HF Markets (HFM), formerly HotForex, was founded in 2010 in Cyprus and rebranded to HFM in 2022, with group entities separately licensed by the FCA, DFSA and FSCA.
| Regulated entity | HF Markets (Europe) Ltd |
|---|---|
| Regulation | CySEC No. 183/12 + FCA No. 801701 + FSA Seychelles No. SD015 |
| Other Tier-1 regulators | DFSA, FSCA |
| Founded | 2010 |
| Headquarters | Limassol, Cyprus |
| Minimum deposit | $5 (Premium account); Pro account requires $100/€100 |
| Avg. spread (EUR/USD) | 1.2 pips |
| Platforms | MT4, MT5, Proprietary (HFM App) |
| Instruments | 500+ CFDs across forex, metals, indices, stocks, bonds, energies, commodities and cryptocurrencies. |
See HF Markets's full regulation dossier → · How to check whether a forex broker is regulated
Derived from the same confirmed data behind this broker's score (regulation, cost, platforms, deposit minimum) -- not a separate editorial judgment.
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails. Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
Beyond the headline spread and minimum deposit above. Where our research hasn't independently confirmed a specific detail, we say so rather than guess -- verify directly with the broker before relying on it.
| Account types | Micro, Premium, and Zero Spread (also called Zero) in the EU/UK; Islamic/swap-free versions exist for Micro and Premium. Zero Spread is commission-based with near-zero spreads, Premium has no commission with tighter spreads, and Micro/Cent-style accounts allow very small lot sizes. |
|---|---|
| Execution model | Described as no-dealing-desk, offering both STP and ECN-style execution depending on account (Zero Spread closer to ECN/STP, Premium/Micro closer to STP) -- not independently confirmed via a direct read of HF Markets' own disclosures. |
| Withdrawals & deposits | No deposit or withdrawal fee charged by HF Markets itself (card networks/banks may apply their own, typically 1-3% for cards). Processing: cards around 10 minutes, Trustly around 2 business days, wire 2-7 business days. One source notes only the original deposit amount can be withdrawn back to a card, with profits required to go via wire transfer. |
| Overnight financing (swap) | Standard swap applies on non-Islamic accounts (rate/methodology not independently confirmed). Swap-free accounts remove overnight interest, but HF Markets' own terms reportedly list a replacement storage cost for select currency pairs held open past 7 days -- so "swap-free" isn't unconditionally free indefinitely. |
| Currency conversion cost | Not independently confirmed -- no specific fee or percentage was found. |
| Inactivity fee | Sources disagree: the most detailed figure found is $5/month after 6-12 months of inactivity, rising to $10/month at 1-2 years and $20/month at 2-3 years; a separate source claims no inactivity fee at all. Verify directly against HF Markets' current legal documents before relying on either claim. |
| Customer service | Claims 24/7 support via phone, email and live chat. Trustpilot rates it around 4.5/5 from roughly 3,000 reviews, with HF Markets reportedly responding to 99% of negative reviews. |
| Mobile experience | Google Play rating around 4.0/5 from roughly 5,200 reviews, though this figure traces to a source dated 2023 and may be stale; the app reportedly has over 1 million downloads. |
| Educational offering | Offers video courses, webinars, PDF guides, daily market commentary, recorded lessons and a podcast. Its demo account is reportedly unlimited and never expires, unusually generous versus competitors, and independent commentary frames education as a strength for beginners. |
See how HF Markets's spread cost compares across every researched broker → · Forex broker fees explained
Is HF Markets regulated?
Yes -- CySEC No. 183/12 + FCA No. 801701 + FSA Seychelles No. SD015. See the regulation dossier on this page for the underlying licence numbers.
Is my money protected if HF Markets fails?
Via its FCA-regulated UK entity, eligible clients are covered by the UK's Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the firm fails. Via its CySEC-regulated Cyprus entity, eligible clients are covered by Cyprus's Investor Compensation Fund (ICF) up to €20,000 per person if the firm fails. Via its Seychelles FSA-licensed entity, there is no statutory investor compensation scheme -- if that entity fails, there is no guaranteed fund to recover client money from.
What is the minimum deposit at HF Markets?
Our research confirms a minimum deposit of $5 (Premium account); Pro account requires $100/€100.
What trading platforms does HF Markets offer?
HF Markets offers MT4, MT5, Proprietary (HFM App).
What is HF Markets's average spread on EUR/USD?
Our research confirms an average EUR/USD spread of 1.2 pips. See our cost calculator to compare this across every broker we've reviewed.
When was HF Markets founded?
HF Markets was founded in 2010.
How is HF Markets's overall score calculated?
HF Markets currently scores 3.73/5 overall under our disclosed nine-category methodology -- regulation & client protection 30%, trading costs 20%, non-trading fees 10%, platforms & tools 10%, execution/trading conditions 10%, product range 5%, deposits/withdrawals 5%, transparency 5%, track record 5%. It is not a comparison to other brokers and not based on hands-on testing.
A dated log of when our own published data about this broker actually changed -- not a reconstructed history of what the broker itself did. See the full change log tool for every broker.
EU clients typically served under Central Bank of Ireland / MiFID passporting rather than a direct CySEC CIF licence -- worth confirming which entity applies to you.
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