There are a total of 4 different live trading accounts. Here are details on each:
HF Markets Demo
HF Markets does offer a demo account. This is a great way to get started with a risk-free account that replicates real trading conditions with virtual currency.
The account is unlimited except in the case that you are inactive for more than 30-days. The broker may then close the demo account. You can also only have a maximum of three demo accounts at any one time. Overall though, this is a great place to start if you are new to the industry or broker.
A very popular account type choice is the Premium Account. Here you will find ready access to all of the trading instruments the broker has to offer along with a very low minimum deposit requirement of just $100.
The spread on this account type also remains very competitive starting from 1 pip on major markets while there is no HF Markets commission on this type of account.
Zero Spread Account
Again with the HF Markets Zero Spread account, you will have access to all of the tradable assets they offer. This comes with a highly competitive spread that of course starts from the bottom at 0 pips. With this account type, you also have a minimum deposit requirement of $200 that is excellent by comparison.
The only other thing you will have to consider with this account type is the commission on trading. This comes in at $3 per lot on major currency pairs ($6 per lot round turn), or $4 per lot on others ($8 per lot round turn)
As a copy trader or signal provider, you will be able to access forex and gold trading markets with this account type though it is not available through MT5.
The minimum deposit to get started if you are copying the trades of others is €300 while if you want to be a strategy provider you will need to deposit €1,000 to get started. Spreads through this type of account start out from 1 pip though there are no commissions. With this European entity of the broker, you will find only Euro accepted with this account type. Please refer to the HotForex Review for an extensive guide.
A HF Markets Islamic account type is available for those who require it. The account offers the same conditions for trading that you will find on the regular account and both Premium or Zero Spread accounts can be made into Islamic accounts.
They are fully Shariah law compliant and therefore there are no swap or rollover fees for holding your positions overnight. A separate carry fee is applied on selected currency pairs if you hold them beyond 7-days but overall, it is a very popular Islamic account choice.
Premium Pro Account
A Premium Pro account is available to traders classified as professional only. Here the minimum deposit is $500, spread starts from 1 pip, you will have no commission to worry about, and access to all the trading instruments is provided.
Remaining compliant with ESMA/MiFID II rules, you need to meet 2 out of the following 3 criteria to qualify for this type of account:
- Have made an average of 10 transactions of significant size per quarter in the past year
- Hold a financial instrument portfolio of over €500,000 value (in your bank or trading account)
- Possess relevant experience in the financial services sector.
Poland has some differences whereby you may qualify as an “Experienced Retail Client” if you satisfy the following:
- A requisite amount of experience meaning you have opened a reasonable number of significant transactions over the last 24 months
- Have professional knowledge and training around CFDs and other derivatives
With this type of account, you will have increased leverage available up to 400:1 as a professional client, or 100:1 as an experienced retail client.
Account Base Currency
The account base currency is the one that you trade with. Depositing a supported base currency can help you avoid any conversion fees. HF Markets (Europe) Ltd supports the USD, EUR, and PLN (For experienced retail clients only).
This is not a great range of choice but still covers two of the major currencies that the majority of traders under this entity of the broker will be using.
Here is everything you need to know when making a deposit through this entity of HFMarkets:
The minimum deposit as we have already mentioned depends on the account type but stays reasonable throughout. The lowest amount will be $100 for a premium account, up to €1000 for Strategy Providers in the HFCopy account as a high point.
The deposit methods you will find available at the broker are varied. You will be able to deposit through bank wire transfer, using your credit or debit card if it is Visa, Mastercard, or Maestro, and using an eWallet in the form of either Neteller or Skrill.
Typically you must deposit at least $50 for any one method, or $250 for wire transfer and most deposits take just a few minutes to complete with the exception of a wire transfer that takes one day to process once funds have arrived in the broker bank account.
There are no HF Markets deposit fees. Also, if you deposit at least $250 using wire transfer, the broker will cover any associated bank fees from your side.
The same withdrawal methods are all available as you used to make your deposit with a minimum withdrawal amount of $5 in place or $150 for wire transfer. The processing time is also typically between 2-10 days though eWallet withdrawals are instant.
There are also no withdrawal fees from the HF Markets side although your own bank may charge a fee and this is something you should confirm with them.
Spreads & Commissions
HF Markets spreads typically start from 1 pip with no commission on trading. The exception here is the Zero Spread account where you will find a spread from 0 pips but a commission of between $6-$8 per lot for a round turn trade depending on whether you are trading major currency pairs or others.
With that said, a quick look at the minimum spread on some of the most popular assets shows a 0.1 pips spread on the EUR/USD, 0.19 pips on Gold, and 0.4 pips on the S&P500 index.
There are also a few other fees to think about if you are trading at HF Markets. Here is more information on them:
An overnight fee is charged by this forex broker as with others. The only exception here is if you have a swap-free Islamic account.
It is a varying fee that can depend on market conditions and it may sometimes be paid to you or you may have to pay it. The trading platform will have more information on this at the time of trading.
You will also encounter an inactivity fee that starts after 6 months of no trading. This fee comes directly from your account balance at a rate of $5 in the first 6 months to 1 year, $10 in year 1 to year 2, $20 in year 2-3, and an increasing $10 each year thereafter until your balance is $0 or you start trading again. If you don’t have the balance to cover this fee then the broker may close your account.
Cost Pros and Cons
After our in-depth look, here are a few top points about this section, and some areas to work on: