HFM, formerly known as HotForex, has offered forex and CFD trading since 2010 and rebranded as HFM in 2022. It operates through regulated entities in several regions and an offshore entity serving global clients.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.
HFM at a glance
| Launched | 2010 (as HotForex); rebranded HFM in 2022 |
| Main regulators | FCA (UK), FSCA (South Africa), CMA (Kenya), FSA Seychelles; unlicensed SVG entity for global clients |
| Platforms | MT4, MT5, WebTrader, HFM app, copy trading |
| Leverage | Up to 2000:1 offshore; “unlimited” on one account type |
| US clients | Not accepted |
Regulation and safety
HFM’s main entities include:
- HF Markets (UK) Ltd: FCA, UK (FRN 801701).
- HF Markets (Europe) Ltd: has been authorised by CySEC; check its current status on the CySEC register.
- HF Markets SA (Pty) Ltd: FSCA, South Africa; HFM Investments Ltd: CMA, Kenya.
- HF Markets (Seychelles) Ltd: FSA Seychelles (offshore).
- HF Markets (SV) Ltd: incorporated in St Vincent and the Grenadines, which does not license forex brokers. It serves many global clients.
Licence details above are as stated by HFM. Always check the firm and website on the regulator’s official register before you open an account, and confirm which entity your account will be held with. Regulation does not protect you against trading losses. See our guide: How to check if a broker is legitimate.
Products and platforms
- CFDs on forex, metals, energies, indices, stocks, bonds, ETFs and crypto (crypto CFDs not available to UK retail clients).
- Platforms: MetaTrader 4, MetaTrader 5, WebTrader, the HFM app and copy trading.
Accounts and fees
- Several account types, including Cent, Zero, Premium and Pro, with different spreads and minimum deposits.
- Zero account: raw spreads plus about $6 round-turn commission per lot.
- Premium account: no commission; independent tests in 2026 measured EUR/USD spreads of around 1.8 pips on the UK entity.
- A dormancy fee applies after 6 months of inactivity and rises over time.
Fees, spreads and minimum deposits vary by region and account type and can change at any time. Check HFM’s current pricing pages for your country before trading.
Leverage
UK and EU retail clients are limited to 30:1 on major pairs. The offshore entity offers up to 2000:1, and one account type advertises “unlimited” leverage, which can wipe out an account almost instantly. Higher leverage increases both potential gains and losses. Read Can you lose more than you invest in forex?.
Things to be aware of
- Many global clients are onboarded with an entity in St Vincent and the Grenadines, which does not license forex brokers.
- The Securities Commission Malaysia has listed HotForex on its investor alert list.
- In January 2026 the Philippines SEC flagged HFM in an advisory on unlicensed trading.
- Extremely high or “unlimited” leverage carries extreme risk.
- HFM publishes the percentage of retail CFD accounts that lose money on its UK site; check the current figure.
Pros and cons
Pros
- FCA-regulated UK entity
- Many account types including cent accounts
- MT4, MT5 and copy trading
Cons
- Global clients mostly with an unlicensed offshore entity
- Regulator alerts in some countries
- Extremely high leverage on offer
- Escalating dormancy fees
Who might consider HFM?
HFM may suit traders who can open an account with its FCA or other regulated entities. Clients of the offshore entity should be very cautious with leverage.
Summary
HFM is a large, long-established brand with an FCA entity, but many clients are served offshore with very high leverage, and some regulators have issued alerts. Check your entity and protections carefully.
Information in this review was checked against HFM’s published information and public regulatory records in November 2026. Details change, so always confirm the current terms on the broker’s own website and the regulator’s register.
Risk warning: CFDs and leveraged forex are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This review is for information only and is not investment advice.