HF Markets has received several licenses. When visiting its website, we found a lot of cautionary details. Even though the company works with many traders, the number of bad reviews has increased recently. It seems to us that the broker doesn’t have comfortable trading conditions. Are the license and work experience a guarantee of quality, or does even the regulator can’t protect you from scammers?
- HF Markets General Information
- Registration and Client Portal Review
- HF Markets Trading Conditions
- Account Types
- Trading Platform
- HF Markets — deposit and withdrawal of funds
- Additional Options
- Is HF Markets a Scam?
- Legal Information and Licenses
- HF Markets Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
HF Markets General Information
|Address||50, Spirou Kyprianou Str, Irida 3 Tower – 10th Floor, CY-6057 Larnaca|
|License||CySEC, FCA, DFSA, FSCA, CMA|
|Assets||CFDs, stocks, ETFs|
|Trading platform||MT4, MT5|
Registration and Client Portal Review
The official HF Markets website looks pretty good. The header contains blocks with information about the company’s services and offers. Besides, there is a translation into several languages. All information on the site is presented as marketing, which should encourage registration. The broker publishes a lot of unsubstantiated data that needs additional checks.
To open an account, you need to fill in a few lines in the form:
- First name
- Last name
- Phone number
You can also choose one of the account types (Individual, Corporate, Joint).
Next, you need to click on the link that HF Markets sent to your email. After the activation is completed, you can enter your data and log in to your Client Portal.
The personal area is standard. Here the client can deposit, explore additional services, or immediately start trading.
We have one important point. The fact in which jurisdiction the trader will be able to open an account will depend on which country the trader lives in. Moreover, clients cannot make this choice themselves. HF Markets decides whether you will be serviced in an offshore branch or under the supervision of CySec and others.
HF Markets Trading Conditions
Trading conditions also differ depending on account.
First, leverage is different. For example, at offshore branches it can reach 1:1000. Spreads are floating and depend on the trading product. By the way, there is a Zero Spreads account, but it has a higher commission.
Accounts with better trading conditions have higher minimum deposits. For example, you have to deposit $500 or $5,000 for a Premium Pro account, if you are a professional client.
HF Markets provides an Islamic account. Beginners in trading can use a demo account.
Clients from Europe should know that the minimum deposit depends on the region of Europe. Perhaps it is calculated based on purchasing power.
For trading, broker provides MT4 and MT5. Both of them are not bad and have unique features and capabilities. Terminals are in different versions. You can use WebTrader, install a desktop application or download the app to your smartphone.
HF Markets — deposit and withdrawal of funds
You can deposit money in one of the convenient ways:
- Wire transfer
HF Markets doesn’t take any commission for depositing funds. If the bank takes the commission, the broker promises to compensate it if the trader provides a screenshot.
The broker supports the KYC policy and allows only verified clients to trade. You will need to send a photo or scan of the ID card or driver’s license, a utility bill, etc.
HF Markets offers to invest through PAMM accounts. It also has training courses, webinars, video tutorials, etc. Besides, you can become an affiliate.
Is HF Markets a Scam?
Online trading can be a source of additional profit or an alternative to a regular job. Before you decide to trade with HF Markets, you should carefully consider the broker problems we managed to find.
Legal Information and Licenses
HF Markets has headquarters in several countries and has received a license from CySEC. However, this regulator will only protect clients from Europe. The broker redirects other traders to offshore branches in Saint Vincent and the Grenadines. That means no license and no supervisor protection.
HF Markets Domain Info
HF Markets has a lot of domains. Among them are www.hfeu.com, www.hotforex.com, www.hfm.com, and others. And again, what country you live in affects which site you will get to because there is a redirection by region on the website.
For example, traders from Europe get to the site www.hfeu.com. At the same time, unfortunately, it sometimes happens that some domains are unavailable.
Since the broker is international, it has a lot of contact details. Traders can contact support by phone or email. HF Markets provides several phone numbers for different regions. However, since the company has a lot of clients, it can sometimes be difficult to get through to the hotline. Besides, you have to wait a long time for an email response.
Pros and Cons
- Demo account.
- Islamic account.
- Some branches are offshore.
- Offshore branches don’t have a license.
- Too high leverage for non-Europe.
- Traders cannot choose the branch.
- HF Markets reserves the right to regulate the trading volume for one or more instruments.
Frequently Asked Questions (FAQ)
HotForex, known as HF Markets, can be called a good broker. However, this is only true if you don’t open an account with an offshore branch, but with a regulated one.
The minimum deposit is $5.
Yes, this broker on MT4 and MT5 also.