HF Markets Review 2024 (HotForex)

Rating 7.0/10

Max. Leverage

1:2000

for Forex

Minimum Deposit

MYR 50

EUR/USD Spread

1.6 pips

Benchmark

Visit HF Markets

HotForex is a Forex Broker that offers Forex Trading & CFD Trading on metals, energies, bonds, commodities, indices, ETFs, and stocks.

HotForex is licensed with multiple Top-Tier regulations including FSCA in South Africa. In May 2022, HotForex rebranded into HFM, which is short for HF Markets.

This review of HotForex will cover their account types, available tradable instruments, deposit/withdrawal options, trading/non-trading fees, and customer support.

Regulation and Safety of Funds

HF Markets is not licensed by the Securities Commission Malaysia since the retail forex trading industry is still unregulated in the country. Hence, Malaysian traders looking to trade forex will need to rely upon reputed international forex brokers that are regulated by top-tier foreign regulators.

HF Markets is not regulated by the SCM. However, their parent company ‘HF Markets Group’ has been licensed by top-tier regulators including the FCA of the UK which means that traders from Malaysia can still trust HF Markets. HF Markets is authorized by the following regulators:

1) St. Vincent and Grenadine Company Law: HF Markets (SV) is registered as an International Business Company under the laws of St. Vincent and Grenadine. They hold registration number 22747 IBC 2015.

Traders from Malaysia are subject to the laws and regulations of St. Vincent and Grenadine when trading through HF Markets. Note that because the broker is not regulated in Malaysia, you are trading at your own risk as the offshore regulation may not Malaysian brokers in the event of a default.

2) FCA: The Financial Conduct Authority (FCA) in the United Kingdom as ‘HF Markets (UK) Limited’ has authorised ‘HF Markets (UK) Limited’ to provide financial products and services with Reference number 801701.

3) DFSA: Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE) has authorised ‘HF Markets (DIFC) Ltd’ to carry on financial services in the UAE.

4) FSCA: The Financial Sector Conduct Authority (FSCA), South Africa as ‘HF Markets SA (PTY) Ltd’. HF Markets is registered as a Financial Service Provider (FSP) in South Africa, with FSP number 46632.

5) FSA: Financial Services Authority (FSA) in Seychelles as ‘HF Markets (Seychelles) Ltd.’, licensed as a security dealer.

HF Markets Leverage

Typical leverage on HF Markets can be up to 1:2,000, depending on the account type. Traders can choose floating leverage or fixed leverage option to operate with. The maximum leverage of 1:2,000 applies only to major forex pairs, other instruments have lower leverage limits.

With leverage of 2,000, you can open a trade position worth up to 2,000 times the value of your deposit. For example, with a deposit of $100, you can place a trade of $200,000.

Note: Trading with leverage is very risky, and you must avoid using more than 1:30 leverage on forex. The availability of a floating leverage option is an advantage, and you must never use 1:1000 leverage. As a caution by HF Markets, leverage is adjusted when your equity exceeds $300,000. It is best to avoid forex trading, unless you understand it and have experience.

HF Markets has 4 main account types for traders and 2 investment account types. HF Markets also offers Swap-free Islamic Account and a demo account which features unlimited options and is risk-free for beginners to use and familiarise themselves with the trading platform before they open live accounts.

The account types on HF Markets and their basic features are:

1) Premium Account: The HF Markets Premium Account is designed for retail clients. This account allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, and stocks.

This account is spread only and you do not pay any commissions when you open or close trade positions. Spreads start from 1.2 pip and you do not pay swap fees whenever you keep a trade position open past the market’s closing time, this applies to most instruments except shares.

The Premium Account on HF Markets does not have a mandatory minimum deposit, the required minimum trade size is 0.01 lot and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account. If a trade position is unsuccessful and you have a loss, any negative balance on your account will be reset to zero.

2) Pro Account: The HF Markets Pro Account is also designed for retail traders who are experienced and allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, and stocks.

This account is spread only and you do not pay any commissions when you open or close trade positions. Spreads start from 0.5 pips and you pay swap fees whenever you keep a trade position open past the market’s closing time.

The Pro Account on HF Markets requires a minimum deposit of $100, with a minimum trade size of 0.01 and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

3) Zero Account: The HF Markets Zero Account is designed for retail clients who trade high volumes, use EAs and want to pay lower spreads. This account allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, and stocks.

You pay commissions for opening and closing trades per side on this account for forex and gold. Commission charges for 1 lot are $3 (making $6 for a round turn) for majors and $4 for others (making $8 for a round turn). The MYR commission charge is 13.3 per side (making MYR 26.6 for a round turn) for majors and MYR 17.8 for others (making MYR 35.6 for a round turn).

The Zero Account on HF Markets does not require a mandatory minimum deposit, minimum trade size of 0.01 is required and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

This account offers swap-free trading on select instruments, for a grace period of 7 days, shares trading will still attract swap-fees.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

4) Cent Account: The HF Markets Cent Account is designed for new traders and allows you to trade forex and gold only.

This account is spread only and you do not pay any commissions when you open or close trade positions. Spreads start from 1.2 pip and no swap fees apply when you keep a trade position open past the market’s closing time.

The Cent Account on HF Markets does not have a mandatory minimum deposit, account balance is shown in Cents (United States Cents), that is $10 will be shown as 1,000 cents.

This account requires a minimum trade size of 0.01, a maximum of 200 cents lots per position, 150 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

5) Swap-free Islamic Account: HF Markets offers Islamic Accounts to Muslim traders that are in compliance with the Sharia law of no-riba. These accounts are swap-free (interest-free), which means you do not pay any interest for keeping a trade position open past the market’s closing time.

You can convert your Pro, Premium or Zero Accounts to Islamic status and the same features and fees will apply except for the swap fees. This account also supports only USD or EUR as the base currency.

Note that the HF Markets Swap-fee Islamic Account have a grace period of 7 days, during which no rollover fees are charged. If you keep a position open for more than 7 days, you will incur carry charges on some instruments.

To get a swap-free Islamic Account on HF Markets, first, create a Pro, Premium or Zero Account then contact the HF Markets customer support team to convert your account to a swap-free status.

HF Markets Investing Accounts:

1) HFCopy Account: HF Markets HFCopy Account is designed for traders who want to copy the trades of experienced and professional traders. Both professionals who allow others to copy their trades, known as; strategy providers’ or those who copy trades, referred to as ‘followers’ can open this account type.

The maximum number of followers per strategy provider is 1,000. Strategy providers earn a performance fee for letting others copy their trades.

This account type supports only USD as the account currency and requires a minimum deposit of $500 for strategy providers and $100 for followers.

You can find the terms and conditions to copy-trading on HF Markets HFCopy Account via this dedicated domain copy.hfm.com.

2) PAMM Account: The HF Markets PAMM Account program is designed for experienced traders who are fund managers (either individual or corporate). This program allows you to trade on behalf of clients by opening multiple trading accounts and manage them.

The PAMM Account on HF Markets requires a minimum investment of $250. The account supports automated trading using bots.

You can find the terms and conditions to participate in this program via this dedicated domain pamm.hfm.com.

HF Markets Base Account Currency

Your trades, deposits, profits, losses, and withdrawals on the platform are measured in your base account currency.

The available account base currencies on HF Markets Malaysia are the United States Dollar – USD, Euros – EUR, Japanese Yen – JPY, and Nigerian Naira – NGN.

HF Markets does not currently off MYR as a base account currency. You can deposit in MYR and it will be converted into your chosen account currency.

HF Markets is transparent about its fees and you can find details on their website. Some trading fees have been reviewed below:

Trading fees

1) HF Markets Moderate Spread: Spreads on HF Markets start from around 0.1 pips, which are considered moderate compared to other brokers. HF Markets has no fixed spread and operates a variable spread system, which is basically the difference between the asking price and the bid price.

An example of HF Markets spreads on average is shown on the table below:

2) High Commissions with Zero Spread Account: The Zero account charges low spreads, but has relatively high commission fees, starting at MYR 13.3 per 1 lot for majors, which is MYR 26.6 for a round turn, and MYR 17.8 per 1 lot for others, which is MYR 35.6 for a round turn. These commissions apply to forex and gold trades only.

Other HF Markets account types are commission-free.

3) Moderate Overnight Fees (Swap): The swap fees on HF Markets are lower than some other brokers like FXTM, but much higher fees than Exness. Swap fees differ with traded instruments and pairs, account type, and trade size.

It is important to note that HF Markets uses a floating swap policy, which means swap rates change daily. You can use the swaps calculator on the HF Markets website to determine your exact swap fees.

Further, HF Markets does not charge overnight fees when trading through an Islamic account for a grace period of 7 days.

Non-trading fees

1) Deposit and Withdrawal fees: HF Markets offers free deposits and withdrawals. You do not pay any fees when you deposit funds to your account or withdraw from it. This applies to all account types and payment methods. Note that if you deposit less than $100 via bank transfers, you might incur some deposit fees.

2) Account Inactivity charges: HF Markets charges inactive account fees if you do not perform any trade on your account for 6 months. Any balance in your account will be charged a monthly fee of $5. If you do not have any funds in your account, no fees will be charged.

To start trading on the HF Markets platform, you need to open a live account. Follow the steps below to open your trading account.

Step 1) Go to the HF Markets website for Malaysian traders at www.hfm.com and click on the ‘Open Live Account’ button, highlighted in green colour, at the top right side of the page.

Step 2) Select the client type, either as an individual, corporate or joint, then fill in your information, create a password, select Malaysia as country of residence, check the terms and conditions box after reading, and click on register.

Step 3) A verification link will be sent to your email address. Go to your email inbox and click the ‘Activate Account’ link to continue with your registration.

Step 4) You will get a confirmation email with your ‘myHF account ID’ after the account is activated.

Step 5) Now you can proceed to log in, and on your dashboard, you will be required to complete registration/profile by supplying some personal and economic information, including your experience level with Forex trading.

Step 6) Next, you will be required to upload a valid ID to verify your identity and a proof of address to verify your address. Then wait for the approval.

Step 7) After your account is approved, you can make deposits, start trading, make transfers and withdrawals.

Traders can deposit to HF Markets trading account through the multiple accepted payment methods on the website, including direct bank transfers, debit and credit cards, mobile money, e-wallets like Skrill, and cryptocurrencies through Bitpay.

HF Markets does not accept payment from third-party accounts, which means that all payment sources must be in the same name as the name on the trading account.

HF Markets supports bank transfers in Ringgit from all major Malaysian banks. Here is the summary of the deposits and withdrawal options on HF Markets in Malaysia.

HF Markets Deposit Methods

Here is a summary of payment methods accepted by HF Markets for deposits.

HF Markets Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on HF Markets.

What is the HF Markets Minimum deposit?

The minimum deposit is $5 with cards or e-wallets (Skrill & Neteller) with a maximum deposit amount of $10,000.

Although each account type has a required minimum balance. Premium, Zero, and Cent Accounts have $0 minimum deposit.

The minimum deposit for MYR on HF Markets is MYR 50 via local bank transfers with a maximum deposit amount of MYR 500,000.

How do I Deposit Funds?

Step 1) Log in to your dashboard by visiting the HF Markets website or via my.hfm.com/sv/login.

Step 2) On your dashboard, you will see ‘Deposit’ on the left column menu (desktop view), click on it, then select Local Bank Deposit or Direct Online Banking to make deposits in Ringgit.

Step 3) Make a deposit to any of the accounts, using your ‘myHFID:’ as the transaction description. After making a deposit, the funds will be credited to myWallet, which you will have to transfer to a trading account on your dashboard to start trading.

Step 4) On your dashboard, locate ‘Transfer Funds’ on the left side menu, and click on it to transfer funds from myWallet to a live trading account or from a trading account to your myWallet. After entering the amount you want to transfer, click on start transfer and follow the instructions to complete the transfer.

What is the minimum withdrawal amount on HotForex?

The minimum withdrawal from HF Markets is $5 for cards and e-wallets. Local bank transfers have a minimum withdrawal amount of $15.

HotForex only approves withdrawals to the same method/source from which the deposit was made. This means if you deposit funds through a bank transfer, you can only withdraw through a bank transfer to the same account. The same thing applies to other payment methods.

How to Withdraw Funds from HF Markets Malaysia?

Step 1) Visit the HF Markets website and select login at the top right side, and select myHF.

Step 2) Fill in your myHF account number and myHF password then click login.

Step 3) On your dashboard, you will see ‘Withdraw’ on the left column menu (desktop view), click on it, then select Wire Transfer and follow the instructions to withdraw funds in MYR to your Malaysian bank.

Note that you cannot withdraw funds until you have completed your profile information, uploaded verification documents and your account is approved.

HF Markets offers over 1,200 trading instruments, all of which are CFD instruments, find their categories below:

1) HFM WebTrader: This is a trading application developed by HF Markets and is available on desktops for web trading.

2) HFM App: This is a trading application developed by HF Markets and is available on mobile devices only. You can download it from the Google Play Store or Apple App Store.

3) MetaTrader 4 and MetaTrader 5: HF Markets supports the MT4 and MT5 trading applications for trading financial markets. The applications are available on the web, desktop, and mobile devices (Android & iOS). You can also use EAs as professional clients or other tools.

HF Markets takes all reasonable steps to ensure the best possible when executing your orders. Here are some of their best execution factors:

Price: The price for a given financial instrument is provided by HF Markets and it is updated as frequently as possible. Prices are not quoted outside of the broker’s operation times. With HF Markets, there is no guarantee that your orders will be executed at a favourable price. To ensure fairness, HF Markets ensures that their liquidity provider calculates the spread.

Costs: HF Markets charges commission and financing fees. They can be found on their website under contract specifications. These fees are not calculated with the bid/ask spread. They are charged explicitly to your trading account and deducted from your balance.

Speed of Execution: HF Markets strives to offer a high speed of execution within prevailing technological limits. If the reason for a delay in order transmission is due to a poor network connection from your end, your market order might become out of date. In this situation, such an order is declined.

Likelihood of execution: HF Markets reserves the right to decline any type of order. Especially if there is not enough liquidity to execute it. Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, and Sell Stop Orders on financial instruments offered by the broker are executed at your requested price. In a situation where this is not possible, these orders are executed at the first available price.

Podcasts: HF Markets launched trading education podcasts in 2023. It is free and you can listen to it on multiple streaming platforms. According to our review, HFM’s podcast is available on 18 streaming platforms. Here are the platforms in one glance.

At the time of this writing, there are up to 26 different podcasts on HFM’s podcast list. Here are the latest ones.

How To Videos: If you need help downloading/installing any of HF Market’ mobile app, this is what you need. These videos guide you on how to download, HFM App, MT4, and MT5 on your phone (android or iPhone). The guide also covers PC installation.

Live Webinars: HF Markets holds live webinars that can improve your FX knowledge. It does not matter if you are a beginner, intermediate, or an expert trader. There is a webinar for every level. These webinars will improve your trading skills and increase your confidence in forex trading.

Since the webinars are live, you will need to register to book your slot. There are no extra charges for the webinar. On the webinar page, you will find the schedule for each month. You can also select your experience level so that only relevant webinars are recommended for you.

Finally, all webinars end with a Q&A session so you get the opportunity to get answers to your questions from industry expert.

HF Markets Malaysia Customer Service

HF Markets has responsive customer service support that is available 24/5. Traders can reach HF Markets support via any of the means below during working days:

1) Live chat: HF Markets live chat is fast, their representative responds within 2 minutes when a chat is initiated and provides relevant answers to questions asked.

Whether you are a registered user or not, you can access the live chat. You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work. Our team submitted a request but didn’t get a callback.

2) Phone number support: HF Markets has an active local phone number support, and the call centre agents responded in less than 1 minute when we tested it. The answers to questions were relevant. The phone line is active from 9:00 AM to 6:00 PM on working days.

The HF Markets global support phone number is +44-20-3097-8571, available 24 hours for 5 days. HF Markets does not provide a local Malaysian phone number that can be called by Malaysian traders.

3) Email Support is fair: You can reach HF Markets via email support at support@HF Markets.com. Once you send an enquiry email, you will receive an auto-generated response to show that a ticket has been created for your inquiry.

A representative replied in about 9 minutes, we sent another question and got a reply in less than 10 minutes. The answers to our questions were relevant and satisfactory.

According to their live chat support, customers can walk into the office to make inquiries, and it is open from 9:00 AM to 6:00 PM Mondays to Fridays.

Overall, we consider HF Markets to provide decent customer support. Their representatives are knowledgeable about the company and are quite polite.

Do we Recommend HF Markets Malaysia?

Even though HF Markets is not regulated in Malaysia by the SCM, HF Markets is authorized and regulated in multiple jurisdictions like the UK and Seychelles. HF Markets customer support is available in Malaysia through a global hotline and they respond quickly to enquiries on business days.

HF Markets Malaysia has negative balance protection, has low fees compared to some brokers, and offers bonuses to traders. They also have many account types, so you can choose the features that work best for you.

HF Markets’s website can be accessed in Melayu which is highly convenient for traders from Malaysia. Further, they accept deposits denominated in MYR and then convert them to USD or EUR. They do not offer MYR as a base account currency. HF Markets offers Islamic accounts.

One downside to trading with HF Markets is that they charge account inactivity fees after 6 months, but you can avoid this if you withdraw all funds, leaving your balance at zero. Further, HF Markets does not have a local office in Malaysia. They also do not have a local phone number that can be called.

Based on these details, HF Markets Malaysia is offers good trading conditions/options. We recommend that you visit the broker site and chat with the customers support to answer any questions you might have to help you make a decision of trading with them.

HF Markets Malaysia FAQs