HF Markets

HF Markets experiences 2020 – how serious is HotForex?

The Forex and CDF broker in test

Lupe_iconHF Markets, formerly known as HotForex, is a Forex and CFD brokerage firm headquartered in Cyprus and regulated by the Cyprus CySEC. Few German traders have had any experience with HF Markets. The broker’s business focus has so far been on Asia and Africa.

Now HF Markets wants to make a name for itself in Europe as well. Trading is possible via different accounts for private and professional traders, the former HotForex also offers an account for copy trading. The conditions vary depending on the account model, the minimum deposit starts at 50 Euro, trading is done via the popular MetaTrader 4 or the Webtrader. A HF Markets trial is possible with the free demo account.

Conditions for the trading account with HF Markets:

  • Minimum deposit starting at 50 Euro
  • about 50 currency pairs and tradable
  • Minimum deposit of 5,000 USD for Edge account
  • Trading via MT4, Webtrader and mobile app
  • Account management in Euro and US Dollar
  • Free of charge deposits
  • Zero spread trading account from 200 Euro minimum deposit
  • Copy Trading Account
  • Free demo account

1 – registered office and regulation: broker with headquarters in Cyprus and international regulations

CySEC Regulation

Icon ContactThe Forex and CFD broker HF Markets (HotForex) has its main office in Cyprus. Therefore, the provider is licensed and regulated by the local Financial Supervisory Authority CySEC under number 183/12. As such regulated broker, HF Markets is allowed to offer its services across borders, i.e. Europe-wide, and is authorized to receive and manage client funds.

Furthermore, HF Market is a member of the Cyprus Deposit Protection Fund, which provides compensation of up to 20.000 Euro per investor in case of a claim. Up to this amount, clients of HF Market are covered, should the broker be forced to file for insolvency. In addition to the Cypriot regulation, HF Markets Group is also registered in other countries, such as the British FCA, the South African FSCA, Dubai, the Seychelles and Germany.

Segregated client accounts

As the Cypriot Financial Supervisory Authority implements the MiFID guidelines, which are mandatory throughout Europe, HF Markets, like all European brokers, is obliged to manage clients’ funds in separate accounts, strictly separated from the company’s assets. Additional protection is provided by annual audits by independent auditors, the results of which are submitted to the regulatory authorities.

Protection against negative account balances

In accordance with European regulations, HF Markets is also obliged not to demand any additional contributions. Therefore, the Broker will close out positions if they are in danger of sliding into the red.

Conclusion: HF Markets is a Cypriot regulated provider, which manages client funds in a segregated manner and is a member of a deposit protection fund. The protection against negative account balances contributes to security as well as standard SSL encryption during data transmission.

2 – trading offer at HF Markets: In addition to Forex, CFDs on numerous underlying instruments

One of the most important criteria when deciding on a broker is the range of trades he offers. An overview of the asset classes offered and the values represented is an important part of the HF Markets Test. In addition to CFDs, HF Markets Forex allows traders to gain experience in trading almost 50 currency pairs. Among them are all highly liquid Forex major stocks, but also minor stocks and exotics like:

  • Icon StrategyAUD/CAD
  • NZD/CHF
  • EUR/AUD
  • GBP/AUD
  • ZAR/JPY
  • EUR/ZAR

The levers possible with forex pairs correspond to the European-wide valid guidelines of the ESMA for private investors. Thus, the majors and some minors can be traded with a maximum leverage of 1:30, the other minors and exotics with a maximum leverage of 1:20. Professional traders can make use of higher levers.

In addition to the range of currency pairs, CFDs on various underlying assets are available. These include CFDs on stocks and bonds as well as index CFDs. Commodities and energy sources can also be found among the underlyings, as well as crypto currencies. The currency pairs are formed on EUR or USD against Bitcoin, Ethereum, Litecoin and Ripple, but the highest possible leverage for CFDs on crypto currencies is 1:2.

Conclusion: The trading offer at HF Markets is not huge, but it is large and broad enough to offer trading opportunities to private investors as well as professional traders. A plus point are the crypto-CFDs, which not every broker offers, as well as the access to the worldwide most important and very liquid underlyings.

3 – trading conditions at HF Markets: Enough choice in account types

TEch_IconHF Markets tries to meet the needs of traders with different experiences and strategies with multiple account models. Therefore, the former HotForex has four trading account models. These differ in the minimum deposit amount, spreads and commissions and the maximum number of open positions.

  • Micro: 50 Euro minimum deposit, microlots, 150 open positions
  • Premium: 100 Euro minimum deposit, microlots, 300 open positions
  • Zero Spread: 200 Euro minimum deposit, commission on forex pairs, microlots, 500 open positions
  • Premium Pro: 500 Euro minimum deposit, microlots, 300 open positions

Execution is market execution for all accounts, the levers for the Micro, Premium and Zero Spread accounts comply with ESMA requirements for retail investors, while the Premium Pro account is for professional traders with levers of up to 1:400. Spreads start at 1 pip, except for the Zero Spread account, and are variable.

In addition, HF Markets offers an Islamic account, as well as with HF Copy a Copy Trading account with connection to the MQL5 community, where the minimum deposit is 1000 Euros for signalers and 300 Euros for followers. HF Copy offers Bitcoin, Gold and Forex trading with a maximum of 400 followers for the strategy providers.

Result: The different account models with HF Markets allow thanks to low minimum deposit starting from 50 euro also a risers first HF Markets experiences, offer in addition, fastidious professionals good conditions.

4 – trading platform and mobile trading at HotForex

Icon Smartphone MobileIn the HF Markets Test the trading platforms should not be neglected. The functional range and user-friendliness of the platform ultimately make a significant contribution to a trader’s success. Intuitive usability is particularly appreciated by beginners, while experienced traders place particular emphasis on comprehensive functionality, good configurability, but also fast order execution.

The HotForex experience is very satisfying thanks to trading via the well-known and popular MetaTrader 4. MT4 is probably the most popular trading platform in the world and is familiar to most traders – among other things because the software can be customized to your own preferences through numerous extensions, but also because it supports automatic trading thanks to the integration of Expert Advisors. The MT 4 is available for download in a stationary form, but can also be used as a browser-based WebTrader. The WebTrader is also optimized for the display in the browser of most tablets.

A mobile app for the MT 4 is also available free of charge. This allows traders to access their trading account at any time even on the road, both via Android-based devices and iOS. With the mobile app, traders can monitor and analyze the markets, use charts, indicators and drawing tools and have access to real-time quotes.

Conclusion: With the popular trading software MetaTrader 4, HF Markets provides access to the markets. The well-known software is considered to be very user-friendly and can score points with its wide range of functions.

5 – account opening: accounts for private and professional clients

Additional OffersIf you are interested in the Forex and CFD broker HF Markets and want to open a real money account, you can start the process by clicking a button in the browser header. The process is largely self-explanatory and is completed in a few minutes. For the live account, personal, trading experience and financial information are required, as well as acceptance of the broker’s terms and conditions and risk warnings. Traders can choose one of the available account models, choose between Euro and US Dollar as account currency and possibly also receive a classification as a professional trader.

In addition, verification is required so that later withdrawals can be made from the trading account to the specified reference account. For this purpose, valid identification documents are required as well as proof of residence. The latter can be provided by a current utility bill. Once the account is set up and activated, the first deposit can be made.

Conclusion: The process of setting up the trading account is uncomplicated according to HF Markets experience. It is recommended to have the documents required for verification right at hand.

6 – free, unlimited demo account with HF Markets

UsabilityA demo account is an ideal opportunity to get to know the services of the broker as well as the handling of the trading platform without obligation. Beginners can also experience their own risk behavior in the demo. Experienced traders like to use a demo account to test new strategies and therefore usually keep the demo alongside the real money account. Customers can also gain experience with the demo account at HF Markets. The HotForex demo is free of charge, unlimited in time and comes with up to 100,000 Euro or US Dollars of virtual capital.

This allows trading under real market conditions, but without the risk of losses. It is also possible to create a demo account from the website header. The required information includes the name and e-mail address of the interested party, who can then trade in the webtrader as well as via the MT4 terminal once the demo has been set up.

Conclusion: An unlimited, free of charge demo is one of the services that enable interested parties to gain their first HF Markets Forex experience. The demo allows first steps in trading in a real trading environment without having to risk your own capital.

7- service & educational offers: Live chat and webinars

Internet presence and customer support

Fraud.org Icon Customer SupportThe way information is presented on a broker’s website is an indicator of how much the provider cares about its customers. The HF Markets website is well structured throughout. Information on regulation, legal issues, contact and the products is easy to find thanks to the straightforward menu navigation.

First questions are answered in a reasonably structured FAQ area. The language selection of the website allows switching between 14 languages, including German. Unfortunately, not all content or subpages are displayed in German, a disadvantage for traders whose English skills are only superficial. A particular criticism is that in the FAQ, sections in German and English alternate in one and the same answer.

Customer support at the former HotForex is available around the clock five days a week. A contact form as well as a live chat are offered. The broker can also be reached by e-mail or fax and by post. Special telephone numbers are assigned to individual languages, and German support can be reached via an 800 number.

The training offer at HF Markets

Educational materials not only help inexperienced traders get started, but also allow advanced traders to learn more. The educational program at HF Markets can be described as very good. E-learning content explains the basics of trading and discusses individual topics or technical terms exhaustively.

The video tutorials are arranged by topic, are aimed at beginners and advanced users and explain the trading platform as well as the financial instruments. The regular webinars are held by a London-based expert. Participation is free of charge, but early registration is recommended. After each webinar, participants have the opportunity to ask questions. Unfortunately, much of the content is only available in English, and the webinars take place almost entirely in the morning – a real hurdle for professionals.

In addition, HF Markets offers its traders regular, up-to-date analyses, an SMS service, an economic calendar and its own VPS hosting. One click trading and calculators complete the offer at the former HotForex.

Conclusion: The broker’s website can still be improved. The support can be reached via a sufficient number of channels, also in German. The information in the educational sector is comprehensive and of high quality, unfortunately almost always only available in English.

8 – deposits and withdrawals: Free deposits

A look should also be taken at the payment methods accepted by HF Markets. Because the available channels as well as the associated costs ultimately affect the return on trading. The HF Markets valuation is very advantageous for the deposit options. There are no fees charged by HotForex, only in the case of bank transfer, the client’s bank may charge a fee, which the broker does not refund.

The trading account can be capitalized by bank transfer, credit or debit card, but also by IMMEDIATE or iDEAL and the Neteller and Skrill electronic wallets. Almost all deposit methods allow for immediate value, except bank transfer, which can take a few days to be credited.

  • Bank Transfer Limits
  • Visa, MasterCard, Maestro
  • IMMEDIATE bank transfer
  • iDEAL
  • Neteller
  • Skrill

Fortunately, payouts are also free of charge as far as HF Markets is concerned. However, the payment service provider may charge fees in individual cases, which must be requested in advance. In case of a payout via Neteller or Skrill, the value date is almost immediate, whereas the payout via credit and debit cards or via bank transfer can take between 2 and 10 business days.

The limits are 50 Euro or US Dollar for deposits and 5 Euro/US Dollar for withdrawals. An exception is the bank transfer, where a deposit must be at least 250 Euro/US dollars and a withdrawal 150 Euro/US dollars.

Conclusion: On the part of the broker there are no deposit or withdrawal fees when using the numerous payment methods. In addition to bank transfer and credit cards, various eWallets are also available.

9 – seriousness: How serious is HF Markets?

SupportOur HF Markets test is also about whether HotForex is reputable. Based on the available information, there is no reason to call the broker untrustworthy. All relevant information and documents can be found easily, but most of them are only available in English.

Regulation

HF Markets is regulated in Europe by the Cypriot CySEC, as the broker is based in Cyprus. In addition, HotForex has other regulations and registrations worldwide, such as the British FCA and the German BaFin.

Deposit Protection

HF Markets is a member of the Cyprus Deposit Protection Fund ICF. Therefore customer deposits are protected up to 20.000 Euro. In addition, customer deposits are managed separately from company assets.

Awards and trade press

The broker HF Markets (HotForex), still little known in Germany, has received more than 20 international awards so far. However, none of them are common or awarded in Germany. At the Dubai FX Show 2016, HF Markets was named Best Forex News and Analysis Provider and Best Forex Broker in South Africa. The company is among the top 100 companies according to World Finance Magazine. The selection of awards is not very impressive so far.

Further plus points

The educational offer and the provision of a free, unlimited demo account can also be counted among the advantages of the broker. The scope and composition of the trading offer is also satisfactory, as is the variety of payment methods offered.

Conclusion: As far as regulation and deposit protection as well as additional offers are concerned, HF Markets performs well, the awards received so far do not really convince at least European traders yet.

10 – Conclusion: HF Markets offers some advantages when trading Forex and CFD

Betrug.org Icon Conclusion & ConclusionThe so far less known CFD and Forex broker has some advantages. Thanks to the possibility of using a demo account and starting with a minimum deposit of 50 Euro at the micro account, HF Markets is suitable for beginners. The well-prepared information of the educational offer does the rest. Even very active and professional traders get their money’s worth thanks to the comprehensive trading offer and partly favorable conditions with this broker. The payment methods are convenient, the same applies to trading via the popular MetaTrader 4.

The license and regulation of the Cypriot provider is satisfactory, as are the other registrations, including with the German BaFin. In order to be able to judge whether HF Markets is a fraud or not, interested traders should at least know that the broker was fined 105,000 Euros by CySEC in August 2016 for dubious elements in advertising as well as deficiencies in customer support. Traders also complained about delays in payouts and surprisingly large slippage. So if you want to get an impression for yourself, you should first make extensive use of the demo account, which is unlimited in time.

  • Market execution (STP) for all accounts
  • Versatile, toll-free payment methods
  • MetaTrader 4 and Webtrader
  • Mobile Trading for iPhone and Android
  • Customer deposits on segregated accounts

Leave a Reply

Your email address will not be published. Required fields are marked *