HF Markets (HotForex) Review 2024

HFM is one of the best Forex Broker in Nigeria right now. They have really low spread, are well regulated with multiple regulators including FCA & FSCA, have very good support, local funding/withdrawal options, plus mobile trading is also available with them. Read our full HotForex review to find why you should trade with them (and reasons not to)!

Max. Leverage
per trade
Minimum Deposit
out of 8 Forex Brokers

HFM is a Forex & CFD broker that was founded in 2010 & is quite popular in Nigeria. HFM has local offices & phone number for support in Nigeria. They claim to have registered more than 2.5 million Live Trading accounts around the world since the start of their operations.

HFM is a well regulated broker (regulated by Top-tier regulators FCA, CySEC, FSCA), so we consider it very safe to deposit funds & trade with them for traders in Nigeria. They serve both retail as well as Profession traders, offering more than 1000+ asset choices including forex trading, and CFDs on commodities, energies, metals, popular stocks, and indices.

In our comprehensive HFM review we look into this broker’s account types, their trading fees, platform, ease of deposit & withdrawals, customer support, their bonus offerings & lot more.

Let’s get started.

HFM Pros

  • HFM Group is regulated with top regulators i.e. FCA (UK), FSCA (South Africa) & CYSEC (Cyprus). This means trading with them is very safe.
  • Their spread is very low compared to most other reputed brokers. Typically it is 1.3 pips for EUR/USD with Micro & Premium accounts, and 0.1 pips (plus commission per lot) with Zero Account.
  • Availability of HFM Naira Accounts & local deposit/withdrawal methods. They also offer quick withdrawals.
  • 100% deposit bonus for new customers, but you need to make a minimum deposit of ₦30,000 to avail this bonus.
  • Very good customer support available via phone, live chat & emails. It is available 24/5.
  • HFM offers MT4 & MT5 trading platforms for all 3 devices

HFM Cons

  • Not offering variable spread
  • Limited Deposit & Withdrawal Methods
  • $7 Commission per lot with HFM’s Zero Spread is higher than other similar ECN account brokers.

HFM – a quick look

Broker Name HFM Nigeria
Year Founded 2010
HFM Website www.hfm.com
Address HF Markets (SV) Ltd., Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
HFM Minimum Deposit $5
Maximum Leverage 1:1000
Regulation SV (St. Vincent & the Grenadine), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles)
Trading Instruments Forex, Crypto Currencies, Metals, Indices, Shares, Energies, Commodities, Bonds
Trading Platforms HFM MT4 and MT5 for PC, Mac, Web, Android
HFM Bonus 100% deposit bonus for new clients

Regulation & Safety of Funds

HFM is regulated and licensed with top-tier Regulatory authorities in United Kingdom, Cyprus, South Africa, St. Vincent & The Grenadine and Seychelles.

It is important to note that Nigeria based clients on HFM are registered under HF Markets (SV) Ltd, which is an offshore regulation.

HFM Group are regulated with following regulators:

  1. FCA (Financial Conduct Authority (United Kingdom)): HF Markets (UK) Ltd is regulated in UK with FCA (which is a Tier 1 Regulator) since 14/11/2018 with licence number 801701.
  2. HFM is regulated with FCA

  3. DFSA (Dubai Financial Services Authority): With Dubai Financial Services Authority HF Markets (DIFC) Ltd is regulated under licence number F004885 since 12-December-2018.
  4. FSCA (Financial Sector Conduct Authority (South Africa)): Under the licence number 46632 HF Markets SA (PTY) Ltd is regulated with FSCA since 09-February-2016.
  5. FSA (Financial Services Authority (Seychelles)): By the Seychelles Financial Services Authority, HF Markets (Seychelles) Ltd is regulated under licence number SD015.

Although the traders are registered under their offshore regulation, but the fact that their parent company is well regulated makes HFM a low risk Broker.

The company has acquired a license for commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.

Customer funds that are deposited on their website are secured, as the company is regulated by multiple Top-tier market regulators in multiple regions. Moreover, HFM also provides insurance cover in case of any security incidents in terms of client funds.

All these features make HFM’s trading platform a safe and secure one. As per our research, the safety and security features offered by HFM are among the best out of the compared CFD brokers in Nigeria.

HFM’s Fees

While looking into the spread isn’t everything, it is also really important to research if the broker charges any hidden fees. Some brokers charge extra hidden fees in the name of funds processing charges, annual fees etc. And we like to break this down as well.

During our research, we found HFM has the lowest fees on Forex Trading of all the regulated brokers in the market.

Here’s a breakdown of the fees at HFM

  1. Very Tight Spread with Ultra Low Account: Out of all the forex brokers that we have compared so far, HFM has the lowest spread for majors i.e. EUR/USD (1.3 pips even with Micro Account, Premium Account & as low as 0.1 pips with Zero account) during normal market trading conditions. If you are looking for a low fees broker, then HFM is right at the top.
  2. HFM Fees Comparison

  3. Zero Deposit/withdrawal fees: HFM does not charge any fees on deposits & withdrawals. So will get 100% of your amount that you are depositing, and full amount during withdrawals
  4. Moderate Commissions with Zero Account: HFM charges commissions only with its Zero Account. The fees is $6 per Standard Lot traded ($3 for opening & $3 during closing the position) for majors, and it is $8 for minors. This is higher in comparison with other CFD Brokers.

Also, their Swap fees is moderate. For example, major like EUR/USD, their Swap Fees is -3.00 USD for Short & -3.10 USD for Long positions. Comparably, Exness broker have lower swap fees.

We have found that HFM offers one of the lowest spread out of all the well Regulated Forex brokers operating in Nigeria. We recommend them to Nigerian traders in terms of their overall fees, if you are signing up with Zero Account.

HFM Account Types

HFM offers a wide range of account types to its customers. There are six major accounts offered by the company: Micro, Premium, Zero, Auto, PAMM, and HFCopy.

The minimum deposit at HFM is $5 for traders based in Nigeria. It is around NGN 2000 for Naira accounts.

Here are the features with all the account types at HFM:
1. Naira Accounts: Nigerian traders can open Naira accounts with HFM, by choosing NGN as your base currency. You can also choose USD or EUR as your base currency besides Nigerian Nairas.

2. Market Execution: HFM claims that they are a 100% STP broker, so all the orders are processed directly in the Live market with no interference or manipulation by the broker for any order, without any re-quotes. But on the downside there may be slippage, but we found it to be is very rare with HFM.

We have found their execution to be really fast, but some other brokers like XM offer instant exeution.

3) Negative Balance protection: HFM offers Negative balance protection. In event of very high volatility in the markets, your account balance may go into negative (if you are not using stop loss). If your account balance goes into negative, HFM will adjust it to zero so that you don’t have to bear the extra loss!

HFM Account Types

Here’s an overview of all the Live account types that are available at HFM:

  1. Micro Account (₦1800 deposit): This account has a very low Minimum deposit of $5 (₦1800), max. leverage of 1:1000, access to all Trading Instruments (Forex, Cryptocurrencies, Shares, Commodities). You can trader micro lots with this account, the margin call level is 40% & the Stop loss level is 10%. This is a zero commission account & the only fees is the variable spread per trade.
  2. Premium Account (Recommended with ₦35000 deposit): This account has a very low Minimum deposit of $100 (₦35000). The spread for both majors & other currency pairs is low with Premium account (typical spread of 1.2 pips for EUR/USD) when compared with Micro account, but the max. leverage is also lower at 1:500. And you can even avail the 100% deposit bonus with this account.
  3. Zero Account (Recommended for very low spread): The deposit needed for this account is $200 & the max. leverage that you can get is 1:500. But the major benefit with this account is that you can place trades with almost zero spread on major/minor pairs. The only fees with this account is the volume based commission per lot, and total fees per trade with this account is much lower. We recommend this account for scalpers & high-volume traders who place many traders daily.
  4. Auto Account: This account is for traders who are using Expert Advisers (EAs) in their Metatrader or signals from MQL5 Community. The minimum deposit for this account is $200 (₦70,000) & leverage is 1:500
  5. PAMM Account: This account is mainly for investors looking invest their money (without actually trading yourself) in PAMM Fund Managers with HFM. With this account you can invest in forex without trading yourself, instead you will be investing in a Fund Manager’s portfolio. But this involves substantial risk as someone else will be trading instead of you.

Overall, we have found HFM’s account types to be very good with features like Naira account & Negative balance protection. They trade execution is also really fast. For new Nigerian traders, we recommend to start Premium account as you will get really low spread with it & can even get welcome bonus.

How to open Naira Account with HFM?

Hotforex accepts Nigerian customers & you can open Naira accounts. Opening an Account with them is standard & straightforward like any other broker. We signed up for their Premium account (low spread & good execution).

You will have to go through the following steps:

Step 1) Compare all the Live account types & then choose the account that you want to start trading with. We recommend you to open Premium Account type at HFM.

After selecting your account, click Open Account which will take you to the Sign Up page. You will be asked to “choose your base currency” (you can select from USD, EUR or NGN). Then you will need to fill your basic Personal Information i.e. Your Full Name, Email, Country of Residence & Birth date.
HFM Account Opening process

Step 2) Confirm your email: Once you have registered your account, your will receive an activation Email. Click on the “Activate Now” link in that email. This will complete your basic registration.

Step 3) Fill up the KYC questions: To fully activate your account with HFM, you need to login to your Customer panel & there you need to fill a form with some basic KYC questions.

Step 4) Upload your ID & Address proof for verification: After filling the form, upload your ID proof & your Address Proof documents. For your ID you can upload a scanned copy of your passport, or your driver’s license or any other national ID). For proof you Address you can submit a recent (not older than 6 months) scanned copy of Bank Statement or any Utility Bill.

That’s it. Once you have submitted these documents, HFM will verify your account within 24-48 business hours. After your account is verified your account, only then you can make your first deposit to start trading.

HFM Metatrader Platform

HFM broker has a very easy to use Metatrader 4 & MT5 trading platforms, which we consider to be a pro. HFM have web trading, desktop terminal as well as mobile trading available.

Traders who prefer to trade with mobile can access their mobile app (iPhone and Android). Plus, HFM has multi-device MT4 & MT5 platforms, which comes with charting tools for easy Technical analysis.

But in general, we don’t put too much emphasis on trading platforms, given the fast that almost all the regulated brokers out there have Metatrader web & mobile platforms available. We find it very easy to trade on Metatrader platforms at HFM.

HFM’s Deposits & Withdrawals

HFM offers a range of different options in terms of deposit and withdrawal methods. The good thing about their funding/withdrawal methods is that HFM charges no fees on deposits & withdrawals. Let’s look deeper into it.

Deposit Methods:

First, let us analyse the deposit methods. HFM normally credit the deposited amount in your trading account very fast without any delays.

  1. Nigerian Bank Transfer (upto 48 hours): We like the fact that HFM has local bank deposit options in Nigeria. And the funds are credited within 1-2 working days. Normally, the funds are credited within the same day if you have deposited it in the early hours, but do note that it can take upto 48 hours.
  2. Nigerian Credit/Debit Cards (recommended as it is almost instant): You can Add funds in your HFM account via your debit/credit cards as well. Currently they accept deposits via a range of credit cards including MasterCard, Visa cards & even Verve cards. The minimum deposit for each of these cards is $5. The max. transaction limit for Visa cards is $10,000 & it is $7500 for Mastercards. Most of these credit card deposits are processed within 10 minutes.
    HFM deposit via Nigerian debit cards
  3. Wallets/Bitcoin (instant): If you don’t have a working card, then this option is recommended for you. HFM accepts deposits using cryptocurrencies such as BitCoin, BitCoin Cash or through wallets i.e. Neteller, Skrill, and Webmoney, among others. Most of these transactions are processed instantly. The with a minimum deposit limit for wallets & Bitcoin of $5. There is no fee charged on deposits with this method.
    Hotforex deposit via Nigerian debit cards

Withdrawal Methods:

Now coming to the withdrawal methods, HFM offers a range of options to its customers. You should note that you can only request the withdrawal to your source funding method.

The withdrawals at HFM are a bit slow but we have found no complaints in this regard from any users. The following are the withdrawal options available for Nigerian traders.

  1. Bank Withdrawal (recommended): With HFM you can request withdrawal of your money via local bank transfers. The minimum amount that you can request is $100. All bank transfer withdrawals are processed in 1-3 working days. HFM does not charge any fees for this method, but we advise you to talk with their chat if there will be any fees from your bank’s side.
  2. Credit/Debit Card: Withdrawals can also be made to your credit/debit cards that you used for funding. The minimum amount that you can withdraw is $5, and the processing time is 5-7 days. You can only choose this method if your funding source was your card, as the money can be credited to the same card only. Moreover, the Company cannot send more funds back to the Client’s credit card than initially deposited; so any additional amount will be withdrawal with the other alternate methods.
  3. Wallets/Bitcoin (Instant): You can get the withdrawal in your Bitcoin, HFM offers instant processing for withdrawals into your wallets.

As per our research, the company’s deposit and withdrawal methods are good, and they even support local bank transfers (but they are little slower than some other brokers like FXTM).

Overall, we found no complaints in terms of deposits & withdrawals, as they are very genuine in this regard. Also, if there is any claim, they do try to resolve it.

HFM Bonus

HFM offers significant welcome bonus of up to 100% to all new traders looking to sign up with them. Also, a volume based Loyalty program is available for existing HFM customers.

  1. 100% Deposit Bonus for new clients (recommended): The company has an attractive bonus offering to its customers with their 100% welcome bonus. To claim this offer you need to deposit a minimum of ₦30,000 in trading balance. You can even withdraw the bones provided you meet the volume requirements. We advise you to talk to their support if you are looking to trade with the bonus.
  2. SuperCharged Bonus: 100% bonus is offered on all deposits above $250 or N75,000.
  3. Demo Contest: HFM has an active contest called the “Virtual to Real” demo contest, which allows traders to trade on the demo account and get a chance to win real deposit of $2,000 for 1st winner. The biggest benefit of this promotional scheme is that there is no actual risk for the customers since they are trading on a demo account rather than their own funds. Further, this promo allows the users to sharpen their trading skills by using the demo account. Each round of the contest lasts one month, and winners are announced at the end. This contest presents new traders a great opportunity to get real trading money.
  4. Loyalty Cashback: This offer is attractive if you are a high volume trader. Active trading with HFM allows the customers to acquire loyalty points based on volume. These points can later be exchanged for cash or trading balance.

We found HFM’s bonus is the best out of all the brokers that we have compared so far. We did not find any other regulated broker that offered better welcome bonus to Nigerian traders.

HFM Customer Support

HFM’s support is quick, easily reachable & available 24/5 in English for Nigerian traders.

We tested their support & here is what we found:

  1. Very good Live Chat: HFM’s Live Chat doesn’t disappoint. Their chat is available 24/5 and were quick to respond to our questions. We found them very helpful in answering our questions. The Live chat is available in English language, and there was only few seconds of hold time.
  2. HFM Customer Support

  3. Nigerian Toll free Phone number: HFM also has local phone support, and they have a toll free Nigeria local phone number +234-7063705519. So you can easily contact with them via local phone number without any hassle
  4. Contact Form/Email: You can fill the contact form on HFM’s website or send an email at their email support[at]hfm[dot]com to contact them. Usually they reply back within few hours, so we recommend phone & Live Chat for urgent help.

Customer support at HFM is definitely good. For fastest response time, we suggest to use the live chat on their website. You can talk to their support at any time during the week days & expect prompt response.

Do we recommend HFM?

Yes, we highly recommend HFM if you are looking for a moderate spread & well regulated forex broker in Nigeria that offers very good support.

Moderate fees, highly regulated (with FCA, FSCA & more), quick local deposit/withdrawals, solid support, we couldn’t as for more!

Moreover, their wide range of trading instruments i.e. forex, CFDs on commodities & more to its customers. The Naira accounts at HFM come with very great features that offer nice addition for Nigerian traders.

Their 100% welcome deposit bonus offer is almost un-matched.

Overall, HFM is the #2 Forex broker in Nigeria according to our reviews.

HFM Nigeria FAQs

Is HFM a safe broker?

HFM is regulated by multiple Tier-1 & Tier-2 regulators including FCA, FSCA & CySEC. So they are considered a relatively safe forex & broker for traders in Nigeria.

Is HFM legal in Nigeria?

HotForex or HFM is not licensed by any regulatory intuition in Nigeria. They are operating any license, and when you open you account, it is under “HF Markets (SV) Ltd”, which is an offshore entity. All your trades are being placed with this foreign entity, registered under the laws of St. Vincent & the Grenadines.

But this does not imply that HFM is illegal in Nigeria, because there is no legal notice on this as such (or regulation related to forex trading). But it does mean that you are trading with HFM at your own risk.

Is HFM a Market Maker?

HFM claim to be a NDD & STP CFD broker, with market execution with all account types. So, they are not a market maker broker.

How long does the withdrawal take at HFM?

The withdrawal time depends on the method of your withdrawal. Normally, the local bank transfer withdrawals in Naira are processed in 24 hours or the same day. They withdrawal via E-wallets can take a few hours.

What is the minimum deposit at HFM Nigeria?

HFM has a minimum deposit of $5 with Micro account. They also offer Naira accounts and the minimum deposit in NGN is equivalent to the amount in USD for that account type.


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9 user reviews for HF Markets (Hotforex)

I’ve been trying to figure out which broker to open real trading account with, I traded a demo account with several brokers for over 6-8 months without thinking of opening a real account, but as soon as I came across hotforex, I instantly knew that I’ve found the right broker. Thanks for choosing Nigeria .


My trading career comprised of trading with Hotforex since 2019 start and it is almost one year now. I am happy with the services and I do recommend them being so nice.


I have been trading for past one year now and i can safely say that the pairs offered for trading are reasonable enough to choose the right profitable pair among them. The spreads are fairly reasonable on major pairs. I still count myself as a developing trader so i am only sticking to major pairs for at least one year more. I avoid the CHF one because it is much volatile as compared to others. EUR and GBP are good options for making reasonable pips. WIthdrawals does not have much hassles but i try at least one profit withdraw every five days. It is easy too. Server execution is also moderate with no glitches.


Speaking of fees, there are no fees upon withdrawals and deposits, process of payments is really fast, but its worth noting, one must (should) get verified before any deposits, they can be a bit strict with documents which i think its a good thing.


I have been trading with this broker about 1 year and been around on majors as Cable. This broker really offers tight spreads for Premium account (zero commision) but if you want raw spread, just accept commission about < $1/lot with their zero spread account but I truly recommend Premium or Fixed spread account types for new traders. You can always get withdrawal requests processed within 24 hours. Really swift and easy-to-use platform. Highly recommend!


According to my own trading experience with Hotforex. I had found out that it is honest broker with which I am trading for years now and i had noticed many improvements since i joined them.


very satisfied with their services, excellent support and very responsive.. I made 2 withdrawals all processed with ease, very good trading conditions, fast executions and platform stability is top notch. i dont know what to add, i hope they continue to excel


hotforex is very good, they are providing great trading conditions for traders, with a competitive spread on forex, a good number of cdfs and cypto to trade as well. metals is another option that is very popular. and withdrawals are really easy and almost with in 24 hrs.


I was introduced to hotforex through an IB, and I am very pleased with how things turned out, excellent broker, tight spreads, fast execution and they even offer crypto trading. usually withdrawals take less than 48 hrs through epayments which is very convenient.