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HFM Review

Overall, HFM is considered average risk, with an overall Trust Score of 9 out of 10. HFM is regulated by HFM Investments Limited. HotForex is authorized by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust). HFM is currently not regulated by the CMA of Nigeria.

Updated : January 24, 2023

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

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 Overview

HotForex Review Overview

👉 HFM is a low-risk CFD and forex broker for Nigerian traders with a trust score of 83% and an overall rating of 9/10 in terms of trading conditions, retail investor accounts, client fund security, and customer support.

 

👉 HFM is well-regulated by several reputable entities and recently, HFM Investments Limited, a subsidiary of the brokerage company, has been given a license by the Capital Markets Authority (CMA) in Nigeria.

 

👉 HFM is a proud MetaTrader broker, offering both MetaTrader 4 and MetaTrader 5 trading platforms. HFM’s retail investor accounts are suitable for both novice and expert traders, as well as professional traders looking to get a competitive advantage in their trading.

 

👉 Each retail trading account has its own set of features and trading conditions that cater to traders with varying trading styles, trading abilities, and investment goals. Over the last decade, HFM has earned over 55 forex industry awards and registered over 2.5 million active accounts.

 

👉 This HFM review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

 

Distribution of Traders

HotForex Review Distribution Of Traders

👉 The distribution of traders with HFM is as follows:

➡️️​ South Africa – 94.8%

➡️️​ Kenya – 2.54%

➡️️​ United States – 0.77%

➡️️​ Morocco – 0.74%

➡️️​ Netherlands – 0.27%

 

Popularity among traders who choose HotForex

🥇 While HFM does not dominate the market in Nigeria, the broker is still part of the Top 20 forex and CFD brokers for Nigerian traders.

HFM at 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

Regulation and Safety of Funds

HotForex Review Regulation And Safety

👉 The following firms make up the HFM Group, which operates under the HFM trading brand:

➡️ HFM SA (PTY) Limited is registered in South Africa (2015/341406/07) and regulated by the Financial Sector Conduct Authority (FSCA) under FSP 46632.

➡️ HFM (Europe) Limited is based in Cyprus and registered under HE 277582 with regulations through the Cyprus Securities and Exchange Commission (CySEC) under 183/12. In addition, HF Markets Fintech Services Limited is registered in Cyprus under HE 348222.

➡️ HFM (DIFC) Ltd is registered in Dubai and is regulated by the Dubai Financial Services Authority (DFSA) under F004885.

➡️ 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 with regulation and authorisation through the Financial Service Authority (FSA) under SD015.

➡️ HFM (UK) Ltd is both regulated and authorized by the reputable Financial Conduct Authority (FCA) under 801701.

➡️ HFM Limited is registered in Mauritius with a Category 1 Global Business no C110008214, and Company registration number 094286/GBL, with regulation and authorization through the Financial Services Commission (FSC) in Mauritius.

➡️ HFM Investments Limited is regulated by the Capital Markets Authority (CMA) under license number 155. With this regulation, HFM can offer non-dealing online forex exchange services to Kenyan investors.

 

👉 Segregated accounts with top-tier financial institutions are maintained by HFM and HF Markets. In addition, the broker is covered up to €5,00,000 in Civil Liability insurance. This program protects traders against the risk of financial loss because of mistakes, carelessness, omissions, and other forms of fraud.

 

👉 HFM provides a risk management mechanism known as negative balance protection, which is available to all retail trading accounts. When margin calls and stop-outs fail, the customer’s account does not have to be repaid to the broker because of HFM’s negative balance protection. This protection applies regardless of market volatility.

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

Account Types and Features

HotForex Review Account Types

👉 With HFM, traders may choose from a variety of trading accounts that are tailored to their specific needs and preferences. HFM offers the following types of accounts to retail investors:

➡️ Micro Account

➡️ Premium Account

➡️ HFcopy Account

➡️ Zero Spread Account

➡️ Auto Account

👉 Also available is a demo account and an Islamic Account option for Muslim traders on certain account types at HFM in addition to these actual trading accounts.

 

Live Trading Accounts

Micro Account

HotForex Review Micro Account

👉 The Micro Account is a good choice for traders who are just starting out and only wish to trade modest amounts of money. Smaller position sizes are possible with the Micro Account, making it ideal for new traders.

💳 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

HotForex Review Premium Account

👉 Experienced retail traders would benefit from this account type. With a 60 standard lot limit for a single transaction, this account’s position size flexibility is one of its key features.

💳 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

HotForex Review HFCop Account

👉 SPs and Strategy Followers alike may benefit from this sort of account. SPs can set up an inventory of followers on this account type, which would then enable them to trade and earn a Performance Fee of up to 50%. Users may deposit monies and have their transactions immediately copied from this account.

💳 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

HotForex Review Zero Account

👉 Active traders, high-frequency traders, day traders like scalpers, and those who employ Expert Advisors will all benefit from this account’s cheap trading costs and low commissions. No hidden markups are applied to the spreads in this account, which is an additional benefit for Nigerian traders.

💳 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

HotForex Review Auto Account

👉 With this account type, investors may use algorithmic trading and automated trading. Any kind of trader may utilize this account to subscribe to trading signals, whether they are free or paid. The HFM Nigeria MetaTrader 4 platform’s MQL5 community provides these trading signals.

💳 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

 

Demo Account

HotForex Review Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and HFM offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 Traders in Nigeria may open a demo account on the Micro, Premium, Auto, and HFcopy accounts with HFM.

 

Islamic Account

HotForex Review Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 Because it complies with Sharia law and Islamic values, the HFM Islamic Account does not charge interest to Muslim traders who have open positions overnight. Traders can convert any of HFM’s active trading accounts to an Islamic Account, allowing them to trade halal without limitations.

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

Account Registration

HotForex Review Account Registration

👉 Nigerian traders can visit HotForex’s official website and pick the option for account registration from the homepage. Traders are required to provide their personal, financial, work, and trading information using an online application form.

 

👉 As part of the Know Your Customer (KYC) procedure, traders must validate their email address and present documentation proving their identity and residence address before their account may be activated.

 

👉 Traders will be able to deposit money and begin trading as soon as their application has been completed and authorized.

 

How to Register An Account

👉 Step 1 – Go to the Official HotForex Website

➡️ Go to the HFM’s Website (www.hfm.com) and click on “Open Live Account”.

HotForex Review How to Register An Account Step 1

 

👉 Step 2 – Fill Out Your Details

➡️ Fill out your personal details such as your name, surname, country of residence and email address. 

HotForex Review How to Register An Account Step 2

 

👉 Step 3 – Click on “Register”

➡️ Click on the green “Register” button to register your account. 

HotForex Review How to Register An Account Step 3

HFM Vs Axiory Vs AvaTrade – Broker Comparison

AxioryAvaTradeHotForex
⚖️ RegulationFSC Belize, FSC Mauritius, FCACentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA

FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
cTrader
• Axiory CopyTrade
• AvaTradeGO
• AvaOptions
• AvaSocial
• MetaTrader 4
• MetaTrader 5
• DupliTrade
• ZuluTrade
• MetaTrader 4
• MetaTrader 5
💰 Withdrawal FeeYesNoNo
📈 Demo AccountYesYesYes
📊 Min Deposit4,100 NGN41,500 NGN2,000 NGN
💰 Leverage

1:777 Maximum1:400
1:1000
💳 SpreadFrom 0.13Fixed, from 0.9 pips0.0 pips
✴️ CommissionsFrom $0.04None$3 to $4
💳 Margin Call/Stop-Out50%/20%25%/10%40%/10%, 50%/20%
📊 Order ExecutionMarketInstantMarket
💰 No-Deposit BonusNoneNoNo
💰 Cent AccountsNoNoNo
📊 Account Types• Nano Account
• Standard Account
• Max Account
• Tera Account
• Alpha Account
• Standard Live Account
• Professional Account Option
• HotForex Nigeria Micro Account
• HotForex Nigeria Premium Account
• HotForex Nigeria HFcopy Account
• HotForex Nigeria Zero Spread Account
• HotForex Nigeria Auto Account
⚖️ CBN RegulationNoneNoNo
💵 NGN DepositsNoNoYes
💳 Nigerian Naira AccountNoNoYes
👥 Customer Service Hours24/5
24/5
24/5
🛍 Retail Investor Accounts515
☪️ Islamic AccountYesYesYes

Trading Platforms

HotForex Review Trading Platforms

👉 HFM offers its Kenyan traders a choice between the following trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

HotForex Review Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

👉 HFM’s MultiTerminal platform makes it possible to manage multiple accounts at the same time from a single screen. Nigerian traders can expect the same familiar trading experience that traders have come to expect from the MT4 platform, but with even more power and capability.

 

👉 No matter what trading style or asset class a HFM customer prefers, the MetaTrader 5 platform has been customized to meet their specific demands, and this has resulted in the HFM MT5.

 

👉 More features, sophisticated trading tools, improved support, and ultimate control over the trader’s transactions are all provided by this powerful yet user-friendly platform. Through MetaTrader 5, Nigerian traders invest time and money wisely with one of the most innovative and widely-used trading platforms in the world.

 

WebTrader Platforms

HotForex Review WebTrader Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

👉 Trading can be carried out using the MetaTrader 4 WebTerminal from any web browser, without the need for extra software to be downloaded. With the ability to trade on both Live and Demo accounts, traders can place pending and market orders, as well as monitor their entire trading history.

 

👉 MetaTrader 5 WebTerminal trading does not need the installation of any other software. All the features of the desktop platform are available on the WebTerminal, which can be launched from any computer and any browser.

 

Trading App

HotForex Review Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

👉 To make it easy for traders to trade on the go, the HFM Android and iOS MT4 combine advanced charting with trading tools and other advanced features. Traders can access financial markets, perform technical analysis, track movements, and place orders from anywhere in the globe using HFM’s full-function trading interface.

 

👉 For the convenience of HotForex clients, HFM offers a MT4 Android, iPad, and iPhone Trader that can be downloaded and used immediately.

 

👉 To provide traders complete access to the trading account and the ideal trading environment, HFM’s software was particularly designed to utilize several sophisticated capabilities of many mobile device types.

 

👉 MetaTrader 5 for HFM features iOS and Android-native alternatives for all sorts of devices, allowing traders to feel in control of their HFM trading accounts and ready to delve into the markets no matter where they are. HFM Android and iOS is the best choice if Nigerian traders are looking for a mobile trading platform that is both convenient and secure.

 

Range of Markets

HotForex Review Range of Markets

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

➡️ Forex

➡️ Precious Metals

➡️ Energies

➡️ Indices

➡️ Shares

➡️ Commodities

➡️ Cryptocurrencies

➡️ Bonds

➡️ Stocks DMA

➡️ ETFs

Broker Comparison for Range of Markets

InstaForexHotForexIC Markets
⚖️ RegulationBritish Virgin Islands Financial Services Commission (BVI FSC)FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regionsASIC, CySEC, FSA, SCB
📱 Trading PlatformMetaTrader 4
MetaTrader 5
WebIFX
InstaForex Multi-Terminal
InstaForex WebTrader
InstaTick Trader (mobile)
MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
cTrader
💰 Withdrawal FeeYesNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit400 NGN2,000 NGN83,000 NGN ($200)
📈 Leverage1:10001:10001:500
📊 Spread0.0 pips0.0 pips0.0 pips
💰 Commissions0.03% to 0.07%$3 to $4From $3 to $3.5
✴️ Margin Call/Stop-Out25%/10%40%/10%, 50%/20%Stop-Out 50%
✴️ Order ExecutionInstantMarketMarket
💳 No-Deposit BonusYesNoNo
📊 Cent AccountsYesNoNo
📈 Account TypesInsta.Standard Trading Account
Insta.Eurica Trading Account
Cent.Standard Trading Account
Cent.Eurica Trading Account
HotForex Nigeria Micro Account
HotForex Nigeria Premium Account
HotForex Nigeria HFcopy Account
HotForex Nigeria Zero Spread Account
HotForex Nigeria Auto Account
cTrader Account
Raw Spread Account
Standard Account
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsYesNoNo
📊 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts453
☪️ Islamic AccountYesYesYes

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

Trading and Non-Trading Fees

Spreads

HotForex Review Spreads

👉 When it comes to trading with HFM’s, traders may expect to pay a variety of spreads depending on their account type, the market circumstances, and the financial instrument they choose to trade. The following are the average spreads for each account type:

➡️ 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

HotForex Review Commissions

👉 When compared to other forex and CFD brokers, HFM’s commission fees are exceptionally cheap. Traders in Nigeria should anticipate paying between $3 and $4 in charges for FX majors and other financial products.

 

Overnight Fees, Rollovers, or Swaps

HotForex Review Overnight Fees

👉 Nigerian traders can anticipate the following overnight fees:

➡️ Forex, commodities, and individual stock swaps are updated each day based on market circumstances and the rates that price providers get. A total of three swaps are applied to all positions on Wednesdays as well.

➡️ Precious Metals – Depending on market circumstances and the prices provided by price suppliers, precious metal swaps are changed daily. For XAG and XAU, the swap is indicated in 1 pip per lot, which traders should be aware of on Wednesdays.

➡️ Energies – Market circumstances and rates acquired by price suppliers are taken into consideration daily when adjusting energy swaps. Traders should be aware that USOil and UKOil swaps are given in US Dollar values on Wednesdays when there are triple swaps in effect.

➡️ For indices, DMA stocks, ETFs, and Cryptocurrencies – Swaps are changed daily according to market circumstances and the rates that are acquired by price providers. This applies to all positions, and every Friday there is a triple swap.

How to Deposit Funds with HotForex

Screenshot 2022 03 31 at 09.09.11

👉 To deposit funds with HotForex, Nigerian traders can log into the myHF area, select the option to deposit and select their deposit method. Traders must provide the amount they wish to deposit, the deposit currency, and continue by completing any additional fields as required by their payment provider.

How to Withdraw Funds with HotForex

Screenshot 2022 03 31 at 09.11.13

👉 To withdraw funds from a HotForex account, traders must log into their myHF area, click on “Fund Withdrawal,” choose a payment method, enter the withdrawal amount, and proceed with any additional steps as required by the payment provider.

 

👉 Traders should expect their withdrawal requests to be processed the same business day, between 7 am and 5 pm server time, if they submit them before 10 am server time. The next business day, between 7 am and 5 pm server time, shall be used to process withdrawals filed after 10 am server time.

HotForex Education and Research

HotForex Review Education And Research

👉 HFM offers the following Educational Materials:

➡️ Hot Forex Educational Videos

➡️ Training Course Videos

➡️ Forex Education

➡️ eCourses

➡️ Live Webinars

➡️ Events

➡️ Podcasts

 

👉 HFM offers Kenyan traders the following Research and Trading Tools:

➡️ 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

How To Minimize Risk While Trading? 

How To Minimize Risk While Trading? 

1. Use Stop Losses

👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.

 

👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.

 

👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.

 

2. Use Proper Lot Sizes

👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.

 

👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.

 

3. Control Your Losses

👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.

 

👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.

 

4. Use Leverage Carefully

👉 Most forex brokers offer to trade with leverage, and with HFM traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.

 

5. Choose The Time Of Day That You Trade

👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.

 

👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.

 

👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.

 

6. Buy The Rumor, Sell The News

👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.

 

👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.

Alternative Brokers to HFM

Alternative Brokers to HFM

➡️ TD Ameritrade

➡️ AvaTrade 

➡️ ACY Securities

➡️ FXCM

➡️ Pepperstone

➡️ Webull

All About HFM’ Rebate System

Exness' Rebate System

What is a Rebate?

👉 Forex rebates reduce the spread or transaction cost paid by a trader on every trade, whether it’s a win or a loss. Rebate payments are offered in 3 forms including spread and commission reductions, daily trading account deposits, and monthly cash payments via bank wire, Paypal, Skrill and others.

 

Which HFM rebate program is the best?

👉 Our business model and theme offers the highest rebate rates at every popular forex broker. We do this by adjusting our rates whenever we find a competitor offering more. Our clients can be assured they are getting the highest rebates possible combined with the best possible customer support and consistent, timely, accurate rebates.

 

Are HFM rebates worth the effort?

👉 The biggest obstacle to any forex trader is the cost of the transaction. It may seem small, but in fact, it’s the biggest factor that gives the trader less than a 50% chance of winning any particular trade. This seemingly small cost can be devastating when compounded, and in the long term if the trader relies on luck alone they are sure to lose on their investment continually. HFM rebates reduce the cost of the transaction and increase a trader’s probability of winning. Still, a trader must rely on their trading skill to close the remainder of the gap.

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

HotForex Affiliate Program

HotForex Review Affiliate Program

👉 Customers and affiliates alike can rely on the integrity and transparency of award-winning broker HFM.

 

👉 The HFM Affiliates affiliate program is open to anyone from all around the world, regardless of where they live. HotForex offers generous reward programs and a multi-tier affiliate monitoring system to keep affiliates around for the long term.

 

👉 As an added benefit, affiliates who join the HFM Affiliate program will have immediate access to our dedicated Affiliates Department for any questions or issues that may arise. Affiliates of HotForex may benefit from the following features and benefits:

➡️ Revenue-share up to 60% or $15 per lot, determined by the net spreads and trading volumes of referred clients.

➡️ Commissions that can be earned through the refer-an-affiliate

➡️ Auto-rebate system

➡️ Multi-tiered structure

➡️ MetaTrader 4 and 5 reporting

➡️ Affiliates get full statistics, comprehensive client activity tracking, and more

➡️ The absence of set-up fees

➡️ Access to a dedicated affiliate account manager

➡️ Fast and frequent payments

➡️ Unlimited commissions

➡️ A wide variety of marketing tools

Bonuses and Promotions

HotForex Review Bonuses And Promotions

👉 HFM offers Nigerian traders the following bonuses and promotions:

➡️ Free Funding

➡️ Contests including Traders Awards, HotForex 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 Social Responsibility

HotForex Review Social Responsibility

👉 When it comes to helping individuals in need, the HF Markets Group has a deep-seated belief that it must do so. The HFM Group of Companies’ management and employees have a long history of giving back to the communities in which they operate.

 

👉 Some initiatives of HFM include:

➡️ The World Health Organization’s campaign against the Covid-19 epidemic previously received large donations from HFM, which is known for its corporate social responsibility. HFM and its team worked tirelessly across the globe to protect and improve the health of people, leading and coordinating efforts to reduce the effects of the pandemic in vulnerable communities.

➡️ An international non-profit called The Rainforest Alliance received a charity gift from HFM Group in support of indigenous efforts to control the fires that have ravaged the Amazon rainforest, which is commonly referred to as the “lungs of the Earth.”

➡️ HFM donated a major gift to the Larnaca Lions Club, the local chapter of the Lions Club International, as a way of showing its support for the community. Donations to the well-known club, which aims to empower volunteers to serve their communities, meet humanitarian needs, encourage peace, and promote international understanding, were given by HotForex.

➡️ The HFM team has brightened the spirits of a few young people and assisted them in making the most of the holiday season in 2017. Charity and healthcare institutions in the company’s hometown of Larnaca received gifts and toys in abundance.

Verdict on HotForex

👉 Traders looking for low-cost trading platforms with minimal minimum account balance restrictions are often confronted with restricted functionality and investor data. With its reasonable price and highly professional trading platform, HFM is an exception to this norm.

 

👉 Both new and experienced forex traders will profit from the platform’s vast variety of accounts and asset classes, as well as the in-depth information and analytical services tailored to every sort of investor. HotForex enables traders of varying skill levels to invest in a variety of CFD and spot assets using the proven MT4 and MT5 platforms.

HFM Current Popularity Trend

👉 According to Google Trends, HFM has increased in Google searches in Nigeria in the past month. 

Exness Current Popularity Trend

HFM Pros and Cons

✔️ Pros❌ Cons
Well-regulated in several global regionsThere are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairsThere is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HFM accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

Frequently Asked Questions

Is HotForex regulated and by whom?

Yes, HFM is regulated by FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA.

Does HotForex offer leverage and what is the maximum ratio offered?

Yes, HFM offers maximum leverage up to 1:1000.

Does HotForex offer a Demo Account?

Yes, HFM offers a demo account.

What is the overall rating for HotForex out of 10?

9/10.

Is HotForex suitable for beginner and professional traders?

Yes, HFM is an ideal broker that can be used by beginner and professional traders.

9.6/10 - (14 votes)

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