There is a fantastic selection when it comes to choosing an account for trading at HFM. Here is what is available.
The demo account is one of the best ways to get to know any broker, and HFM is no different.
Trading on a demo account means you can try out the exact trading conditions of a real account but with no risk at all. This includes no obligation to deposit real money when you are finished with the demo account.
The HFM demo account is unlimited in the sense that the trial period does not end. This is a great advantage that is not always available with all brokers. Added to this, you can have as many as 3 demo accounts at once.
This is perfect for learning or testing strategies if you are an experienced trader. Just one point to keep in mind is that if you are inactive for more than 30-days, the broker may close your account.
HFM also offers a micro account, though this account type is only offered by the South African entity (HF Markets SA PTY Ltd.), and the SV entity (HF Markets SV Ltd.) of the broker. This is a great account for those starting out in trading with a minimum deposit of just $5 in place.
The account also allows for a very high leverage of up to 1000:1 on major forex pairs and with a very competitive spread that starts from 1 pip.
Although it is named a Premium Account, this account type is actually the standard account type offered by HFM, and HF Markets. The minimum deposit here is $100 or equivalent. If you are located in South Africa, then this minimum deposit is 1400 ZAR, or in the UAE it is 400 AED.
The spreads on trading through this account also start at a great value 1 pip across a wide range of assets and the available leverage depends on your location, from 30:1 in Europe up to 500:1 in some other jurisdictions.
Zero Spread Account
The Zero Spread Account is offered by both HFM and all HF Markets entities with the exception of the UAE where this account is not available.
It offers the best value in spreads from 0 pips and is an ideal account type for scalpers or those using EAs who are relying on the lowest cost of trading possible.
Here the minimum deposit is $200 or 2800 ZAR, and you can rely on the very best prices given direct from the liquidity providers.
There is a commission of $3 per lot to consider ($6/lot round turn trade), though this is reasonable compared to other brokers.
The leverage situation remains the same with 30:1 available in Europe and the UK, and up to 500:1 available elsewhere depending on the jurisdiction.
The Auto Account is offered by HF Markets SA (PTY) Ltd., and HF Markets SV Ltd. as the entities for the broker in both South Africa and SV jurisdictions. This type of account is specialized for the use of those who are using EAs to engage in auto trading.
Through this account you are free to use signals and strategies from the MQL5 community or other paid trading signals.
This account has a minimum deposit of $200 in place and a maximum leverage of 500:1 is available though this may be lowered if your equity available exceeds $300,000 with the leverage. Spreads here are competitive too and start from 1 pip.
HFM Copy Account
The HFM Copy Account is a copy trading account and proprietary copy trading service that is offered by all entities of the broker with the exception of in the UAE.
If you are interested in copy trading, then this is the account type for you. The minimum deposit here will vary depending on the particular account you would like to open.
If you want to be copied, providing your own signal to others, then the minimum deposit will range from $300 to $1000 depending on area. If however, you wish to copy other traders, then this deposit will range from $100 to $300.
If you are a signal provider, you can have as many as 400 followers, though trading is only allowed in forex and gold. The leverage again will range from 30:1 in Europe, to 400: 1 in other areas, with a spread from 1 pip.
This account type is only offered by HF Markets (DIFC) Ltd. the broker entity in the UAE.
The minimum deposit for this VIP account type is $20,000 or 74,000 AED. For that though, you gain access to a range of benefits including your own personal relationship manager and an excellent spread starting from 0 pips with a $6 round turn commission per lot, or 44AED.
A MAM/PAMM Account is offered only by the HFM entity under SV jurisdiction, HF Markets SV Ltd. and this is available if you are experienced in the industry and wish to manage several accounts under yourself, similar to a fund manager.
With these sub-accounts, you can trade in forex, metal, oil, and indices with a minimum deposit of $250 on the two different accounts that are available, PAMM Premium, and PAMM Premium Plus.
The spreads on these accounts start from 1.1 pips with the PAMM Premium Account, or 0.3 pips with the PAMM Premium Plus Account though the latter has a $10/lot round turn commission attached.
Premium Pro Account
The Premium Pro account is a professional account type that is available under every HF Markets entity. The minimum deposit here is $500 and while the spread here is still from 1 pip, you will have increased leverage up to 400:1 through this account.
There are some stipulations though, in order to qualify in accordance with ESMA/MiFID II rules, you must meet two of the following three requirements at least:
- Have an average of 10 transactions of significant size per quarter in the past year.
- A financial instrument portfolio of over €500,000 (in your bank or into the trading account).
- Relevant experience in the financial services sector.
If you do not meet these requirements and are based in Poland, then you may be classified an Experienced Retail Trader (ERT) which can extend leverage to 100:1 but this is the only exception.
The HFM Islamic account is available where requested, with the minimum deposit again changing depending on which account type you choose. The Micro, Zero, Premium, Auto, and VIP accounts are all available as swap-free.
Since there is no swap-fee, the broker may apply an additional charge for you to hold positions for longer than 7 days which we will discuss later in this section.
Deposit and withdrawal
Account Base Currency
The base currency of your account is the currency that you will be trading in. Like many brokers, there are several available through HFM.
The availability will depend on the jurisdiction you are based in, but will generally help you avoid any conversion fee when the base currency is the same as your deposit currency.
With HFM, a USD base currency is typically available in all areas, and the following may be available in these specific areas:
ZAR base currency in South Africa, NGN base currency in Nigeria, EUR available in the EU, GBP available in the UK, and AED base currency available in the UAE.
Moving on to deposit methods and fees, let’s take a loot at what HFM makes available.
The minimum deposit you will have within the HF Markets Group depends on which account type you select and also which jurisdiction you are located within.
Many of the account types facilitate a minimum deposit around $100, but generally it can range from $5 up to $1,000 for the most common account types
The deposit methods available with HF Markets are everything that you would expect from a major broker. They include wire transfers, deposit by credit or debit card in the form of Visa and MasterCard, and eWallet deposits that include PayPal, Skrill, and Neteller.
A small note is that while these are widely accepted, they may not always be available worldwide depending on the area.
Also, some countries or jurisdictions may not accept eWallet, and credit/debit card funding, though this is generally not the case.
Deposits from wire transfers can take a couple of days, card deposits are typically much faster around 24 hours maximum, and the same for eWallet methods.
Deposits are typically fee-free. Added to that, the HF Markets group will cover any of your wire transfer fees from your bank if you deposit at least $100 ($250 in the EU).
The same methods and conditions also apply to withdrawals. This means that wire transfers, credit/debit cards, and eWallets can all be used in most areas, though you should check with your specific jurisdiction to see what is available.
There may be more or less methods depending on where you are.
Keep in mind too, that the withdrawal method typically must match the method you used to deposit.
The minimum withdrawal usually depends again on the method you choose, and the jurisdiction you are in. Therefore, this can vary. Most withdrawals usually take between 2-5 days to complete.
As with deposits, withdrawals with all HF Markets Group entities, are typically fee-free.
The spreads and commissions with HotForex and HF Markets will vary depending on the account type that you have chosen. With that said, a common starting point on many of the accounts including the micro, premium, auto, hf copy, and premium pro account types is 1 pip.
Beyond that, the VIP account, and Zero account both start at 0 pips with a $3/lot commission, while the MAM/PAMM accounts start at either 0.3 pips, or 1.1 pips with a $5/lot commission.
Minimum spread on some assets:
Here is an example of some minimum spreads we have found on popular assets from the broker. Remember though that these may be subject to change based on where you are, and the market.
- EUR/USD – 0.1 pips
- Gold – 0.19 pips
- S&P500 – 0.400 pips
Non Trading Fees
The next point to address is the fees at HotForex. Here is some of what you can expect trading at the broker.
The broker does charge an overnight fee unless you have a swap-free account. With being a CFDs broker, then the overnight fee basically can be applied to every asset.
Depending on the market, this fee could be gained, or may have to be paid. Since it is a fluid fee, depending on the market, you can usually check the exact fee through your Metatrader trading platform.
HotForex and HF Markets does also charge an inactivity fee, though this will only apply after 6 months of inactivity. The fee charged at this time is $5 per month and it comes from your account balance.
If you do not maintain sufficient balance to cover the fee, then the broker reserves the right to close your account.