HFM (HotForex) Broker Review

Profile of the Firms

HFM stands for Hotforex Manager and has grown over time since its establishment in 2010 as an internationally renowned forex and CFD broker. It is located in Cyprus and has a number of multiple financial advisors to monitor its activities. Besides forex, commodities, indices, stocks, and cryptocurrencies are the various thousands of liquid markets the broker is reputed for as well as its strong commitment to clients' education and support.

Pros and Cons

Advantages:

Cons

Security

High levels of protection have been installed by HFM, this is highly regulated with various security measures to cover and protect the interests of their investors:

• Regulation: CySEC (Cyprus), FCA (U.K.), FSCA (South Africa), AND DFSA (Dubai) license it.
• Segregated Funds: Client funds are held within segregated accounts for extra added security.
• Investor Compensation Scheme: Compensation schemes relevance to the regulatory jurisdictions involved.
• SSL Encryption: This guarantees secure data transmission.

News Items Tradable

ITM gives exposure to a wide variety of tradable assets:

• Forex: A little more than fifty currency pairs represented from major to exotic pairs;
• Indices: Traded on major global indices like Dow Jones, NASDAQ, FTSE100, and DAX;
• Commodities: Metals, energy, and agricultural commodities for CFD trading;
• Equity: CFDs on the shares of the leading global companies;
• Cryptos: Only a limited range is available; however, you will find Bitcoin, Ethereum, and Ripple mentioned in the list.

Different Account Types

Fees and Charges

The broker follows a clear fee schedule:

• Spreads: Variable spreads starting from 0.0 pips with a range of zero Spread Account types;
• Commissions: Levied either per lot or per side on Zero Spread Accounts, starting at $3;
• Non-Trading Charges: Dormancy fees may be charged due to prolonged inactivity.

Trading Platforms

Here are some operational trading platforms facilitated by HFM:

• MT4 (MetaTrader 4): It's tagged as user-friendly MetaTrader is laden with charting tools and solid automated trade capabilities, most fit for regular users.
• MT5 (MetaTrader 5): An enhanced version of the platform boasts it as having more features and a larger variety of assets.
• HFM Mobile App: Its very own mobile application for trading on the move.
• Webtrader: This browser-based platform extends flexibility.

Customer Support

HFM offers customer service in many languages through:

• Chat Live: Ensuring professional help during office hours;
• Email Help: Responded within some 24 hours on average;
• Telephone Assistance: Direct conversation, facilitated through regional numbers in several countries;
• Encyclopedia: Exactly the way it sounds. FAQs, tutorials, and even some introductory books concerning trading can be found here.

Opening an Account

Simple account registration with HFM:

• Check out the HFM website; register for an account.
• It is just about completing the form online-after providing personal and financial data;
• It requires submission of identification details and proof of address documents.
• Fitting of the check, funds would then be deposited, and the trading activity started.

Deposits and Withdrawals

HFM provides a range of deposit and withdrawal avenues:

• Deposits are possible by the following assets: bank transfers, debit/credit cards, e-wallets (Skrill and Neteller), and even cryptocurrencies.
• Transactions take place almost immediately after receiving deposits, with certain withdrawals taking 1 to 3 days to finalize.
• Generally, deposits are completely free, but the definition of withdrawal would be contingent on the payment method used.

FAQ