- Globally regulated, including by FCA and CySEC.
- MT4 and MT5 available, plus proprietary HFM App.
- Verified through live accounts testing.
HFM, formerly known as HotForex, has been a significant presence in the brokerage industry since 2010. This 2025 review provides a clear look at their services, focusing on their pricing structure, the user feedback available, and the strong regulatory framework that underpins their global operations, all explained in simple terms.
Live Spreads: Zero Spread Account is Competitive
A primary expense when trading is the spread, which is simply the difference between the immediate buy and sell price of an asset. HFM offers different account structures that affect this cost. Their Premium account typically includes all charges within the spread itself, making it commission free. For those seeking tighter spreads, the Zero Spread account offers pricing closer to the core market rates but adds a separate, fixed commission for each trade.
The live data presented in the table above suggests that HFM provides very competitive pricing, especially on their Zero Spread account, which is often highlighted for its low costs on major currency pairs. To see how HFM compares with other specific brokers or for different instruments, you can use the orange 'Edit' button to customise the display.
HFM User reviews
)
HFM Overall rating
| Rating | Weight | |
| User Rating |
4.1 (104 reviews)
 |
3 |
| Popularity |
5.0
|
3 |
| Regulation |
5.0
|
2 |
| Pricing rating |
4.5
|
1 |
| Features |
Not rated
|
1 |
| Customer Support |
Not rated
|
1 |
On RebateKingFX, HFM holds a strong overall rating, which is significantly supported by positive user feedback and a top-tier score for regulation. Having been in operation since 2010, they are a well-established and popular choice for traders globally. Their high rating for pricing also aligns with user comments about competitive costs and the good value offered through their various trading accounts.
Regulation: Top Tier Oversight from FCA, CySEC & More
| Company | Licenses & Regulations | Segregated Client Money | Deposit Compensation Scheme | Negative Balance Protection | Rebates | Max. Leverage Retail Clients |
|---|---|---|---|---|---|---|
| HF Markets (Europe) Ltd |
|
up to €20,000
|
|
|
30 : 1 | |
| HF Markets (UK) Ltd |
|
up to £85,000
|
|
|
30 : 1 | |
| HF Markets SA (PTY) Ltd |
|
|
|
|
1000 : 1 | |
| HF Markets (DIFC) Ltd |
|
|
|
|
50 : 1 | |
| HF Markets (Seychelles) Ltd |
|
|
|
|
1000 : 1 | |
| HFM Investments Ltd |
|
|
|
|
400 : 1 | |
|
HF Markets (SV) Ltd
Saint Vincent and the Grenadines |
|
|
|
|
|
2000 : 1 |
HFM is well regarded for its robust regulatory foundation, holding authorisations from several financial authorities across the globe. This includes respected top-tier regulators like the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). They also hold licences from the DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), and the CMA (Kenya).
This multi-entity structure means that clients are placed under different regulatory environments based on their location. Clients registered under the FCA or CySEC benefit from stringent oversight but also access to investor protection schemes like the UK's FSCS (covering up to £85,000). In contrast, clients under other entities like the FSA in Seychelles can often access higher leverage but operate outside these specific compensation frameworks.
Available Assets: Wide Selection Including Shares, ETFs & Crypto
Traders at HFM have access to an exceptionally wide array of financial markets. Their offering includes a vast selection of forex pairs, CFDs on global stock indices, energy products like oil, precious metals such as gold and silver, bonds, a variety of cryptocurrencies, and an extensive portfolio of international company shares and ETFs.
You can use the live symbol search tool above to explore the complete, up-to-date list of instruments. It's important to remember that these are predominantly traded as CFDs (Contracts for Difference). This method of speculating on price movements uses leverage, which can amplify gains but also significantly increases the risk of loss.
Live Swap Rates: Generally Competitive Overnight Charges
Holding trading positions open from one day to the next typically involves swap rates. These are daily financing adjustments, which can be either a charge or a credit to your account, based on the instrument, trade direction, and prevailing interest rates. HFM's swap rates are known to be generally competitive.
As is standard industry practice, a triple swap adjustment is usually applied mid-week (often on a Wednesday) to account for holding a position over the weekend. The data shown in the table above is sourced from live accounts. To compare the swap rates for HFM against other brokers or for different symbols, you can use the orange 'Edit' button.
Trading Platforms: MT4, MT5 & HFM App
| Platform | Main Benefits | Points to Note |
|---|---|---|
| MetaTrader 4 (MT4) |
|
|
| MetaTrader 5 (MT5) |
|
|
| HFM App (Proprietary) |
|
|
HFM stands out with its excellent range of platform choices. Clients can use the globally popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms and their own intuitive HFM App for mobile trading. This selection caters to nearly every type of trader, from beginners to experienced professionals.
Deposits/Withdrawals: Broad Options Including Crypto
| Payment Method | Processing Time | Fee Stated by HFM | Common Base Currencies |
|---|---|---|---|
| Bank Wire | 2-7 business days | None* | USD, EUR (regional variations) |
| Credit/Debit Cards | Instant | None | USD, EUR |
| Skrill / Neteller | Instant | None | USD, EUR |
| Cryptocurrencies (BTC, ETH, USDT, LTC) | Network Dependent | None** | Crypto (converted to account currency) |
| Regional Methods | Varies (Often Instant) | None | Regional currencies |
HFM provides a diverse selection of methods for funding your account and withdrawing profits. These include traditional bank transfers, major credit and debit cards, popular e-wallets like Skrill and Neteller, cryptocurrencies (with availability depending on your region), and a variety of local payment solutions.
HFM typically does not charge its own fees for deposits or withdrawals. It's important to be aware, though, that third-party payment services or *intermediary banks may apply their own charges. **Crypto network fees also apply for deposits/withdrawals in crypto. For the most updated information on methods and fees, please check the official HFM website.
Leverage: Up to 1:2000 via Offshore Entities
The maximum leverage available with HFM is directly tied to the regulatory authority overseeing your account. Clients registered under stricter regulators like the FCA (UK) or CySEC (Cyprus) will typically have leverage capped at 1:30 for major forex pairs, in line with retail client protection standards.
Accounts held with entities regulated by the FSA in Seychelles can access much higher leverage, up to 1:2000. While this can increase trading power from a smaller capital base, it equally amplifies the risk of loss, requiring careful risk management.
HFM Profile
| Company Name | HF Markets SA (PTY) & HF Markets (SV) Ltd |
| Categories | Forex Brokers, Forex Rebates |
| Primary Category | Forex Brokers |
| Year Founded | 2010 |
| Headquarters | Cyprus |
| Office Locations | United Arab Emirates, Bulgaria, Kenya, Mauritius, United Kingdom, South Africa |
| Account Currency | EUR, JPY, USD, ZAR, NGN |
| Support Languages | Arabic, Chinese, English, French, German, Hindi, Indonesian, Italian, Japanese, Korean, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese, Bengali, Urdu, Chinese (Traditional), Filipino |
| Funding Methods | Bank Wire, Credit/Debit Card, FasaPay, Neteller, Skrill, Sofort, BitPay, PayRedeem |
| Financial Instruments | Forex, Shares, Indices, Bonds, Oil/Energies, Cryptocurrencies, Metals, ETFs |
| Prohibited Countries | Iran, United States |
24 hour support
Segregated Accounts
Islamic Accounts
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo
Trading API
Cent accounts
Negative balance protection
Social trading
Regulatory deposit insurance
Trailing stops
Bonuses
Interest on margin
Fixed spread
Variable spread
The HFM profile on RebateKingFX offers a comprehensive summary of the broker's key details. It outlines the available account base currencies, lists the many deposit and withdrawal methods, and highlights the languages supported. You can also find vital information regarding client fund safety, their regulatory licences, and a list of restricted countries.
HFM Promotions
HFM frequently runs promotional offers. These can include deposit bonuses and trading contests. As promotions and their eligibility requirements can change, it's always best to visit the official HFM website for the complete terms and conditions before you participate.
HFM User Rating
HFM reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.
Please make sure your comments are relevant and that they do not promote anything. Irrelevant comments, including inappropriate or promotional links, and comments containing abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind, will be deleted.
HFM Cashback rebates
| Zero Spread | Pro | Premium | PAMM Client accounts (Premium) | PAMM Client accounts (Premium Plus) | Crypto CFD | |
| Forex | $2.55 Per Lot | Up to $21.16 Per Lot | $2.55 Per Lot | - | ||
| Oil / Energies | $0.63 Per Lot | $0.75 Per Lot | $0.63 Per Lot | - | ||
| Metals | Gold $4.46 Per Lot | Up to $9.07 Per Lot | $2.55 Per Lot | - | ||
| Shares / Equities | MT4 - $0.63 MT5 - $0.006 Per Lot | MT4 - $0.75 MT5 - $0.007 Per Lot | $0.63 Per Lot | - | ||
| Indices | $0.63 Per Lot | $0.75 Per Lot | $0.63 Per Lot | - | ||
| Cryptocurrencies | $0.63 Per Lot | $0.75 Per Lot | - | Up to $100.00 Per Lot | ||
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
| |||||
| Zero Spread | |
| Forex | $2.55 Per Lot |
| Oil / Energies | $0.63 Per Lot |
| Metals | Gold $4.46 Per Lot |
| Shares / Equities |
MT4 - $0.63 MT5 - $0.006 Per Lot |
| Indices | $0.63 Per Lot |
| Cryptocurrencies | $0.63 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
| Pro | |
| Forex | $2.55 Per Lot |
| Oil / Energies | $0.63 Per Lot |
| Metals | Gold $4.46 Per Lot |
| Shares / Equities |
MT4 - $0.63 MT5 - $0.006 Per Lot |
| Indices | $0.63 Per Lot |
| Cryptocurrencies | $0.63 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
| Premium | |
| Forex | Up to $21.16 Per Lot |
| Oil / Energies | $0.75 Per Lot |
| Metals | Up to $9.07 Per Lot |
| Shares / Equities |
MT4 - $0.75 MT5 - $0.007 Per Lot |
| Indices | $0.75 Per Lot |
| Cryptocurrencies | $0.75 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
| PAMM Client accounts (Premium) | |
| Forex | $2.55 Per Lot |
| Oil / Energies | $0.63 Per Lot |
| Metals | $2.55 Per Lot |
| Shares / Equities | $0.63 Per Lot |
| Indices | $0.63 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
| PAMM Client accounts (Premium Plus) | |
| Forex | $2.55 Per Lot |
| Oil / Energies | $0.63 Per Lot |
| Metals | $2.55 Per Lot |
| Shares / Equities | $0.63 Per Lot |
| Indices | $0.63 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
| Crypto CFD | |
| Cryptocurrencies | Up to $100.00 Per Lot |
| Payment Options |
Direct to broker account (After $1)
Monthly Cash Back
|
Notes
Rebates are not paid for:
- Accounts registered with Seychelles FSA entity
- Residents of France, Portugal
- Deals from which the margin arises from the bonus funds
- PAMM manager; HF Social accounts; hedge trades; and UK Shares trades.
What are HFM rebates?
How do HFM rebates work?
When a trader links their new or existing forex trading account to us, the broker pays us a volume based commission for every trade that's placed. We then pay most of this back to our clients. Unlike a few of our competitors your spreads will never increase as a result of using our service. Instead, you'll pay lower transaction costs and increase your win ratio. Ultimately, you get a better deal working with us than working only with the broker.How much HFM rebates can I earn?
Which HFM rebate program is the best?
Will my HFM spreads increase?
How can it be better to work through a 'middle-man' than just working directly with HFM?
HFM rebates are similar in nature to a credit card rewards program. Let’s take a Visa credit card for example. When a consumer purchases something using a credit card the vendor incurs a fee of between 1.5% – 3% which they pay to Visa. Many consumers are enrolled in a credit card rewards program and receive approximately 1% cashback reward on any credit card purchase they make. Is it free money? Yes and no. It’s money the consumer would not have received if they were not signed up with the rewards program, however it’s paid for out of fees charged to the vendor who will naturally build such fees into the cost of their products.
A forex rebate provider typically has a contractual relationship with a number of different forex brokers and earns a commission for each trade placed by a trader they refer to the forex broker. The marketing benefits afforded to forex brokers by such a system are substantial, from actual referred clients to branding, added search engine visibility, etc. The rebate provider then pays the client a cash rebate from the commission they earn from the forex broker.
Are HFM rebates worth the effort?
The biggest obstacle to any forex trader is the cost of the transaction. It may seem small, but in fact it’s the biggest factor that gives the trader less than a 50% chance of winning any particular trade. This seemingly small cost can be devastating when compounded, and in the long term if the trader relies on luck alone they are sure to continually lose on their investment. HFM rebates reduce the cost of the transaction and increases a trader’s probability of winning. Still, a trader must rely on their trading skill to close the remainder of the gap.
Why don't you offer more forex rebate brokers?
We have chosen to focus on the more reliable, competitive and trustworthy brokers. If we were to add every forex broker that approached us we would have at least several hundred. Currently we have a relationship with all of the most popular broker’s across the globe. As a customer-focused company our paramount concern is that we send clients to broker’s where they will be able to withdraw their funds easily when the time comes; and experience fair trading conditions and good customer service.
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