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HFM Account Types

HFM Account Types

Overall, HFM is considered trustworthy, with an overall Trust Score of 83 out of 100. HotForex is regulated by HFM Investments Limited. HotForex is authorized by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

Updated : September 28, 2022

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HFM Account Types

Account Types Overview

HFM Account Types

Account Types

HFM Account Types

Account Features

HFM Account Types

Pros and Cons

HFM Account Types

Final Verdict

HFM Account Types

FAQ

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

HFM Overview

👉 Overall, HF Markets, also known just as HFM (previously HotForex) is considered low-risk, with an overall Trust Score of 85 out of 100. HFM is licensed by one Tier-1 Regulator (high trust), four Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust). HFM offers four different retail trading accounts namely a Micro Account, Premium Account, HFCopy Account, and Zero Spread Account.

 

👉 Established in 2010, HFM has grown its worldwide scope to include more than 100 countries. HFM is a multi-asset broker that provides over one thousand trading instruments to millions of traders worldwide.

 

👉 Previously known as HotForex, HFM relaunched in May 2022 because the term “HotForex” was not accurate enough to include all the broker’s offerings, which include CFDs on shares, indices, cryptocurrencies, and other asset classes.

 

👉 The brand has garnered over sixty of the industry’s most prestigious accolades and provides excellent customer service in twenty-seven languages.

 

👉 HFM, the worldwide division of HF Markets, aims to combine the renowned dependability, openness, and efficiency of its parent firm with favourable trading circumstances, including cheap pricing, a broad selection of instruments, potentially high leverage, incentives, and a focus on education and research.

 

👉 HFM is a recognized organization that offers retail and institutional customers trading services and facilities. HFM is a highly regulated and reliable ECN/STP broker that has seen exponential growth in recent years.

 

👉 HFM is not only regulated by FSCA, CySEC, DFSA, FSA, FCA, and FSC, but also by the Capital Markets Authority of Kenya (CMA). According to new regulations, all Kenyan brokers are required to hold a minimum capital of 50 million Kenya Shilling ($500,000).

 

👉 80% of this capital must be held in cash or cash equivalents. If the broker is not located in Kenya, the capital must be maintained in local financial instruments. In addition to these 50 million Kenyan Shilling, the broker must retain 5% of the money due by its clients.

 

👉 HFM has clients from around the world and these areas have the largest distributions:

➡️ Dominican Republic – 12.97%

➡️ India – 10.6%

➡️ South Africa – 9.21%

➡️ Indonesia – 8.45%

➡️ Turkey – 5.2%

HFM At a Glance

🏛 HeadquarteredCyprus
🏙 Kenyan Based OfficeNo
✅ Accepts Kenyan Traders?Yes
🗓 Year Founded2010
📞 Kenyan Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
🪪 Regulatory Licenses• South Africa – FSP 46632
• Cyprus – 183/12
• Dubai – F004885
• Seychelles – SD015
• United Kingdom – 801701
• Mauritius – 094286/GBL
• Kenya – CMA license 155
Registrations• France ACPR – 53684
• Germany BaFin – 132342
• Hungary MNB – K8761153
• Italy CONSOB– 3673
• Norway – FT00080085
• Spain CNMV – 3427
• Sweden FI – 31987
• Austria FMA
• Bulgaria FSC
• Croatia HANFA
• Czech Republic CNB
• Denmark • Finanstilsynet
• Estonia FSA
• Finland FSA
• Greece HCMC
• Iceland FME
• Central Bank of • Ireland
• Latvia FKTK
• Liechtenstein FMA
• Lithuania Lietuvos • Bankas
• Luxembourg CSSF
• Malta MFSA
• Poland KNF
• Portugal CMVM
• Romania ASF
• Slovakia NBS
• Slovenia ATVP
⚖️ CMA RegulationYes, through HFM Investments Limited (155)
🚫 Regional RestrictionsThe United States, Canada, Sudan, North Korea, and Syria
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts5
📊 PAMM AccountsNo
🤝 Liquidity ProvidersBarclays UK, BNP Paribas, and others
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.0 pips
📞 Margin CallBetween 40% to 50%
🛑 Stop-OutBetween 10% and 20%
Crypto trading offered?0.01 lots
💰 Offers a Kenyan shilling Account?60 lots
👨‍💻 Dedicated Kenyan Account Manager?No
📊 Maximum Leverage1:1000
🚫 Leverage Restrictions for Kenya?None
💰 Minimum Deposit (KES)570 KES or an equivalent to $5
✅ Kenyan shilling Deposits Allowed?Yes
📊 Active Kenyan Trader Stats70,000+
👥 Active Kenyan-based HotForex customersUnknown
💳 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Bank Wire Transfer
• Credit Card
• Debit Card
• Electronic Payment Providers
🏦 Segregated Accounts with Kenyan Banks?No
📊 Trading Platforms• MetaTrader 4
• MetaTrader 5
✔️ Tradable Assets• Forex
• Precious Metals
• Energies
• Indices
• Shares
• Commodities
• Cryptocurrencies
• Bonds
• Stocks DMA
• ETFs
💸 Offers USD/KES currency pair?No
📈 USD/KES Average SpreadN/A
📉 Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish, Portuguese, Spanish
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Kenyan-based customer support?No
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareNo
💰 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is HotForex a safe broker for Kenyans?Yes
📊 Rating for HotForex Kenya9/10
🤝 Trust score for HotForex Kenya83%
👉 Open an account👉 Open Account

HFM Account Types

👉 Multiple account types are one of the first things that Kenyans will notice about this broker. Each of them has its own set of use conditions, such as minimum deposits and trading fees.

 

👉 Traders who use HFM have access to a variety of trading accounts that may be tailored to match their specific needs and preferences. The following accounts are available to retail investors via HFM:

➡️ Micro Account

➡️ Premium Account

➡️ HFcopy Account

➡️ Zero Spread Account

💻 Live Account💵 Minimum Dep.📊 Average Spread💸 Commissions📈 Average Trading Cost
Micro590 KES/$51 pipNone10 USD
Premium1,100 KES/$1001 pipNone10 USD
HFCopy• Follower: 1,100 KES ($100)
• Provider: 3,500 KES ($300)
1 pipNone10 USD
Zero Spread23,900 KES/$2000.0 pips• Forex Major: $3/$6
• Other: $4/$8
7 USD

 

HFM Account Features

Micro Account

HotForex Review Micro Account

👉 Traders who are just getting started and wish to trade smaller sums of money should consider creating a Micro Account since it is a good option for them. The Micro Account allows for far smaller position sizes, making it a desirable alternative for new traders.

💳 Minimum Deposit (KES)592 KES ($5)
📊 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:1000
📉 Minimum Trade Size0.01 lot
⬆️ Maximum Trade Size7 Standard Lots (100,000 base currency)
📊 Maximum Open Orders150 (Simultaneous)
📞 Margin Call (%)40
🛑 Stop-Out (%)10
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering

 

Premium Account

HotForex Review Premium Account

👉 This type of account would be advantageous for retail traders with prior expertise. One of the most useful features of this account is its position size flexibility, with a maximum of sixty standard lots for a single transaction.

💳 Minimum Deposit (₦)41,500 or equivalent to $100 or 1,400 ZAR
📈 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:500
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders300
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering

 

HFcopy Account

HotForex Review HFCop Account

👉 Both Strategy Followers and Service Providers may benefit from this kind of account. SPs may build a list of followers on this kind of account, which allows them to trade and earn a Performance Fee of up to 50%.

 

👉 Users can deposit money into this account, and all future transactions will be copied from this account as soon as possible.

💳 Minimum Deposit (₦)41,500 NGN for a follower, 120,000 NGN for a provider (NGN or equivalent to $100 and $300, respectively)
📈 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4
💰 Trading InstrumentsForex, Spot Indices, Gold, Spot Energies, BTC/USD, BTC/EUR
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:400
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders300
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering
👥 Maximum followers allowed per SP200

 

Zero Spread Account

HotForex Review Zero Account

👉 All types of traders will profit from the cheap trading expenses and fees associated with this account, including active traders, high-frequency traders, day traders (such as scalpers), and traders who use expert advisors.

 

👉 For Kenyan traders, the fact that this account does not levy any hidden spread markups is an extra plus.

💳 Minimum Deposit (₦)83,000 NGN or equivalent to $200 or 2,800 ZAR
📈 Spreads0.0 pips on Forex Major currency pairs
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:500
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders500
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesFrom between $3 for Major Forex Pairs and $4 on other instruments per lot traded
🔎 Bonuses OfferedNone

HFM Demo Account

HotForex Review Demo Account

👉 Based on genuine market conditions, the HFM Demo Account has been created to accurately imitate a real trading environment. The HFM Demo is unrestricted, which is advantageous for novice traders.

 

👉 The beginning virtual balance for Kenyans will be 100,000 USD, which could be increased upon request.

 

👉 Traders from Kenya can effortlessly browse charts, news, and analysis, have access to the fully-featured MT4 and MT5 platforms, and experience real-time pricing and currency market volatility.

 

👉 HFM offers Kenyan traders the opportunity to establish a demo account with any of the following account types:

➡️ Micro Account

➡️ Premium Account

➡️ HFCopy Account

HFM Islamic Account

HotForex Review Islamic Account

👉 HFM gives Muslim traders the option to switch their live trading account into a swap-free Islamic account at no additional cost.

 

👉 Because the HFM Islamic Account is according to Sharia law and the principles that relate to Islam, Muslim traders who retain open positions overnight will not be charged interest if they use this account. This benefit is only available to traders who use the HFM Islamic Account.

 

👉 Traders at HFM have the flexibility to convert any of their existing trading accounts into an Islamic Account, which allows them the freedom to participate in halal trading without being subject to any constraints.

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

HFM Kenya Pros and Cons

✔️ Pros❌ Cons
Well-regulated CFD and Forex broker that has a decent trust scoreUnited States clients and some other regions are not accepted by HotForex
The spreads offered are low and competitiveThere may be restricted leverage for EU clients because of regulatory requirements
There are several account types to choose from with reasonable trading fees chargedThere are no variable spread accounts offered
HotForex welcomes all types of traders and trading strategiesLimited funding options offered for deposits and withdrawals
There is a low minimum deposit requirement and secure methods for deposits and withdrawals
Suited to beginner traders and experienced traders
Offers comprehensive expert trading and market analysis
Offers a decent selection of educational tools and a range of trading tools

Verdict on HFM

👉 Overall, HFM is very competitive in terms of its trading fees and spreads.

FAQ

Can HFM be trusted?

Yes, HFM is a trustworthy broker that has regulations with several market entities in addition to global registrations with other regulatory entities.

 

What is the minimum deposit for an HFM Account?

The minimum deposit for an HFM Account is 5 USD / 590 KES.

 

Is HFM good for beginners?

Yes, HFM is an ideal option for Kenyan beginners, attributable to the educational material, customer support, and unlimited demo account that is offered.

 

Where is HFM based?

HFM is headquartered in Cyprus, with offices around the world.

 

Does HFM have Bitcoin?

Yes, HFM offers CFD trading on Bitcoin and other cryptocurrencies.

9.4/10 - (16 votes)