So, you are thinking about opening a HF Markets account?
That is excellent news, and you are certainly in the right place.
Here we will take a deeper look at all of the HF Markets account types available and hope to give you the best opportunity to select the HF Markets account which matches your trading needs.
You can also have a look at our general HotForex review for a more general look at the broker.
HF Markets Account Types
First things first, as you probably noticed, there are a large number of HF Markets account types available to choose from. This presents you with the question of which one to choose?
From here on in, all you have to do is relax and take in the detailed information we have prepared on each different account type, and HF Markets themselves.
Having some general basic information is always a good start when you plan to trade with any broker. Here are some of the basics as far as HF Markets are concerned:
You can trade everything from forex currency pairs, to commodities, metals, energies, global indices, shares, and bonds. Many of these are traded as CFDs.
On top of that, you can be guaranteed a competitive price as every account features market execution, and general speaking, HF Markets try not to charge fees on their accounts. Spreads also start from a highly competitive 1 pip variable spread.
Naturally there are a few exceptions to everything, and we will be the first to point these out so you are fully aware going in.
Typically, any account which you open with HF Markets can qualify for a demo account also. One of the good things here is that the HotForex demo account is not limited to a trial period. You can also hold up to 3 demo accounts.
This account will allow you to trade through the MT4 platform under real trading conditions. The only slight difference is that a real account may encounter slippage from time to time.
If you are within the regulatory jurisdictions of the FCA, FV, or FSCA in South Africa, then MT5 will also be available for your demo account.
The only real thing to watch out for here is if you are inactive for 29 days or more. In that case, the broker can close your demo account without notice.
The HF Markets and Hotforex Micro Account is a great option if you want to trade with slightly lower stakes. It is available to traders in CySEC, SV, and FSCA areas.
The leverage you are allowed on this account also depends on your area. Due to CySEC regulations, 1:30 is the limit in the EU, but under SV and FSCA, this limit stretches as far as 1:1000. Not so micro anymore!
The trading platforms made available also depend on your location. MT4 is always available, but MT5 is only accessible to those within range of SV or FSCA bodies. HF API for trading with this proprietary platform is also available under SV regulation only.
Everyone with a Hotforex and HF Markets Zero Account can benefit from a variable spread which starts from 0 pips (just like the best ecn forex brokers in the world) on major forex markets. This also has no mark-ups. These accounts are available under CySEC, FV, FCA, DFSA, and FSCA regulation. They are known as VIP Accounts under DFSA regulation though.
The competitive spread from this account type is marginally balanced by the charging of commission which is general $6 per round turn on a single lot. These fees can also be paid in your native currency depending on location.
Back to leverage where the maximum HF Markets leverage in the EU stays at 1:30. This also applies to FCA regulated traders. Under DFSA you can avail of 1:50, and the big leverage is available under SV and FSCA regulation where you can get 1:500 leverage on this account type.
Again the available trading platforms will also depend where you are located. MT4 is available on this account type under CySEC, SV, DFSA, and FSCA regulations. MT5 is added if you are under FCA in the UK, and HF API is accessible to those coming within SV control.
The VIP account obtainable with the HotForex entity is available if you are trading under DFSA regulations and as we described above, it is very similar in nature to the Zero Account type. There are a few more benefits included. A direct contact with your own HotForex relationship manager is one such benefit.
To open this type of account though, you will need to deposit at least $20,000. Again though, the variable spread starts at 0 pips and with no markups. Your only costs should be commission which is levied at $12 per round turn on a lot, or 44AED per lot. Fees may be higher outside of major currency pairs.
Maximum HotForex leverage for this account type is 1:50 and the only trading platform facilitated is MT4.
Next for us to take a look at is the HotForex Auto Account. This is available under both SV and FSCA regulation and connects with MQL5 to access signals and other benefits from the community.
You can access a leverage of 1:500 through this account type and the platforms available once again depend on you location. MT4 is available in both areas, but MT5 and HF API are only available to SV registered traders.
The HF Copy Account is available to traders regulated by CySEC or SV bodies and this account allows you to be a copy trader or a provider for others. The social aspect of the account, available on both HotForex and HF Markets broker branches, means you can have as many as 400 followers or more if permitted on request.
Through this HF Copy Account, you can only trade in forex and gold with the leverage restricted to 1:30 under CySEC, and 1:400 under SV regulation.
As with other account types, the platforms vary with MT4 available to both, and HF API only to those under SV rule.
This account if you are searching for it is no longer available. It was previously available to SV traders with fixed spreads, a $500 deposit, and leverage of up to 1:400 but the company have decided to discontinue this particular account type.
The HotForex PAMM Account, not available with the HF Markets entity, is one which is available to those trading under SV regulation only and also only to those with a premium account.
The variable spread on this account starts from 1 pip but if you hold a Premium Pro account, this drops to 0.3 pips. This is balanced by the charging of a $10 round turn commission on trades by Premium Pro account holders where no commission is charged to Premium Accounts.
The maximum attainable leverage of 1:300 and all trading platforms are available to use.
As mentioned above, premium accounts are needed to access the PAMM accounts. Premium accounts are available under CySEC, SV, FCA, DFSA, and FSCA regulation. The leverage will also differ depending on your area between 1:30 for EU and UK traders, 1:50 under DFSA, and 1:500 with the others.
Similarly with other HF Markets account types we have looked at, the trading platform availability also changes. MT4 is available to all traders, with MT5 available to all but CySEC traders, and HF API available to SV traders only.
Premium Pro Account
A step up from the premium account is premium pro. In order to qualify for this account you must meet 2 of the following 3 conditions:
- Over 40 significantly sized trades in the last year.
- Financial instrument portfolio (cash deposits and financial instruments) of more than €500,000
- At least one year experience in a professional position (With knowledge of CFDs) in the financial sector.
The leverage available on this account type is 1:400 across the board, but platforms again depend on location. MT4 is available under CySEC and DFSA whilst MT5 is available under FCA regulation.
Islamic accounts are an important facet of many top brokers. The HF Markets Islamic account is available on the following accounts in the corresponding areas:
- CySEC: Micro, Zero, Premium
- FCA: Zero, Premium
- SV: Micro, Zero, Premium, Auto
- DFSA: Premium, VIP
Platforms are also limited to MT4 for all, and MT5 for FCA traders only. There are no restrictions on the assets you can trade and spreads start from 1 pip.
The commonly available base currencies here are USD or EUR.
HF Markets Account Openings
Now that you have gotten to know about the available account types, let’s take a more detailed look at the actual opening of the accounts to give you a completely rounded view of the process and what is available.
Live Account Opening
Of course, the HotForex live account opening is one of the first things you will be trying to do once you have your base through the demo account. There are a few steps to it, including verification, but ultimately, you should be up and running on one of the above accounts in no time.
Live Account Verification
The live account verification process is something which you should pass by quite quickly and easily so long as you have the correct documents to hand.
The documents you will need for HF Markets verification are as follows:
- An ID document such as your passport or driver’s license.
- Proof of your residence such as a bank statement or utility bill within the last 3 months to be safe.
The account currency available to you as a HF Markets trader varies depending on the regulation and account type. Generally though, USD is available everywhere and EUR available under most rule sets.
The other available currencies will really depend where you live, but GBP is accepted for FCA traders, NGN for those under SV rule, and ZAR in South Africa under FSCA regulation.
The HF Markets minimum deposit will depend both on your account type, if you register under HF Markets or Hotforex, and which regulatory body you fall under. All the conditions are described in the below table, reminding you that HotForex and HF Markets are the same broker and yet different entities. Under CySEC you are going to register with HF Markets, otherwise HotForex will be your choice.
||HF Markets (Europe)
||$300 per strategy provider
$100 per copier
|$1000 per strategy provider
$300 per copier
There are a variety of options available when you decide to fund your HF Markets account. Wire transfers, credit/debit cards and eWallets are typically always catered for.
The minimum Wire transfer deposit you should note is $250 within CySEC and $100 under other regulations. Anything under these amounts also will not be covered for fees by HF Markets.
Union Pay as a funding option is available only under SV regulations with a $50 minimum which is free of charge and takes up to 24 hours to fund.
You should take into account if trading under DFSA regulation that they will only allow for Visa debit cards to be used. Again these are fee-free with a $50 minimum and processes in minutes. Under SV and FSCA regulation, this minimum drops to $5. Online payments are also unavailable under DFSA rules.
Moving to CySEC and FCA regulation, with $5 you can get started through CySEC although FCA traders require $50. Neteller and Skrill are also accepted funding methods here.
We certainly hope you find yourself needing to make withdrawals. In that case, Credit/Debit cards and eWallets are usually facilitated.
The minimum wire transfer withdrawal is between $100-$150 depending on regulator and the fee depends on your bank. Besides under DFSA where it takes only one day, the process can take 2-10 days.
Union Pay is available under SV with a minimum withdrawal of $50 fee-free, and this takes 2-5 business days.
Again DFSA accepts withdrawals only to Visa debit cards with a minimum of $50 and no fees which takes 2-5 days. Online withdrawals are also not possible through DFSA
If you are searching for a HF Markets bonus, you should note that these are only available at all if you are trading under HotForex SV or FSCA regulations. If you are though, be sure to read on.
100% supercharged bonus
The HotForex supercharged bonus is available to those holding Premium or Islamic accounts. With this bonus, if you deposit more than $250 you can earn daily $2 per lot rebates up to $8000 on your trades.
This bonus is available to trade with or withdraw.
30% rescue bonus
This bonus is available if you are holding Micro, Premium, or Islamic account types and you must deposit more than $50.
This bonus allows you to increase your account leverage and also protects you from drawdowns up to $7000 although you cannot withdraw these additional bonus funds.
100% credit bonus
The 100% credit bonus is available to HotForex Micro, Premium and Islamic account holders and ensures you will get a 100% credit bonus so long as you meet the trading requirements. The only caveat with this bonus is that it does expire in 3 months.
Many top brokers have a loyalty program. The HotForex loyalty program allows you to earn HotForex bars for every lot traded. The more active you are, the more you will accumulate.
Your HotForex bars can be used to redeem a range of top prizes.
HotForex sometimes offers contests where you can compete against other traders. Those with the best results typically win cash and other prizes.
HF Markets Account Management
The final area you may be keen to look at are things which may occur during the course of running your account and advice on how you may handle them.
The likelihood with most login issues is that it is probably caused by trying to input the wrong username or password data. You may also be choosing the wrong server on your trading platform.
In any case, if this does happen, just make contact with the HF Markets team who will assist you with a reminder. There is also the slim chance that your account has been archived or dormant through inactivity. This can also be checked.
Expanding on HF Accounts archived. This happens if there is no activity for 90 days. The HF Markets team can work on restoration if you contact them.
Dormant Account and Inactivity Fees
Dormant accounts occur if there is no activity for 6 months. After this time, a $5 monthly inactivity fee is levied. Once the balance reaches zero, the account will be closed and you will be notified.
Demo account with 30-days of inactivity can be closed without notice.
If you want to restore your HF Markets account, the best place to start is contacting support. Just remember that if your dormant account balance already reached zero, it has been closed and cannot be restored, though you can open a new HF Markets account.
You are allowed to hold a total of 3 demo and 5 live HF Markets accounts.
If you really feel that strongly that you wish to close your account, just make sure you have withdrawn all of your funds. From there, contact the HF Markets support team to start the process.