Broker review · 2026
HFM review 2026
Formerly HotForex: low minimums, Zero account and HFcopy.
HFM (formerly HotForex) is a popular broker in Africa and Asia, with FSCA, FCA and CySEC regulation, local payment methods and a Zero account for low-cost trading. HFcopy offers built-in copy trading.
Pros
- FSCA and CMA licences for African traders
- Zero account with raw spreads
- HFcopy social trading
- Low minimum deposit
Cons
- Standard account spreads are average
- No cTrader or TradingView
- Most international clients use the Seychelles entity
HFM overview
HFM has been operating since 2010 and rebranded from HotForex in 2022. It has a large client base in Africa, Asia and Latin America and wins frequent regional industry awards.
Is HFM safe and regulated?
Entities are regulated by the FCA, CySEC, FSCA, DFSA, Kenya’s CMA and the FSA in Seychelles, plus Mauritius. HFM also carries civil liability insurance up to €5 million.
Tier-1 regulators are shown in bold. Always confirm the licence on the regulator’s own register.
HFM spreads and fees
The Premium account averages around 1.4 pips on EUR/USD; the Zero account offers 0.0 pips plus about $6 round-turn commission per lot. No deposit fees on most methods.
| Account | EUR/USD spread | Commission (round turn) | Cost per lot |
|---|---|---|---|
| Standard | 1.4 pips | $0 | $14.0 |
| Raw / ECN | 0.0 pips | $6 | $6.0 |
Trading platforms
MT4, MT5 and the HFM app. HFcopy lets you follow strategy providers, and premium trader tools add market sentiment and Autochartist analysis.
How HFM scores
- Trust & regulation 30%
- 4.3
- Fees & spreads 25%
- 4.1
- Platforms & tools 15%
- 3.9
- Markets & range 10%
- 3.8
- Ease of use 10%
- 4.3
- Research & education 10%
- 3.9
Verdict
HFM is a reliable choice for traders in Africa and Asia. Pick the Zero account for the best pricing.
Open an account with HFMYou will be taken to hfm.com.
HFM FAQ
Is HFM regulated in South Africa?
Yes. HFM has an FSCA-authorised entity serving South African clients.
Is HFM the same as HotForex?
Yes. HotForex rebranded to HFM in 2022.
Does HFM have a Zero spread account?
Yes. The Zero account offers spreads from 0.0 pips with a commission per lot.
Is HFM good for beginners?
Yes. HFM scores 4.3/5 for ease of use in our testing, with a $0 minimum deposit.