HF Markets (HFM), known to many traders by its former brand name HotForex, is a global FX broker that has been in operation for more than 15 years. The group serves over 4 million live accounts and has built an offering centered on the popular MetaTrader platforms and the proprietary HFM App, combined with competitive pricing on a range of account types. The broker’s multi-asset line-up stretches from major currency pairs to stock CFDs, ETFs, indices (spot and futures), commodities, bonds, and cryptocurrencies.
HF Markets operates multiple licensed subsidiaries, including but not limited to entities overseen by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Financial Services Authority (FSA) of Seychelles. This regulatory background allows the broker to tailor leverage and client protections to users across the globe.
From a cost perspective, HF Markets’ spreads on the Cent and Premium accounts start at 1.4 pips. Pro accounts feature spreads from 0.6 pips, while the commission-based Zero account boasts a spread minimum of 0.0 pips. Most account types have no minimum deposit requirement, but you will need to deposit at least $100 if you decide to open a Pro account.
At the time of writing, HFM’s Trustpilot profile shows an average score of about 4.5 stars from roughly 2,827 public reviews (January 2026). Positive feedback frequently highlights responsive customer support, straightforward withdrawals, and tight spreads on the Zero account. By contrast, negative reviews tend to cite lengthy account-verification times and occasional slippage during high-volatility events.
It appears that HFM deliberately keeps entry hurdles low. A demo account is available, live account opening requires no minimum deposit amount in most cases, and the spreads are reasonable and can fall to 0.0 pips with certain accounts. This makes HF Markets attractive for cost-conscious retail traders.
Key Pros and Cons
If you are looking for a quick snapshot of HF Markets, here are the key pros and cons of trading with this broker.
Key Pros
- Tier-1 FCA licence plus additional regulation for regional clients in Europe, Dubai, and a range of other jurisdictions
- Zero-spread account delivers raw institutional pricing with commissions from $3 per side
- Both MT4 and MT5 are supported
- Cent, Zero, and Premium accounts have no minimum deposit, Pro accounts’ minimum is a reasonable $100
- Multi-asset coverage including forex, energies, metals, stock CFDs, ETFs, crypto CFDs, and more
- The HFM App provides integrated account management on the go
- Comprehensive negative-balance protection across all retail entities
- 24/5 multilingual support with local phone lines in Europe, the UK, South America, MENA, Asia, and Africa
Key Cons
- Execution model details are not fully transparent; liquidity providers are not publicly named
- Product depth in stocks and bonds is limited
- No cTrader, TradingView, or proprietary desktop platform for traders who dislike MetaTrader
- HF Markets EU only accepts Eligible Counterparties and Professional clients
- Inactivity fee starting at $5 per month applies after six months of account dormancy
For active traders who value low-cost raw pricing on MetaTrader and want the reassurance of at least one tier-1 regulator, HF Markets ticks most of the important boxes. Algorithmic systems can run via Expert Advisors on MT4/MT5, and casual mobile users benefit from an intuitive proprietary app. However, investors looking for a true multi-asset investment account (e.g., physical equities, options) may find the line-up of CFDs and futures restrictive. Similarly, traders who prefer alternative platforms such as cTrader or TradingView will need to look elsewhere.
Company Information
HF Markets Group began operations in 2010, launching under the “HotForex” banner. The founding team set up the original operating company in Mauritius before quickly applying for a licence in Cyprus.
Over the following decade, the group expanded into additional jurisdictions, earning licenses from the regulators of Dubai, Kenya, and South Africa, among other locations. The broker also added an FCA-authorized UK subsidiary in 2018. The year 2022 saw the group rebrand most customer-facing material to “HF Markets.”
Here is a rundown of HF Markets’ regulated entities:
- HF Markets (Europe) Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12; Office address: 84 Spyrou Kyprianou Avenue & Papanikoli Office 601, Nicolaides Shopping City, Angelos Court, 6052 Larnaca
- HF Markets (UK) Ltd, regulated by the Financial Conduct Authority (FCA) under license number 801701; Office address: Bloomsbury Building 10 Bloomsbury Way, Holborn, London, England, WC1A 2SL
- HF Markets (DIFC) Ltd, regulated by the Dubai Financial Services Authority (DFSA) under license number F004885; Office Address: Unit OT 20-53, Level 20, Central Park Offices, DIFC, PO Box 507274, Dubai, UAE
- HF Markets SA (PTY) Ltd, regulated by the Financial Sector Conduct Authority (FSCA) under license number 46632; Office Address: Katherine & West Suite 18 Second floor 114 West Street Sandton, Johannesburg 2031
- HFM Investments Ltd Kenya, regulated by the Capital Markets Authority (CMA) under license number 155; Office Address: The Oval Building, Corner of Jalaram Road/Ring Road Westlands, 5th floor, Office 2-7, P.O. Box 39397-00623 Parklands, Kenya
- HF Markets (Europe) Ltd regulated by the French Prudential Supervision and Resolution Authority (ACPR) under license number 53684
- HF Markets (Europe) Ltd regulated by the Federal Financial Supervisory Authority (BaFin) under license number 132342
- HF Markets (Europe) Ltd regulated by the Hungarian National Bank (MNB) under license number K8761153
- HF Markets (Europe) Ltd regulated by the National Commission for Companies and Stock Exchange (CONSOB) under license number 3673
- HF Markets (Europe) Ltd regulated by the Norwegian Financial Supervisory Authority under license number FT00080085
- HF Markets (Europe) Ltd regulated by the Spanish National Securities Market Commission (CNMV) under license number 3427
- HF Markets (Europe) Ltd regulated by the Swedish Financial Supervisory Authority of Sweden (Finansinspektionen) under license number 31987
- HF Markets (Seychelles) Ltd regulated by the Seychelles Financial Services Authority (FSA) under license number SD015; Office address: Unit C, F28, Eden Plaza, Eden Island, Seychelles
- HF Markets (SV) Ltd registered with the FSA (Saint Vincent and the Grenadines) under registration number 22747 IBC 2015
We should also note that HF Markets seems to be registered in St. Vincent and the Grenadines, with its HF Markets (SV) Ltd entity’s office address being Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
Each subsidiary services different client groups in accordance with local rules, which explains the varying leverage ceilings and promotional policies visible on the broker’s websites. Where allowed, HF Markets offers a range of promotions, with a notable example being its “Virtual to Real” contest, where users compete based on their trading performance in demo accounts. The group is privately held and does not publish public financial statements, though CySEC-regulated subsidiaries file annual reports with the regulator.
Why Trade with HF Markets?
With hundreds of CFD brokers competing for attention, HF Markets tries to earn a place on traders’ shortlists by combining low-friction costs, multi-jurisdictional regulation, and MetaTrader support. It markets itself as a “client-centric, multi-asset broker” and operates under a no-dealing-desk (NDD) model.
The broker’s Zero account in particular has become popular among day-traders and scalpers who require near-interbank spreads and are comfortable paying a transparent commission. Meanwhile, beginners often gravitate toward the Premium or Cent plans, attracted by the absence of commissions and the lack of minimum deposit requirements, both factors that make HF Markets more accessible than many mainstream competitors.
Beyond raw costs, HF Markets features an array of instruments, including dozens of stock CFDs from the US, Europe, and the UK, 10+ cash indices and commodities, various ETF CFDs, more than 50 forex pairs, and a growing list of major cryptocurrencies traded against the US dollar. For traders pursuing diversified macro strategies or rotating between asset classes around economic events, this breadth can be a genuine advantage.
Including the above factors, the following summary offers an overview of what we consider to be HF Markets’ best traits.
| Aspect | What We Like |
|---|---|
| Regulation | Multiple licences, including FCA (UK) and CySEC, provide stronger recourse than offshore-only competitors |
| Trading Conditions | Raw spreads from 0.0 pip, micro-lot trading, and flexible leverage up to 1:2000 (offshore) cover most styles |
| Product Range | CFDs across FX, stocks, ETFs, indices, commodities, bonds, and crypto in a single account |
| Platforms & Tools | MT4/MT5 desktop, web, and mobile, combined with VPS hosting, Autochartist, Trading Central signals, and the HFM App |
| Account Setup | Digital KYC and usually same-day approval; extensive demo accounts with some having no enforced expiry |
| Funding & Withdrawals | Fee-free deposits via cards, e-wallets, local transfers; withdrawals processed within 24 hours on business days |
| Research & Education | Daily analysis emails, live webinars, video guides, online courses, and an interactive economic calendar |
| Customer Support | 24/5 multilingual live chat, global toll-free numbers, and local offices across EMEA & APAC |
| Security | The broker segregates client funds in secure banking accounts, and users are entitled to compensation in the event of the company’s insolvency |
For high-frequency scalpers and Expert-Advisor users, the optional VPS packages and the Zero account’s raw spreads markedly improve algorithmic execution compared with wider retail-broker pricing. Swing traders and portfolio builders may value the ability to trade index CFDs, metals, and equities from the same login. Conversely, investors seeking unleveraged, physically held shares or options will not find a home here, as HF Markets remains focused on leveraged derivatives.
Regulation
HF Markets operates a multi-entity structure, with each subsidiary authorized and supervised by the financial regulator in its respective jurisdiction. The group’s flagship tier-1 approval is held by HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) since 2018 under firm reference number 801701.
FCA regulation places strict requirements on capital adequacy, client-money segregation, product intervention, and complaints handling. Retail clients under this entity benefit from the Financial Services Compensation Scheme (FSCS), which currently covers up to £85,000 per claimant if the broker defaults.
Within the European Economic Area, HF Markets (Europe) Ltd is authorized by the Cyprus Securities and Exchange Commission (CySEC) under licence number 183/12. Despite CySEC’s tier-2 status, the regulator enforces EU MiFID II rules, including a maximum leverage cap of 1:30 on major FX pairs and limited promotional activity. The roster of trading instruments is far narrower than what is offered in other jurisdictions, however. Only forex, metals, and energies can be traded. What is more, the broker has emphasized that its European operations only accept Eligible Counterparties and Professional clients.
HFM’s Middle-East presence is handled by HF Markets (DIFC) Ltd, regulated by the Dubai Financial Services Authority (reference number F004885). The DFSA is widely regarded as a robust regulator within the MENA region, requiring segregated accounts in top-tier banks and extensive risk disclosures. Leverage for retail clients is capped at 1:30 in line with ESMA-style product-intervention measures.
HF Markets SA (Pty) Ltd holds a Category 1 Global Business Licence issued by the Financial Sector Conduct Authority (FSCA) of South Africa (FSP number 46632). A local client-fund segregation regime applies, although South Africa does not currently offer a statutory investor-compensation scheme. Here, the available leverage can reach 1:2000.
For clients outside the above jurisdictions, the broker typically onboards under HF Markets (Seychelles) Ltd, which is regulated by the Financial Services Authority of Seychelles (securities dealer licence number SD015), or under HF Markets (SV) Ltd, a registered international business company in St Vincent & the Grenadines that is not formally regulated. These offshore entities offer leverage up to 1:500 or higher and the most flexible product slate, but they do not provide access to a statutory compensation fund and are subject to lighter conduct-of-business rules.
Across all entities, HF Markets states that client funds are held in segregated accounts with reputable banking partners and that negative-balance protection applies to retail clients. Professional clients, however, may waive this safeguard in exchange for higher leverage.
Below, you will find an overview of HF Markets’ regulatory oversight across different regions:
| Region | Entity | Authority | License | |
|---|---|---|---|---|
| Europe | HF Markets (Europe) Ltd | Cyprus Securities and Exchange Commission (CySEC) | 183/12 | |
| UK | HF Markets (UK) Ltd | Financial Conduct Authority (FCA) | 801701 | |
| Dubai | HF Markets (DIFC) Ltd | Dubai Financial Services Authority (DFSA) | F004885 | |
| South Africa | HF Markets SA (PTY) Ltd | Financial Sector Conduct Authority (FSCA) | 46632 | |
| Seychelles | HF Markets (Seychelles) Ltd | Seychelles Financial Services Authority (FSA) | SD015 | |
| Kenya | HFM Investments Ltd | Capital Markets Authority (CMA) | 155 | |
| France | HF Markets (Europe) Ltd | Autorité de Contrôle Prudentiel et de Résolution (ACPR) | 53684 | |
| Germany | HF Markets (Europe) Ltd | Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) | 132342 | |
| Hungary | HF Markets (Europe) Ltd | Magyar Nemzeti Bank (MNB) | K8761153 | |
| Italy | HF Markets (Europe) Ltd | Commissione Nazionale per le Società e la Borsa (CONSOB) | 3673 | |
| Norway | HF Markets (Europe) Ltd | Financial Supervisory Authority (Finanstilsynet) | FT00080085 | |
| Spain | HF Markets (Europe) Ltd | Comisión Nacional del Mercado de Valores (CNMV) | 3427 | |
| Sweden | HF Markets (Europe) Ltd | Financial Supervisory Authority (Finansinspektionen) | 31987 | |
| Saint Vincent and the Grenadines | HF Markets (SV) Ltd | FSA (Saint Vincent and the Grenadines) | 22747 IBC 2015 | |
KYC Procedure for Account Creation and Depositing
HF Markets has streamlined its onboarding journey into an eight-step digital workflow. To create an account, all you need to do is follow the below instructions:
- Go to the HF Markets website and click the Register button located on the upper right. The website automatically routes users to the correct form based on IP address, though manual override is possible.
- Select your country, input your email or phone number, and create a strong password. If you have a Partner Code or Campaign ID, you may provide either. If not, you can continue.
- Use the verification code that was sent to your email.
- The next step collects basic personal details such as your name, phone number, and date of birth. This is also where you can select your default account currency.
- What follows is choosing the type of account you wish to start trading with. The live account options are Premium, Cent, Zero Spread, and Pro, with each supporting MT4 and MT5. You can also forgo opening a live account for now and opt for demo trading.
- Complete the registration process by providing your address and selecting all of the relevant information in the Investor Profile section. This includes picking your title and disclosing your country of birth, your estimated net worth, your level of education, the source of your funds, and your employment status. You will also need to state your experience level when it comes to trading CFDs, with the options ranging from Advanced to No Experience.
- You will be prompted to top up your account with your preferred deposit method. Note that if you have not undergone verification yet, the deposit maximum will be limited and certain payment solutions will be unavailable.
- Last but not least, go to the Verify your Account section in the myHF client portal and undergo verification. This involves uploading photos or scans of Proof of Legal Existence documents (valid passport, personal ID, or driver’s license), and Proof of Address documents (recent electricity bill, gas bill, phone bill, or bank statement/credit card bill). This is mandatory as it satisfies anti-money-laundering (AML) rules.
Note that the above steps pertain to HFM’s international branch. In the UK, for example, you will also need to provide your tax number when filling out the personal information fields. The said step will also be followed by an Appropriateness Assessment, a MiFID II-mandated step that will gauge your trading experience level and test your knowledge of CFDs trading and risk management.
In most cases, document review is automated via OCR and database cross-checks, enabling account approval within a few hours during business days. Manual verification, triggered by unclear scans or a mismatch in personal details, extends processing to one business day on average. User reviews corroborate HF Markets’ claim of same-day activation but note occasional delays.
A full-function demo account is available without documented KYC, although traders must still provide an email and phone number. The demo environment mirrors live spreads and grants up to $100,000 in virtual balance, renewable on request. Premium demo accounts last for 60 days, while Zero demo accounts have no expiration date.
Professional-status eligibility, where offered, generally follows the ESMA framework. In other words, at least two of the following requirements must be met: portfolio over €500,000, relevant financial-sector employment experience, or 40 significant trades over the past four quarters. Professional clients lose certain retail protections.
Trading Fees and Other Costs
If you are interested in creating an account at HF Markets, it is best that you do so after you first become familiar with the fees and other potential costs that may affect your trading experience and profits. The costs at HF Markets fall into two main categories:
- Trading Fees: This encompasses direct execution costs like spreads and commissions, as well as the overnight financing charges.
- Non-Trading Fees: Here, we refer to the potential deposit and withdrawal fees a broker may charge, as well as inactivity fees, account management fees, and the like.
| Costs/Fees | What is This? | With HF Markets? |
|---|---|---|
| TRADING FEES | ||
| Spreads | The expenses resulting from the difference in bid and ask prices. Wider spreads lead to higher costs. | Spreads from:Cent and Premium: 1.4 pipsZero: 0.0 pipsPro: 0.6 pips |
| Commission | A flat fee paid upon opening and closing a position | FX: $6 (round turn)Gold: $10 (round turn) |
| Financing Charges | The cost of holding open positions overnight after the trading day ends | Daily swap rates |
| NON-TRADING FEES | ||
| Deposit Fees | Fees charged by the broker to fund your account | Bank Transfer: no fees for deposits of over $100Other Methods: no fees |
| Withdrawal Fees | Fees charged by the broker to withdraw money from your account | No fees |
| Inactivity Fees | Fees charged on dormant trading accounts | Dependent on the length of time an account is dormant for and applied until the account balance hits $0:6 months-1 year: $5 per month1-2 years: $10 per month2-3 years: $20 per monthMore than 3 years: $20 with an additional $10 added each year until the account balance is $0 |
Deposit Methods
HFM supports a healthy range of base account currencies, including but not limited to USD, EUR, GBP, and USC (US Cent). This approach reduces conversion fees for clients’ funding in local currencies.
Card deposits (Visa, MasterCard, Maestro) take minutes to process and carry no broker-side charge. Popular e-wallets such as Skrill and Neteller, WebMoney, and Perfect Money are likewise credited within waiting times of up to 10 minutes. Crypto-based payments, including Bitpay, BinancePay, and a range of coins, are instant, and there are no additional charges imposed by HF Markets.
If you are looking to make swift deposits, bank and wire transfers may be best avoided. Such transactions can take between 2 and 7 days to be processed.
HF Markets pledges to not charge reimbursement deposit fees on wire transfers, provided you top up your account with at least $100. Local-bank transfer options in Nigeria, Kenya, Indonesia, and Vietnam further simplify funding without international-wire fees. The minimum deposit amounts of each option are generally low, ranging from $5 to $100 offshore, and $50 to $250 in the UK. Top-ups typically have a ceiling of $5,000 or $10,000, but some payment methods enable depositing an unlimited amount.
Conclusion
HF Markets delivers a compelling blend of competitive raw pricing, substantial asset coverage, and multi-jurisdictional regulation, making for an attractive proposition for retail traders seeking value without abandoning regulatory oversight. The Premium and Zero accounts, coupled with MT4/MT5 and optional VPS, cater nicely to short-term discretionary and algorithmic strategies. Meanwhile, demo trading, low minimum deposits, and a well-structured educational suite give newcomers a less intimidating entry point.
Where the broker lags is platform variety (no cTrader/TradingView), depth in peripheral asset classes, lack of options trading, no spread betting in the UK, and the broader library’s number of assets.