HFM (HF Markets), formerly HotForex, offers a customised copy trading platform called HFcopy in addition to its improved MetaTrader offering and high-quality research. It also offers a respectable range of over 1,000 CFDs and 47 currency pairs. Nevertheless, HFM's trading fees are a little higher than the sector average, and its HF mobile app does not yet offer trading. The list of top 10 forex brokers in India explore here.
Pros
FX Blue Labs created the Premium Trader Tools to improve the basic MetaTrader toolset. HFM has achieved a nice balance between its own market research, information from outside sources, and news. Monthly, quarterly, and annual outlooks are among the specific research reports that an internal staff generates. Data on correlation and mood can be found in the Traders Board module of HFM.
Cons
Despite having a respectable range of films, HFM's educational content might use some improvement. All account types have trading expenses that are marginally higher than the industry standard. HFM's copy trading platform, HFcopy, is less developed than eToro's and costs 300 EUR to follow (copy) existing methods. Although the HF app has improved, trading is still not supported, leaving MetaTrader as the only available choice for HFM traders.
Awards
Along with its initially alluring trading offer, HoForex has received various industry honours, official figures, and stats that attest to the reliability of its operations. More than 500,000 Live accounts have been opened with HFM to date, and they have received numerous industry awards and sponsorships, including the Top 100 list, Best Forex Provider, and Best Clients Funds Security Broker. For 2022, IG is again our best forex broker uk thanks largely to its excellent online trading platform.
Is HFM safe, a fraud, or both?
HFM is not a scam; in fact, it has licences from a number of reputable organisations, including FCA, FSCA, and CySEC. HFM is a brand name of HF Markets (Europe) Ltd., which is licenced and regulated by the CySEC, a regulatory body for investment services firms in Cyprus. Additionally, due to the company's position in Europe, it also holds cross-border licences that allow it to offer investment services within the EEA zone. In layman's terms, it indicates that the broker has the required safety precautions and controls in place, and that it is regulated and authorized to offer its trading service.
HFM is it real?
The broker has other licences in addition to its primary CySEC licence so that it can service clients from a wide range of countries, including South Africa, Dubai, England, and more. This makes HFM a legitimate broker in the end. There are also HFM entities that are registered in offshore jurisdictions like Seychelles, SVG, and Mauritius. While we typically advise against trading with offshore brokers because they flat-out do not regulate Forex trading, due to HFM's numerous parallel rules, it is seen to be safe to do so. The minimal spread for the commission-free trading account is 1.0 pips, although it bears an average spread of 1.3 pips, or $13 every 1.0 standard lot. Top five best forex broker uk are Avatrade, pepperstone, Tickmil, FxPro and IG.
The commission-based option starts with a raw spread of 0.0 pip and average spreads of 0.2 pip, costing $6.00 per lot or $8.00 overall for key currency pairs. For a total of $10.00 per lot in trading fees, the commissions rise to $8.00. With the help of the volume-based loyalty programme, active traders can reduce costs. Trading expenses on commodities, indices, ETFs, and bonds remain competitive with equity CFD charges of 0.10%. The price for fractional share dealing starts at $5 per transaction, and HFM continues to offer commission-free direct share dealing.
Here is a sample of HFM quotations from the most liquid session—the London-New York overlap session—when spreads are often the lowest.
Swap rates on leveraged overnight positions are one of the most disregarded trading expenses. Depending on the trading technique, it can end up being the biggest trade fee. I always advise traders to look them over before calculating their overall trading expenses. HFM provides a positive swap on eligible short contracts, allowing traders to receive compensation for keeping positions open overnight.
Following these steps will allow MT4/MT5 traders to obtain swap rates from their platform:
1. In the Market Watch window, right-click the selected symbol and choose Specification.
2. Continue scrolling until Swap Long and Swap Short appears.
Here are some samples of trading costs for buying and selling the EUR/USD while holding the position for one night and seven nights.
