HFM Nigeria 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 (formerly Hotforex) is a regulated forex broker with $5 minimum deposit & Naira account currency
| 📷 Name of broker | HF Markets(Hotforex) |
| 👨 Accepts Nigerian Traders? | Yes |
| ⚖ Regulation | HFM Nigeria is regulated by Saint VIncent & The Grenadines |
| 💰 Minimum deposit | $5 (around N7,500) |
| 🚀Leverage | 1:2000 |
| 💸 EUR/USD average spread | 1.6 pips |
| 💳 Minimum withdrawal | $5 |
| 💱 Account currency | EUR, USD |
| 🏖️Inactivity fee | $5 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 9/10
Is HF Markets a Legit Broker?
Yes, HF Markets is legit & everything they do in Nigeria is regulated from overseas by the government of Saint Vincent & The Grenadine.
HFM is also Regulated in Kenya
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.
HFM Nigeria Regulation Summary
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued | 🔒Trust |
| Kenya | CMA | 155 | 2021 | Medium |
| 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 |
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.
9. Crypto CFDs
Bitcoin, Ethereum, Litecoin etc. are now available to Nigerian traders.
| 🛒CFD | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading | 📅Trading Hours |
| Forex | 50+ | 1:2000 | Yes (major pairs) | between Monday 00:00 and Friday 23:59 Server time |
| Metals | 2 | 1:2000 | 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 | 1:500 | 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 |
| Crypto | 5 | 1:1000 | No | between Monday 00:00 and Sunday /td> |
Range of Accounts - 10/10
HFM Demo Account
The Demo account is designed to help you learn all about trading and get the basics before moving to the real trading market.
Cent Account
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.
Zero Spread Account
The Zero Spread Account charges zero spread on popular instruments but in return you pay commissions on every trade, so this account is suitable for professional traders who know how to use zero spread to their advantage.
Pro Account
HFM Pro Account is a beginner account that has a lower spread but also has a higher minimum deposit.
Pro Plus Account
The HFM Pro Plus Account is also for beginners and has an even lower spread, but this comes with a higher minimum deposit requirement.
Premium Account
The Premium Account is a beginner account with a low minimum deposit but higher spread.
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.
Crypto CFD Account (New)
HFM now has a new Crypto CFD account type with 1:1000 leverage. To trade Crypto at HFM, you must open this account with $5 minimum deposit.
PAMM Account
This comprises the Premium and Premium Plus accounts. In the PAMM, you can be a Fund Manager, maximize your portfolio, and manage the funds of investors to bring money for you and your investors.
You can also be an Investor and diversify your portfolio by allowing others to trade with your funds.
Deposit & Withdrawals - 10/10
What is HF Markets Minimum Deposit in Nigeria?
The HFM minimum deposit is $5 or N7,500 but some HFM account types that have lower spread require a higher minimum deposit.
The Pro & Pro Plus Accounts offer lower spread but their minimum deposits are N50,000 & N200,000 respectively.
Can I Make A Deposit Using Online Channels?
Yes, HFM accepts Nigerian traders making deposits using various online channels.
1. Online Bank Transfer
This is the quickest way to deposit money into your HFM wallet. Online bank transfers are instant.2. Credit/debit cards
You can also deposit using your local bank credit or debt cards, & the money will reach your HFM wallet instantly.
3. E-Wallets & Mobile Money
HFM accepts Skrill & Neteller deposits in Nigeria but processing could take above 10 minutes.
Does HF Markets Give Bonus?
Yes, HFM Nigeria 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 $5 or N7,500. Withdrawals via online bank transfer are instant if initiated early in the morning.
You can withdraw funds from your MyHF wallet using the same method you used to fund it.
Return on Free Margin (ROFM)
HFM Nigeria will pay you a 2% monthly interest on any free margin in your trading accounts (not in your HF Wallet) as long as the net free margin in all your trading accounts is up to $1,000 & you trade up to 5 standard lots.
If you trade above 50 standard lots you will get a higher monthly interest of 2.5%.
Free margin in forex = (Your account balance - used margin - any deposit bonus).
All HFM Accounts (including copy trading account) can get a Return on Free Margin but PAMM Accounts & Archived Accounts are excluded.
Your ROFM is calculated on a daily basis at the end of trading but it is paid into your HF Wallet at the beginning of the next month. The ROFM is withdrawable so you can withdraw it for spending.
Account Management - 10/10
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.
Edit Your Account Leverage
Yes, when you trade on HFM, you use CFD contracts which are designed to work with leverage up to 1:2000.
You can also edit the leverage on your trading account as many as 5 times. To change leverage after the 5th time, you need to contact HFM through their email.
To do this, go to your personal area & select the account, click on it & select edit leverage. Select a lower leverage & save.
Dynamic Leverage
HFM will reduce your leverage to 1:75 if your account balance is up to 300,000 USD or more.
Negative Balance Protection
HFM Nigeria offers Negative Balance Protection so that you dont 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.
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 HFM 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.
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%.
Base Currency
HFM does not have naira accounts and the only available account currencies are EUR & USD.
How To Open A HFM Trading 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 N7,500
- Select your desired leverage.
- Upload your Nigerian government ID.
Yes, Nigerian traders can open their HFM Accounts online from the HFM website or HFM mobile app.
HFM Fees - 6/10
| 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 |
1. Spread
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.
If you want low spreads at HFM you must be ready to open the account type that has a high minimum deposit.
The Pro Account EUR/USD spread hovers around 0.6 pips but the minimum you can deposit is N50,000 .
The Pro Plus Account average EUR/USD spread is 0.2 pips but the minimum deposit is N200,000.The more affordable accounts are the Premium & Zero Accounts which have a lower minimum deposit of N7,500.
2. Commission
HFM does not have commission-free accounts. All HFM accounts charge commissions on specific instruments.
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
In Nigeria, all HFM Accounts have been configured not to charge or receive any overnight swaps.
4. Inactivity Fee
HFM charges a $5 or N7,500 monthly inactivity fee after 90 days of inactivity and after 1 year of inactivity, the charge increases to $10 monthly.
Is HFM A Market Maker?
Yes, HFM (SV) LTD is a Market Maker & this is expressly states in their legal documents.
Tools - 8/10
1. Trading Calculator Tools
HFM 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. MT4/5 Premium Trader Tools
The HFM Premium Trader tools are meant to upgrade the MT4/5 desktop app and add more functionality to it. You can download the Premium Trader tools from the Tools & Education section of the HFM website
The Premium Trader Tools include:
- Trade Terminal
- Mini Terminal
- Connect
- Sentiment Trader
- Session Map
- Alarm Manager
- Excel RTD
- Market Manager
- Correlation Matrix
- Correlation Trader
- Tick Chart Trader
- MT4/5 Indicator Package
3. AutoChartist MT4 Chart Pattern Recognition
At HFM you can use the Autochartist tool for free but your account balance must be as least N40,000.
To use Autochartist, start by going to tools & clicking on Autochartist then select if it is for live or demo account.
You must also accept to receive marketing emails before you will be allowed to use Autochartist on HFM.
After completing the Autochartist registration process, HFM will activate it on your MT4 so you can start using it.
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
8. HFM Copy Trading
1. HF Copy Strategy Provider Conditions
To become a Follower or Strategy Provider (SP) you must open a Cent, Premium or Pro Copy Account with a predefined leverage of 1:500 from your MyHF Area.
A Strategy Provider can open a maximum of 9 copy trading accounts as follows:
- 5 Copy Premium Accounts
- 3 Copy Cent Accounts
- 1 Copy Pro Account
Each copy account opened by an SP can have a maximum of 200 followers copying his trades.<.p>
The minimum deposit for a Strategy Provider to open a Premium & Pro Copy Account is $100 for the first deposit & $50 for subsequent deposits.
The minimum deposit for a Strategy Provider to open a Cent Copy Account is 2,500 US Cents for the first deposit & 500 US Cents for subsequent deposits.
A Strategy Provider can place Buy/Sell Limit, Buy/Sell Stop, Take Profit, & Stop Loss orders on the HFM MT4/5 platform but the "Close By" order type is forbidden.
2. HF Copy Follower Conditions
The HFM minimum deposit for copy trading for a Premium Copy Follower Account is $25 for the first deposit & $10 for subsequent deposits.
The HFM minimum deposit for copy trading for a Pro Copy Follower Account is $100 for the first deposit & $50 for subsequent deposits.
The HFM minimum deposit for copy trading for a Cent Copy Follower Account is 1,000 cents for the first deposit & 500 cents for subsequent deposits.
A Follower can open up to 25 Follower Copy Accounts as follows:
- 10 Copy Premium Accounts
- 5 Copy Cent Accounts
- 10 Copy Pro Account
A Follower can follow just one SP per account, so if a follower opens 10 copy premium accounts, he can follow 10 SPs. A Follower can also choose to follow the same SP with different accounts.
A Follower must pay a Performance Fee to the SP only after the SP has made a profit. If the SP makes a loss the performance fee will not be paid by the follower.
What is HF Copy Ratio?
Copy Ratio means the proportion of your account balance that is set aside for trading when the Strategy Provider opens a trade.
If your HFM copy trading account balance is $600 & you set your volume allocation to 40% then your copy ratio will depend on how much the SP account balance is.
If the SPs account balance is $1,200 then your copy ratio will be ($600/$1,200) x (40/100) = 0.2
This implies that when the SP you are copying opens a trade for say 0.4 lot size, what will be replicated in your follower copy account is (0.4 x 0.2) = 0.08 lot size.
Trading Platforms - 6/10
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 HFM mobile app lack line drawing & Fibonacci retracement 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.
However, we experienced some trouble connecting to the HFM live server on MT5 but the demo server was fine.
| 💻Trading Platform | ❓Availability |
| MT4 | Yes |
| MT5 | Yes |
| Proprietary Apps | Yes |
| cTrader | No |
| TradingView | No |
Customer Support - 9/10
1. Live Chat & Whatsapp
HFM Nigeria responds to their Live Chat & WhatsApp fairly quickly in about 1 minute. HFM Live Chat & WhatsApp is only open 24/5 during week days
2. Telephone Support
HFM Nigeria offers telephone support so you can get their phone number from their website & contact them.
3. Personal Account Manager
HFM Nigeria assigns Personal Account Managers to every account so you can always call your account manager at any time to resolve issues.
4. Email Support
HFM Nigeria has provided dedicated emails for complaint resolution. You can get the email address from their website and reach out to them. HFM Nigeria responds to their emails on a daily basis if you send the email early (before 12 pm).
5. Physical Trading Seminars Across Nigeria
HFM holds physical trading seminars across all 36 states of Nigeria on a yearly basis, so check their website for the date they will be in your state. These seminars are an opportunity for you to meet with HFM staff one-on-one and ask them questions.
6. Demo Account
The HFM Demo Account is available for you to learn how to trade with virtual money. This is learning support for beginners to test the markets risk free.
| 🎧 Live Chat Support | Yes |
| 📧 Email Support | Yes |
| 📞 Telephone Support | Yes |
| 📖 Help Center | Yes |
| 👨 Personal Account Manager | Yes |
| 👩🏫 Academy | Yes |
Final Verdict - 8.4/10
| 🏛️ Broker | ⚖️ Regulation | 💰Deposit & Withdrawals | 💱Account Types | 🧹Account Management | 🛒Range of Markets | ✂️Fees | 💻Platforms | 🛠️Tools | 🚑Support | 🏆Score |
| HFM | 10 | 10 | 10 | 10 | 8 | 7 | 5 | 8 | 9 | 8.4 |
| Tickmill | 10 | 7 | 7 | 9 | 9 | 8 | 7.5 | 10 | 6 | 8.2 |
| Pepperstone | 10 | 10 | 6 | 6 | 9 | 6 | 10 | 9 | 7 | 8.1 |
| Exness | 10 | 10 | 10 | 6 | 5 | 7 | 8 | 5 | 8 | 7.8 |
| FxPro | 10 | 10 | 6 | 10 | 9 | 6 | 8 | 5 | 7 | 7.8 |
| Just Markets | 6 | 9 | 10 | 7 | 7.5 | 9 | 7 | 4 | 8 | 7.5 |
| Trade Nation | 9 | 10 | 5 | 6 | 5 | 9.6 | 7.5 | 5.5 | 8 | 7.5 |
| Deriv | 5 | 8 | 9 | 6 | 10 | 6 | 7 | 6 | 9 | 7.3 |
| XM | 10 | 10 | 6 | 6 | 8 | 8 | 6 | 6 | 6 | 7 |
| XTB | 10 | 8 | 5 | 6 | 5 | 6 | 5 | 5 | 7 | 6 |
| AvaTrade | 10 | 5 | 4 | 5 | 10 | 4 | 7 | 8 | 9 | 6 |
| FBS | 8 | 7 | 5 | 6 | 6 | 7 | 6 | 7 | 10 | 6 |
| Headway | 5 | 7 | 8.5 | 8 | 5 | 6 | 6 | 3 | 7 | 6 |
Apart from the not so great trading platforms & high spreads on the accounts with lower minimum deposits; HFM is the best forex broker in Nigeria for Beginners.