HF
Rank #6 of 10
- FCA
- CySEC
- FSCA
- Seychelles FSA
7.3
out of 10
editorial rating
HFM (formerly HotForex) has a strong beginner offer: low or zero minimums on some accounts, a broad education library, copy trading and PAMM, and Islamic accounts. Its regulatory page lists FCA, CySEC, FSCA, Seychelles and Kenyan entities. The point to understand is that the international account pages we read state that accounts are operated by HF Markets (SV) Ltd, a St Vincent and the Grenadines company that the regulatory page lists with no regulator.
At a glance
| Group | HF Markets Group. HFM says it has been trusted since 2010 and reports 4 million client accounts and 100+ industry awards (self-reported). |
| Regulation | FCA (UK), CySEC (EU), FSCA (South Africa), Seychelles FSA, Kenya CMA. A DFSA register also lists HF Markets (DIFC) Ltd. The SVG entity has no regulator specified. |
| Platforms | MT4, MT5, WebTrader with TradingView charts, HFM App, copy trading and PAMM. |
| Minimum deposit | International accounts (SV entity): Cent US$0, Premium US$0, Pro US$100, InfinityX US$500. The Zero account table says US$0 but its FAQ says US$25. |
| Pricing | InfinityX from 0.3 pips; Zero from 0.0 pips plus commission starting at US$3 per lot; Pro from 0.6 pips, no commission; Premium and Cent from 1.4 pips. |
| Markets | 500+ instruments and 80+ forex pairs. Leverage up to 1:2000 on the international entity. |
| Availability | HFM does not offer services to residents of jurisdictions including the USA, Canada, Sudan, Syria, Iran, North Korea, the UAE and Türkiye. |
| Client funds | Segregated funds; negative balances reset to zero; HFM cites a EUR 5 million insurance programme. HF Markets (Europe) Ltd is a member of the Cyprus Investor Compensation Fund (up to €20,000). |
| Retail-loss disclosure | Not visible on the HFM pages we could read. |
What we like
- Entities licensed by the FCA, CySEC, FSCA, Seychelles FSA and Kenya CMA, per HFM’s regulatory page.
- Low entry: US$0 on Cent and Premium accounts and US$100 on Pro.
- Broad free education plus demo, copy trading, PAMM and Islamic accounts.
What to weigh up
- The international account pages state accounts are operated by HF Markets (SV) Ltd, which the regulatory page lists with no regulator.
- The Zero account minimum is stated as US$0 in one place and US$25 in another, and typical spreads are not published.
- Leverage of up to 1:2000 on the international entity carries high risk, and the Philippines SEC warned against HF Markets in January 2026.
Regulation and entities
| Entity | Regulator | Serves |
|---|---|---|
| HF Markets (UK) Ltd | FCA (801701) | United Kingdom |
| HF Markets (Europe) Ltd | CySEC (183/12) | EU |
| HF Markets SA (PTY) Ltd | FSCA (46632) | South Africa |
| HF Markets (Seychelles) Ltd | Seychelles FSA (SD015) | Other countries |
| HFM Investments Ltd | Kenya CMA (155) | Kenya |
| HF Markets (DIFC) Ltd | DFSA (F004885, DFSA register) | Dubai (DIFC) |
| HF Markets (SV) Ltd | No regulator specified on HFM’s page | International accounts |
Which entity are you joining?
HFM’s regulatory page does not say which entity serves which country. The international account pages we read state that accounts are operated by HF Markets (SV) Ltd, which is listed without a regulator. Clients of that entity do not get UK or EU protections, and HFM’s page does not spell this out.
Costs and pricing
HFM publishes spreads and commissions by account: InfinityX from 0.3 pips; Zero from 0.0 pips with commission starting at US$3 per lot; Pro from 0.6 pips with no commission; Premium and Cent from 1.4 pips. Typical EUR/USD spreads are not clearly published. It states that it does not apply deposit fees.
Platforms, tools and education
HFM offers MT4, MT5, a WebTrader with TradingView charts and the HFM App, plus copy trading and PAMM. Education includes webinars, 20+ video tutorials, an e-course, daily analysis, an economic calendar, Autochartist and calculators. A demo account and a swap-free Islamic account (for specific instruments) are available.
Deposits and withdrawals
On its international site HFM lists a US$100 minimum for bank transfer (2-7 days), cards from US$5 (up to US$10,000, typically within minutes) and e-wallets, with no HFM deposit fees. Bank withdrawals take 2-10 business days; intermediary banks may charge fees.
Regulatory record
In January 2026 the Philippines SEC issued an advisory naming Exness Global Limited and HF Markets as operating without required Philippine registration (reported by BusinessWorld, PNA and others). Older: CySEC fined HF Markets EUR 105,000 in 2016 (Finance Magnates). We found no other regulator actions in the last four years.
Who it suits
A good fit: Beginners and cost-conscious traders who value education and copy trading, particularly those served by the UK, EU or South African entities.
Look elsewhere if: Clients who would be placed with the SVG entity and want regulator-backed protection, or anyone who wants clearer disclosure of which entity applies to them.
How we rated it
Ratings are BrokersPulse editorial opinion, scored against the criteria in How we rate. They reflect public information as of September 2026, not live-account testing.
Sources
- HFM: regulatory environment
- HFM: trading accounts
- HFM: trading platforms
- HFM: security of funds
- HFM: deposit options
- DFSA register: HF Markets (DIFC) Ltd
- BusinessWorld: SEC warning (Jan 2026)
- Finance Magnates: 2016 CySEC fine
Compiled from the provider’s own pages, regulator registers and the outlets listed above in September 2026. Providers change terms often, so confirm details with the provider before you deposit.
General information for education only, not financial advice. Trading forex and CFDs carries a high risk of loss. Read the disclaimer.