Fresh HF Markets (formerly HotForex) review- regulations, platforms, and traders ratings.

3.75 • 531 REVIEWS
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Updated: Sep 12, 2022

5 star review by WaqasHafeez, Pakistan

Trading for the past one year with hotforex broker. The server execution is good in my opinion and i usually use limit orders for my trades. Overall performance is satisfactory and withdrawals are processed on time. The ast trade i took was on Tuesday shorted gbp and eur in New York session and it went very well. It is a good broker in my opinion

What is HF Markets (HotForex)?

HotForex (now HF Markets) is a MetaTrader broker founded in 2010 and is regulated by FCA, SySEC, and other regulators. It offers 47 currency pairs, cryptocurrencies, and access to over 1,000 securities including precious metals, commodities, stocks, bonds, and stock indexes.  Mobile trading is offered with MT4, MT5 mobile apps as well as proprietary HF App (in development).

HotForex ( broker) offers a social copy-trading platform HF Copy. Traders also get access to the client sentiment data, in-house produced market analytics, and educational materials including training videos, books, and articles.

Please read HF Markets (Hot Forex) Reviews below and share live trading experiences with this broker.

Part of HF Markets Group. Other websites include

HFM's representative requests that anyone having issues please include the account number in the review.  This should result in many issues being addressed more quickly.

3.75 • 531 REVIEWS

Traders Reviews

Dhaka, Bangladesh,
Sep 9, 2022,
Registered user

My First Broker

Service use: Live Length of use: 6-12 Months
Hotforex was my first broker with what I started trading. I remember opening a demo account with them first. I had traded on demo account for quite a while, then I opened a live account with them. Back then, their spreads were relatively high. However, trade execution timing, customer service were good. Overall, they were not bad, but I found better option so I moved out from them.
Reply by HFM Support submitted Sep 12, 2022:
Dear TareqS,

We would like to thank you for taking the time to provide us with your feedback.
Customer satisfaction is our priority, and we value our clients' opinions.

We continue to improve our products and services; now you can benefit from spreads which start from as low as zero on our Zero Spread account. If you would like to see our new spreads comparison page, you can also visit the following link:

Kind Regards

HF Team
Jakarta, Indonesia,
Apr 4, 2022,
Registered user

My stranded ETH coin deposit has returned, now I'm satisfied

Service use: Live Length of use: 0-3 Months
This following my previous review. After the problem with my deposit with ETH coin, on 4-4-2022 their local officer contacted me and promised on working to returned my failed deposit. As it turn out, my deposit did returned to my ETH wallet in just under 24 hours time. Well, this is what a great broker should do because trust is the the most important thing in this business. Although they should have done it sooner, but better late than never. Keep up the good work. Now I'm satisfied and happy. Thank you.

Mar 30, 2022 - 1 Star I regret my decision to sign up to hotforex broker. I registered live account on hotforex on 24-2-2022. Then I tried to make a deposit using crypto currency ETH on the same day with equivalent amount around 200 USD at that time. After waited for a day my deposit never came to my wallet, so I emailed them. They said they will check it out to their external payment providers. After gave all the necessary data I waited. But the result I got on 30-3-2022 is a disappointing one, they said the crypto transaction that i made is not related to them. Too bad i didn't screenshot all the transaction I made, because I trusted them. Feel so angry and helpless.

Reply by HotForex Support submitted Apr 4, 2022 Dear gd1945,

We are sorry to hear you are experiencing difficulties, and thank you for bringing this up to our attention.

You will be contacted shortly.

Kind Regards
HF Team
Joey De Guzma
Manila, Philippines,
Feb 4, 2022,


Service use: Live Length of use: 3-6 Months
Im quiet new to forex trading, expanding my portfolio beyond crypto. total trading time is 4 months, mostly around the usd jpy and aud pair, main focus on the market open and asian market, the broker is good, with good services and a decent level of safety. execution is instant spreads are acceptable, scalping is doable. only 1 withdrawal done and processed with in 2 days. i will give them 5 stars for now, and will update after my roi.
Kampala, Uganda,
Dec 6, 2021,
Registered user

Excellent Customer Service

Service use: Live Length of use: over 1 Year
By far the best customer service I have ever experienced in my 10 years of trading. I have never failed to receive a withdrawal from Hot Forex. Their customer service representatives also resolve issues remarkably fast.

After failing to withdraw funds from my old broker and experiencing the appalling customer support from that broker which lured me in with their synthetic indices, I have developed a profound appreciation for my primary broker Hot Forex.

I am a very satisfied customer. Good stuff Hot Forex. Please keep it up.
Nigeria, Nigeria,
Nov 1, 2021,


Service use: Demo Length of use: 0-3 Months
When you call the stupid HotForex customer support line, they make you wait hours and hours, playing some dumb tune on how HotForex is a supposedly good broker, wasting your credit. Then when they finally pick, they are very impolite.
I had been calling their customer care for hours, when I finally got through, I said "Hello" and the supposed customer care just hung up. no explanation, I have tried to reach them by email, to no avail.
What is the point of even putting customer care there in the first place, if it will only frustrate customers even more?
1 trader has found this review helpful
Reply by HFM Support submitted Nov 10, 2021:
Dear Amanda,

We are sorry to hear you are experiencing difficulties, and thank you for bringing this up to our attention.

You will be contacted shortly.

Kind Regards

HF Team

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Frequently Asked Questions

Is HFM legit?

The the best way to answer if HFM a legit broker is to read the unbiased traders reviews on ForexPeaceArmy:

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we recommend that you check recent HFM community discussions:

What is the minimum deposit for HFM?

To activate a live account on HFM (formerly HotForex), the minimum initial deposit is $5 for a micro account.

Other HFM account minimums vary by type, with most being in the $100-$250 range.

Is HFM regulated?

HFM is registered with the regulators in a number of countries. These include:
  • CYSEC in Cyprus
  • the FSC of Mauritius
  • the Seychelles FSA
  • the FSCA of South Africa
  • and the DFSA of the UAE
HFM is also registered with the SVGFSA.

What is HFM?

HFM is a forex and commodities trading broker.

HFM offers a wide range of currency pairs along with cryptocurrencies, stock indexes, precious metals, and other commodities.

How do I withdraw money from HFM?

HF Markets offers a variety of withdrawal methods, including:
  • Bank Wire
  • Credit Cards
  • Neteller
  • Skrill
  • FasaPay
  • VLoad
  • Webmoney
  • CryptoPayments
You can initiate a withdrawal by logging into the client area on the website.

How long does HFM withdrawal take?

HFM withdrawals submitted before 10:00 am server time are nearly always processed the same business day. Withdrawal later in the day are processed the next business day.

The time for a processed withdrawal to be received varies from nearly instant to as much as 10 days, depending on the withdrawal method.

How do I apply for a HFM MasterCard?

HFM does offer it's own MasterCard which allows you to easily withdraw your profits to the card.

Applications can be submitted directly from HFM's website after your account is approved and funded.

Does HFM allow hedging?

HFM permits hedging as well as scalping, news trading, and the use of EAs.

How do I get a HFM card?

Applications for the HFM MasterCard debit card can be made directly from HFM's website.

Once approved, it is mailed to you for free. With HFM card, you can easily withdraw your funds directly to this card.

Is HFM regulated in South Africa?

HFM holds a license from the South African Financial Sector Conduct Authority (FSCA License #46632) in addition to other regulatory licenses from around the world.