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4.43
/ 5
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
HFM (formerly known as HotForex) is a well-known international broker with a strong presence in Kenya. It has local CMA regulation and local customer support, and unlike many other international brokers, it offers KES trading accounts. It also offers fast and free deposits and withdrawals from a range of local banks.
HFM offers three standard accounts and two specialised copy trading accounts, but the standout is the Micro Account, with a 5 USD minimum deposit and reasonable trading fees. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including over 950 other international stocks.
HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD – well above the required minimum deposit.
| 🏦 Min. Deposit | USD 5 |
| 🛡️ Regulated By | CMA, CySEC, FCA, FSCA |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 400:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, MT5 |
| 💱 Instruments | Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs |
A trustworthy broker with a large Kenyan following, HFM is locally regulated by the CMA and offers negative balance protection for all traders.
CMA Regulation: HFM has an excellent reputation in the Kenyan Forex trading community and is CMA licenced. A CMA licence means that HFM clients can rest assured that their funds are secure and that HFM will treat its Kenyan clients fairly.
Safety Features: Although the CMA’s rules are not as strict as those of the regulators in the UK or Australia, it still requires HFM to segregate its client funds at top-tier Kenyan banks and issue monthly statements to its clients. HFM clients in Kenya are also granted negative balance protection, which means that they can never lose more than their initial deposit.
Company Details:
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Website Year Founded Office Locations Additional Fees 2010Seychelles, South Africa, Dubai, UK, Cyprus, MauritiusInactivity fee of 5 USD after 6 months of inactivity
We were pleased to find that HFM has recently reintroduced cryptocurrencies to its offering, a good move considering how popular this asset class has become. It also offers trading on a wide range of stocks.
Cryptocurrencies: HFM recently (at the end of 2021) reintroduced its range of cryptocurrencies. Its range includes favourites such as Bitcoin, Ethereum, Dashcoin, and Litcoin. All of the cryptos are crossed with the USD or EUR, and leverage is up to 50:1 on pairs such as the BTC/USD, a higher level of leverage than is typically offered on cryptos by other brokers.
Stocks: Kenyan traders will be pleased to see that HFM offers a range of stock CFDs. It also offers over 950 DMA (Direct Market Access) stocks, allowing clients to trade directly on stock exchanges worldwide, but this product line is only available on MT5.
Full List of Instruments and Leverage*:
Scroll for more details Financial Instrument Number of Assets Leverage Bonds350:1Commodities566:1Cryptocurrencies1950:1Energies466:1Stock CFDs7114:1ETFs345:1Forex531000:1Indices2420:1Metals6200:1 gold 20:1 palladiumStock DMAs9505:1
Overall, we were pleased with the range and depth of financial assets available at HFM. The reintroduction of cryptocurrencies will be a major drawcard for the broker.
*Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
HFM offers four account types, which is more than most other brokers. The low minimum deposit on its Micro Account makes it suitable for beginners, while the ZERO Spread Account caters to more experienced traders.
Trading Fees: Despite the variation, overall trading costs are slightly higher than average across all four accounts, though the accounts themselves do offer different benefits in terms of trading strategies and minimum deposits.
Account Trading Costs
Scroll for more details Trading account Min. Deposit Min. Spread EUR/USD Commission Trading Cost (USD) HFCopyUSD 3001Spread Only10MicroUSD 51Spread Only10PremiumUSD 1001Spread Only10ZeroUSD 2000.106 USD / lot7
We found that the Micro Account is a good entry-level account for beginner traders, with a minimum deposit of 5 USD. The variable spreads start from 1 pip on major pairs, which is tight for an account with such a low minimum deposit, and no commissions are charged. As you can see, the spread here is 1.1 pips on the EUR/USD, which is close to HFM’s advertised spreads:
The minimum deposit on this commission-free account is 100 USD, and the spread starts at 1 pip, which is slightly wider than you would find at similar brokers. The maximum total trade size is 60 standard lots per position, and stop-out levels are at 50%.
This is a market execution account with spreads starting at 0 pips on the EUR/USD. Note that zero spreads are only available on major currency pairs. As with all raw spread accounts, you will be charged a commission – in this case, the charge is 3 USD per lot (6USD total round turn) on major forex pairs. ZERO Spread accounts are also good for beginner traders and have lower ongoing trading costs but require a minimum deposit of 200 USD.
The HFcopy Account is available to Strategy Providers (SPs) and Followers who have joined HFcopy. SPs can open an HFcopy Account to build their inventory of Followers and trade in exchange for a Performance Fee as high as 50%. Only available on the MT4 platform, the spread starts at 1 pip, and trading instruments offered on this account are limited to Forex, Indices, and Gold. The minimum deposit is 300 USD for SPs and 100 USD for Followers, and accounts are only denominated in USD.
HFM 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.
As a CMA-regulated broker, HFM 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 HFM, we were given the choice of only two base currencies: USD and KES. While this is a limited choice compared to other brokers, it is good for Kenyans who will likely have bank accounts denominated in KES and will have the option of avoiding conversion fees.
Local bank transfers: We were pleased that HFM offers free online bank funding for clients with online bank accounts with major Kenyan banks. This is a much faster method of depositing and withdrawing funds than a standard bank wire, with deposits reflecting almost instantly and withdrawals received within 2 business days.
Traditional deposits are handled on weekdays, and conditions apply to each of the deposit options.
Traditional withdrawals are processed within 24 hours (weekdays only) of receiving them, but different conditions apply to each payment method.
HFM offers its own mobile app that looks great and is easy to use. It also offers MT4 and MT5 mobile apps available on Android and iOS.
HF App
The HF App has a sleek design and intuitive interface. The HF App allows traders to easily transfer, withdraw, deposit funds, search for instruments, and create watchlists. It also has an integrated economic calendar, and traders can access HFM’s educational materials on the app:
MT4/MT5 Mobile Apps
We found that the HFM 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.
Like many other brokers, HFM offers MT4 and MT5 but does not offer its own desktop trading platform.
While MT4 and MT5 are excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier for beginner traders. On the other hand, the benefit of HFM 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 HFM’s web trader platforms.
Platform Comparison:
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Our review found that HFM 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, which plug directly into the MT4 platform, enhancing its functionality.
We found that the platform’s interface is dated but 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:
We also found it easy to add new charts:
HFM also offers support for MT4 MultiTerminal, providing a convenient method of managing multiple accounts simultaneously from a single interface.
MT5, the newer version of its predecessor, MT4, is also available at HFM. We recommend using MT5 if you want a more powerful and faster trading platform for 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.
In our review of MT5 web trader, we noted that it has a great depth of market display:
It is also much easier to search for an instrument to add to the market watch list than on MT4. You can simply type the name of the instrument:
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 HFM provides a good selection of third-party platforms but lacks its own in-house trading platforms, which are usually more user-friendly.
We were impressed that HFM offers multiple bonuses, trading contests, and promotions for Kenyan traders*. At the time of writing, the following bonuses are available:
*Terms and conditions apply
For all the current HFM Bonus information, please refer to its website.
Opening an account at HFM 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 HFM. We could immediately deposit funds into our accounts, but our accounts were only ready for trading after two days.
As a Kenyan trader you can open an account at HFM but will need to meet all the minimum deposit amounts to do so; these are:
We found that opening a live account at HFM is easy and takes less than 3 minutes. While HFM also offers Corporate Accounts and Joint Accounts, we will focus on opening an Individual Account:
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 HFM’s risk disclosure, customer agreement, and terms of business before you start trading.
Our review found that HFM 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.
HFM’s research and market analysis is divided into three main sections, each providing 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, HFM 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 HFM’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 could access monthly and quarterly outlooks, video analysis, special reports, and intraday charts. We were also able to access the HFM 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 HFM’s experts is detailed, accurate, and 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 HFM’s full range of assets. While this tool is free, traders must have deposited at least 100 USD and made closed trades worth 10 or more in the previous two months.
We found that HFM 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
For all HFM clients with a minimum deposit of 100 USD, 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 HFM 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:
VPS
HFM 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 HFM clients with a minimum deposit of 100 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, messaging systems, and live sentiment and correlation tracking. A few of the tools in the package include:
Other trading tools available at HFM 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 HFM’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.
Trading Tools Comparison:
Scroll for more details Broker Economic Calendar Autochartist Trading Central Trading View Free VPS
Our review found that much like the market analysis at HFM, the educational content available is multi-format, of 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 HFM e-Course. We found the course well-structured, including 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; these cover introductory concepts, Metatrader tutorials, trading strategies, and lessons in economic theory.
We enjoyed HFM’s 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 HFM, but you will need to register.
Overall, we found that the quality of the educational content is very high, and HFM obviously does its best to educate beginner traders. More experienced traders will also find the information and material on offer useful, especially the webinars and video analysis on more advanced topics. This is unusual in the industry, as while most brokers will try to educate beginners, traders with more experience are often underserved.
We opened a demo account and found that it does not expire, which is helpful for beginner traders. We were provided a virtual starting balance of 100,000 USD, which can be topped up on request. We could view charts, news, and analysis, access the full-featured MT4 and MT5 platforms, and experience real-time prices and real forex market volatility.
Education Comparison:
Scroll for more details Broker Beginner Course Advanced Course Well Structured Education Education Quality Webinars
With a local Kenyan support team, we found that HFM’s customer support is better than most other brokers.
Award-winning customer service and a client-focused approach to business mean that beginner traders at HFM 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 Kenya) 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. As you can see, they responded to our questions within a matter of seconds:
Regulation: HFM (formerly known as HotForex) is the unified 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), the Capital Markets Authority of Kenya (CMA), and the Financial Services Authority of Seychelles. See below for HFM listed companies:
Awards:
HFM has won numerous awards for its services and offerings over the years, recent awards include:
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, HFM is considered a reliable and safe Forex broker.
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, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. HFM would like you to know that: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.90% of retail investor accounts lose money when trading CFDs with HFM Investments Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Disclaimer: Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
Legal: HFM Investments Ltd is authorized by the Capital Markets Authority as a Financial Service Provider (FSP) with authorization number 155.
A CMA-regulated broker, HFM focuses on providing an optimal trading environment for its Kenyan clientele. It offers KES trading accounts and supports local bank transfers from all Kenya’s major banks with instant deposits and two-day withdrawals. It also has a local customer support team that is responsive and knowledgeable, available to help with any account or technical queries.
Another attractive feature for Kenyan traders is that HFM has recently reintroduced cryptocurrencies to its books. Overall, there is no doubt that HFM has pulled out all the stops to ensure Kenyan traders will be satisfied.
Find out how HFM stacks up against other brokers.Compare Brokers
Accepts Kenyan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HF Markets is one of the best forex brokers regulated by CMA in Kenya but unfortunately, account opening process is too tedious unlike other local forex brokers.