✓Verified✕Not on the register○Claimed, not verified / Cannot be verified◇Technology partner◆Authorised representative◐Limited scope
Register-Verified7/7 licences checked
Founded2010
AccountsInfinityX, Cent, Zero, Pro, Premium (as listed on HFM's international website); Cent, Zero, Pro, Premium, Top-Up Bonus (HFM's account types page viewed from Singapore)
Min Deposit
No minimum
Spread From
0.0 pips
Leverage
CySEC 1:30FCA 1:30FSCA 1:2000FSA 1:2000FSC 1:2000
Platforms
MT4MT5HFM WebTrader (TradingView-powered)HFM App
What these checks prove
FSA
HF Markets (Seychelles) Ltd appears on Financial Services Authority (Seychelles)'s register. Matched on the company name, which is the only identifier this register publishes, so the licence number quoted here (SD015) could not be checked against it. Financial Services Authority (Seychelles) publishes no status field, so this confirms the firm appears on the register and not that its licence is currently in force. The Seychelles FSA publishes neither licence numbers nor firm status. A firm that loses its licence is simply removed from the list, on no published schedule.
CMA
HFM Investments Limited appears on Capital Markets Authority's register (licence 155). Kenya's Capital Markets Authority publishes no status field, and its licence numbers are issued per licence class and reused once a firm is removed, so a number on its own identifies a class of authorisation rather than a company.
FSC
HF Markets Ltd appears on Financial Services Commission's register. Matched on the company name, which is the only identifier this register publishes, so the licence number quoted here (C110008214) could not be checked against it. Mauritius's Financial Services Commission publishes no licence number anywhere on its register, so a firm can only be identified by name, and a name search matches partial names as well as exact ones.
EF Score: 7.1/10. HFM holds seven regulatory licences including FCA (FRN 801701) and CySEC (183/12), pairs that breadth with raw spreads from 0.0 pips on its Zero account, and covers forex, stocks, commodities, indices, bonds, and ETFs. Education, mobile polish, and research depth trail the otherwise solid infrastructure.
Pros
✓Seven regulatory licences across multiple jurisdictions
✓Zero minimum deposit on several account types
✓Spreads from 0.0 pips on Zero account
✓No withdrawal fees charged by HFM
✓WebTrader powered by TradingView charting tools
Cons
✗Unregulated St. Vincent entity still operates
✗Zero Account commission adds to all-in cost
✗UK clients limited to only two account types
✗Conflicting spread figures on same Zero Account page
How we reviewed HFM (HotForex): This review was researched and written using EngineForex's broker review methodology: we read every relevant page of the broker's website, verified each claimed regulatory licence against the issuing authority's public register (FCA Connect, CySEC register, FSCA, DFSA public register, and others), checked Trustpilot ratings live at time of writing, and cross-referenced information across at least two independent sources before publication. Spreads, fees, and leverage figures are pulled directly from the broker's published account-type pages. For the full methodology, see EngineForex's "How We Review Brokers" page. Read our full methodology →
Level 01 / 09▸ Overview
Overview
Captured September 2026, hfm.com
HFM, formerly known as HotForex, is a multi-asset online broker that has built a substantial global presence since launching in 2010. The firm operates across multiple jurisdictions and serves retail and institutional traders in markets ranging from forex and commodities to indices, shares, and bonds. The rebrand from HotForex to HFM reflects a strategic shift: the broker now positions itself well beyond forex alone.
Multiple account types accommodate different trading styles and capital levels. Regulatory authorisations span several jurisdictions. Platform access includes MetaTrader 4 and MetaTrader 5, both industry standards.
HFM has also developed copy-trading tools aimed at newer participants while maintaining conditions that appeal to experienced traders, such as tighter spreads and higher leverage (the ratio of borrowed capital to your own deposit, which amplifies both gains and losses).
A word of caution: not all fee structures, exact product counts, and regulatory terms were independently verifiable at the time of writing. Consult HFM's official website and the relevant regulatory registers directly before opening an account.
Who it is for: HFM suits beginner-to-intermediate traders looking for a globally accessible, multi-asset broker with flexible account structures and proven platform support.
Level 02 / 09★ Safety
Trust & Regulation
Captured September 2026, hfm.com
HFM earns a trust score of 70 out of 100 (Grade B). That figure reflects a genuinely broad multi-jurisdictional regulatory footprint spanning seven verified licences across three continents.
It is tempered, however, by a significant structural concern: most international retail clients end up onboarded to the broker's weaker offshore entity rather than the stronger European or UK arms. Documented reputational issues around review integrity and withdrawal complaint patterns also weigh on the score.
What Licences Does HFM Hold?
HFM operates through a network of seven regulated entities, each supervised by a different financial authority. The strongest protections sit under the European and United Kingdom licences:
Cyprus Securities and Exchange Commission (CySEC, 183/12), held by HF Markets (Europe) Ltd, providing access to the EU regulatory framework including MiFID II passporting rights across the European Economic Area.
Financial Conduct Authority (FCA, FRN 801701), held by HF Markets (UK) Ltd, company registration 11118651, with a registered address at Bloomsbury Building, 10 Bloomsbury Way, Holborn, London WC1A 2SL.
Financial Sector Conduct Authority (FSCA, FSP 46632), held by HF Markets SA (PTY) Ltd, company registration 2015/341406/07.
Financial Services Authority Seychelles (FSA, SD015), held by HF Markets (Seychelles) Ltd, a Securities Dealer Licence with company registration 8419176-1.
Capital Markets Authority Kenya (CMA, 155), held by HFM Investments Limited, licensed as a non-dealing online foreign exchange broker.
Dubai Financial Services Authority (DFSA, F004885), held by HF Markets (DIFC) Ltd.
Financial Services Commission Mauritius (FSC, C110008214), held by HF Markets Ltd.
HFM also maintains an entity registered in St. Vincent and the Grenadines, HF Markets (SV) Ltd (registration number 22747 IBC 2015), which is not supervised by any financial services regulator. Clients onboarded through this entity receive no regulatory protections.
This matters because most international retail clients are typically routed to the Seychelles entity (FSA, SD015) rather than the FCA or CySEC arms, which materially reduces the regulatory oversight and investor recourse available.
HFM (HotForex) holds 7 regulators: 1 tier-1 licence (Financial Conduct Authority); 4 tier-2 licences (Cyprus Securities and Exchange Commission, Financial Sector Conduct Authority, Capital Markets Authority of Kenya, Dubai Financial Services Authority); 2 offshore licences (Financial Services Authority of Seychelles, Financial Services Commission of Mauritius).
How Are Client Funds Protected?
Clients trading under the CySEC-regulated entity benefit from the Investor Compensation Fund (ICF), which provides statutory coverage of up to EUR 20,000 per eligible client (covering 90% of the covered claim, capped at that threshold). Clients under the FCA-regulated UK entity are eligible for the Financial Services Compensation Scheme (FSCS), covering up to GBP 85,000 per eligible claimant if the firm becomes unable to meet its obligations.
No equivalent statutory compensation schemes apply to the Seychelles, Mauritius, or St. Vincent entities. Entity assignment is therefore a critical factor in the protection you actually receive.
Company History and Reputation
Founded in 2010, HFM has operated for over fifteen years and has built recognisable brand presence across multiple continents. Its reputation, however, carries notable caveats.
On Trustpilot, the broker's rating has been suspended and its score hidden due to a breach of platform guidelines; Trustpilot explicitly notes that fake reviews were removed. While 2,963 total reviews remain visible (877 from the past twelve months), with 73% rated five stars and 11% rated one star, the absence of a displayed numeric score due to this suspension represents a significant negative signal regarding the integrity of HFM's review profile.
A recurring complaint pattern documented across multiple independent platforms involves bonus-linked withdrawal restrictions, account blocking following profitable trading periods, and refusal to provide audit logs in technical dispute cases. On balance, HFM is a legitimate broker with genuine regulatory credentials, but the gap between its tier-1 licence (FCA) and the entity most clients actually trade under warrants careful due diligence before committing capital.
EngineForex Trust Score
HFM (HotForex): 70/100 (Grade B)
Component
Score
Note
Regulator tier coverage
40/40
1 tier-1 licence
Number of regulators
15/15
7 regulators
Years of operation
15/15
16 years (10+)
Trustpilot rating
0/20
Trustpilot has suspended this rating for a breach of its guidelines, so it scores 0
Trustpilot review volume
0/10
not credited while the rating is suspended
*Computed deterministically from verified register reads, founding year, and live Trustpilot data. See EngineForex's "How We Review Brokers" for the full methodology.*
▸ At a Glance
Category
Score
Why
Trust & Safety
7.0/10
1 tier-1 licence (FCA, FRN 801701), plus CySEC (183/12) with ICF cover, DFSA, FSCA, FSA Seychelles, CMA, FSC; FSCS cover under FCA.
Fees & Spreads
8.0/10
Zero Account from 0.0-0.1 pip EUR/USD with low commissions; no withdrawal fees; multiple $0 minimum deposit accounts.
Platforms & Tools
8.0/10
MT4 + MT5 + HFM WebTrader (TradingView-powered) + HFM App; no cTrader but a strong native suite.
Research
6.0/10
Daily expert market analysis and economic calendar provided; no Trading Central, AutoChartist, or signals noted.
Education
4.0/10
No structured academy, video courses, or webinar programme documented in available data.
Customer Support
8.0/10
Live chat, phone, and email with dedicated account managers; region-specific contacts for UK and CY entities.
Mobile Experience
6.0/10
HFM App on iOS/Android plus standard MT4/MT5 mobile; no App Store ratings or advanced feature data available.
Tradable Instruments
10.0/10
CFDs on forex, metals, energies, commodities, indices, shares, crypto, ETFs, bonds, and DMA CFDs across 5+ classes.
★ Cost Score
Level 03 / 09◆ Fees
Fees & Spreads
HFM structures its pricing around five distinct account types. Spreads range from 0.0 pips on the Zero account to 1.4 pips on the Cent and Premium tiers, and commissions apply selectively depending on which account you choose.
What Are HFM's Spreads?
Spread minimums vary considerably across HFM's lineup, so choosing the right tier has a direct impact on your per-trade cost. The InfinityX account starts from 0.3 pips, Pro from 0.6 pips, and both Cent and Premium begin at 1.4 pips.
The Zero account advertises raw spreads with zero markups and interbank pricing, but there is a notable discrepancy on the broker's own Zero Account landing page: one section states EUR/USD spreads are "as low as 0.0 pips," while another section on the same page lists them as "starts at 0.1 pips." Treat 0.0 pips as a best-case floor and expect typical spreads closer to 0.1 pips or above during normal liquidity conditions.
Account Type
Instrument
Spread
Spread Basis
Zero
Forex (EUR/USD)
0.0 - 0.1 pips
"from" (conflicting claims)
InfinityX
Forex
0.3 pips
"from"
Pro
Forex
0.6 pips
"from"
Cent
Forex
1.4 pips
"from"
Premium
Forex
1.4 pips
"from"
What Commissions Does HFM Charge?
HFM's Zero account page lists a commission of $6 round turn per standard lot (100,000 units) on forex and $10 round turn per 100 oz on gold. The Premium account is marketed as commission-free, excluding certain products, across HFM's international and CY entities.
For HFCopy strategy providers, HFM applies a performance fee of up to 50% on overall gains, with payouts on a daily or weekly frequency.
How Do Swap and Overnight Fees Work?
HFM calculates rollover (swap) fees using the formula: Position Size multiplied by (Counterparty Fee multiplied by Internal Interest Fee) multiplied by Pip Value, divided by Currency Rate. Triple swap is charged on Wednesdays for forex and most instruments to cover the weekend holding period, while indices incur the triple charge on Fridays instead.
HFM offers swap-free trading on 44 instruments under the offshore and CY entities, but only 22 instruments under the FCA-regulated UK entity. Islamic swap-free accounts are available on Pro, Premium, and InfinityX account types for clients observing Sharia law, though carry charges may apply after positions are held for consecutive days.
Are There Inactivity or Other Fees?
HFM does not charge withdrawal fees on its side; however, third-party banks or payment processors may impose their own charges. Information on a specific inactivity fee threshold or dormant-account charge was not available in the reviewed sources.
If you anticipate extended periods without trading activity, consult HFM's terms directly.
Level 04 / 09▶ Platforms
Platforms
Captured September 2026, hfm.com
HFM offers four trading platforms: HFM WebTrader (powered by TradingView), MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the HFM App.
MetaTrader 4 provides 9 timeframes, 30 technical indicators, 31 analytical objects, 3 chart types, and 4 pending order types. It remains the lighter option but does not support ETFs or DMA (Direct Market Access) CFDs.
MetaTrader 5 expands the toolkit with 21 timeframes, 38 built-in technical indicators, 44 analytical objects, 3 chart types, 6 pending order types, and the ability to display up to 100 simultaneous charts. MT5 supports Expert Advisors (EAs, automated trading scripts built in MQL) and covers the full instrument range including ETFs and DMA CFDs.
One note on indicator counts: HFM's comparison page lists 38 built-in technical indicators for MT5, while the dedicated MT5 product page states "80+ indicators and tools." The discrepancy likely reflects different counting methods, with the larger figure combining built-in indicators and analytical tools together.
HFM WebTrader is browser-based, requires no download, and is free. It delivers over 100 technical indicators, 110+ drawing tools, 17 chart types, 9 timeframes, and the ability to tile up to 8 charts on a single screen.
The HFM App provides mobile access on Android and iOS, supporting the same broad instrument range as WebTrader and MT5. Clients under HFM's UK entity do not have access to MT4 and are limited to MT5, HFM WebTrader, and the HFM App. Neither cTrader nor a standalone TradingView integration outside the WebTrader is offered.
Level 05 / 09▸ Instruments
Tradable Instruments
HFM offers a broad multi-asset catalogue spanning forex, metals, energies, commodities, indices, stocks, cryptocurrencies, ETFs, and bonds through its international and CY-regulated entities. Exact instrument counts per category are not published on the pages reviewed. You may wish to request a current instrument list from HFM support.
Jurisdiction carve-outs are significant. Under HFM's FCA-regulated UK entity, the instrument range narrows to forex, spot indices, commodities, shares, gold, oil, metals, and spot energies, with no explicit mention of cryptocurrencies, ETFs, or bonds. If crypto or bond exposure is a priority, verify availability before opening an account under the UK entity.
Holding costs on share CFDs deserve attention. Overnight financing is calculated as (Notional Value multiplied by (LIBOR plus or minus Internal Interest Fee)) divided by 360, with UK shares using a 365-day divisor.
Dividend adjustments also apply to open share CFD positions. Positions opened and closed intraday are exempt from overnight financing.
Level 06 / 09▶ Accounts
Account Types
Captured September 2026, hfm.com
As listed on HFM's international website, HFM offers five account types: InfinityX, Cent, Zero, Pro, and Premium; HFM's account types page viewed from Singapore lists Cent, Zero, Pro, Premium and a Top-Up Bonus account. The FCA-regulated UK entity restricts the selection to Zero and Premium only. This tiered structure lets you choose based on experience level, capital, and cost preferences.
How Do Account Types Compare? (International/FSA and CySEC Entities)
Feature
InfinityX
Cent
Zero
Pro
Premium
Minimum Deposit
$500
$0
$0 / EUR 0
$100 / EUR 100
$0 / EUR 0
Max. Leverage
Unlimited
1:2000 (International)
1:2000 (International)
1:2000 (International)
1:2000 (International)
Spreads From
0.3 pips
1.4 pips
0.0 pips
0.6 pips
1.4 pips
Margin Call / Stop Out
20% / 0%
50% / 20%
50% / 20%
50% / 20%
50% / 20%
All leverage figures of 1:2000 are subject to adjustment per the broker's terms and conditions.
What Accounts Are Available Under the UK/FCA Entity?
Feature
Zero
Premium
Minimum Deposit
$0 / EUR 0 / GBP 0
$0 / EUR 0 / GBP 0
Max. Leverage
1:30 (UK)
1:30 (UK)
Base Currencies
USD, EUR, GBP
USD, EUR, GBP
Margin Call / Stop Out
80% / 50%
80% / 50%
HFCopy (Copy Trading) Minimum Deposits
For HFCopy, minimum deposits differ by role: the Cent account requires $25 for strategy providers and $10 for followers; the Premium account requires $100 for strategy providers and $25 for followers; the Pro account requires $100 for both strategy providers and followers.
Key Observations
The Cent account suits beginner traders practising with smaller position sizes. The Zero account is positioned as a swap-free, low-cost solution for all experience levels. Pro and InfinityX target more capitalised traders, with InfinityX standing out for its unlimited leverage offering and higher entry threshold.
HFM also provides a free demo account for testing strategies without risking real capital.
Level 07 / 09▸ Deposit
Deposits & Withdrawals
HFM processes withdrawals on a 24/7 schedule and charges no broker-side fees across its primary funding channels, though third-party charges may still apply. Payment-related services are handled by HF Markets Fintech Services Ltd, registered in Cyprus under company number HE 348222.
Bank wire transfers carry a minimum withdrawal of $100 and take 2 to 10 business days to arrive. HFM levies no fee, but correspondent or receiving banks may deduct their own charges.
Credit and debit card withdrawals (Visa, Mastercard) start at $5 and also take 2 to 10 business days. Two additional alternative payment methods are available: one with a $10 minimum and processing within 24 hours, another with a $5 minimum and instant processing, both fee-free on HFM's side.
The names of these alternative providers are not disclosed on the pages reviewed; check HFM's funding portal after logging in to see which options are available in your jurisdiction.
On card-related edge cases: HFM does not process withdrawals to expired cards, requiring you to use an alternative method. If your card has been cancelled, you need to provide an official bank confirmation letter before submitting a withdrawal request.
HFM's Withdrawal Conditions state that withdrawals are always made using the same payment method or gateway used for the initial deposit.
Level 08 / 09▶ Education
Research & Education
HFM provides daily market analysis produced by its proprietary expert team, covering key asset classes and macroeconomic developments. The broker also offers an Economic Calendar tracking upcoming global economic events, with support for customisation and real-time filtering.
Beyond those two pillars, the publicly documented research and education toolkit is thin. Details on structured academy content, tiered video courses, dedicated trading signals services, or regularly scheduled live webinars are not confirmed in the materials reviewed.
If you are a beginner seeking a guided learning path, this gap is worth weighing heavily, as the daily analysis and economic calendar are functional tools for informed traders but do not substitute for a proper educational curriculum.
Level 09 / 09★ Support
Customer Support
HFM provides support through live chat, email, and telephone, with dedicated contact details varying by regulatory entity. For clients under the CySEC-regulated entity, the support email is support@hfm.com and the phone line is +44-203 097 85 71. Clients under HF Markets (UK) Ltd reach support at support@hfmarkets.co.uk or +44-203 519 98 98. A separate back-office email handles account and funding queries: backoffice@hfm.com for the international entity and backoffice@hfmarkets.co.uk for the UK entity.
Live chat is accessible directly from the HFM website and is generally the fastest channel for routine inquiries. Support operating hours are not published on the reviewed pages. Clients should confirm whether live support is available during their local business hours and which contact details apply to their assigned entity.
Unresolved complaints under the CySEC entity may be escalated to the Financial Ombudsman of Cyprus; clients under the UK entity can approach the Financial Ombudsman Service.
▸ Our Verdict
Our Verdict on HFM (HotForex)
EF SCORE
7.1 /10
HFM (HotForex) earns an EF Score of 7.1/10, anchored by a genuinely broad instrument catalogue, competitive fee structures across multiple account types, and a robust multi-jurisdictional regulatory framework spanning seven licences, including authorisation from the FCA (FRN 801701), CySEC (183/12), and the DFSA (F004885). Combined with reliable customer support and a versatile platform lineup that includes MT4, MT5, and the proprietary HFM App, the broker represents a credible choice for traders who prioritise asset diversity and cost efficiency.
Three areas pull the overall score down materially. Education is the weakest pillar, offering limited structured learning resources that fall short of what newer traders need. Research tools, while present, lack the depth and analytical sophistication that experienced traders typically expect from proprietary market analysis.
The mobile experience, despite the availability of a dedicated app, lacks the fluidity and feature completeness that would earn a higher rating.
Note that HFM operates an unregulated entity in St. Vincent and the Grenadines (HF Markets (SV) Ltd, registration number 22747 IBC 2015), which carries no financial-services oversight. Clients onboarded under that entity forgo the investor compensation protections available through the CySEC (up to EUR 20,000) or FCA (up to GBP 85,000) regulated arms.
Best for
Experienced or intermediate traders seeking access to a wide range of CFD markets, multiple account types with raw-spread options, and the reassurance of multi-jurisdictional regulatory coverage including one tier-1 licence (FCA).
Skip if
You are a beginner who depends on comprehensive educational content and in-depth research to guide trading decisions, or if a polished, full-featured mobile trading experience is central to your workflow.
Steffen Droll is the chief editor of Engine Forex. He set the scoring methodology every broker on the site is measured against, and he signs off on each review before it publishes, including checking every licence number against the regulator's own public register.
Published Sep 30, 2026
Frequently Asked Questions
Yes, HFM holds seven regulatory licences across multiple jurisdictions. These include HF Markets (Europe) Ltd under CySEC (183/12), HF Markets (UK) Ltd under FCA (FRN 801701), HF Markets SA (PTY) Ltd under FSCA (FSP 46632), HF Markets (Seychelles) Ltd under FSA Seychelles (SD015), HFM Investments Limited under CMA Kenya (155), HF Markets (DIFC) Ltd under DFSA (F004885), and HF Markets Ltd under FSC Mauritius (C110008214). The broker also maintains an unregulated entity, HF Markets (SV) Ltd, registered in St. Vincent and the Grenadines (registration number 22747 IBC 2015), which is not overseen by any financial services regulator.
The Cent, Zero, and Premium accounts require no minimum deposit under the international/FSA Seychelles and CySEC entities, making HFM accessible at virtually any capital level. The Pro account requires $100 (or EUR 100), while the InfinityX account carries a $500 minimum. Under the FCA-regulated UK entity, both the Zero and Premium accounts also require no minimum deposit.
Under the international/FSA Seychelles entity, the Cent, Zero, Pro, and Premium accounts offer maximum leverage of up to 1:2000 (International), while the InfinityX account advertises unlimited leverage. Under the FCA-regulated UK entity, the Zero and Premium accounts are capped at 1:30 (UK), consistent with FCA regulatory requirements. Your actual available leverage depends on which entity you register with and the applicable regulatory framework.
The Zero Account offers raw spreads advertised as low as 0.0 pips on forex pairs, though the same landing page also lists EUR/USD as "starts at 0.1 pips," a discrepancy that remains unresolved. HFM's Zero account page lists a commission of $6 round turn per standard lot (100,000 units) on forex and $10 round turn per 100 oz on gold. Other account types carry wider spreads without commissions: Pro starts from 0.6 pips, InfinityX from 0.3 pips, and both Cent and Premium from 1.4 pips.
HFM does not charge any withdrawal fees on its side, although third-party banks and payment processors may impose their own charges. Bank wire transfers require a minimum withdrawal of $100 and take 2 to 10 business days. Withdrawals are processed on a 24/7 schedule.
Yes. HFM provides swap-free trading conditions on Pro, Premium, and InfinityX accounts for clients who observe Sharia law, applicable to specific instruments only and subject to terms and conditions. Separately, certain instruments are also offered swap-free to non-Islamic clients: 44 instruments under the offshore and CySEC entities, and a more limited set of 22 instruments under the FCA-regulated UK entity.
Clients registered under HF Markets (Europe) Ltd benefit from the Cyprus Investor Compensation Fund (ICF), which provides statutory coverage of up to EUR 20,000 per eligible client (90% of the covered claim, capped at EUR 20,000). Clients under HF Markets (UK) Ltd are covered by the Financial Services Compensation Scheme (FSCS) for up to GBP 85,000 per eligible claimant. Clients onboarded through the offshore entities do not benefit from equivalent statutory compensation schemes.
