanced Insights dashboard.

The intuitive interface offers sentiment and volatility analysis using financial news and events. You can view sentiment direction changes for specific instruments, and gauge the risk from upcoming releases. The events timeline tab also gives a useful diagram of upcoming events.

The tool is free for all HFM customers.

Traders’ Board

The Traders’ Board is a good feature for newer forex traders. The dashboard offers client sentiment data on major currency pairs. You can view long and short position splits and volumes traded by peers.

We particularly rated the forecast tool which provides expert price analysis by instrument for the upcoming week, month, and quarter.

Premium Trader Tools

Finally, HF Markets offers a range of institutional technology to improve the trading environment. Our top picks include the correlation matrix, Excel RTD, and a package of popular MT4 and MT5 add-on indicators.

You can also make use of six trading calculators including a position size, pip value, and risk percentage calculator.

HFM Support

HF Markets stands out for its customer service, which is available 24/5 in 27 languages.

We tested the live chat service and received a response almost immediately. On the negative side, support staff had fairly limited knowledge about the specific types of accounts and trading conditions.

To speak to the EU branch:

• Phone – +357-24-400165
• Email – support@hfeu.com
• Live Chat – Icon bottom right of the website

There is also a small FAQ section on the website with several common questions including how to open an account and how to withdraw funds.

Company Background

HF Markets was founded in 2010. The brand is also referred to as HF Markets Group or HFM. It was also previously known as HotForex.

HFM operates six global entities including HF Markets (Europe) Limited, HF Markets (UK) Limited, and HF Markets (DIFC) Limited (Ltd).

The brokerage has global offices in various locations, including London and Larnaca, with 200+ employees.

The brand has been recognized with an impressive list of 60+ industry awards and supports various social initiatives including Rotary International, Unicef, and the Red Cross.

Today, the broker has more than 3.5 million client accounts, making it one of the larger and more established online brokers.

Trading Hours

HF Markets follows standard opening hours with trading available 24/5.

Specific timings will vary by instrument. Forex, for instance, can be traded from Monday 00:00 to Friday 23:59. Stocks, on the other hand, are available during their exchange’s opening times. This includes NYSE-listed shares from 16:31 to 22:54 and Euronext from 10:01 to 18:24.

Helpfully, the broker publishes trading hours by product on their instrument list. Alternatively, this information can be found via the Market Watch window on the MetaTrader platforms.

The brand’s server time has a GMT offset of +2 (GMT+3 during summer).

Should You Trade With HF Markets?

Overall, we were impressed with HF Markets. The broker covers all the basics, from a low deposit and easy account funding to a choice of account types, wide market access, and industry-leading trading platforms.

Standout features for us were the user-friendly app, copy trading service, rich educational content, and suite of extra tools, including Autochartist. Oversight from highly-rated regulators also makes HFM a safe pick for traders.

FAQs

Is HF Markets Trustworthy?

The HF Markets Group is regulated by several financial watchdogs. This includes the Cyprus Securities and Exchange Commission, UK Financial Conduct Authority, and Dubai Financial Services Authority. As a result, we consider the brokerage secure and trustworthy.

Is HF Markets Legit Or A Scam?

HF Markets is a legitimate broker-dealer, established in 2010, with a strong reputation. The brand operates in compliance with the regulations of leading financial agencies and has an impressive 3.5 million client accounts.

What Is HF Markets?

HF Markets is an online forex and CFD broker that serves retail traders and professional investors. The company offers 1000+ instruments across eight asset classes and provides access to the popular MT4 and MT5 platforms.

Does HF Markets Offer Low Fees?

HFM trading fees are competitive with pricing quoted directly from leading liquidity providers. Spreads are available from 0 pips alongside low commission charges. You can trade on the Zero profile with forex commissions from $0.03 per 1k lot. The Premium and Premium Pro accounts offer zero commissions and tight, floating spreads.

Is HF Markets A Good Or Bad Broker?

Is HF Markets is a great all-round broker. The company is heavily regulated with millions of active users and competitive trading conditions, including multiple accounts and an excellent suite of extra tools.

On the downside, the broker offers less instruments than some competitors with no social investing features, though we don’t consider these major drawbacks.

Top 3 Alternatives to HF Markets

Compare HF Markets with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

HF Markets Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by HF Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

HF Markets vs Other Brokers

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