HFM review
Details checked 27 Sept 2026. Always confirm current terms on the broker's site.
Our verdict
HFM (formerly HotForex) is a multi-regulated broker offering gold on MT4 and MT5 across several account types, including a raw-spread Zero account. Indian clients are served by its St Vincent entity, and both 'HotForex' and 'HF Markets' appear on the RBI Alert List.
HFM started as HotForex in 2010 and operates a group of entities regulated by the FCA, CySEC, DFSA, FSCA, Kenya's CMA, FSA Seychelles and the FSC in Mauritius. Indian residents are onboarded through HF Markets (SV) Ltd in St Vincent and the Grenadines, where the local authority does not license forex brokers, so protections are much lighter than in the UK or EU. Gold is offered on MT4, MT5 and the HFM app across Cent, Premium, Pro and Zero accounts. HFM's metals page lists 'as low as' gold spreads of $0.32 on Premium, $0.16 on Pro and $0.06 on Zero, but these are minimums, not averages. Commission on the Zero account is charged separately; CompareForexBrokers reports around $10 round turn per 100 ounces on gold, which should be checked against HFM's current specifications. Offshore leverage on gold reaches 1:2000, which can lead to rapid losses. Positives include no minimum deposit on most accounts, swap-free options, negative balance protection and a civil liability insurance policy. However, both the HotForex and HF Markets names appear on the RBI Alert List of unauthorised forex platforms, which Indian traders should weigh carefully.
Pros
- FCA and CySEC licences within the group
- Raw Zero account with low 'as low as' gold spreads
- Wide range of account types, including cent accounts
- No minimum deposit on most accounts
- Swap-free accounts and negative balance protection
Cons
- Listed on the RBI Alert List ('HotForex', entry 20 and 'HF Markets', entry 67)
- Indian clients are onboarded via the SVG entity, which is not a licensing regulator
- Published gold spreads are 'as low as' figures, not averages
- Very high leverage (up to 1:2000) available offshore increases risk
- No cTrader or TradingView
Key facts
| Founded | 2010 |
|---|---|
| Headquarters | Limassol, Cyprus (group operates globally) |
| Regulators | FCA (UK) - HF Markets (UK) Ltd (Tier-1); CySEC (Cyprus) - HF Markets (Europe) Ltd (Tier-1); DFSA (UAE); FSCA (South Africa); CMA (Kenya); FSA Seychelles; FSC (Mauritius); SVG registration - HF Markets (SV) Ltd (not a licensing regulator) |
| Gold (XAUUSD) available | Yes |
| Gold spread, standard account | From $0.32 on Premium/Cent; from $0.16 on Pro ('as low as', HFM metals page) |
| Gold spread, raw/ECN account | From $0.06 on Zero ('as low as', HFM metals page) |
| Commission, raw account | Reported ~$6 round turn per lot on Zero for FX; ~$10 round turn per 100 oz on gold per CompareForexBrokers - verify with HFM |
| Max gold leverage (offshore entity) | Up to 1:2000 on XAUUSD (HFM metals page) |
| Max gold leverage (Tier-1 entity) | 1:20 (retail, FCA/CySEC) |
| Minimum trade size | 0.01 lot |
| Platforms | MT4, MT5, HFM app, WebTrader |
| Minimum deposit | $0 |
| Account types | Cent, Premium, Pro, Zero, Top-Up Bonus (select regions), HFcopy, PAMM |
| Indian deposit methods | Not published (UPI/netbanking not listed by FxScouts India) |
| Accepts clients from India | Yes |
| Negative balance protection | Yes |
| Segregated client funds | Yes |
| Investor compensation | ICF (CySEC); FSCS (UK); EUR 5m civil liability insurance; Financial Commission membership up to EUR 20,000 |
| Swap-free account | Yes |
| On RBI Alert List | Yes: 2025-11-19 (latest RBI update; checked 2026-09-27) |
Member reviews
Sources used for this review
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