Review Forex
HFM review 2026: accounts, fees and platforms
HFM, formerly HotForex, is a group of brokers offering forex and contracts for difference. Accounts use either spread-based pricing or spreads plus commission through MetaTrader, the HFM App and a browser platform. A CFD provides exposure to price changes without ownership of the underlying asset. Terms and protections depend on the entity and account; leverage can rapidly consume trading funds.
HFM
At a glance
- Service type
- Leveraged forex and CFD trading
- Zero forex commission, USD account
- 3 USD/lot/side
- Zero gold round-turn commission
- 10 USD/100 oz/round turn
- Pro opening deposit
- 100 USD
Leveraged currency trading carries a high level of risk. Products and protections depend on the provider’s legal entity and jurisdiction.
About the service
HFM provides forex trading (brokerage).
Products and plans
HFM forex and CFD accounts
Cent, Premium, Pro and Zero accounts, alongside InfinityX under a separate agreement. Contract sizes, commissions and withdrawal terms depend on the account and entity.
Fit for your needs
Who it suits
- For users already working in MT4 or MT5 who want to compare pricing for the same pair.
Who may prefer an alternative
- Less suited to users seeking share ownership or crypto to transfer to a wallet.
Costs and service terms
- Pricing structure
- Premium, Pro and Cent primarily use spread pricing; Zero separates spread and commission.
- Advertised starting spreads
- Variable: Zero from 0, Pro from 0.6, Premium and Cent from 1.4 pips.
- Zero forex commission, USD account
- 3 USD/lot/side
- Zero gold round-turn commission
- 10 USD/100 oz/round turn
- Pro opening deposit
- 100 USD
- Opening-deposit conditions
- Premium and Cent: table value 0; Pro: $100; InfinityX: $500. Zero has a table/FAQ discrepancy.
- Cent account lot size
- 1,000 units/cent lot
- Leverage and scope
- Up to 1:2000 in the international Cent, Zero, Pro and Premium table; InfinityX has separate terms.
- Standard-account margin call and stop-out
- 50% / 20% in the Cent, Zero, Pro and Premium table
- How TradingView is used
- TradingView charts are embedded inside HFM WebTrader.
- Overnight holding and swap-free terms
- Exemption depends on account, instrument and usage terms.
- InfinityX initial deposit
- 500 USD
- InfinityX limits
- Dynamic leverage subject to eligibility, with separate withdrawal and usage terms.
- Contracting entity and supervision
- HF Markets (SV) Ltd incorporation in St Vincent is distinct from other group companies’ licences.
- Funding costs under SV terms
- The document lists no internal company fee; bank, card or payment-gateway costs may apply.
- Client money and balance protection
- Segregation and negative-balance protection are subject to the company agreement.
Products, platforms and terms
- Service type
- Leveraged forex and CFD trading
- Funding and original-method refunds
- Withdrawals require approved documents; original-method refunds have priority under SV terms.
Platforms
- MT4
- MT5
- HFM WebTrader
- HFM App
Currencies
- USD
- EUR
- USC
Advantages and drawbacks
Advantages
- A choice of MetaTrader, app and browser interfaces for different workflows.
- The Cent account supports smaller contract quantities than a standard lot.
Drawbacks
- Zero adds commission to the spread.
- Swap-free is not a universal permanent holding-cost exemption.
- InfinityX restricts minimum-equity withdrawals while positions remain open.
Alternatives for the same use
HFM vs other providers in forex
| Compare by |  HFMThis review | ||||
|---|---|---|---|---|---|
| Products | |||||
| Products and trading types | Leveraged forex and CFD trading | Forex and CFDs on indices, commodities, shares and crypto | Forex (28 pairs), metals, crypto, CFDs on US stocks, indices and oil; 12,000+ instruments including stocks and ETFs on R StocksTrader; copy trading; MT4, MT5, R StocksTrader | ||
| Fee structure | |||||
| Pricing structure | Premium, Pro and Cent primarily use spread pricing; Zero separates spread and commission. | 10 USD/1M USD | |||
| Spread | Variable: Zero from 0, Pro from 0.6, Premium and Cent from 1.4 pips. | ||||
| Deposits and withdrawals | |||||
| Minimum deposit | 10 USD | ||||
| Deposit methods | Withdrawals require approved documents; original-method refunds have priority under SV terms. | Bank cards, bank transfers, e-wallets, QR and vouchers and other systems; 0% deposit commission; commission-free withdrawal 3 times a month | |||
| Withdrawal fee | The document lists no internal company fee; bank, card or payment-gateway costs may apply. | ||||
| Country and product limits | |||||
| Maximum leverage | 1:300 | ||||
| Residence restrictions | Among others, residents of the EU/EEA, UK, USA and Russia | ||||
| Platforms | |||||
| Platforms | MT4 / MT5 / HFM WebTrader / HFM App | MetaTrader 4 / MetaTrader 5 / TradingView / TradeLocker | MetaTrader 4 / MetaTrader 5 / cTrader / TradingView | Web | MetaTrader 4 / MetaTrader 5 / R StocksTrader / WebTrader / MobileTrader (iOS / Android) |
| Legal entity | |||||
| Legal entity | HF Markets (SV) Ltd · St Vincent and the Grenadines / HF Markets (Seychelles) Ltd · Seychelles / HF Markets (UK) Limited · United Kingdom / HF Markets (Europe) Ltd · Cyprus | Eightcap Global Limited · Bahamas / Eightcap International Ltd · Seychelles; registration 8427413-1 / Eightcap International Trading · Mauritius; registration 227050 / Eightcap Pty Ltd · Australia; ABN 73 139 495 944 / Eightcap Group Ltd · United Kingdom; company 12448314 / Eightcap EU Ltd · Cyprus; company HE329922 / CLMarkets Limited trading as Eightcap International · Saint Vincent and the Grenadines; incorporation 24750 IBC 2018, not a regulatory license | First Prudential Markets Pty Ltd · Australia / First Prudential Markets Limited · Seychelles / FP Markets (Pty) Ltd · South Africa / FP Markets Limited · Kenya / FP Markets Ltd · Saint Lucia | Plus500IL Ltd · Israel / Plus500UK Ltd · United Kingdom | RoboForex Ltd · Belize |
| Go to provider | |||||
More providers in Forex
Eightcap · review
Eightcap offers leveraged forex and CFDs through Standard and Raw accounts. Its international Raw schedule charges USD accounts $3.50 per side per standard lot: $7 to open and close, before spread and financing. Platforms include MT4, MT5, TradingView and TradeLocker. Products, charges and protections depend on the entity and account; all trading funds can be lost.
FP Markets · review
At FP Markets, Raw forex on MT4/MT5 in a USD account costs $3 per side per lot: $6 to open and close, before spread and financing. Standard includes forex charges in the spread. The global table lists MT4, MT5 and cTrader for both accounts and TradingView for Raw, with the documented connection using cTrader ID. Terms and protections depend on the entity; leveraged trading can cause rapid losses.
Plus500 · review
Plus500 CFD offers contracts for difference linked to asset prices through its trading platform. The contract provides price exposure rather than ownership of the underlying asset. Costs include the buy/sell spread, with funding potentially applying after an instrument-specific cutoff. Guaranteed stops are limited to supported instruments and carry a wider spread. The Israeli service is described under Plus500IL; Plus500UK terms are considered separately. Leveraged trading can rapidly exhaust invested funds. Plus500 Invest and the US futures service are different offerings.
RoboForex · review
At Belize-based RoboForex Ltd, Prime requires a $10 minimum deposit and quotes commission of 10 USD per million USD of turnover, alongside spreads from 0 pips and leverage up to 1:300. A million dollars of turnover is not one lot: an EUR/USD lot is 100,000 euros. Leverage magnifies losses; the provider’s risk warning reports that 75.85% of retail accounts lose money.
How to sign up with HFM
- Open HFM's official registration process using your residence details.
- Read the entity and product account terms and complete the identity requirements shown to you. Initial registration does not approve access to every product.
- Before funding the account, select supported deposit and withdrawal routes in your own name and record the cost in both directions.
Forex: guides and key terms
HFM
Check the current terms before signing up or paying.
Detailed review
What HFM offers and what you actually trade
HFM, previously known as HotForex, offers forex and CFD accounts through several trading interfaces. In the products covered here, profit or loss comes from a change in the contract price. Buying a share CFD does not make you a shareholder, and a bitcoin CFD is not a bitcoin balance that can be sent to a wallet. Even when the screen displays a currency, index or gold, read the contract specification before treating it as ownership of an asset.
Separate three decisions before selecting an account: which company signs the agreement, which account is opened and which platform is used. The same brand and MetaTrader software do not ensure identical terms across group companies. The total trading cost guide helps combine spread, commission and financing in a single scenario.
Which company is behind the account
HFM is a brand used by several companies. HF Markets (SV) Ltd is incorporated in St Vincent and the Grenadines under 22747 IBC 2015; this is corporate registration, not a local forex-broker licence. Other group companies include HF Markets (Seychelles) Ltd under licence SD015, HF Markets (UK) Limited with FCA reference 801701 and HF Markets (Europe) Ltd under CySEC licence 183/12. The licences belong to the individual companies rather than every account under the brand.
The European company currently states that acceptance is limited to eligible counterparties and professional per se clients; it should not be presented as a retail route open to everyone. A link containing /sv/ does not by itself establish which company will accept a particular application. Before funding, check the contracting company, jurisdiction, documents and complaint route. Eligibility for an Israeli resident is not established here.
Segregation and protections: what the brand does not establish
The reviewed SV agreement describes holding client money separately from company funds, including pooled accounts and possible third-party holding. In its March 2026 wording, negative-balance adjustment concerns a deficit caused by stop-out. Protection is subject to the agreement; it does not support an unconditional promise that no other liability can arise. The risk document warns about OTC trading, counterparty exposure and substantial, rapid losses.
Segregation is not bank-deposit insurance and does not guarantee repayment of trading losses. Another group company’s licence or compensation mechanism does not automatically extend to an SV account. No guaranteed per-customer insurance amount or statutory SV compensation entitlement is established here. Anyone considering funding should read the agreement offered to them; the March wording was not established as the latest agreement for every account.
Five accounts: more than a different name
The international table lists five accounts. Spreads are variable starting thresholds, not averages or live quotes. The commission column describes forex pricing; other products may have exceptions.
Scroll the table horizontally to read every column.
| Account | Advertised starting spread | Forex cost structure |
|---|---|---|
| Cent | From 1.4 pips | Spread; 1,000-unit lot |
| Premium | From 1.4 pips | Primarily spread |
| Pro | From 0.6 pips | Primarily spread |
| Zero | From 0 pips | Spread plus commission |
| InfinityX | From 0.3 pips | Spread; separate account terms |
Pro lists a $100 or €100 opening deposit according to account currency. InfinityX requires $500 or equivalent for the initial transfer. Premium and Cent list a zero account minimum; this does not mean every payment method accepts any amount. Zero has a source discrepancy, explained below. A minimum advertised spread alone is insufficient to select an account.
Zero commission: count opening and closing
The Zero schedule separates currencies from gold. For forex in a USD account, a 100,000-unit round turn costs $6 in commission, equivalent to $3 per side. At 0.10 standard lot, total round-turn commission is $0.60. The per-side equivalent is a comparison basis; HFM’s announcement for Zero on MT4/MT5 describes charging the full commission at opening. Spread is not included. Gold uses ounces and lists $10 per 100-ounce round turn; do not apply the forex calculation to it.
As an educational example only, assume buying and selling 0.10 lot of EURUSD in a dollar account with a total spread of 0.2 pips under stable price conditions. One pip at this size is $1, so the spread component is $0.20. Adding $0.60 in opening and closing commission gives $0.80 before financing and slippage. The 0.2-pip figure is an illustrative assumption, not a spread measured at HFM. Different spreads or execution prices change the result.
Zero opening minimum: the source is inconsistent
The general account comparison and the Zero specification table show $0 or €0 as the opening deposit. The FAQ on the same Zero page instead says $25. These are different figures in the official source, without an explanation that one concerns a fee and the other a deposit. A single verified Zero minimum is therefore not asserted here.
Before sending funds, obtain written confirmation of the account terms and check the payment method’s threshold too. A zero account minimum does not mean positions can be opened without the required collateral. A deposit remains account capital exposed to loss; it is not a participation fee or an estimate of the capital sufficient for a strategy.
Cent: read the contract size correctly
The Cent account balance is expressed in USC, and its table defines a lot as 1,000 base-currency units. A standard lot in the other accounts is 100,000 units. Thus 0.01 cent lot represents 10 units, compared with 1,000 units for 0.01 standard lot. The quantity box can display the same number while exposure differs by a factor of 100.
The account can support practice with smaller contract quantities, but it uses real money. Demo or very small-size results do not guarantee comparable results after scaling up. Before an order, check contract size, movement value and the intended loss to the stop. The position-size calculator requires units and a multiplier appropriate to the instrument; do not enter lots without converting them.
MetaTrader, the app and TradingView charts
HFM lists support for MT4, MT5, its own app and HFM WebTrader. The browser interface includes TradingView charts, drawing and analysis tools without installing desktop software. These are embedded charts inside HFM. A route selecting HFM as a broker in the Trading Panel on TradingView’s own website was not verified here. Users already working on TradingView should check the required connection before opening an account.
MetaTrader also requires the appropriate account and server. An automation tool, indicator or chart template does not establish identical contract specifications and trading hours across brokers. In demo, test order entry, stop modification, partial closing and history exports. If trading directly within TradingView is essential, the Eightcap comparison explains embedded charts versus a connected trading account.
Swap-free and the cost of holding overnight
Swap-free does not promise that every position can remain open indefinitely without cost. HFM’s policy applies to selected accounts and instruments, allows carry charges after consecutive holding days and permits the company to assess usage and remove the exemption. Check the exact symbol and account terms instead of relying on the marketing headline.
For a multi-day trade, record opening and closing commission, spread and actual holding costs separately. Check dividend adjustments where relevant. An account that appears inexpensive for a same-day trade may have a different cost over a longer holding period. Calculate overnight cost from the instrument specification and account terms without assuming the same exemption across all products or customers.
Leverage, margin and forced closing
The international Cent, Zero, Pro and Premium table lists leverage up to 1:2000, a 50% margin call and 20% stop-out. This is not a promise for every resident or entity, and margin ratios are not a personal loss ceiling. Leverage creates large exposure relative to capital, so a small movement can consume much of that capital. A stop price may differ from the execution price during a gap or low liquidity.
As a mathematical illustration only, $10,000 of exposure against $100 of equity is a 100:1 exposure-to-equity ratio. A 1% adverse movement equals $100 before costs. This is not a proposal to open such a position. Start with an affordable monetary loss, contract size and stop distance, then check the margin requirement. A high maximum leverage figure is not a basis for ranking the broker.
InfinityX: read beyond the headline
InfinityX is marketed with unlimited leverage, but the HF Markets (SV) Ltd agreement sets eligibility, dynamic leverage and asset-class caps. It requires an initial $500 transfer or equivalent. With open positions, withdrawals depend on maintaining the required minimum. Usage restrictions also apply, and the agreement allows the company to change terms and remove benefits in specified cases.
The table lists a 20% margin call and 0% stop-out. Zero is the advertised closing level, not zero risk or a promise to preserve capital. The headline is no reason to increase size or remove an equity buffer. Users preferring simpler exposure and withdrawal terms should compare the standard accounts first. Do not assume that another group company’s protection policy or leverage limit applies to the SV route.
Deposits, withdrawals and receipt time
SV withdrawal terms require documentation approval before withdrawal and prioritise refunds to the original funding method, including cards under the applicable rules. Requests received before 10:00 server time are described for processing that business day; later requests on the next business day. The document limits processing to Monday–Friday, including when an instrument trades over the weekend. Broker processing is different from funds reaching a card or bank.
The document lists no internal HFM deposit or withdrawal fee, but bank, card or gateway costs may apply and be passed through. Marketing pages also describe processing throughout the week, which conflicts with the SV document’s business-day restriction; weekend withdrawals or instant receipt are therefore not promised here. Check the method offered in your account, beneficiary details, amount threshold and expected receipt time.
Against FP Markets and Eightcap: what to compare first
HFM offers several account structures, but a fair comparison starts with one account and one instrument. Zero can be compared with Raw accounts on spread plus commission; Pro and Premium can be compared with accounts that price forex primarily through spread. Do not compare an advertised minimum on one side with an average spread on the other, or a cent lot with a standard lot. Similar platforms do not remove contract and execution differences.
HFM vs FP Markets focuses on accounts, commissions and platform choice. HFM vs Eightcap also examines how TradingView is used. Open the three-broker comparison table alongside the reviews and check the terms of the account actually offered to you. A use-case comparison does not establish account eligibility.
Who may find HFM relevant and what to check
HFM may be relevant to users seeking forex and CFD trading through MetaTrader who want to choose between primarily spread-based pricing and Zero with a separate commission. Cent may help users work with smaller contract quantities, provided they understand the account units. Users seeking asset ownership or crypto transfers to a wallet should consider a service supporting direct purchase and custody. CFD trading carries a risk of loss and does not guarantee returns.
Before deciding, list the contracting company, account, symbol, lot size, expected spread, two-sided commission, overnight cost and withdrawal method. Also check inactivity terms in the agreement offered to you; the reviewed SV wording has graduated charges after six months without financial or trading activity, and was not established as the latest version. Practise the required orders in demo. This review is based on company documents and official sources, without claiming live trades or a real-money withdrawal test.