HF Markets Broker Review

HF Markets Deposit & Withdrawal

HF Markets charges no fees for deposits and withdrawals, but withdrawals via credit and debit cards take up to 10 days to be processed, which is painfully slow compared to other brokers. But with the option for UK clients to use Trustly for free deposits and withdrawals direct from their bank accounts, HF Markets provides a decent funding option.

As an FCA-regulated broker, HF Markets ensures that all Anti-Money Laundering rules and regulations are followed. As such, all non-profit funds are returned to the original deposit source. 

Accepted Currencies: When we opened our account at HF Markets, we were given the choice of only three base currencies: USD, EUR, and GBP. While this is a limited choice compared to other brokers,  it is good for British traders who will likely have bank accounts denominated in GBP and will have the option of avoiding conversion fees.  

Free and fast transfers: HF Markets offers free online bank funding for British clients who have linked their bank accounts using the Trustly app. This is a much faster method of depositing and withdrawing funds than a standard bank wire, with deposits and withdrawals reflecting within 2 business days but often much sooner. 

Traditional deposits are handled on weekdays, and conditions apply to each of the deposit options.

• Bank Wire – HF Markets will cover the fees for transfers over the minimum amount of 250 USD. The funds will be added to your trading account within one business day of the funds reflecting in HF Markets’s account. This method usually takes 2-7 business days.
• Visa/Mastercard – A minimum deposit of 5 USD is required and will take approximately 10 minutes to reflect in your trading account. There are no fees for this deposit method.
• Neteller/Skrill – HF Markets allows deposits from Neteller and Skrill with a minimum of 50 USD. Both of these deposit methods will reflect to your trading account within minutes and there is no charge for deposits.

Traditional withdrawals are processed within 24 hours (weekdays only) of receiving them, and different conditions apply to each of the payment methods.

• Bank Wire – No fees and a minimum withdrawal of 100 USD. Bank wire withdrawals can take 2-10 days to receive, depending on your bank. Be aware that HF Markets will not cover any bank wire fees charged by your bank or corresponding banks.
• Visa/Mastercard – No fees and minimum withdrawal of 5 USD. Card withdrawals can take 2-10 business days, depending on your bank.
• Neteller/Skrill – HF Markets allows withdrawals from Neteller and Skrill with a minimum of 50 USD. Both of these withdrawal methods will reflect to your trading account within minutes and there is no charge for withdrawals.

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HF Markets Mobile Trading Platforms

HF Markets offers its own mobile app that looks great and is easy to use. It also offers MT4 and MT5 mobile apps, all available on both Android and iOS.  

HF App

The HF App has a sleek design and intuitive interface. The HF App allows traders to easily transfer, withdraw and deposit funds, search for instruments, and create watchlists. It also has an integrated economic calendar, and traders can access HF Markets’s educational materials on the app:

MT4/MT5 Mobile Apps

We found that the HF Markets MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. We were able to close and modify existing orders and calculate profit/loss in real-time. We also find it easier to search for instruments than on the web trader versions of the platforms.

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Other Trading Platforms

Like many other brokers, HF Markets offers MT4 and MT5 but does not offer its own desktop trading platform. 

While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of HF Markets offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.

For the purposes of this review, we tested both of HF Markets’ web trader platforms.

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Broker

Platform Choice

Copy Trading

Platforms

HF Markets

4.5/ 5

No

MT4

MT5

Admirals

4.5/ 5

Yes

MT4

MT5

MT Supreme

IronFX

4/ 5

Yes

MT4

Metatrader 4 (MT4)

Our review found that HF Markets offers the standard version of MT4, which has 24 graphical objects and 30 built-in indicators. However, it also offers Premium Trader tools, available to clients who deposit more than 200 USD/GBP, which plug directly into the MT4 platform, enhancing its functionality. 

We found that the platform’s interface is dated, but it is fully customisable. There are three chart types, including Line, Bar, and Candlestick charts and you can access a wide selection of indicators in multiple timeframes.

HF Markets also offers support for MT4 MultiTerminal, providing a convenient method of managing multiple accounts simultaneously from a single interface.

Metatrader 5 (MT5)

MT5, the newer version of its predecessor, MT4, is also available at HF Markets. We recommend using MT5 if you are looking for a more powerful and faster trading platform when it comes to back-testing functionality for automated trading algorithms.  Additionally, traders prefer MT5 for its depth of market display, additional technical indicators (38 as opposed to 30 on MT4), and analytical tools. 

Both MT4 and MT5 are available as downloads, browser-based, and on iOS and Android devices. Mobile access is 24/7, and mobile apps employ the latest SSL encryption technology for security.

Overall, we found that HF Markets provides a good selection of third-party platforms but lacks its own in-house trading platform, which are usually more user-friendly.

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Opening an Account at HF Markets

Opening an account at HF Markets is a quick and hassle-free process. However, it took two days for our accounts to be verified, which is longer than other similar brokers.

It took us about 3 minutes to open an account at HF Markets. We could immediately deposit funds into our accounts, but our accounts were only ready for trading after two days.

As a British trader you can open an account at HF Markets, but will need to meet all the minimum deposit amounts to do so, these are: 

• Premium Account: 0 USD/GPB/EUR
• ZERO Spread Account: 0 USD/GPB/EUR
• Premium Pro Account: 5000 USD/GBP/EUR

We found that opening a live account at HF Markets is easy and takes less than 3 minutes. While HF Markets also offers Corporate Accounts and Joint Accounts we will focus on opening an Individual Account:

Initially, we were required to provide our full name, phone number, email address, and date of birth. We also had to choose whether we wanted the base currency of our account to be USD, EUR, or GBP.

Once this step was complete, we accessed our MyHF dashboard. This is the administrative hub for demo accounts, live accounts, and finances.

From the MyHF hub, we chose our account type and submitted our Know Your Customer (KYC) documentation. HF Markets needed at least two documents to accept us as an individual client:

1. 1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing a photo such as an ID card or driving licence will work.
   2. Proof of Address – a Bank Statement or Utility Bill. The documents provided should not be older than 6 months and your name and physical address should be clearly displayed.
   3. Important Note: The name on the Proof of Identification document must match the name on the Proof of Address document.

We were able to upload our documents directly from the myHF area, but you can also scan them and send them to [email protected].

We were also asked to complete a short form to help HF Markets assess the state of our finances and trading knowledge. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.

Once this step is complete, we were required to make at least the minimum required deposit for our chosen account via one of HF Markets’ deposit methods. 

Our documents were checked by the verifications department and were approved in around 48 hours, which is longer than other similar brokers. Note that any deposits will be credited to the account only after your documents have been approved and the myHF area is fully activated.

We advise you to read HF Markets’s risk disclosure, customer agreement, and terms of business before you start trading.

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HF Markets’s Research and Trading Tools

Our review found that HF Markets has a competent in-house research team that produces high-quality and useful market analysis materials. It has also partnered with several third-party analysis companies to further enhance its offering.

Research

HF Markets’s research and market analysis is divided into three main sections, each of which provides a specialised benefit for traders looking for market insight and trading opportunities.

Forex News – In partnership with FXSTREET, a respected market news aggregator and publisher, HF Markets provides a constant stream of news that impacts the markets. While the main focus is on geopolitical events and macroeconomic movements,  we found that there is some reporting on technical analysis – mainly from large banks and other financial institutions. With new stories every few minutes, 24/5, this is an excellent resource for traders using all types of strategies.

HFAnalysis – This is the hub for HF Markets’s own market research content. The focus is a market news blog, split between fundamental analysis and technical analysis, and trader education. From here we were able to access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. We were also able to access the HF Markets podcast; generally published mid-week this is a detailed look at recent market movements and a look ahead to potential market-impacting events. Overall, we found that the analysis provided by HF Markets’s experts is detailed and accurate and is on par with the in-house research provided by other large international Forex brokers.

Advanced Insights – This plugin for MT4 and MT5 provides sentiment and volatility analysis from an insight engine that applies big data AI to millions of news articles and live trading positions. The plugin also provides a timeline of the upcoming events and presents detailed infographics on HF Markets’s full range of assets. While this tool is provided free, traders will need to have deposited at least 100 USD/1500 ZAR and made closed trades worth 10 lots or more in the previous two months.

Trading Tools

We found that HF Markets offers an excellent range of trading tools, including Autochartist, a free VPS service, and a set of Premium Trading Tools. While all these tools are provided free, we were disappointed that traders are required to make a substantial deposit before access is provided.

Autochartist

Available for free for all HF Markets clients, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and MT5 and scans all available CFD markets for trading opportunities. It is one of the best technical analysis tools on the market, and we were pleased to see that HF Markets subscribes to its services.

Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:

• Chart pattern recognition
• Fibonacci pattern recognition
• Key level analysis
• Pattern quality indication

VPS

HF Markets clients with a minimum deposit of 5000 USD can also subscribe to a free VPS hosting service provided by external third-party providers. VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure. The VPS service is only available to traders using the MT4 platform. See below for more details:

Premium Trader Tools

Available to all HF Markets clients with a minimum deposit of 200 USD, Premium Trader Tools give traders access to institutional quality technology, including advanced trading tools, user-configurable news and information, and trade analysis.  It also includes an array of sophisticated alarms and messaging systems, and live sentiment and correlation tracking. A few of the tools in the package include:

• Trade Terminal: A feature-rich professional trade execution and analysis tool, providing several trading features and order controls that are not included in MT4 or MT5.
• Mini Terminal: The mini-terminal facilitates trade management by making commonly-used trading features more accessible than in the native version of the software.
  
• Connect: A customisable news feed aggregator and interactive economic calendar
• Correlation Matrix and Correlation Trader: These tools work together to show correlations between pairs of trading symbols. It functions with any symbols available in the trading platform, allowing a calculation of the correlation between multiple asset classes against Forex. The Correlation Trader will then allow for a detailed inspection of the correlation between any two instruments.

Other trading tools available at HF Markets include a range of trading calculators, which can be used to calculate pip value, swap fees, risk percentages, and support and resistance levels.

Between the analytical tools and the sheer scale of market research on offer – in audio, text, and video format – from both in-house and third-party experts, we think HF Markets’s market analysis is considerably more useful than most other brokers – though about equal when compared with other international brokers with large research and analysis budgets.

Market Research Comparison:

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Broker

Autochartist

Trading Central

Trading View

HF Markets

Yes

No

No

Admirals

No

Yes

No

IronFX

No

Yes

No

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HF Markets Education

Our review found that much like the market analysis at HF Markets, the educational content available is multi-format, of a very high quality, and more useful for beginners than what is available at most other brokers. It also offers a free demo account that does not expire.

Because we opened a live account, we had access to the HF Markets e-Course.  We found that the course is well-structured and includes the basics of Forex theory and Forex trading, reading, and interpreting charts, trading strategies, trading psychology, and technical analysis.

Video tutorials are available without registration, and these cover introductory concepts, Metatrader tutorials, trading strategies, and lessons in economic theory.

We enjoyed HF Markets’ webinars. These cover current events, advanced trading strategy, and risk and money management and are run every few days. The webinars do not require an account at HF Markets, but you must register.

HF Markets Demo Account

We opened a demo account and found that it does not expire, which is helpful for beginner traders.  We were provided with a virtual starting balance of 100,000 USD, which can be topped up on request. We could view charts, news, and analysis, get access to the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility.

Education Comparison:

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Broker

Beginner Course

Advanced Course

HF Markets

Yes

Yes

Admirals

Yes

Yes

IronFX

No

Yes

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HF Markets’ Customer Support

With a local British support team, we found that HF Markets’ customer support is better than most other brokers.

Award-winning customer service and a client-focused approach to business mean beginner traders at HF Markets can rely on excellent support. 

Support is available 24/5 in over 27 languages via email, live chat, and telephone.  Toll-free local phone numbers (available in the UK) and local email addresses give clients direct, free access to quality customer service in their language. 

For the purposes of the review, we tested the live chat and telephone services. Our call was received immediately, and we were transferred to the correct department, which answered all our questions to our satisfaction. The live chat agents were also responsive and highly knowledgeable.

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Safety and Industry Recognition

Regulation: HF Markets is the global brand name of HF Markets Group. Entities within the group are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Sector Conduct Authority of South Africa (FSCA), and the Financial Services Authority of Seychelles.  See below for HF Markets listed companies:

• HF Markets SA (PTY) Ltd – authorized by FSCA (South Africa) registration no. 46632
• HF Markets (Europe) Ltd – authorized by CySEC (Cyprus) registration no. 183/12.
• HF Markets (UK) Limited – authorized by FCA (UK) registration no. 801701.
• HF Markets (DIFC) Ltd – authorized DFSA (Dubai) registration no. F004885.
• HF Markets (SV) Ltd – authorized by FSA (St. Vincent and the Grenadines) registration no. 22747 IBC 2015.
• HF Markets (Seychelles) Ltd – authorized by FSA (Seychelles)registration no. SD015.

Awards:

HF Markets has won numerous awards for its services and offerings over the years; recent awards include:

• Most Transparent Broker 2020 (The European – Global Banking & Finance Review Awards),
• Best Client Services – Global 2020 (Capital Finance International Magazine),
• Best Broker in Africa 2020 (AtoZ Forex),
• Best Trading Experience South East Asia 2020 (International Finance Awards),
• Best Partners Program Global 2020 (International Investor Awards),
• Excellence in Customer Service Global 2020 (International Investor Awards),
• Best Global Copy Trading Platform (Global Forex Awards 2019) for the HFcopy trading service.

With many years of responsible operation, regulation from some of the strictest authorities in the world, and a long list of awards for customer satisfaction, HF Markets is considered a reliable and safe Forex broker. 

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Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review.

Each one of these is graded on 200+ metrics across seven areas of interest, and an overall score is calculated and assigned to the broker according to the diagram below:

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HF Markets Risk Statement and Disclaimer

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. HF Markets would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.03% of retail investor accounts lose money when trading CFDs with HF Markets. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overview

An FCA-regulated broker, HF Markets focuses on providing an optimal trading environment for its British clientele. It offers GBP trading accounts, and deposits and withdrawals are free and can be made quickly and easily via the Trustly app. It also has a local British customer support team for technical or account-related queries. 

HF Markets offers a low-cost Zero Spread Account and support for both MetaTrader platforms, though many other international brokers also offer their own trading platforms – which are often easier for beginners to use. In addition, HF Markets has world-class educational content, market analysis, and a great range of useful trading tools.

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Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.