HFM Kenya Review
What is HFM?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
HFM customer support is great but their platforms/trading apps can hang suddenly and refuse to load
I like that they have an account type for every type of trader. They carry everyone along but they need to integrate TradingView just like Tickmill has done recently
Great for beginners and the hfm mobile app simplifies trading allowing you to customize your order entry
I’ve been using HFM for a while now, and honestly, it’s been pretty good. I mainly use it on desktop and it's very straightforward for a beginner. Opening an account was quick and easy too, and once you’re signed up, they assign you an account manager. Mine reached out on WhatsApp and email, and they even call sometimes. They’re really hands-on, which is nice if you ever need help.
The only accounts worth using are the pro and pro plus accounts, but their starting deposit is too high
i started trading with hfm this year and so far i like their beginner education efforts. it has helped me understand trading better.I use their cent account but i do not like the fact that i can only trade certain asset classes on the cent account.
HFM has good trading tools and beginner education but it is difficult to set up their trading platforms to work properly. even the mobile app delays before it opens which is not good. They need to improve on their systems.
dosen't quite work well with MT5 and should be adjusted.
MT5 keeps refusing to display charts and whenever there is a news release it is hard to access their platforms.
Best customer support and I like that they assign personal account managers to everyone; something other brokers reserve for VIP clients only
I enjoy using the Autochartist and I like that the zero spread account has just a 5 USD minimum deposit.
I traded with HFM for about 5 months after which i had to abandon them and move on to a better broker and here are my reasons: Their spread was just too high, secondly their currency conversion fees were too high, thirdly their platforms are unstable.
HFM organizes forex trading education events across Nigeria and I have attended some of them in Port Harcourt. I had the chance to interact with the Country Manager of HFM and some HFM staff. It boosted my confidence so keep it up HFM I'm liking this.
Most times this broker will say no ZAR account available and they force you to open USD account so they can charge currency conversion fees. They also need to be more transparent with how much they charge for currency conversion fees because its high.
An excellent forex broker but they need to integrate TradingView package and cTrader. I like that they are FCA UK regulated and provide the Autochartist package
HFM platforms lack sophistication & are good for starters. However, their pricing is very transparent (what you see is what you get) Their customer service is also good with instant withdrawals
HFM Kenya is a CMA regulated forex broker with $5 minimum deposit, MPESA funding & KES wallet currency.
| 📷 Name of broker | HF Markets Investments LTD. |
| 📷Trading Name | HFM |
| 👨 Accepts Kenyan Traders? | Yes |
| ⚖ Regulation | CMA Kenya |
| ⚖License No. | 155 |
| 📋 Retail Account types | Cent, Premium, Zero, PRO, PRO PLUS |
| 💰 Minimum deposit | 700 KES |
| 🚀Leverage | 1:400 |
| 💸 EUR/USD average spread | 1.6 pips |
| 💳 Minimum withdrawal | 700 KES |
| 💱 Account currency | KES, USD |
| 🏖️Inactivity fee | 700 KES |
| 😭Retail investors who lose money trading CFDs with HFM | 66% |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 10/10
Is HFM in Kenya?
Yes, HFM Investments Ltd. (trading as HF Markets) was launched in Kenya in 2021.
HFM Kenya is regulated by the Capital Markets Authority (CMA) Kenya as a non-dealing online forex broker with license number 155.
The CMA license gives them a legal presence in Kenya & authorizes them to operate as a non-dealing forex broker(meaning they cannot act as market makers)
HFM is also regulated outside Kenya and so has an international presence & reputation.
HFM is Regulated in South Africa
HFM is in South Africa where they are regulated by the South African financial market watchdog known as the Financial Sector Conduct Authority (FSCA).
HFM is Regulated in the United Kingdom
HFM is in the UK where they have obtained an operational license from the Financial Conduct Authority (FCA) which is the UKs financial market watchdog & considered the best forex broker regulator in the world.
HFM is Regulated in Dubai
In Dubai, HFM is regulated by the Dubai Financial Services Authority (DFSA) & has been assigned license number F004885.
HF Markets Kenya Regulation Summary
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued | 🔒Trust |
| Kenya | CMA | 155 | 2021 | High |
| United Kingdom | FCA | 801701 | 2018 | High |
| South Africa | FSCA | 46632 | 2016 | Medium |
| Dubai | DFSA | F004885 | 2018 | High |
| Seychelles | FSA | SD015 | 2015 | Low |
| Saint Vincent | FSA | 22747 IBC 2015. | 2009 | Low |
HFM Kenya Account Types - 10/10
1. HFM Demo Account (virtual funds)
The HFM Demo account is meant for you to experiment with the trading platform and learn how to trade using virtual funds.
The demo account balance can be adjusted to reach up to $10 million in virtual money. The demo account lifespan is 60 days for it to remain active you must login to it at least once every 29 days.
2. HFM Cent Account (700 KES)
The Cent account allows you to trade with cent lots. This account is good if you’re a beginner transitioning from the demo account who wants to invest little funds, test the real trading market, and improve your skills.
This can also be useful to experienced traders who want to test a new instrument or strategy.
3. HFM Zero Spread Account (700 KES)
The Zero Spread Account charges you near-zero spread on major fX pairs but in return you pay commissions on every trade; the Zero Account is suitable for professional traders who know how to use zero spread to their advantage.
4. HFM Pro Account (13,000 KES)
HFM Pro Account is a beginner account that has a lower spread but also has a higher minimum deposit.
5. HFM Pro Plus Account (40,400 KES)
The HFM Pro Plus Account is also for beginners and has an even lower spread, but this comes with a higher minimum deposit requirement.
6. HFM Premium Account (700 KES)
The Premium Account is a beginner account with a low minimum deposit but higher spread.
7. HFM Top-up Bonus Account
The HFM Top-Up Bonus Account is to be opened when you want to get a bonus on your deposits. The bonus is paid into the Top-Up account and not your regular account.
HFM Kenya Account Management - 10/10
You can open an Individual, Joint or Corporate Account with HFM Kenya.
How Do I Open a HFM Account?
- Create a HFM wallet by registering with your email. Remember to choose your desired account currency when creating the wallet.
- After your wallet is created, logon to your Personal Area or HFM mobile app & click on "open live account".
- Choose your desired account type. Remember that the Premium & Zero Accounts have the lowest minimum deposits of 700 KES
- Select your desired leverage.
- Upload your Kenyan government ID.
Note: once your government ID has been authenticated HFM will send you a notification that your accouint has been verified & you can then make a deposit.
What is MyHF Wallet?
MyHF Wallet is an online savings account/wallet, tied to your HF Markets profile.
Any time you make deposits, you can select your HF Wallet as the destination, then when it is time to trade you perform an internal transfer from your HF Wallet, to your trading account.
The HF Wallet helps you manage risk of drawdown because the funds in the wallet are not affected by ongoing trades.
It is only the funds you transfer from your HF Wallet to your trading account, that can be affected by ongoing trades.
Does HFM Kenya Have KES Base Currency?
Yes, KES account base currency is available at HFM Kenya. At the point of registration, you must select KES as your wallet currency; you cannot change your wallet currency after your profile has been created.
After registering and creating your HFM Wallet in KES base currency, any other trading accounts you open later, will also be assigned KES base currency.
Partially Approved Accounts
If you have not submitted all your KYC documents to HFM, your account may be deemed "Partially Approved" & this status will be displayed in your HF Area
You may deposit funds into a partially approved account using traceable means & begin trading. However, you will not be allowed to withdraw until your KYC documents are submitted & verified to be okay by HFM.
Limits on the Number of HFM Accounts You Can Open
You can open & trade with a maximum number of 5 HFM Trading Accounts at any point in time. You can open 5 Individual Accounts, 5 Joint Accounts & 5 Corporate Accounts.
Changing of Leverage on a Trading Account
You can change the leverage on your live HFM account up to 5 times; to do this go to your HF Area, select the trading account & edit the leverage.
To change the leverage after the 5th time, you need too send a mail to the HFM trading desk, & they will change it for you.
Negative Balance Protection
HFM Kenya offers Negative Balance Protection so that you don't lose more than you deposited.
Even if your HFM account balance goes into negative due to stop loss not being triggered etc., HFM will refund the negative balance and make your account balance zero again.
Margin Call & Stop Out
HFM Margin Call will come when your Margin Level falls to 50% and you will be Stopped Out of all your trades when your Margin Level falls to 20%.
HFM Kenya Deposit & Withdrawals - 10/10
What is HF Markets Minimum Deposit in KES?
The HFM minimum deposit is $5 or 700KES but some HFM account types that have lower spread require a higher minimum deposit.
How Do I Make A Deposit?
These are the globally accepted HFM deposit methods:
1. Online Bank Transfer
This is the quickest way to deposit money into HFM. Online bank transfers are instant and free of charge.
2. Credit/debit Cards
Visa and MasterCard are widely accepted. Deposits made with this method usually take around 10 minutes to appear in your HFM wallet.
3. MPESA
HFM Kenya has MPESA as one of its fastest deposit methods with funds impacting your wallet instantly. The MPESA minimum deposit at HFM is also 700 KES.
4. DusuPay
HFM Kenya accepts DusuPay deposits in KES, TZS, & RF currencies.
5. Alternative Payment Methods
You can also deposit through Neteller, Skrill, iPay, Bonga, PesaLink, & Vooma.
Will I Earn Interests on My Deposits?
No, HFM Kenya does not pay interests on customer funds deposited with it. When you open a HFM account, it is in the legal terms that you have forfeited any accrued interests to HFM.
HFM Kenya uses this accrued interest on your deposit to cover expenses incurred on managing your account for you.
How Much is HFM Welcome Bonus?
HFM gives a 20% Top up Bonus to both new & old clients and this applies to every deposit into the account.
How Much is HFM Minimum Withdrawal?
HFM has a minimum withdrawal limit of 700 KES. You can withdraw funds from your MyHF wallet using the same method you used to fund it.
Can I Withdraw During An Ongoing Trade?
Yes, you can withdraw funds from your trading account during an ongoing trade; so far as the amount to be withdrawn, will not make your Margin Level to fall lower than 150% during weekdays or 300% during highly volatile periods.
Range of Markets - 8/10
1. Forex CFDs
HFM has around 50 forex pairs & this number is low compared to what competition offers. However the good thing is that you get to trade the major pairs like EUR/USD but again the US Dollar Index is not available for trading.
2. Metal CFDs
Only around 2 Metal CFDs are available (Gold & Silver) which shows a lack of diversity. Rival forex brokers offer more Metals for trading.
3. Energy CFDs
UK Oil & US Oil are the only energy CFDs you can trade at HFM. Natural Gas is absent from the list.
4. Soft Commodity CFDs
You can trade up to 5 different soft commodity CFDs which include cocoa, copper, coffee, cotton & sugar; Livestock CFDs are unavailable.
5. Index CFDs
You can trade up to 12 Indices at HFM and this includes Nasdaq, S&P 500, UK 100 etc.
6. Stock CFDs
You can trade CFDs on stocks of up to 93 global companies. HFM also pays dividend if the underlying company is paying.
7. Bond CFDs
You can speculate on the fixed income market because HFM offers 3 bond CFDs (EUR, UK US bonds).
8. ETF CFDs
Trade CFDs on up to 12 ETF CFDs covering various sectors such as finance, energy, consumer staples, etc.
| 🛒CFD | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading | 📅Trading Hours |
| Forex | 50+ | 1:400 | Yes (major pairs) | between Monday 00:00 and Friday 23:59 Server time |
| Metals | 2 | 1:400 | Yes | between Monday 00:00 and Friday 23:59 Server time |
| Energy | 2 | 1:200 | Yes | between Monday 00:00 and Friday 23:59 Server time |
| Stocks | 89 | 1:25 | No | between Monday 00:00 and Friday 23:59 Server time |
| Indices | 12 | 1:400 | No | between Monday 00:00 and Friday 23:59 Server time |
| ETFs | 12 | 1:5 | No | between Monday 00:00 and Friday 23:59 Server time |
| Bonds | 3 | 1:50 | No | between Monday 00:00 and Friday 23:59 Server time |
| Soft Commodities | 5 | 1:66 | No | between Monday 00:00 and Friday 23:59 Server time |
HFM Kenya Fees - 7/10
HFM spreads are slightly higher than industry averages, but they are more stable & transparent. HFM does not widen spreads unnecessarily after you have opened a trade. This lets you to be able to plan ahead & set your stop loss effectively.
1. Spreads
The Cent Account on HFM has a spread from 1.2 pip
The Zero Account has a spread starting from 0.0 pips
The Pro Account has a spread starting from 0.6 pips
The Pro Plus Account has a spread starting from 0.2 pips
The Premium Account has a spread starting from 1.2 pips
The Top-Up Bonus account has a spread starting from 1.4 pips
2. Commission
HFM does not have commission-free accounts. All HFM accounts charge commissions on specific instruments & allow you to trade some instruments without paying commissions.
So, what HFM instruments require commission payment?
- Forex: (A Commission is $3 per side is charged only when using the Zero Account).
- Stocks: (A 0.1% commission charge on all account types)
- ETFs: (A $0.1 commission per share per round turn is charged on all account types)
3. Swaps
HFM offers swap-free conditions on all its accounts except the bonus account. The following trading instruments have zero swaps:
AUD/NZD, AUD/USD, EUR/CHF, EUR/USD, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USOIL, AUD/CHF, AUDJ/PY, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/NZD, GBP/CHF, GBP/NZD, NZD/JPY, NZD/CAD, XAU/USD, and UKOIL.
4. Inactivity Fee
HFM charges a $5 monthly fee after 90 days of inactivity and after 1 year of inactivity, the charge increases to $10 monthly.
| Account Type | ✂️Avg. Spread | 💰Commission per side | 💱Currency Conversion Fee | 🌙Overnight Fees | 😴Inactivity Fee |
| Premium Account | From 1.2 pips | $0 | Yes | Yes | Yes |
| Zero Spread Account | From 0.0 pips | $3 per side | Yes | Yes | Yes |
| Pro Account | From 0.6 pips | $0 | Yes | Yes | Yes |
| PRO Plus Account | From 0.2 pips | $0 | Yes | Yes | Yes |
| Cent Account | From 1.2 pips | $0 | Yes | Yes | Yes |
Is HFM Kenya A Market Maker?
No, HFM Kenya is not a Market Maker because their CMA license forbids them from trading against clients (Non-Dealing Forex License).
HFM Kenya Trading Tools - 8/10
1. Trading Calculator Tools
HFM Kenya offers the following trading calculators:
- Risk Percentage Calculator
- Multi-Target Calculator
- Pivot Points Calculator
- Pip Value Calculator
- Position Size Calculator
- Swaps Calculator
- Risk & Reward Calculator
- Fibonacci calculator
An Example of How the HFM Position Size Calculator Works
The HFM position size calculator helps you to:
- Calculate volume: You tell the calculator how much you want to trade with (by inputting the amount in the margin dialogue box), & in return it tells you the volume or lot size to open.
- Calculate margin: You enter the volume or lot size you want to trade, & the calculator tells you the required margin or money to put down.
2. Autochartist Tool
HFM Kenya offers free access to the Autochartist market scanner tool, but to qualify for Autochartist, your account balance must be at least 14,000 KES..
Autochartist scans your the charts to detect chart patterns for the instruments in your HFM watchlist.
After detecting a chart pattern, Autochartist notifies you by sending an email containing an image & explanation for the chart pattern.
Autochartist basically does the following:- Autochartist scans the charts to detect patterns & then alerts you via email
- Autochartist sends you volatility analysis of the instruments on your watchlist
- Autochartist shows you performance statistics
- Autochartist shows you trading opportunities
To maintain access to Autochartist, you need to trade at least once a month, & the trade should last at least 3 minutes long.
Autochartist is also available on HFM demo accounts for a one-off 30 day trial period.
To stop the Autochartist service, you need to send a mail to HFM support, but an easier way to stop Autochartist is to unsubscribe from receiving Autochartist emails.
3. Premium Trader Tools for MT4/5
All HFM Kenya traders can download the Premium Trader Toolkit from the HFM website, & integrate the different plugins to their MT4/5 to enhance its performance.
The HFM Premium Trader Toolkit contains the following tools:
- MT4/5 indicators charting upgrades such as candlestick countdown, Renko charts, Pivot points, free-hand drawing tool etc.
- Tick Chart Trader
- Correlation Trader (shows you how the instrument you're trading is correlated with other instruments)
- Correlation Matrix (shows correlation between different asset classes)
- Market Manager (this is just like your regular instrument watchlist but it is more advanced)
- Excel RTD (allows you export price data into Microsoft excel where you can easily sort & analyze them)
- Alarm Manager (you can configure it to automatically open a trade at a certain time, & it can also send event notifications on your social media handle to you/your followers.)
- Session Map
- Sentiment Trader
- Connect
- Mini Terminal
- Trade Terminal
4. Advanced Insights Tool
The HFM Advanced Insights tool gives you a deeper view of market conditions at a glance, using pictorial and graphical displays for easy understanding.
Your Advanced Insight dashboard will display information like sentiment index, fear index, incoming economic data releases, & a detailed market events timeline.
To qualify for Advanced Insight you need to have an account balance of at least $100.
To maintain access to Advanced Insights you need to open at least one trade a month & the trade should last at least 3 minutes long.
5. Virtual Private Server (VPS) Tool
HFM offers VPS hosting so your Expert Advisors & automated trading programs can remain connected to the internet 24/7 without any interruption.
You can get the HFM VPS service for free if your net deposit within the last 30 days is up to $400 (Bronze Plan).
You can also pay $25 a month for the VPS Bronze Plan with 30GB storage, or $50 a month for the Silver Plan with 50GB storage, or $80 a month for 75 GB storage.
6. Economic Calendar
HFM offers an Economic Calendar which is rather easy to use because of the filtering capability. You can choose to view events for today, tomorrow,, next week etc.
You can also filter events by country, central banks, politics, consumption, energy etc.
With the HFM economic calendar, you can track the exact dates when important economic data such as Non Farm Payroll, PCE, CPI etc. will be released.
7. Earnings Calendar
HFM has an Earnings Calendar that shows you when companies whose Share CFDs you can trade will release their earnings.
The HFM Earnings Calendar shows the following important information:
- Company Name
- Market Cap
- Release Date
- Time of Release
- Estimated EPS
- Last year Same Quarter EPS Figure
HFM Kenya Trading Platforms - 5/10
1. HFM Mobile App
HFM has a mobile app for android and apple operating systems. The app has basic features such as 3 technical indicators, 2 chart types, push notification, news etc. However, charts on the app lack line drawing tools.
2. HFM MT4 & MT5
HFM has MT4 & MT5 platforms & download is possible from the HFM website.
HFM offers MetaTrader support tools through its free downloadable Premium Trader Toolkit which adds features such as live sentiment, session map, alarm manager, market manager, excel RTD, etc. to your MT4/5.
| 💻Trading Platform | ❓Availability |
| MT4 | Yes |
| MT5 | Yes |
| Proprietary Apps | Yes |
| cTrader | No |
| TradingView | No |
HFM Kenya Customer Support - 9/10
1. Live Chat
HFM Kenya has a live chat feature accessible 24/5 from the HFM mobile app, or from your MyHF Area.
During a live chat, you communicate with a live agent who will answer your queries and you typically get a response in around 1 minute.
2. Personal Account Manager
When you register with HFM and create your profile, you will be assigned a Personal Account Manager who will contact you via phone or email. You can always reach your account manager any time you have issues.
3. Telephone Trading
If you cannot access the HFM trading platforms, you can place a trade via telephone call. Note that these calls may be recorded and are binding.
4. Email Support
HFM Kenya has a dedicated email for complaints which is open 24/5 on weekdays. You can send your requests such as account deletion request etc. to the email which will be displayed in your HF Area.
5. Education & Seminars
HFM Kenya provides online educational videos which are useful to beginners. HFM also holds Webinars & Physical seminars in Kenya where they train you on how to trade.
| 🎧 Live Chat Support | Yes |
| 📧 Email Support | Yes |
| 📞 Telephone Support | Yes |
| 📖 Help Center | Yes |
| 👨 Personal Account Manager | Yes |
| 👩🏫 Academy | Yes |
Final Score - 8.6/10
| 🏛️ Broker | ⚖️ Regulation | 💰Deposit & Withdrawals | 💱Account Types | 🧹Account Management | 🛒Range of Markets | ✂️Fees | 💻Platforms | 🛠️Tools | 🚑Support | 🏆Score |
| IC Markets | 10 | 10 | 7 | 8 | 9 | 8 | 8 | 8 | 9 | 8.6 |
| HFM | 10 | 10 | 10 | 10 | 8 | 7 | 5 | 8 | 9 | 8.6 |
| Pepperstone | 10 | 10 | 8 | 6 | 9 | 6 | 10 | 8 | 7 | 8.2 |
| Exness | 10 | 10 | 10 | 6 | 5 | 7 | 8 | 5 | 8 | 7.8 |
| FXPesa | 10 | 9 | 5 | 5 | 7 | 4 | 5 | 4 | 7 | 6.2 |
| Scope Markets | 10 | 5 | 5 | 6 | 9 | 6 | 3 | 3 | 7 | 6 |
HFM Kenya is one of our best forex brokers for beginners because of the range of accounts, customer support &education.