HF Markets Review for UAE Traders in 2024
Overall Score:
HF Markets
78/100
This is our professional review of the online trading broker, HF Markets (previously called Hot Forex), for traders and investors in the UAE. This HF Markets review takes a detailed look at one of the UAE’s top brokers, comparing them with other competitors in the region. We look at specific aspects like HF Market’s platforms, regulations and features, and how these points can benefit traders in the UAE.
Written by:
Sam Reid
Sam Reid
Fact checked by:
Freddie Ricks
Freddie Ricks
Last updated:
Nov 2024
Nov 2024
HFM Summary
HF Markets (HFM) is a multi-asset trading broker that has recently rebranded from being HotForex. Established in 2010, this broker offers forex trading along with CFDs across stocks, energies, metals, commodities, indices, bonds, and ETFs. In addition, HFM also offers investors in the UAE the chance to invest in some of the biggest global stocks available. HFM is highly popular in Africa, but has also seen huge growth in the MENA region, being physically present with an office in Dubai and locally regulated by the DFSA.
HFM Instruments
HFM offers UAE traders and investors an impressive line up of trading instruments, with more variety than the average broker. Here are the markets you can trade with HFM.
Forex - 50+ currency pairs, including major, minor, and exotic.
Stock CFDs - 90+ stock CFDs across US, UK and European markets.
Index CFDs - 10+ indices to trade across US, UK, Europe, and Asia-based markets, either through spot or futures.
Commodity CFDs - 4 soft commodities available including Coffee, Cotton, Sugar and Cocoa
Energy CFDs - UK Brent oil and US Crude oil available to trade
Metal CFDs - Gold, Silver, Platinum and Palladium and Copper available to trade with leverage up to 1:20.
ETFs - 34 ETFs available to trade across 22 different industries
Bonds - 3 bond derivatives available, including the Euro Bund, UK Gilt, and US 10-Year Treasury Note.
Stock Investing - 2000+ physical stocks available to invest in via the MT5 platform, with the ability to receive dividends directly into your account.
Forex - 50+ currency pairs, including major, minor, and exotic.
Stock CFDs - 90+ stock CFDs across US, UK and European markets.
Index CFDs - 10+ indices to trade across US, UK, Europe, and Asia-based markets, either through spot or futures.
Commodity CFDs - 4 soft commodities available including Coffee, Cotton, Sugar and Cocoa
Energy CFDs - UK Brent oil and US Crude oil available to trade
Metal CFDs - Gold, Silver, Platinum and Palladium and Copper available to trade with leverage up to 1:20.
ETFs - 34 ETFs available to trade across 22 different industries
Bonds - 3 bond derivatives available, including the Euro Bund, UK Gilt, and US 10-Year Treasury Note.
Stock Investing - 2000+ physical stocks available to invest in via the MT5 platform, with the ability to receive dividends directly into your account.
HFM Commissions, Spreads and Fees
Trading fees (including spreads and commissions) offered by HF Markets vary depending on the type of account you choose and the instruments you prefer to trade. Generally, most account types, such as Premium and Premium Pro start with an average spread of 1.4 pips. However, the VIP account and VIP Pro account have a starting spread of 0.0 pips, accompanied by a commission of $3 per lot.
Here is HF Market’s minimum spread for 3 commonly traded instruments. Please note that these numbers may change based on your location and market conditions:
EUR/USD: minimum spread of 0.1 pips.
Gold: minimum spread of 0.19 pips.
S&P500: minimum spread of 0.400 pips.
Like almost all brokers, HF Markets also charges swap fees for trading positions held overnight. These fees can easily be calculated on the brokers website. However, Swap-Free / Islamic Accounts are available and popular for traders within the MENA region, eliminating these costs for traders. However, UAE traders should note that in absence of a swap fee, additional charges could still be imposed for positions held for longer than 7 days.
Looking at HFM’s non-trading fees, there are no charges imposed for deposits and withdrawals. However traders in the UAE will be subject to a $5 monthly inactivity fee if their account remains dormant for more than 6 months.
Here is HF Market’s minimum spread for 3 commonly traded instruments. Please note that these numbers may change based on your location and market conditions:
EUR/USD: minimum spread of 0.1 pips.
Gold: minimum spread of 0.19 pips.
S&P500: minimum spread of 0.400 pips.
Like almost all brokers, HF Markets also charges swap fees for trading positions held overnight. These fees can easily be calculated on the brokers website. However, Swap-Free / Islamic Accounts are available and popular for traders within the MENA region, eliminating these costs for traders. However, UAE traders should note that in absence of a swap fee, additional charges could still be imposed for positions held for longer than 7 days.
Looking at HFM’s non-trading fees, there are no charges imposed for deposits and withdrawals. However traders in the UAE will be subject to a $5 monthly inactivity fee if their account remains dormant for more than 6 months.
HFM Deposits & Withdrawals
HFM clients in the UAE can deposit and withdraw through the following payment options.
When depositing, the minimum deposit amount is $50 for Debit card, Neteller and Skrill and will be processed within 10 minutes of depositing. Bank transfer deposits have a minimum deposit amount of $100 and have a processing time of 2-7 days.
For withdrawals, Debit cards, Neteller and Skrill carry a $5 minimum withdrawal amount. Debit card withdrawals are processed within 2-7 business days, while Neteller and Skrill withdrawals are processed instantly. UAE traders should also note that deposits and withdrawals with HFM are completely free of charge.
- Bank transfer
- Debit card (Visa/Mastercard)
- Neteller
- Skrill
When depositing, the minimum deposit amount is $50 for Debit card, Neteller and Skrill and will be processed within 10 minutes of depositing. Bank transfer deposits have a minimum deposit amount of $100 and have a processing time of 2-7 days.
For withdrawals, Debit cards, Neteller and Skrill carry a $5 minimum withdrawal amount. Debit card withdrawals are processed within 2-7 business days, while Neteller and Skrill withdrawals are processed instantly. UAE traders should also note that deposits and withdrawals with HFM are completely free of charge.
HFM Trading Platforms
HF Markets offers UAE traders an upgraded suite of the MT4 & MT5 platforms, available through desktop, webtrader, and mobile. These award-winning platforms are highly popular amongst traders, and are even upgraded by HFM with the addition of the trading tool, Autochartist. This tool scans the markets and presents traders with new trading opportunities as they unfold.
HFM also offers its new mobile application called the HFM Trading App, available for both Android and iOS users. The proprietary app offers over 30 technical indicators and 24 analytical objects, offering great trading capabilities on mobile. When testing the app, we found it to be highly user-friendly with simple deposit, withdrawal, and trading functionalities, but can currently only support Premium Account type holders.
Here is a simple platform comparison breakdown between each of HFM’s offered platforms.
HFM also offers its new mobile application called the HFM Trading App, available for both Android and iOS users. The proprietary app offers over 30 technical indicators and 24 analytical objects, offering great trading capabilities on mobile. When testing the app, we found it to be highly user-friendly with simple deposit, withdrawal, and trading functionalities, but can currently only support Premium Account type holders.
Here is a simple platform comparison breakdown between each of HFM’s offered platforms.
HFM Account Types
Traders based in the United Arab Emirates will find 3 main account types to choose from with HF Markets. While the names may seem confusing, here is a simple breakdown of each.
Premium Account
Despite what the name suggests, this is HFM’s standard account and the most popular choice for beginner retail traders in the UAE. This account type features no minimum deposit, variable spreads from 1.4 pips and leverage up to 1:30.
Premium Pro Account
The Premium Pro Account is the first tier of HFM’s professional accounts. With the Premium Pro Account, there is a minimum deposit amount of $5000 and traders can access spreads from 1 pip and leverage up to 1:400.
VIP Account
While this account type does not feature on HFM’s account comparison page, the website states that the VIP Account has a minimum deposit amount of $20,000, clearly suiting it for more advanced, high-volume traders. But other than the minimum deposit amount, it is unclear how this account type differs from the next and final account type offered by HF Markets - the VIP Pro account.
VIP Pro Account
The VIP Pro Account is a step up from both the Premium Pro and VIP Accounts, with a minimum deposit amount of $30,000. With this, traders in the UAE can access spreads from 0.0 pips along with leverage up to 1:400.
Premium Account
Despite what the name suggests, this is HFM’s standard account and the most popular choice for beginner retail traders in the UAE. This account type features no minimum deposit, variable spreads from 1.4 pips and leverage up to 1:30.
Premium Pro Account
The Premium Pro Account is the first tier of HFM’s professional accounts. With the Premium Pro Account, there is a minimum deposit amount of $5000 and traders can access spreads from 1 pip and leverage up to 1:400.
VIP Account
While this account type does not feature on HFM’s account comparison page, the website states that the VIP Account has a minimum deposit amount of $20,000, clearly suiting it for more advanced, high-volume traders. But other than the minimum deposit amount, it is unclear how this account type differs from the next and final account type offered by HF Markets - the VIP Pro account.
VIP Pro Account
The VIP Pro Account is a step up from both the Premium Pro and VIP Accounts, with a minimum deposit amount of $30,000. With this, traders in the UAE can access spreads from 0.0 pips along with leverage up to 1:400.
HFM Research & Education
Overall, HFM has a strong in-house team of analysts offering a range of material to assist traders, along with some great trading tools and platform plugins for those looking for trading ideas and inspiration.
Research
In terms of research, HF Markets, offers daily market news and market analysis, including fundamental & technical analysis, market outlooks, and stocks of the week. These materials are well-written and easy to understand, making HFM a great choice if you’re a new trader that’s just starting out.
HF Markets also provides a variety of trading tools for active HFM clients via third-party plugins, including:
Education
HF Markets provides a diverse selection of educational materials designed to enhance the knowledge and skills of traders. Whether you’re a beginner or experienced, there are valuable resources available, including complimentary live webinars, market analysis, instructional videos, online courses, and much more.
HFM also features an extensive FAQ section on the HF Markets Dubai website, answering several trading questions and topics such as account opening, platforms, terms, and more. This is a quick and simple tool for getting your questions answered without having to reach out to HFM’s support team.
Research
In terms of research, HF Markets, offers daily market news and market analysis, including fundamental & technical analysis, market outlooks, and stocks of the week. These materials are well-written and easy to understand, making HFM a great choice if you’re a new trader that’s just starting out.
HF Markets also provides a variety of trading tools for active HFM clients via third-party plugins, including:
- Autochartist: Autochartist is an acclaimed automated technical analysis tool, offered by HFM to all its clients at no cost. This tool seamlessly integrates with MT4 and MT5 platforms and thoroughly scans the markets in search of lucrative trading prospects. Renowned for its exceptional quality, Autochartist is widely regarded as one of the top-notch technical analysis tools available.
- VPS: Clients of HF Markets who deposit a minimum of $5000 can benefit from a complimentary VPS hosting service offered by external third-party providers. This service guarantees uninterrupted trading by preventing any technological or connectivity problems like power outages or internet failures. Please note that the VPS service is exclusively accessible to traders utilizing the MT4 platform.
- Premium Trader Tools: HF Markets clients with a minimum deposit of $200 will gain access to Premium Trader Tools and institutional quality technology, including advanced trading tools, user-configurable news and information, and trading analysis. The Premium Trader Tools also include alarm notifications, messaging systems, and live sentiment & correlation tracking.
Education
HF Markets provides a diverse selection of educational materials designed to enhance the knowledge and skills of traders. Whether you’re a beginner or experienced, there are valuable resources available, including complimentary live webinars, market analysis, instructional videos, online courses, and much more.
HFM also features an extensive FAQ section on the HF Markets Dubai website, answering several trading questions and topics such as account opening, platforms, terms, and more. This is a quick and simple tool for getting your questions answered without having to reach out to HFM’s support team.
HFM Regulation
HF Markets Group is made up of several global entities, each of which are heavily regulated and comply with strict regulatory measures aimed to protect trading clients.
Entities with HF Markets Group are regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySec), the Financial Sector Conduct Authority of South Africa (FSCA), the Financial Services Authority of Seychelles, and finally for local clients in the UAE, HFM’s Dubai-based entity is regulated by the Dubai Financial Services Authority (DFSA).
For more information about HFM’s licenses and regulations, click here.
Entities with HF Markets Group are regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySec), the Financial Sector Conduct Authority of South Africa (FSCA), the Financial Services Authority of Seychelles, and finally for local clients in the UAE, HFM’s Dubai-based entity is regulated by the Dubai Financial Services Authority (DFSA).
For more information about HFM’s licenses and regulations, click here.
HFM Customer Support
A key benefit of HFM is its local support for clients in Dubai and the rest of the UAE. HF Markets provides 24/5 customer support via live chat, phone and email. While this does not match the 24/7 support offered by other brokers, HFM’s support still meets the industry standard. When testing their support, HFM’s team were friendly, helpful and knowledgeable. A live chat ticket was created instantly and we received a reply in under 20 seconds.
There are also 10 local customer support numbers available, including the United Kingdom, Germany, China, Russia, South Africa, and the UAE, with multilingual support. For UAE clients, you can reach HFM’s local customer support by phone (+971 4 3184711) or by email (support@hfmarkets.ae).
There are also 10 local customer support numbers available, including the United Kingdom, Germany, China, Russia, South Africa, and the UAE, with multilingual support. For UAE clients, you can reach HFM’s local customer support by phone (+971 4 3184711) or by email (support@hfmarkets.ae).
HFM FAQs
With a good trading strategy, it is possible to become of the thousands of profitable HFM traders. However you should also be aware that trading comes with risk, and there is always the chance that your trades can move against you.
Yes, HFM is completely legal in the UAE and is even regulated by Dubai's DFSA.
Yes, HFM is rated as a highly safe and secure broker as the broker is regulated by the DFSA.
HFM: The Bottom Line
Overall, HF Markets is a great choice for both beginner or advanced traders in the UAE looking for a variety of trading options, including forex, commodities, and ETFs, along with rarer trading options such as physical stock investing and bond derivatives. Some highlights include HFM’s free deposits and withdrawals, supporting eWallets like Neteller and Skrill, great educational resources and local DFSA regulation in Dubai.
On the negative side, despite HFM’s impressive arsenal of trading tools, clients actually have to deposit first in order to access these, putting this broker behind others that allow clients to access tools for free. Also, Since HFM Dubai does not offer crypto CFDs or crypto investing, this broker is not for those looking to trade these assets.
On the negative side, despite HFM’s impressive arsenal of trading tools, clients actually have to deposit first in order to access these, putting this broker behind others that allow clients to access tools for free. Also, Since HFM Dubai does not offer crypto CFDs or crypto investing, this broker is not for those looking to trade these assets.
