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

3.735 • 541 REVIEWS
Also Also Was
Updated: Jun 9, 2023

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.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $5
Established: 2010
Address: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent And Grenadines
Contact:, +44-2033185978
Regional offices:
Regulators: CySEC #183/12, FSC Mauritius #C110008214 , SVGFSA #22747 IBC 2015, FSA-S #SD015, FSCA #46632, DFSA #F004885, FCA #801701
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: βœ… Yes
Mobile Trading: βœ… Yes
ECN: βœ… Yes

Trading Instruments

Currencies: (45+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities

Trading Conditions

EAs/Robots: βœ… Yes
News Trading: βœ… Yes
Scalping: βœ… Yes

Managed Accounts & Social Trading

PAMM: βœ… Yes
Deposit Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney
Withdrawal Methods: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney
3.735 • 541 REVIEWS

Traders Reviews

Ha Noi, Viet Nam,
Jun 7, 2023,
Registered user

HFM dividend problem

Service use: Live
I asked about dividend and they said they dont pay or charge it and send me an email to proof it. but when I placed my orders they take the dividend, after chat with support and email with the trading desk they still said it my fault (cause i trust their words).
Doc La Binh Duong, Viet Nam,
May 24, 2023,
Registered user

Incorrect dividend info

Service use: Live Length of use: 0-3 Months
I asked about dividend and they said they dont pay or charge it and send me an email to proof it. But when I placed my orders they take the dividend. after chat with support and email with the trading desk they still said it was my fault (cause I trust their words). Cheap broker from staff to manager
1 trader has found this review helpful
Reply by HFM Support submitted May 26, 2023:
Dear Client,

We sincerely appreciate the time you have taken to provide us with your feedback.

At our company, customer satisfaction is our utmost priority, and we highly value the opinions and experiences of our clients.

Please note that clients have the option to trade both spot and futures contracts for FRA40 and FRA40.F on our platform. It is important to understand that futures contracts have a specific expiry date, unlike spot contracts. Once the expiry date is reached, all orders associated with futures contracts will be automatically closed. For clients who prefer long-term trading strategies, it is worth noting that futures contracts may not be the most convenient option due to the need to manage expiry dates, which can result in forced trade closures. However, if the trading preferences of the client does not involve considerations such as dividends or swaps, the future Indices present an alternative to spot contracts. On the other hand, spot Indices are subject to corporate actions, including cash dividend pay outs, which are announced through the myHF area platform.

We would like to assure you that the communication you received from our trading department was intended to address your concerns regarding dividend charges.

Additionally, please be aware that this practice is not unique to HFM; it is a standard operating procedure followed across the market.

Thank you once again for sharing your feedback, and please feel free to reach out to us if you have any further questions or require assistance.

Kind Regards

HF Team
Dumaguete, Philippines,
May 19, 2023,
Registered user

A very good start

Service use: Live Length of use: 6-12 Months
I just wanted to give due, it was my first big withdrawal processed on the 9th of May, I received on the 10th after a good run on xauusd, I won't consider myself an expert, but I am very pleased with the offered services and conditions that hfm has provided, Spreads are very acceptable with superb execution time, charting is so and so, but I do use other charting software. I will be giving them 4 to be fair since there will always be a room to improve. but for now they are doing really great. Live trading was done on a premium account for the past 8-9 months...
Reply by HFM Support submitted May 22, 2023:
Dear Client,

Thank you for your feedback.

We are glad to hear you are enjoying our services.

Kind Regards

HF Team
Pretoria, South Africa,
Apr 12, 2023,
Registered user

STOP LOSS HUNTING and dealer desk

Service use: Live Length of use: over 1 Year
i took a buy trade on NZDJPY on the 11/04/2023 when i checked a saw spike towards my stop loss however the same trade from my other three accounts went into profit only HF Markets was closed. i suspect they have a dealer desk to hunt stop losses. The spike was deep and i sent them my photos but still waiting for their response. i am disappointed because i have traded with them for 7 years.
2 traders have found this review helpful
Reply by HFM Support submitted Apr 24, 2023:
Dear Client,

We appreciate you for taking the time to share your feedback with us.

At our company, we prioritize customer satisfaction and highly regard the viewpoints of our clients.

We thoroughly investigated your trading activity and the trading department has addressed and resolved the case successfully with you.

We are grateful for the trust you have placed in us and for the long-standing relationship that spans over 7 years.

Kind Regards,
HF Team
chongqing, China,
Mar 20, 2023,
Registered user

Excellent broker

Service use: Live Length of use: over 1 Year
I changed another method to withdraw successfully the next day.They also called me and expressed their concern.a very good and kind broker!

Mar 16, 2023 - No Rating My /ticket reference number is: 3911236820. Why suddenly I can not withdraw? Whatever, withdrawal should be normal or it may cause panic.

Reply by HFM Support submitted Mar 17, 2023 Dear Jacky023,

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

You will be contacted shortly, as we will require further information in order to investigate further.
Kind Regards

HF Team
Reply by HFM Support submitted Mar 23, 2023:
Dear Jacky023,

Thank you for your feedback.

We are glad to hear you are enjoying our services and we have been able to resolve the matter.

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.