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Introduction to HF Markets
HF Markets is an online forex and multi-asset CFD broker licensed worldwide. The company was founded as Hot Forex in Cyprus in 2010. Since then, the company has grown to offer more than just forex currency pairs and rebranded as HF Markets. As of 2021, HF Markets offers more than 1,000 trading instruments.
This HF Markets review explores the broker’s various features, trading products and the company’s reputation and regulatory background. We’ve also created a practical guide to help you get started and open your HF Markets trading account.
Pros and cons of trading with HF Markets
Pros
- The company takes regulation seriously and operates internationally under several licenses.
- HF Markets has earned dozens of industry awards for providing excellent services to customers.
- Free deposits and withdrawals and a wide range of funding methods.
Cons
- Bonuses and high leverage are only available to traders outside the UK and Europe.
- Only provides MT4 and MT5, just like every other broker.
HF Markets licenses and regional entities
HF Markets operates internationally, and there are various regional differences due to the differences in regulatory environments. It’s important to be aware of these changes as they impact your rights as an investor.
The country where you reside will influence which HF Markets entity will open your trading account. Unless you’re using a VPN, you’ll be redirected to the right version of HF Markets for your region. This section of our HF Markets review offers a summary of each entity.
HF Markets (Europe) Ltd
- Regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 183/12.
- Only accepts clients from the EEA, except for Belgium and Switzerland.
- The HF Markets Europe website is www.hfeu.com.
HF Markets (UK) Ltd
- Authorised and regulated by the UK Financial Conduct Authority (FCS) with firm reference number 801701.
- Only accepts clients from the United Kingdom.
- The HF Markets UK website is www.hfmarkets.co.uk.
HF Markets (SV) Ltd
- Forex is not regulated in Saint Vincent and the Grenadines, meaning HF Markets (SV) Ltd is not required to be licensed or authorised to provide services.
- Clients that are not residents of any of the regions where an HF Markets license already covers are automatically assigned to HF Markets (SV) Ltd.
- The HF Markets Saint Vincent and the Grenadines website is www.hotforex.com.
HF Markets SA (PTY) Ltd
- Authorised and regulated as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa with licence number 46632.
- Only accepts clients from South Africa.
- The HF Markets South Africa website is www.hotforex.co.za.
HF Markets (DIFC) Limited
- Authorised and regulated by the Dubai Financial Services Authority (DFSA) under licence number F004885.
- Only accepts clients from Dubai.
- The HF Markets Dubai website is www.hfmarkets.ae
HF Markets Ltd
- A licensed investment dealer regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with license number C110008214.
- The HF Markets Mauritius website is www.hotforex.mu.
HF Markets (Seychelles) Ltd
- Regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer Licence number SD015.
- The HF Markets Seychelles website is www.hotforex.com.sc
HF Markets trading platforms
HF Markets offers two trading platforms: MetaTrader 5 and MetaTrader 4. These platforms are very popular among traders of all experience levels and offer a variety of useful market analysis tools and charting objects to enrich your trading experience.
You can download MT4 or MT5 desktop applications from the HF Markets website, or you can access the web version of either platform from their client zone. Alternatively, you can download one of the platforms on your Android or iOS device to trade on the go.
There are infinite online resources and guides available online to help new traders learn how to use the MT4 and MT5 platforms. But one of the best ways to learn is by learning from an experienced mentor. Instead of scrolling through the internet looking for answers, why not book an hour session with our MT4/MT5 consultant.
Not all instruments are available on either HF Markets platform, which can be problematic depending on which platform you choose. Before settling on MT4 or MT5, consider which instruments are available by reading the account types and trading instrument sections of this HF Markets review.
HF Markets account types
To access one of the HF Markets trading platforms, you’ll first need to open a live or demo trading account. With a demo account, you can start testing out the different HF Markets account types and open a live account only if you’re satisfied.
HF Markets offers five trading accounts, however, not all of them are available in every region:
- Micro account (not available in the UK or Europe): The Micro account only requires a $5 minimum deposit and is available with up to 1:1000 leverage,
- Premium account: The premium account requires a minimum deposit of $100. Spreads start from 1 pip, and there isn’t any commission charged on trades.
- Zero Spread account: The Zero Spread account requires a minimum deposit of $200. Spreads start from zero pips; however, the commission charged is $6 per lot for major forex pairs and $6 per lot and $8 per lot for all other trading instruments.
- HF Copy account (not available in the UK): The HF Copy account is designed for anyone who wants to become a strategy provider or a follower and copy other peoples trading strategies. The minimum deposit varies depending on whether you’re a strategy provider or follower. The minimum deposit also varies by region.
- Premium Pro account (only available in the UK and Europe): The Premium Pro account is designed for experienced traders eligible to remove leverage restrictions imposed by European regulations.
HF Markets trading instruments
- Forex: HF Markets offers 53 currency pairs.
- Precious metals: With HF Markets, you can trade gold and silver against the US dollar or euro. The broker also offers platinum and palladium.
- Energy products: You can trade UK brent oil or US crude oil; these instruments are offered as either spot or futures.
- Commodities: Besides precious metals and energy products, HF Markets also offers other commodities, such as coffee, copper and cotton.
- Indices: HF Markets offers you access to over ten indices, allowing you to trade in some of the most exciting markets around the globe. Spot and futures contracts are available to trade for all major markets, including the SPX500, US30 and the FTSE100.
- Bonds: Trading bonds is another popular way to speculate on entire economies. HF Markets portfolio of bonds includes the US 10-year Treasury Notes, UK Gilt and Euro Bund.
- Shares: HF Markets offers almost one thousand shares from several stock exchanges, including the NYSE, Nasdaq and the London Stock Exchange. There are approximately only fifty shares available on the MT4 platform, while the rest are available on MT5.
- ETFs: Besides a large global stock offering, the broker also offers dozens of exchange-traded funds. ETFs are only available on the MT5 platform.
How to open an HF Markets live account
It takes several minutes to open an HF Markets live trading account. However, the process is relatively straightforward. Be prepared to answer a lot of questions, and at the end of the process, you’ll need to upload your proof of identity and a proof of residence document.
Follow these steps to become a live trader at HF Markets.
- Select your account variety. You have the option to choose between individual, corporate, or joint. For the majority of readers, this will be an individual account. An individual account is for one person to use, whereas a joint account is for couples to share. A corporate account is opened in the name of a business.
- Enter the personal and contact information requested in the registration form. The information requested varies depending on whether you chose an individual, joint or corporate account.
- Verify your email address by clicking the link in an email received from HF Markets. Once you click the link, you’ll be redirected to the client zone, where you can continue registration.
- You’ll need to continue providing information in the client zone, including your country of birth and current residential address.
- Select whether you want to subscribe to HF Market emails and SMS updates.
- Choose your account base currency. The currencies available depend on your region. For example, in Europe, the choices are EUR and USD, whereas there is the option of GBP in the UK.
- Next, you’ll need to answer multiple-choice questions regarding your economic profile. The questions concern your employment situation, personal wealth, funding sources for trading and your tax residency.
- Then you’ll need to complete the appropriateness test. This test might not be required for clients opening an account with HF Markets in Saint Vincent and the Grenadines. These questions are to evaluate your trading knowledge and experience.
- Below the appropriateness test, you’ll need to make some declarations that will determine whether you’re eligible to open a financial brokerage account. HF Markets needs to know whether you have a criminal record, whether you’re a politically exposed person, and whether you’re a US citizen or resident. There is no point lying here because the broker will verify your information against independent sources.
- You will be asked to read and accept the terms and conditions at the end of the page.
- Finally, you’ll be asked to upload your verification documents. These documents can be uploaded to the ‘myHF” client zone or sent via email if you’re facing technical difficulties. Within 48 hours, the document verification process will be complete.
After completing the above steps, you can access a live trading account. Does this HF Markets review inspire you to start trading with this broker?
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