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HFM (Formerly Known as Hotforex) Review

HFM (Formerly Known as Hotforex) is an award-winning CFD, and forex broker headquartered in Cyprus, with offices around the world. HFM (Formerly Known as Hotforex) is currently one of the best options for Nigerian traders because of its competitive trading conditions, range of trading services, and unique solutions. HFM is currently not regulated by the CBN.

Updated : September 5, 2022

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

HFM (Formerly Known as Hotforex) at a glance

🏛️ HeadquarteredCyprus
🏛️ Nigerian Based OfficeYes, Abuja
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2010
📱 Nigerian Office Contact Number+234 706 370 5519
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
🔎 License NumberSouth Africa (46632)
Cyprus (183/12)
Dubai (F004885)
Seychelles (Reg 8419176-1), FSA (SD015)
United Kingdom (801701)
Mauritius (FSC C110008214, Company Reg 094286/GBL)
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Canada, Sudan, North Korea, and Syria
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts5
📊 Offers a Nigerian Account?No, ZAR and USD only
📊 Dedicated Nigerian Account Manager?None indicated
📈 Maximum Leverage1:1000
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)2,000 Nigerian Naira
💳 Nigerian Naira Deposits Allowed?No, ZAR and USD only
💰 Active Nigerian Trader Stats1.3 million
💸 Active Nigerian-based HFM customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsBank Transfers, Credit Cards, Debit Cards, Electronic Payment Providers
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4, MetaTrader 5
💰 Tradable AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadNo
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Portuguese, Spanish
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is HFM a safe broker for Nigerians?Yes
✔️ Rating for HFM Nigeria9/10
✔️ Trust score for HFM Nigeria83%
👉 Open account👉 Open Account

HFM (Formerly Known as Hotforex) Overview

HotForex Overview

👉 HFM (Formerly Known as Hotforex) is a proud MetaTrader broker that offers access to both MetaTrader 4 and MetaTrader 5. The retail investor accounts that HFM (Formerly Known as Hotforex) offers is suited to both beginner traders, advanced traders, and professional traders who want to add a competitive edge to their trading.

👉 Every retail trading account has unique features and trading conditions that welcome all types of traders according to their unique trading styles, trading skills, and investment objectives. In the past decade, HFM (Formerly Know as Hotforex) has won more than 55 forex industry awards and has more than 2.5 million live accounts that have been registered.

👉 There are over 200 HFM (Formerly Known as Hotforex) employees globally and support is given in more than 27 languages, making HFM (Formerly Known as Hotforex) a truly globally recognised brand. This HFM (Formerly Know as Hotforex) review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

Distribution of Traders

👉 The distribution of traders for HFM (Formerly Known as Hotforex) is as follows:

➡️ South Africa – 94.8%

➡️ Nigeria – 2.54%

➡️ United States – 0.77%

➡️ Morocco – 0.74%

➡️ Netherlands – 0.27%

Popularity among traders who choose HFM (Formerly Known as Hotforex)

👉 HFM (Formerly Known as Hotforex) is one of the most popular brokers in both South Africa and Nigeria, where it has a market share of over 2.5%, making it one of the Top 20 brokers for Nigerian traders.

HFM (Formerly Known as Hotforex) Regulation and Safety of Funds

HotForex Regulation and Safety of Funds

👉 HFM (Formerly Known as Hotforex) is the trading brand of HFM Group of companies that consists of the following entities:

➡️ HFM SA (PTY) Limited, which is registered in South Africa (2015/341406/07).

➡️ HFM (Europe) Limited is based in Cyprus and registered under HE 277582.

➡️ HFM (SV) Limited is registered in Saint Vincent and the Grenadines under 22747 IBC 2015.

➡️ HFM (Seychelles) Limited is registered in Seychelles under 8149176-1.

➡️ HFM Fintech Services Limited is registered in Cyprus under HE 348222.

➡️ HFM Limited is registered in Mauritius with a Category 1 Global Business no C110008214, and Company registration number 094286/GBL.

👉 HFM (Formerly Known as Hotforex), through HFM Group, is regulated and authorized in several global regions through the following market regulators, with corresponding license numbers:

➡️ South Africa – The Financial Sector Conduct Authority (FSCA) as a Financial Service Provider (FSP) with licence number 46632.

➡️ Cyprus – The Cyprus Securities and Exchange Commission (CySEC) under license number 183/12, with a cross-border license. HFM (Formerly Know as Hotforex) is also a member of the Committee of the European Securities and Markets Authority or ESMA).

➡️ Dubai – HFM (DIFC) Ltd is authorised as well as regulated by the Dubai Financial Services Authority (DFSA) under F004885.

➡️ Seychelles – HFM (Seychelles) Ltd is registered under 8419176-1 and regulated by the Seychelles Financial Services Authority (FSA) under SD015.

➡️ United Kingdom – HFM (UK) Ltd is well-regulated as well as overseen by the Financial Conduct Authority (FCA) under license number 801701.

➡️ Mauritius – HFM Ltd is regulated by the Financial Services Commission (FSC) of Mauritius under C11000814 (Global Business Number) and company registration 094286/GBL.

👉 Additional registrations that HFM holds globally include some of the following, with the full comprehensive list available on the official HFM (Formerly Known as Hotforex) website:

➡️ France – Autorité de Contrôle Prudentiel et de Résolution (ACPR)

➡️ Germany – Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) – 132342

➡️ Hungary – Magyar Nemzeti Bank (MNB) – K8761153

➡️ Italy – Commissione Nazionale per le Società e la Borsa (CONSOB) – 3673

➡️ Norway – Finanstilsynet – FT00080085

➡️ Spain – Comisión Nacional del Mercado de Valores (CNMV) – 3427

➡️ Croatia – Hrvatska agencija za nadzor financijskih usluga (HANFA)

➡️ Greece – Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC)

➡️ Lithuania – Lietuvos Bankas

➡️ Malta – Malta Financial Services Authority (MFSA)

➡️ Poland – Komisji Nadzoru Finansowego (KNF)

➡️ Slovakia – Národná Banka Slovenska (NBS)

👉 HFM (Formerly Known as Hotforex) keeps funds in segregated accounts with top-tier banking institutions. In addition to this, the broker also has a Civil Liability insurance program to a maximum of €5,000,000. This program includes coverage against errors, negligence, omissions, fraud, and other risks that could expose traders to the risk of loss.

👉 Negative balance protection is another risk management tool that HFM (Formerly Known as Hotforex) offers, and this is applied to all retail trading accounts. The negative balance protection offered by HFM (Formerly Known as Hotforex) applies regardless of market volatility, especially when margin calls and stop-outs may fail, which means that if the client’s account goes into a negative, they are not liable to pay back the broker.

HFM (Formerly Known as Hotforex) Account Types and Features

HotForex Account Types and Features

👉 HFM (Formerly Known as Hotforex) offers a choice between different trading accounts, suited to each type of trader according to different trading skills, experience, and trading styles. The retail investor accounts offered by HFM (Formerly Know as Hotforex)include:

➡️ HFM (Formerly Known as Hotforex) Nigeria Micro Account

➡️ HFM (Formerly Known as Hotforex) Nigeria Premium Account

➡️ HFM (Formerly Known as Hotforex) Nigeria HFcopy Account

➡️ HFM (Formerly Known as Hotforex) Nigeria Zero Spread Account

➡️ HFM (Formerly Know as Hotforex) Nigeria Auto Account

👉 In addition to these live trading accounts, HFM (Formerly Know as Hotforex) also offers a demo account in addition to providing Muslim traders with the option for an Islamic Account on selected account types.

Micro Account

👉 The Micro Account is a suitable account type for beginner traders who want to trade smaller volumes. The Micro Account allows beginner traders to trade smaller position sizes. In addition, Nigerian traders can also register using a lower minimum deposit requirement.

💳 Minimum Deposit (₦)2,200 NGN or equivalent to $5 or 70 ZAR
📈 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:1000
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size7 Standard Lots (100,000 base currency)
📊 Maximum Open Orders150 (Simultaneous)
🌐 Margin Call (%)40
🌐 Stop-Out (%)10
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering

Premium Account

👉 This account type is perfect for experienced retail traders. One of the main characteristics of this account is that the overall position sizing is flexible, with the overall limit for a single trade capped at 60 standard lots.

💳 Minimum Deposit (₦)41,500 or equivalent to $100 or 1,400 ZAR
📈 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:500
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders300
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering

HFcopy Account

👉 This account type is suited to Strategy Providers (SPs) as well as Strategy Followers. SPs can register this account type to create an inventory of followers, allowing them to trade and earn a Performance Fee of up to 50%. Followers can use this account to deposit funds and to automatically copy trades on selected SPs.

💳 Minimum Deposit (₦)41,500 NGN for a follower, 120,000 NGN for a provider (NGN or equivalent to $100 and $300, respectively)
📈 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4
💰 Trading InstrumentsForex, Spot Indices, Gold, Spot Energies, BTC/USD, BTC/EUR
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:400
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders300
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedFlexible bonus offering
👥 Maximum followers allowed per SP200

Zero Spread Account

👉 This account is suited to active traders, high-frequency traders, day traders such as scalpers, and those who use Expert Advisors, who subsequently need low-cost trading solutions. This account offers raw spreads from reputable liquidity providers without any hidden mark-ups added to the spreads.

💳 Minimum Deposit (₦)83,000 NGN or equivalent to $200 or 2,800 ZAR
📈 Spreads0.0 pips on Forex Major currency pairs
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Trading InstrumentsAll
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:500
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders500
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD, ZAR
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesFrom between $3 for Major Forex Pairs and $4 on other instruments per lot traded
🔎 Bonuses OfferedNone

Auto Account

👉 This account type provides traders access to automated trading and algorithmic trading. This account can be used by any type of trader who wants to subscribe to either free or paid trading signals. These signals are obtained from the MQL5 community, found on the HFM (Formerly Know as Hotforex) Nigeria MetaTrader 4 platform.

💳 Minimum Deposit (₦)83,000 NGN or equivalent to $200 or 2,800 ZAR
📈 SpreadsFrom 1 pip EUR/USD
💻 Trading PlatformMetaTrader 4
💰 Trading InstrumentsForex, Spot Indices, Gold, Spot Energies, BTC/USD, BTC/EUR
✴️ ExecutionMarket Execution
📈 Maximum Leverage Ratio1:500
📈 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
📊 Maximum Open Orders300
🌐 Margin Call (%)50
🌐 Stop-Out (%)20
💳 Account Base CurrencyUSD
👨‍💼 Personal Account ManagerYes
⚖️ Commission ChargesNone
🔎 Bonuses OfferedNone

Islamic Account

👉 The HFM (Formerly Know as Hotforex) Islamic Account is compliant with Sharia law according to Islamic principles, which means that interest is not applied when Muslim traders hold their positions open overnight. HFM (Formerly Known as Hotforex) offers its Muslim traders the opportunity to convert any of the live trading accounts offered into that of an Islamic Account, providing them with halal trading without restrictions.

Demo Account

👉 The demo account that HFM (Formerly Known as Hotforex) offers its Nigerian traders can be used to either practice their trading before they risk real money, or it can be used by advanced traders who are testing their trading strategies.

👉 HFM (Formerly Known as Hotforex) offers Nigerian traders the chance to register a demo account on the Micro, Premium, Auto, and HFcopy account.

HFM (Formerly Known as Hotforex) Account Registration

HotForex Account Registration

👉 Nigerian traders who want to register an account with HFM can simply visit the official website and select the option for account registration from the homepage. Traders will fill in an online application form with their personal, financial, employment, and trading information.

👉 To complete registration, traders must complete the Know Your Customer (KYC) process where they must verify their email address and provide proof of their identity and residential address.

👉 Once received, the application will be processed and subsequently approved, allowing traders to deposit funds and start trading.

HFM (Formerly Known as Hotforex) Vs AvaTrade Vs Exness – Broker Comparison

HFM AvaTradeExness
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regionsCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISAFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
AvaTradeGO
AvaOptions
AvaSocial
MetaTrader 4
MetaTrader 5
DupliTrade
ZuluTrade
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit2,000 NGN41,500 NGN4,100 NGN
📈 Leverage1:10001:400Unlimited
📊 Spread0.0 pipsFixed, from 0.9 pipsVariable, from 0.0 pips
💰 Commissions$3 to $4NoneFrom $0.1 per side, per lot
✴️ Margin Call/Stop-Out40%/10%, 50%/20%25%/10%60%/0%
✴️ Order ExecutionMarketInstantMarket
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoNoYes
📈 Account TypesHFM Nigeria Micro Account
HFM Nigeria Premium Account
HFM Nigeria HFcopy Account
HFM Nigeria Zero Spread Account
HFM Nigeria Auto Account
Standard Live Account
Professional Account Option
Standard Account
Standard Cent Account
Raw Spread Account
Zero Account
Pro Account
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsNoNoYes
📊 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts515
☪️ Islamic AccountYesYesYes

HFM (Formerly Known as Hotforex) Trading Platforms

HotForex Trading Platforms

👉 HFM offers the use of either MetaTrader 4 or MetaTrader 5. While MetaTrader is the most popular trading platform in the world, MetaTrader 5 offers additional functions and features.

👉 Both are electronic trading platforms that offer a user-friendly interface, a wide range of trading tools and resources, and impressive charting capabilities. There are several time frames to choose from, built-in technical indicators, graphical objects, analytical tools and comprehensive technical analysis and fundamental analysis.

👉 Both MetaTrader 4 and MetaTrader 5 offer access to a comprehensive MQL5 language and online community where traders can download and purchase trading signals.

HFM (Formerly Known as Hotforex) Range of Markets

👉 HFM offers a wide range of markets spread across these tradable instruments and classes:

➡️ More than 50 currency pairs spread across major currencies, minor currencies, and exotic pairs.

➡️ Access to spot metals and precious metals that include Palladium, Platinum, Silver, and Gold.

➡️ 2 Spot Energies and Futures Energies including UK Brent Oil and US Crude Oil

➡️ 11 Spot Indices and Futures Indices including AUS200, GER40, UK 100, US Tech 100, and several others.

➡️ Over 71 Individual Stocks

➡️ 5 Commodities that include Sugar, Cocoa, Coffee, Copper, and Cotton.

➡️ 15 Cryptocurrencies including ZCash, Monero, XRP, Stellar, TRON, OmiseGo, Bitcoin, Ethereum, Litecoin, and others.

➡️ 3 Bonds including Euro Bund, UK Gilt, and US 10-year Treasury Note.

➡️ Over 900 DMA Stocks

➡️ 34 Exchange-Traded Funds

HFM Vs AvaTrade Vs Exness – Broker Comparison for Range of Markets

HFMAvaTradeExness
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoYesNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesNo
➡️️​ OptionsNoYesNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsYesYesNo

HFM (Formerly Known as Hotforex) Trading and Non-Trading Fees

HotForex Trading and Non-Trading Fees

Spreads

👉 The spreads that traders can expect from HFM will depend on the type of account they use, the market conditions on the trading day, and the financial instrument they choose to trade across all financial markets. Average spreads per account type are as follows:

➡️ Micro Account – from 1 pip

➡️ Premium Account – from 1 pip

➡️ HFcopy Account – from 1 pip

➡️ Zero Spread Account – from 0.0 pips

➡️ Auto Account – from 1 pip

Commissions

👉 HFM is transparent about its commission charges, which are extremely low when compared to other forex and CFD brokers. The commissions that Nigerian traders can expect is between $3 for forex major pairs and $4 for other financial instruments.

Overnight Fees, Rollovers, or Swaps

Overnight Fees, Rollovers, or Swaps

👉 The overnight fees that Nigerian traders can expect are as follows:

➡️ Forex, Commodities, Individual stocks – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers. These swaps apply to all positions and there are triple swaps applied every Wednesday.

➡️ Precious Metals – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers. Traders must note that there are triple swaps applied on Wednesdays and the swaps for both XAU and XAG are expressed in 1 pip per lot.

➡️ Energies – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers. Traders must note that there are triple swaps applied on Wednesdays and that swaps for USOil and UKOil are given in US Dollar values.

➡️ Indices, Bonds, DMA Stocks, ETFs, and Cryptocurrencies – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers. These swaps apply to all positions and there are triple swaps applied every Friday.

Deposit and Withdrawal Fees

👉 HFM does not apply any deposit fees or withdrawal fees despite the payment method that Nigerian traders choose. Processing fees may be charged by the trader’s financial or banking institution.

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

HFM (Formerly Known as Hotforex) Deposits and Withdrawals

HotForex Deposits

👉 HFM offers the following flexible deposit methods and withdrawal methods:

➡️ Bank Wire Transfer

➡️ Credit Cards

➡️ Debit Cards

➡️ Skrill

👉 The processing times of these deposit and withdrawal methods can take anywhere from 10 minutes up to 10 business days, depending on option and internal bank processing times. Traders must also note that there are minimum withdrawal amounts applied to every payment method.

Process to Withdraw Funds from a HFM (Formerly Known as Hotforex) Account

Process to Withdraw Funds from a HotForex Account

👉 Traders can withdraw funds at any given time from their account. To request a withdrawal, traders can log into their “myHF area”, which is the client portal, and select the option to Withdraw funds.

👉 When traders submit withdrawal requests before 10 am server time, they will be processed within the same business day between 7 am and 5 pm server time. If withdrawals are submitted after 10 am server time, it will be processed during the following business day between 7 am and 5 pm server time.

HFM (Formerly Known as Hotforex) Education and Research

HotForex Education and Research

👉 HFM offers Nigerian beginner forex traders a selection of educational resources including:

➡️ HFM Educational Videos

➡️ Training Course Videos

➡️ Forex Education

➡️ eCourses

➡️ Live Webinars

➡️ Events

➡️ Podcasts

👉 The Research Tools that Nigerian traders can expect include:

➡️ HF App

➡️ VPS Hosting Services

➡️ Premium Trader Tools

➡️ AutoChartist Tools

➡️ Trading Calculators

➡️ myHF Client Area

➡️ Advanced Insights

➡️ Economic Calendar

➡️ Traders’ Board

➡️ Auto Trading through MQL5

➡️ Forex News presented by FXstreet

➡️ One-Click Trading

➡️ Events

➡️ HFM Exclusive Analysis

HFM (Formerly Known as Hotforex) Bonuses and Promotions

HotForex Bonuses and Promotions

👉 HFM offers Nigerian traders the following Bonuses and Promotions:

➡️ Free Funding

➡️ Contests including Traders Awards, HFM Gadget Giveaway, Demo Contest, Trading Contests, Currency Wars Contest

➡️ Loyalty Program

➡️ 50% Welcome Bonus for Micro Accounts

➡️ 100% Supercharged Bonus applied to a range of accounts

➡️ 30% Rescue Bonus

➡️ 100% Credit Bonus

HFM (Formerly Known as Hotforex) Affiliate Program

HotForex Affiliate Program

👉 Award-winning broker HFM is renowned for its honesty, openness, and industry-leading service offerings to both its traders and its affiliates.

👉 Individuals from all around the globe are welcome to join our exclusive affiliate program, HF Affiliates. To keep associates around for the long haul, HFM provides lucrative incentive programs and a multi-tier affiliate monitoring system.

👉 In addition, affiliates will also get complete marketing support and promotional materials, as well as rapid on-demand assistance from our dedicated Affiliates Department if they join the HF Affiliate program.

👉 Some of the advantages that HFM offers affiliates includes:

➡️ Revenue share of 60% or $15 per lot based on net spreads according to the trading volumes of clients.

➡️ Refer-an-affiliate commission

➡️ Access to an auto-rebate system

➡️ Multi-tier up to two affiliate levels

➡️ Robust MetaTrader 4 and MetaTrader 5 reporting

➡️ Access to full statistics, client activity, and the ability to analyse trends, commission, raw clicks, and more.

➡️ No set-up fees when affiliates join the program

➡️ A personal account manager

➡️ Unparalleled conversions and fast, reliable payments

➡️ A wide range of marketing tools

➡️ Tight spreads and competitive trading conditions

➡️ Access to unlimited commissions

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Verdict on HFM (Formerly Known as Hotforex)

👉 HFM is one of the best options according to research in Nigeria in terms of its safety of funds, regulatory status, and overall offering.

👉 HFM is a versatile CFD and Forex broker that offers endless opportunities in a wide range of markets using competitive trading conditions with tight spreads, low commissions, and convenient funding options.

HFM (Formerly Known as Hotforex) Pros and Cons

✔️ Pros❌ Cons
Well-regulated CFD and Forex broker that has a decent trust scoreUnited States clients and some other regions are not accepted by HFM
The spreads offered are low and competitiveThere may be restricted leverage for EU clients because of regulatory requirements
There are several account types to choose from with reasonable trading fees chargedThere are no variable spread accounts offered
HFM welcomes all types of traders and trading strategiesLimited funding options offered for deposits and withdrawals
There is a low minimum deposit requirement and secure methods for deposits and withdrawals
Suited to beginner traders and experienced traders
Offers comprehensive expert trading and market analysis
Offers a decent selection of educational tools and a range of trading tools

Frequently Asked Questions

Is HFM a fake or scam broker?

No, HFM is not a fake or scam broker as it is regulated by FSCA, CySEC, DFSA, FSA, FCA, FSC in several regions.

What are the spreads that HFM charges?

The lowest spreads are offered on the Zero Spread Account, 0.0 pips EUR/USD.

Which trading platforms are supported by HFM?

HFM offers access to MetaTrader 4 and MetaTrader 5.

What is the overall rating for HFM out of 10?

The overall rating for HFM is 9/10.

Is HFM suitable for beginner and professional traders?

Yes, HFM is suitable for advanced traders as well as novice traders despite their trading skills or trading styles.

9.6/10 - (14 votes)

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