Is HFM a reliable broker?

Broker Discussion Forex Brokers
1

Is HFM a reliable broker? Is it regulated? Anybody have issue with it?

2

Yea, it’s a good one. Been using them along with aaafx as my current broker, both are well regulated and so far, I haven’t faced any issues with them. Worth trying out.

3

I’m not using this broker but from their website: HFM broker formerly known as HotForex broker is registered in St. Vincent & the Grenadines.

I googled why they changed name, here’s what I found:

5

you mean hotforex? I’m not sure about the stealing issue. :grimacing:

6

My comments about hotforex will be deleted until further investigation is done.

7

hfm or hotforex is straight forward broker, been using them along side lmfx, they okay, reliable. you can get you top 5 brokers that appeal to you do a simple comparison that you find more suited to your style of trading.

8

I have some questions?
Why did broker change its name?
From my research, HFM has more than one license, not only FCA as stated on the website. Is it good for traders?

  • HF Markets (SV) Ltd incorporated in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe) Ltd a Cypriot Investment Firm (CIF) under number HE 277582. Regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 183/12.
  • HF Markets (DIFC) Ltd is authorised and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
  • HF Markets (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.
  • HF Markets SA (PTY) Ltd is an authorised Financial Service Provider from the Financial Sector Conduct Authority (FSCA) in South Africa, with authorisation number 46632.
  • HF Markets (Seychelles) Ltd is regulated by the Seychelles Financial Services Authority (FSA) with Securities Dealer’s License number SD015.
  • HFM Investments Ltd is authorized by the Capital Markets Authority in the Republic of Kenya as a non-dealing online foreign exchange broker with licence no. 155.
9

I haven’t had any issues with them, been using their Premium account for more than 6 years. As others noted before they operated under the brand of Hotforex, now it is a group of companies. Spreads are pretty tight and for some pairs very competitive (maybe 3-4 more brokers offer the same cheap access to trading). Also I didn’t notice that trading conditions started to deteriorate as soon I became profitable, good sign there may be no conflict of interest.

10

it isn’t relevant to traders

all that matters to each trader is where his/her own account is regulated

if it’s by the FCA in the UK (or by ASIC in Australia, or CFTC or NFA in the US) then all is good and there are no worries

CySEC-regulation is a poor second-best but acceptable to some people

all the rest you can forget - they’re fake/pretend regulators paid for by the firms they “regulate” and have no real power and can’t protect customers at all

you’re in the minority, there - many others with HFM have noticed exactly that and said so, openly

12

Basically we should take serious only two or three regulators - FCA UK, ASIC and CySeC

13

basically these regulation do have their own weight in regulatory talks, like Cysec is known to accept any if not all applications, with little actions when things go south. and most probably (correct me if im wrong) account will fall under different regulations for brokers with multiple regulation based on what region or country you are in?

14

Thanks for your info. I am from an Asia country. I think FCA doesn’t protect me and seems those licenses or regulation will cover only Europe traders but I think it’s better than unregulated brokers.

1 Like
15

im pretty sure we are still protected, not that i needed it anytime soon anyway. but any broker regulated by multiple regulation is protected in one way or another. but take it with a grain of salt, i have to admit i am no expert here.

16

Yeah it’s because they treat all clients the same, not like FCA clients got some exceptional treatment. This is the point why FCA license matters when you choose a broker

17

maybe, but over all i would say its a safe bet anyway. before we worry about it in my opinion, traders worry more about the trades done tbh, most of the problems starts with bad trading decisions which might lead to bigger problems.

18

For those who are trading with HFM, you should contact CS for a direct payment to your bank to cut the wire or ewallet (Skrill, Neteller) fees. Maybe only some countries are supported but give it a shot. I figured out this advantage after using wire transfer for fund withdrawal.

19

my personal experience with HFM ewallet withdrawals (depends on the region i guess) is actually good, compared to skrill. like skrill hits with a 4.45% conversion rate fee, and another 1.45% trasfer fee, and its really big especially for larger withdrawals, but with ewallets its almost instant with a conversion closer to actual market rate (to local currency) adn some ewallets offer up to 10k monthly incoming limits, for anything larger just do bank wire.

20

Which one is cheapest then? Do they support crypto payments?