HFM is the brand that traders across Africa, Asia and Latin America still often call HotForex, the name it launched under in 2010. Over the following decade the group collected an unusually long list of licences, from the UK FCA and CySEC to Dubai’s DFSA, which sets it apart from most brokers chasing the same high-leverage audience. This HFM review looks at what that structure means for you: the licences are real, but the company that actually opens many international accounts is HF Markets (SV) Ltd in St. Vincent and the Grenadines, which is incorporated there without a financial licence. Our verdict: a well-established, feature-rich MetaTrader broker with good pricing on its Zero account, provided you know which HFM entity you are signing with.
HFM at a glance
| Item | Details (as of November 2026) |
|---|---|
| Founded | 2010 (as HotForex) |
| Group entities | 8, including UK, Cyprus, Dubai, South Africa, Kenya, Seychelles, Mauritius, SVG |
| Top-tier licences | FCA FRN 801701; CySEC 183/12; DFSA F004885 |
| Main international entity | HF Markets (SV) Ltd – not licensed |
| Minimum deposit | From $0 (Cent, Premium, Zero) |
| Maximum leverage | Up to 1:2000; unlimited on InfinityX (forex) |
| Platforms | MT4, MT5, HFM App, WebTrader |
| Raw spread account | Zero: from 0.0 pips + $3 per lot per side |
| Instruments | 500+ on the international site |
Regulation and safety
The regulatory page on the HF Markets UK website lists seven entities, and an FXEmpire report confirms the group’s DFSA licence dates back to early 2019 (FXEmpire):
- HF Markets (UK) Ltd – FCA, firm reference number 801701 (top-tier).
- HF Markets (Europe) Ltd – CySEC licence 183/12, member of the Cyprus Investor Compensation Fund (top-tier).
- HF Markets (DIFC) Ltd – DFSA licence F004885 (top-tier for the region).
- HF Markets SA (PTY) Ltd – FSCA, FSP 46632.
- HFM Investments Ltd – Capital Markets Authority of Kenya, non-dealing online FX broker licence 155.
- HF Markets (Seychelles) Ltd – FSA Seychelles securities dealer licence SD015 (offshore).
- HF Markets Ltd – FSC Mauritius, C110008214 (offshore).
The weak link is HF Markets (SV) Ltd, registered as International Business Company 22747 IBC 2015 in St. Vincent and the Grenadines, where the local authority does not license forex brokers. Many global clients, and features such as HFCopy and PAMM, sit with this company. If you live in the UK or the EU you will be onboarded by the FCA or CySEC entity, with 1:30 retail leverage, negative balance protection and access to the relevant compensation scheme. Elsewhere, check your client agreement carefully: protection is only as good as the entity named on it.
Account types
HFM’s international line-up has five main accounts. We could not load the main hfm.com account pages, so the figures below come from independent reviews updated in 2026 (CompareForexBrokers, BrokerAnalysis) and should be checked on the official site:
| Account | Min. deposit | Spreads from | Commission |
|---|---|---|---|
| Cent | $0 | about 1.2 pips | None |
| Premium | $0 | about 1.0-1.4 pips | None |
| Zero | $0 | 0.0 pips | $3 per lot per side |
| Pro | $100 | about 0.5 pips | None |
| InfinityX | $500 | 0.3 pips | None |
Premium is the all-round account for most retail traders; Cent quotes balances in cents for very small position sizing; Pro narrows the spread without adding a commission. InfinityX stands out because it advertises unlimited leverage on forex, something we would treat as a warning sign for risk management rather than a feature. For managed money, the official HFM PAMM page shows Premium and Premium Plus manager accounts from USD 250, with spreads from 1.6 and 0.4 pips respectively and an $8 round-turn commission on Premium Plus.
Spreads and fees
The most competitive option is the Zero account. Forex majors start from 0.0 pips with a commission of $3 per side, or $6 per round-turn lot, which is in line with mainstream raw-spread brokers. Gold on the offshore entity carries around $10 round turn per 100 ounces. On spread-only accounts the cost sits in the mark-up: a typical EUR/USD spread on Premium is quoted around 1.2-1.4 pips. Swaps apply to positions held overnight unless you use swap-free status. Reviews report no broker-charged withdrawal fees, though payment providers may charge their own.
Platforms and tools
HFM supports MetaTrader 4 and MetaTrader 5, its own HFM App for iOS and Android, and a browser-based WebTrader with TradingView charting. HFCopy lets you follow strategy providers, and PAMM accounts allow money managers to trade pooled funds. The instrument list on the international site runs to 500+ CFDs, including roughly 50 currency pairs, indices, shares, ETFs, bonds, energies, metals and crypto, with some entities quoting 1,200+.
Deposits and withdrawals
Funding options reported by reviewers include Visa and Mastercard (from about $5), bank wire (from $100), Skrill, Neteller and crypto, plus local methods in several markets. Card and e-wallet deposits are typically credited within minutes; bank wires can take 2-7 business days. As always, withdrawals return to the original funding source first.
Who should consider HFM
HFM fits traders who want MetaTrader with a low entry barrier, the option of a commission-based raw account, and extras such as copy trading. UK and EU residents get a properly supervised entity. Traders in other countries should be comfortable with the fact that their account may be with an unlicensed SVG company, and should avoid treating 1:2000 or unlimited leverage as a goal. HFM does not accept clients from the USA or Canada.
HFM review: final verdict
To close this HFM review: few brokers in the high-leverage segment hold FCA, CySEC and DFSA licences at the same time, and the Zero account’s $6 round-turn pricing is competitive. The caveats are the offshore onboarding of international clients and the aggressive leverage on InfinityX. Start on a demo, confirm the entity named in your contract, and remember that leveraged CFDs carry a high risk of rapid losses.
Compare HFM with the other top forex brokers, or read our FXTM review and Tickmill review.
FAQ
Is HFM regulated?
The HF Markets group has licensed entities under the FCA (FRN 801701), CySEC (183/12), DFSA (F004885), FSCA (46632), CMA Kenya (155) and FSA Seychelles (SD015). However, many international clients sign up with HF Markets (SV) Ltd, which is incorporated in St. Vincent and the Grenadines but not licensed, so protection depends on your entity.
What is the minimum deposit at HFM?
As of November 2026 the Cent, Premium and Zero accounts have no set minimum deposit, while Pro starts at $100 and InfinityX at $500 according to recent reviews. Individual payment methods have their own minimums, such as $100 for bank wire.
What does the HFM Zero account cost?
Spreads start from 0.0 pips on major forex pairs, plus a commission of $3 per lot per side ($6 round turn). Other instruments may carry different charges.
What leverage does HFM offer?
Up to 1:2000 through its offshore entities, and InfinityX advertises unlimited leverage on forex. EU and UK retail clients are limited to 1:30 under local rules.
Did HotForex change its name?
Yes. The broker launched in 2010 as HotForex and now trades under the HFM brand, with its companies named HF Markets.
Facts compiled on 8 November 2026 from the official website, regulator registers and independent reviews listed in the sources. Fees and conditions change; confirm on the official site before opening an account.
