HFM Review: Licences, Costs and the Fine Print

HFM bonuses and promotions

Bonuses as published on each broker's official pages. Terms change by country and over time, so check the broker's site before you sign up. N/A means no published information was found. checked 2026-11-02.

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HFM key facts

Verdict: a well-licensed group with a full offshore line-up

HFM’s strength is its group: companies regulated in Cyprus, the UK, South Africa, Kenya and the Seychelles. Few brands in our comparison hold licences from regulators like the FCA and CySEC alongside offshore ones.

For international clients, the offer is broad: five account types from a $0 minimum, leverage up to 2,000:1, a raw-spread Zero account at $6 per lot round trip, a 20% deposit bonus on a dedicated account, negative balance protection and withdrawals with no HFM fee. The trade-off is the usual one for offshore accounts: they’re held with a group company outside the EU and UK, so the FCA and CySEC licences don’t protect them.

Good for

• Traders who value a group with tier-1 licences in the background
• Frequent traders who want a cheap raw-spread account (Zero)
• Beginners who want a Cent account or a modest deposit bonus
• Residents of Kenya or South Africa, where HFM group companies are licensed locally

Not for

• Anyone who wants a bonus and raw pricing on the same account: the bonus is only on the Top-up Bonus account
• Residents of India: the RBI’s Alert List names HotForex and HF Markets (see below)

Company and licence

HFM’s group pages list licences from CySEC (183/12), the UK FCA (801701), South Africa’s FSCA (46632), the Seychelles FSA (SD015) and Kenya’s CMA (155). Kenya’s Capital Markets Authority confirms HFM Investments Limited (trading as “HF Markets”) on its published list of licensees.

What a group licence does and doesn’t mean: you are protected by the rules of the company you contract with, not by the group’s best licence. An account with the Seychelles company is supervised by the Seychelles FSA, not the FCA, and doesn’t come with UK or EU investor compensation. HFM notes that its EU company trades as “HF Markets”, which differs from the “HFM” brand used by other group companies. Before depositing, check the company name and licence number in your client agreement. See our HFM safety page and the Seychelles FSA guide.

Accounts and costs

The line-up follows Compare Forex Brokers’ review of HFM’s offshore company; spreads are typical review-site figures, not an official HFM average. At about $14 per lot on EUR/USD, Premium costs more than twice the Zero account’s $6, so anyone trading more than occasionally should look at Zero first. Gold on Premium averages about $0.38. Islamic (swap-free) versions and HFcopy copy trading are available. EU-company accounts follow EU rules (lower leverage, no bonuses) that don’t describe offshore accounts. More: HFM account types, HFM spreads.

Leverage: up to 2,000:1, 1,000:1 on the Top-up Bonus account, and restricted from 15 minutes before to 5 minutes after major news. Margin call is 50% and stop-out 20%, with negative balance protection. Scalping, hedging and EAs are allowed. See HFM leverage.

Funding and withdrawals

International clients can fund by bank wire, Visa or Mastercard, Skrill, Neteller, USDT and other e-wallets, depending on country. Withdrawals to e-wallets are instant, crypto takes up to 24 hours, and bank wires and cards take 2–10 business days. HFM charges no withdrawal fee, though banks and wallets may deduct their own. Deposit from an account in your own name and test a small withdrawal early. See HFM deposits and HFM withdrawals.

Bonus

HFM adds 20% to every deposit, up to $5,000 of bonus, on its Top-up Bonus account, in countries where that account is offered. There is no no-deposit bonus. Because the bonus account can’t be the Zero account, frequent traders often do better skipping it: at $8 per lot saved, 25 lots on Zero match the $200 bonus on a $1,000 deposit. Read how withdrawals affect the credit before you accept it (how bonus rules work). See HFM bonus.

Risks to weigh

• Serving company: an international account is held with an offshore group company, so the FCA and CySEC licences don’t cover it. The client agreement names the company.
• India: the Reserve Bank of India’s Alert List of entities not authorised to deal in forex names both HotForex and HF Markets (hfm.com).
• Japan: the FSA’s list of warned unregistered overseas firms includes HF Markets (SV) Ltd, warned in August 2017 for soliciting under the name “HotForex”.
• News-time leverage cuts: positions held into major releases have their margin recalculated at lower leverage, which can trigger a stop-out on a thin balance.

Bottom line

HFM combines group licences that most offshore brands can’t match with a complete offshore offer: a $0 minimum, 2,000:1, a cheap Zero account and a deposit bonus. A licence is only as useful as the company you actually sign with, so check the client agreement, then compare it with HFM vs XM, HFM vs Titan FX, or the safest brokers comparison.

Licence register details

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