Why choose HFM(Formerly Hot Forex)
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Low Minimum Deposit: Starting your trading journey shouldn't require a huge investment. HFM stands out by offering three account types with no minimum deposit required. Even their Pro account has a low $100 minimum, making it accessible to new traders.
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Multiple Profit-Building Strategies: If you're looking beyond traditional active trading, HFM offers a variety of tools to suit your strategy. Their proprietary copy trading platform allows you to automatically copy the trades of successful traders. Additionally, you can participate in PAMM accounts, a form of managed investment service.
HFM might not be ideal if:
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Limited Deposit/Withdrawal Options: HFM offers a more limited selection of deposit and withdrawal methods compared to some brokers. While they support certain bank cards, cryptocurrency wallets, and international bank transfers, popular options like Neteller and Skrill are not available.
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Prioritize fast and convenient payment methods? HFM might not be the best fit.
Overview of HFM Broker
💻 Trading platform: MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading and HFM Platform
📊 Accounts: CENT, ZERO, PREMIUM, PRO
💰 Account currency: USD, EUR, NGN, JPY
💵 Deposit / Withdrawal: Wire Transfer, Visa/MasterCard, Crypto, Neteller, PayRedeem, Perfect Money, Skrill, Bitpay,Mobile money
🚀 Minimum deposit: USD 0
⚖️ Leverage: Up to 1:2000
💼 PAMM-accounts: Yes
📈️ Min Order: 0.01
💱 Spread: from 0 pip
🔧 Instruments: Forex, Metals, Energies, Stocks, Indices, Bonds, Commodities, ETFs, Cryptocurrencies
💹 Margin Call / Stop Out: 50%/20%
🏛 Liquidity provider: No data
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: Market Execution, Instant Execution
⭐ Trading features: Hedging; Account for scalping; Trading on the news.
🎁 Contests and bonuses: Yes
Copy Trading:Yes
Account Types
Cent Account Swap free 1lot:1000units Max Simultaneous Open Orders: 150 Best for beginner traders
Zero account Charges commissions Contact size of 1:1000units Maximum Simultaneous Open Orders: 500 Max 60 Standard lots per position
Premium Swap Free No commissions No minimum deposit Contact size of 1:1000units Maximum Simultaneous Open Orders: 500 Max 60 Standard lots per position
Pro Account Minimum deposit $100 Contact size of 1:1000units Swap Free Maximum Simultaneous Open Orders: 500 Max 60 Standard lots per position
Top -up Bonus Contact size of 1:1000units No commissions Charges swap fees 20% bonus on deposits upto $5000 Minimum trade size 0:01lot Max 60 Standard lots per position Maximum Simultaneous Open Orders: 500 (Add screenprint of comparison)
Trading Platforms
Here's how to open your account:
On HFM's homepage , you'll typically find buttons for opening accounts in the upper section of the website. These might be labeled "Open Live Account" or "Open Real Account" for real accounts, and "Try Demo" or "Start Demo" for demo accounts.
HFM will ask for some basic information to set up your account. This typically includes:
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Client type (individual, corporate, etc.)
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Full name (first and last name)
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Date of birth
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Country of residence
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Email address
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Phone number
Remember: Filling in all the requested information ensures a smooth registration process.
If you are in a country with a local regulation eg residents of Kenya, you will be redirected to a different website to register under the regulations.
Once registered, confirm your account by clicking the button in the email HFM sends you.
Now you're ready to explore your HFM user account! Here are some key features:
Account Management: This section allows you to deposit and withdraw funds to your trading account. Account Settings: Here, you can choose your preferred trading platform and the financial instruments you want to trade.
HFM Deposits and Withdrawals #
Here's a breakdown of deposits and withdrawals with HFM, highlighting key points and considerations:
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Free Mobile money : HFM doesn't charge fees for depositing funds into your account via mobile money options which is popular deposit method in most African countries eg Mpesa, Airtel money, MTN.
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Free Online Bank Funding : Users with local bank accounts in most countries can enjoy free and fast deposits reflecting almost instantly and withdrawals within 2 business days.
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Free Bank Wire for Deposits over 100 USD: HFM covers bank wire transfer fees for deposits exceeding $100. Funds typically reflect within 1 business day.
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Free Visa/Mastercard and Skrill Deposits (Minimum 5 USD): These deposit methods are free and reflect in your account within 10 minutes.
Keep in Mind:
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Limited Base Currencies: HFM currently offers only USD and local currencies eg KES for Kenya,as base currencies. This might be limiting for some traders.
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Slow Withdrawals (Credit/Debit Cards): Withdrawals via credit/debit cards can take up to 10 business days, which is slower than other brokers.
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Weekday Processing: Traditional deposits and withdrawals are typically processed on weekdays only.
Here's a table summarizing the details:
Method | Minimum Amount | Fees | Deposit Processing Time | Withdrawal Processing Time |
|---|---|---|---|---|
Online Bank Transfer (Kenya) | N/A | Free | Almost Instant | 2 Business Days |
Bank Wire | 100 USD | Free (over 100 USD) | 1 Business Day | 2-10 Business Days |
Visa/Mastercard | 5 USD | Free | 10 Minutes | 2-10 Business Days |
Skrill | 5 USD | Free | 10 Minutes | Almost Instant |
Overall:
HFM offers various deposit and withdrawal options, with free and fast methods for Kenyan clients using online bank transfers. However, slower withdrawal times for credit/debit cards and limited base currencies are drawbacks to consider.
Being regulated by the FCA, HF Markets adheres strictly to Anti-Money Laundering regulations, ensuring that all non-profit funds are returned to their original deposit source.
Trading Platfroms
HFM empowers you to trade from anywhere with its suite of mobile applications:
- HFM App: Designed with a user-friendly interface, the HFM app allows you to:
- Manage your account easily: Transfer, deposit, and withdraw funds with ease.
- Stay informed: Search for trading instruments, create watchlists to keep track of your interests.
- Access valuable resources: Get insights from the integrated economic calendar and access HFM's educational materials directly within the app.
Additionally:
- MT4 & MT5 Mobile Apps: HFM supports the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on mobile devices. These popular platforms offer extensive functionalities for charting, analysis, and order execution, all accessible from your Android or iOS smartphone or tablet.
Whether you prefer HFM's intuitive in-house app or the power of MT4/MT5, HFM equips you to trade and manage your account conveniently from anywhere.
Educational Resources Our evaluation discovered that similar to the market analysis at HF Markets, the educational resources provided are diverse in format, of exceptional quality, and particularly beneficial for novice traders compared to those offered by most other brokers. Additionally, there’s a complimentary demo account that remains active indefinitely. Upon opening a live account, we gained access to the HF Markets e-Course. It’s meticulously organized and encompasses fundamental Forex theory, trading principles, chart analysis, trading strategies, psychology insights, and technical analysis.Video tutorials are accessible without registration, covering foundational topics, Metatrader guidance, trading approaches, and economic theory lessons. We found HF Markets’ webinars to be engaging. These sessions address current market trends, advanced trading tactics, as well as risk and money management techniques, and they occur every few days. While the webinars don’t necessitate an HF Markets account, registration is mandatory. (Attach screenprint of Education page)
Instruments Forex Commodities Metals Bonds Energies ETFs Indices Cryptos Stocks
Unique Features PAMM- PAMM Program allows investors to invest funds in experienced PAMM Fund Managers who trade the markets on their behalf. PAMM Managers earn a pre-agreed Success Fee when they make a profit for their investors.
Copy Trading Strategy providers Min $100 Profit share upto 50% Max funds under account $300000(unlimited for Copy plus)
VPS VPS hosting allows traders to run automated algorithmic strategies, including expert advisors, 24 hours a day, 7 days a week on a virtual machine. HFM offers VPS as of the packages below: -Bronze VPS package 25/����ℎ���/300/monthlty/300 yearly (Get it for free at min $400 deposit in the past 30 days)
-Silver VPS package 50/����ℎ��/600/monthly/600 yearly (min $8000 deposit in the past 30 days)
-Gold VPS package 804/monthly (min $15000 deposit in the past 30 days)