What is the minimum deposit for HFM, because their website says no minimum deposit but when I check their payment methods is says 5 USD
Can someone help me make sense of this. I was scanning through HFM account types on their website & noticed some account types have no minimum deposit requirement. But when I checked the HFM payment methods, I saw a 5 USD minimum deposit. Was it an error on the part of HFM? Anyone who has deposited with HFM should please clarify.
No minimum deposit does not mean 0 USD deposit. It only means you can open your trading account with HFM without depositing any funds.
But in order to trade in the markets, you still need to have account equity. The lowest or minimum deposit at HFM depends on the payment method.
I don't know about every region, but HFM requires $5 minimum funding if you are depositing via credit/debit card. I think it is $10 or equivalent in ZAR, NGN, KES, GBP, EUR etc. for bank transfers in other regions.
You will find the minimum deposit amount on the funding page on their website: https://www.hfm.com/int/en/funding/deposit-options , it redirects to their local website based on your region.
Sorry I didn't add my region, I am in Africa.
@Asamoah, the HFM accounts with higher fees come with lower minimum deposit & those with lower fees come with higher minimum deposit.
I have traded with HFM (in Africa region), and they actually have a minimum deposit of 5 USD and any attempt to deposit below this amount will cause the send/submit button to be deactivated automatically.
The 5 USD minimum deposit is for the Premium, Cent & Zero Accounts which come with higher fees.
However, I agree that HFM needs to state it on their account types page on their website instead of putting $0 USD as the minimum deposit for the Premium, Cent & Zero Accounts. It can be misleading.
@Asamoah, the HFM accounts with higher fees come with lower minimum deposit & those with lower fees come with higher minimum deposit.
I have traded with HFM (in Africa region), and they actually have a minimum deposit of 5 USD and any attempt to deposit below this amount will cause the send/submit button to be deactivated automatically.
The 5 USD minimum deposit is for the Premium, Cent & Zero Accounts which come with higher fees.
However, I agree that HFM needs to state it on their account types page on their website instead of putting $0 USD as the minimum deposit for the Premium, Cent & Zero Accounts. It can be misleading.
HFM minimum deposit is $5 for their regular account types but for their accounts that have lower spread the minimum deposit elevates to between $100 and $250 which is too high in my opinion given that you can get better bang for your buck with other brokers of similar quality. For example IC Markets has a $200 minimum deposit but their trading conditions and spreads are way lower plus you get TradingView.