Abstract：HFM, a trading name of HF Markets Group, founded in 2010, is a financial broker that provides both individual and institutional clients with online trading services. HFM has been headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines.
Note: HFM does not offer services to residents of certain jurisdictions, including the USA, Canada, Sudan, Syria, Iran, North Korea and others.
HFM Review at a Glance
HFM, a trading name of HF Markets Group, founded in 2010, is a financial broker that provides both individual and institutional clients with online trading services. HFM has been headquartered in Cyprus but serves several global offices in Dubai, South Africa, and offshore entities in St Vincent and the Grenadines.
Is HFM Safe and Legit?
Yes, HFM has a spotless record with four regulators. It segregates client deposits from corporate funds and offers negative balance protection. It also has an industry-leading civil liability insurance policy of $5,000,000 per client.
HFM is a unified brand name of the HF Markets Group, which encompasses the following entities:
- HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
- HF Markets (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.
- HF Markets (DIFC) Ltd is authorised and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
- HF Markets (Seychelles) Ltd is offshore regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer's License number SD015.
You can verify HFM's regulatory status and explore more details on WikiFX.
HFM Account
Account Types
Most brokers offer three trading account types, while others offer only a single account type. However, on the HFM platform, you can have more account choices: Cent, Crypto CFD, Zero, Pro, or Premium.
Generally speaking, the Cent account is an excellent choice for beginners because there is no minimum deposit requirement and no commissions. However, trading instruments are only limited to forex and gold.
The Crypto CFD account is specially set for traders who want to focus on crypto CFDs.
The Zero account offers raw spreads from 0.0 pips but requires an unspecified commission, while the other four trading accounts are commission-free.
The Pro account is best for professional traders, and traders must open it with at least $/€100.
The Premium account is similar to the Cent account, but it offers more trading instruments, and swap-free trading is available. If you are looking for swap-free trading with no minimum deposit and no commission, the Premium account is your best choice.
Overall, if you ask us what the best HFM trading account is, we cannot give you the exact answer. All accounts have unique features, and you can choose the account type that suits your needs.
See a useful comparison table of the HFM account types and features in the table below:
Demo Account
HFM also offers free demo accounts, which allow you to trade risk-free by providing you with access to HFM MT4 and MT5 trading platforms.
The virtual opening balance is up to $100,000, and the usage is unlimited.
Like HFM live trading accounts, there are also multiple HFM demo account choices: Demo Cent, Demo Crypto, Demo Premium, and Demo Contest.
If you are interested in the HFM Demo Contest, you can visit https://www.hfm.com/int/en/promotions/demo-contest to know further.
How to Open an HFM Account? (Step by Step)
Creating an HFM account is not complex; follow this step-by-step guide, and you can easily have a demo/live HFM account.
Step 1: Visit HFM's website.
Step 2: Fill in required information.
Step 3: Verify email.
Step 4: Fill in profile details.
Step 5: Choose a trading account.
Step 6: Check your myHF Account ID in your email box.
Step 7: Provide documents.
To be specific,
Step 1: Go to HFM's website and click the 'Register' button on the homepage.
Step 2: Fill in your country of residence and email address. Set a password. Partner code is optional. Click the 'Continue' button.
Step 3: Enter the 6-digit verification code HFM sent to your email box. Click the 'Continue' button.
Step 4: Complete your profile details, including your name, phone number, and date of birth. Choose the default account currency of your HF Wallet, which cannot be changed after the transaction. Please make sure that you are not a U.S. Resident or citizen for tax purposes and carefully read all Terms and Conditions.
Step 5: Choose the account type that best suits you: Cent, Premium, Pro or Crypto account. If you do not want to open a trading account, you can click the 'Skip for Demo' button at the right corner of the interface.
If you choose to open an HFM demo account, you can choose from Demo Cent, Demo Crypto, Demo Premium, and Demo Contest accounts.
Step 6: Check your myHF Account ID in your email box.
Whether you open a live account or a demo account, a myHF area will be opened. This is your client area from which you can manage your demo/live accounts and your finances.
Step 7: However, for HFM live accounts, you also need to provide two documents because any deposits will be credited to the account only after your documents have been approved and your myHF area is fully activated.
- Proof of Identification - current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, please upload a similar identification document bearing your photo, such as National ID card or Driving licence.
- Proof of Address - a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address are displayed.
You can conveniently upload your documents directly from your myHF area; alternatively, you can also scan them and send them to backoffice@hfm.com
Your documents will be checked by the verifications department within 48 hours.
HFM Deposit & Withdrawal
All popular payment options are available on HFM, including bank transfers, credit/debit cards, cryptos, and e-wallets. Deposits and withdrawals are processed 24/7, and there are no fees.
For more detailed information about HFM deposits and withdrawals, such as HFM minimum deposit/withdrawal amount and HFM deposit/withdrawal time, please feel free to check the tables below:
HFM Deposit
HFM Withdrawal
How to Withdraw Money from HFM? (Step by Step)
HFM only processes withdrawal requests from verified trading accounts in line with AML/KYC regulations. The name on the payment processor must also match the name on the HFM trading account. You can withdraw funds from your myHF wallet via the same method that you used for funding.
Below are the HFM withdrawal steps:
Step 1: Log into myHF.
Step 2: Navigate to the “Withdraw” tab in the left-hand menu. Traders who have multiple trading accounts should select the account from which they wish to request their HFM minimum withdrawal.
Step 3: Select your preferred payment processor and enter your desired withdrawal amount (ensure you have sufficient free margin to cover the withdrawal).
Step 4: The finance department processes all withdrawal requests received before 10 am (server time) on the same business day between 7:00 am and 5:00 pm server time. Otherwise, HFM will process them during the following business day between 7:00 am and 5:00 pm server time.
Traders may wait up to 10 business days for funds to arrive, depending on the payment processor and their geographic location. Once the funds arrive, clients will receive an e-mail confirmation from HFM and a notification from their payment processor.
HFM vs Other Cyprus Brokers
FAQs
Does HFM have a demo account?
Yes. HFM offers demo accounts with up to $100,000 virtual opening balance and unlimited usage.
What is the best HFM account for beginners?
In any case, we advise all beginners to start with a risk-free demo account. If you want to test your trading and learn the dynamics of the real market, you can open a Cent account, which has no minimum deposit requirement and no commissions.
How long does HFM take to withdraw?
Withdrawals submitted before 10:00 am server time will be processed on the same business day between 7:00 am and 5:00 pm server time. Any withdrawal request submitted after this time will be processed the following business day.
How much does HFM charge for withdrawal?
HFM does not charge withdrawal fees. However, some banks and payment processors may charge a withdrawal transfer fee.
