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Last Updated On September 13, 2023
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HFM (formerly known as HotForex) is a well-known international broker.
HFM offers four standard accounts and one specialised copy trading account. Three of its four standard accounts have no minimum deposit requirements and have extremely competitive trading fees. All accounts are available as Islamic accounts. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including 950 international stocks.
HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.
🏦 Min. Deposit | USD 0 |
🛡️ Regulated By | CySEC, FCA, DFSA, FSC |
💵 Trading Cost | USD 10 |
⚖️ Max. Leverage | 2000:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5, HFM Trading App |
💱 Instruments | Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs |
Although Ugandan traders are onboarded through HFM’s Saint Vincent and the Grenadines-based entity, which offers very little protection, we consider HFM a trustworthy broker.
Regulation: Although HFM has an excellent reputation in the Forex trading community, Ugandan traders will be onboarded through its subsidiary registered with Saint Vincent and the Grenadines FSA. The SVG FSA is not a regulator and does not supervise trading or protect traders.
On the other hand, HFM does have a good reputation, and its other operations are overseen by some of the better regulators in Europe, including the UK’s FCA and CySEC of Cyprus. But Ugandan clients must rely solely on the reputation of HFM as no additional measures exist to ensure client protection.
Safety Features: In a show of good faith, HFM segregates all funds from the company’s operating capital and offers negative balance protection to all its clients. No regulatory oversight also means that HFM can offer higher leverage and bonuses to Nigerian traders, which may be attractive to some.
Company Details:
We confirmed each of the licences and regulations on the regulator’s online register. See below for details of HFM’s SVG registered entity:
We were pleased to find that HFM has recently reintroduced cryptocurrencies to its offering, a good move considering how popular this asset class has become. It also offers trading on a wide range of stocks, including those listed on the JSE.
Cryptocurrencies: HFM recently (at the end of 2021) reintroduced its range of cryptocurrencies. It has 40 pairs, including favourites such as Bitcoin, Ethereum, Dashcoin, and Litcoin. Leverage is up to 50:1 on pairs such as the BTC/USD, a higher level of leverage than is typically offered on cryptos by other brokers.
Stocks: Ugandan traders will be pleased to see that HFM offers a range of stock CFDs, including those listed on the JSE, such as Anglogold Ashanti and Firstrand Ltd. It also offers over 950 DMA (Direct Market Access) stocks, allowing clients to trade directly on stock exchanges from around the world, but this product line is only available on MT5.
Full List of Instruments and Leverage*:
Overall, we were pleased with the range and depth of financial assets available at HFM. The reintroduction of cryptocurrencies will be a major drawcard for the broker.
*Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
HFM offers five account types, which is more than most other brokers. In May 2023, HFM restructured its accounts, removing the minimum deposits on three of its five accounts and increasing leverage from 1:1000 to 1:2000.
Trading Fees: Despite the variation, overall trading costs are lower than average across all four accounts, and the accounts offer different benefits in terms of trading strategies and minimum deposits.
Account Trading Costs
The Cent Account is good for beginner traders who want to keep risk as low as possible while learning. With no minimum deposit requirement and trades denominated in USD cents (USC) rather than USD, trading costs are very low on this account, though potential profits are low too. Variable spreads start from 1.2 pips on major pairs, leverage is up to 1:2000, and traders can open a maximum of 150 positions simultaneously. Because this is a Cent Account, it is only denominated in USC.
The Premium Account is a good entry-level account for beginner traders, with no minimum deposit requirement. Variable spreads start from 1.2 pips on major pairs, which is tight for an account with no minimum deposit requirement, and no commissions are charged. Leverage is up to 1:2000, traders can open a maximum of 500 positions simultaneously, and this account is denominated in both ZAR and USD.
This is a market execution account with spreads starting at 0 pips on the EUR/USD. Where previously there was a minimum deposit requirement of 200 USD to open the ZERO Account, there is now no minimum deposit requirement. As with all raw spread accounts, you will be charged a commission – in this case, the charge is 3 USD per lot (6 USD total round turn) on major forex pairs. These are some of the lowest trading costs in the industry.
With ultra-low spreads, leverage up to 1:2000 and no commissions; the Pro account caters to more experienced traders who want to take their trading to the next level. Spreads start at 0.5 pips (EUR/USD), which is much tighter than other brokers, and the account has a reasonable minimum deposit requirement of 100 USD/1500 ZAR.
The HFcopy Account is available to both Strategy Providers (SPs) and Followers who have joined HFcopy. SPs can open an HFcopy Account to build their inventory of Followers and trade in exchange for a Performance Fee as high as 50%. Only available on the MT4 platform, the spread starts at 1 pip, and trading instruments offered on this account are limited to Forex, Indices, and Gold. The minimum deposit is 300 USD for SPs and 100 USD for Followers, and accounts are only denominated in USD.
HFM charges no fees for deposits and withdrawals, but withdrawals via credit and debit cards take up to 10 days to be processed, which is painfully slow compared to other brokers.
As a regulated broker, HFM ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source.
Accepted Currencies: When we opened our account at HFM, we were given the choice of four base currencies: USD, EUR, NGN or JPY.
Local bank transfers: We were pleased that HFM offers free online bank funding for clients with online bank accounts. This is a much faster method of depositing and withdrawing funds than a standard bank wire, with deposits reflecting almost instantly and withdrawals received within 2 business days.
Traditional deposits are handled on weekdays and conditions apply to each deposit option.
Traditional withdrawals are processed within 24 hours (weekdays only) of receiving them, but different conditions apply to each payment method.
HFM has recently upgraded its mobile trading app, which is now highly customisable and easy to use. It also offers MT4 and MT5 mobile apps on Android and iOS.
HFM App
Highly Customisable: A portal for MT4 and MT5, the upgraded HFM App is highly customisable, and has a sleek design and intuitive interface. One of the best mobile trading apps available, we were very impressed with how traders can customise their chart types and views, change their trading and appearance settings, and choose whether they place an order based on the amount, lots, or in units:
The HFM App also allows traders to easily transfer, withdraw, and deposit funds, and has an integrated economic calendar. Traders can access HFM’s educational materials (including registering for beginner, intermediate, or expert level webinars) and news based on their favourite instruments:
Overall, we think this is one of the market’s most user-friendly and feature-rich apps, and the recent upgrade will certainly attract many traders.
MT4/MT5 Mobile Apps
We found that the HFM MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. We were able to close and modify existing orders and calculate profit/loss in real-time. We also find it easier to search for instruments than on the web trader versions of the platforms.
Like many other brokers, HFM offers MT4 and MT5 but does not offer its own desktop trading platform.
While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of HFM offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.
For the purposes of this review, we tested both of HFM’s web trader platforms.
Our review found that HFM offers the standard version of MT4, which has 24 graphical objects and 30 built-in indicators. However, it also offers Premium Trader tools, available to clients who deposit more than 100 USD/1500 ZAR, which plug directly into the MT4 platform, enhancing its functionality (click here for more on Premium trader tools).
We found that the platform’s interface is dated but fully customisable. There are three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes:
We also found it easy to add new charts:
HFM also offers support for MT4 MultiTerminal, providing a convenient method of managing multiple accounts simultaneously from a single interface.
MT5, the newer version of its predecessor, MT4, is also available at HFM. We recommend using MT5 if you are looking for a more powerful and faster trading platform when it comes to back-testing functionality for automated trading algorithms. Additionally, traders prefer MT5 for its depth of market display, additional technical indicators (38 as opposed to 30 on MT4), and analytical tools.
In our review of MT5 web trader, we noted that it has a great depth of market display:
It is also much easier to search for an instrument to add to the market watch list than on MT4. You can simply type the name of the instrument:
Both MT4 and MT5 are available as downloads, browser-based, and on iOS and Android devices. Mobile access is 24/7, and mobile apps employ the latest SSL encryption technology for security.
Overall, we found that HFM provides a good selection of third-party platforms but lacks its own in-house trading platforms, which are usually more user-friendly.
Opening an account at HFM is a quick and hassle-free process. However, it took two days for our accounts to be verified, which is longer than other similar brokers.
It took us about 3 minutes to open an account at HFM. We could immediately deposit funds into our accounts, but our accounts were only ready for trading after two days.
As a Ugandan trader you can open an account at HFM, but will need to meet all the minimum deposit amounts to do so; these are:
We found that opening a live account at HFM is easy and takes less than 3 minutes. While HFM also offers Corporate Accounts and Joint Accounts, we will focus on opening an Individual Account:
Our documents were checked by the verifications department and were approved in around 48 hours, which is longer than other similar brokers. Note that any deposits will be credited to the account only after your documents have been approved and the myHF area is fully activated.
We advise you to read HFM’s risk disclosure, customer agreement, and terms of business before you start trading.
Our review found that HFM has a competent in-house research team that produces high-quality and useful market analysis materials. It has also partnered with several third-party analysis companies to further enhance its offering.
HFM’s research and market analysis is divided into three main sections, each of which provides a specialised benefit for traders looking for market insight and trading opportunities.
Forex News – In partnership with FXSTREET, a respected market news aggregator and publisher, HFM provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements, we found that there is some reporting on technical analysis – mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.
HFAnalysis – This is the hub for HFM’s own market research content. The focus is a market news blog, split between fundamental analysis and technical analysis, and trader education. From here we were able to access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. We were also able to access the HFM podcast; generally published mid-week this is a detailed look at recent market movements and a look ahead to potential market-impacting events. Overall, we found that the analysis provided by HFM’s experts is detailed and accurate and is on par with the in-house research provided by other large international Forex brokers.
Advanced Insights – This plugin for MT4 and MT5 provides sentiment and volatility analysis from an insight engine that applies big data AI to millions of news articles and live trading positions. The plugin also provides a timeline of the upcoming events and presents detailed infographics on HFM’s full range of assets. While this tool is provided free, traders will need to have deposited at least 100 USD and made closed trades worth 10 lots or more in the previous two months.
We found that HFM offers an excellent range of trading tools, including Autochartist, a free VPS service, and a set of Premium Trading Tools. While all these tools are provided free, we were disappointed that traders are required to make a substantial deposit before access is provided.
Autochartist
For all HFM clients with a minimum deposit of 100 USD, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and MT5 and scans all available CFD markets for trading opportunities. It is one of the best technical analysis tools on the market, and we were pleased to see that HFM subscribes to its services.
Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:
VPS
HFM clients with a minimum deposit of 5000 USD can also subscribe to a free VPS hosting service provided by external third-party providers. VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure. The VPS service is only available to traders using the MT4 platform. See below for more details:
Premium Trader Tools
Available to all HFM clients with a minimum deposit of 100 USD, Premium Trader Tools give traders access to institutional quality technology, including advanced trading tools, user-configurable news and information, and trade analysis. It also includes an array of sophisticated alarms, messaging systems, and live sentiment and correlation tracking. A few of the tools in the package include:
Other trading tools available at HFM include a range of trading calculators, which can be used to calculate pip value, swap fees, risk percentages, and support and resistance levels.
Between the analytical tools and the sheer scale of market research on offer – in audio, text, and video format – from both in-house and third-party experts, we think HFM’s market analysis is considerably more useful than most other brokers – though about equal when compared with other international brokers with large research and analysis budgets.
Our review found that much like the market analysis at HFM, the educational content available is multi-format, of very high quality, and more useful for beginners than what is available at most other brokers. It also offers a free demo account that does not expire.
Because we opened a live account, we had access to the HFM e-Course. We found the course well-structured, and it includes the basics of Forex theory and Forex trading, reading and interpreting charts, trading strategies, trading psychology, and technical analysis.
Video tutorials are available without registration; these cover introductory concepts, Metatrader tutorials, trading strategies, and lessons in economic theory.
We enjoyed HFM’s webinars. These cover current events, advanced trading strategy, and risk and money management, and are run every few days. The webinars do not require an account at HFM, but you will need to register.
Overall, we found that the quality of the educational content is very high and HFM obviously does its best to educate beginner traders. More experienced traders will also find the information and material on offer useful, especially the webinars and video analysis on more advanced topics. This is unusual in the industry, as while most brokers will try to educate beginners, traders with more experience are often underserved.
We opened a demo account and found that it does not expire, which is helpful for beginner traders. We were provided a virtual starting balance of 100,000 USD, which can be topped up on request. We could view charts, news, and analysis, access the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility.
We found that HFM’s customer support is better than most other brokers.
Award-winning customer service and a client-focused approach to business mean that beginner traders at HFM can rely on excellent support.
Support is available 24/5 in over 27 languages via email, live chat, and telephone.
For the review, we tested the live chat and telephone services. Our call was received immediately, and we were transferred to the correct department, which answered all our questions to our satisfaction. The live chat agents were also responsive and highly knowledgeable:
Regulation: HFM (formerly known as HotForex) is the unified global brand name of HF Markets Group. Entities within the group are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority of South Africa (FSCA), and the Financial Services Authority of Seychelles. See below for HFM-listed companies:
Awards:
HFM has won numerous awards for its services and offerings over the years, recent awards include:
With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for customer satisfaction, HFM is considered a reliable and safe Forex broker.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process which includes a detailed breakdown of the HFM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HFM would like you to know that: Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.
Disclaimer: Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Legal: HF Markets SA (PTY) Ltd is authorized by the Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP) with authorization number 46632.
A trustworthy broker, HFM focuses on providing an optimal trading environment for its Ugandan clientele. It supports local bank transfers with instant deposits and two-day withdrawals. It also has an excellent customer support team that is responsive and knowledgeable.
Another attractive feature for Ugandan traders is that HFM offers trading on a range of DMA shares and has recently reintroduced cryptocurrencies to its books. One drawback is that Ugandan traders will be onboarded through HFM’s SVG FSA-regulated entity, which means that they will have little recourse in case of a dispute with the broker.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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