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When reviewing HFM, the thing to check before spreads or bonuses is the name of the company that will actually sign a contract with you. HFM publishes three licences across three continents, but a client in Vietnam is almost certainly served by none of them. The question “is HFM trustworthy” only means something once it is tied to a specific legal entity, a specific regulator and a specific right of complaint. This review starts with the brand profile, moves to a three-minute licence check you can run yourself, and ends with the part few pages spell out: net cost after rebates.
Last updated: 30 September 2026.
- HFM at a glance
- Three licences, and which one is yours
- Check the HFM licence yourself in three minutes
- Five account types and what each really costs
- HFM rebates: why 18 USD is not free money
- Who HFM suits, and who it does not
- Frequently asked questions
- Conclusion
HFM review: the basic profile
HFM was founded in 2010 and is headquartered in Cyprus. The broker previously traded as HotForex and rebranded to HFM — this is the same broker, not two companies. An account opened in the HotForex era still works; only the name and interface changed.
| Item | Detail |
|---|---|
| Founded | 2010 |
| Former name | HotForex |
| Brand headquarters | Cyprus |
| Platforms | MT4, MT5, HFM WebTrader, HFM App |
| Minimum deposit | From 0 USD (varies by account) |
| Leverage | Advertised up to 1:2000 |
| Minimum volume | 0.01 lot |
| Model | Hybrid |
The broker offers more than 1,200 instruments: forex, gold and metals, indices, commodities, shares, ETFs and crypto CFDs depending on region. Copy Trading and PAMM are available. The two most misread numbers in the marketing are “minimum deposit from 0 USD” and “leverage up to 1:2000”: both are best-case maximums on some account types in some regions, not the default terms everyone gets.
Which kind of trader HFM fits
The 0 USD entry point and the Cent account put HFM in the same bracket as XM among brokers you can start with on a very small balance. Beginners can run live money instead of only demo. The flip side is that five account types with different fee structures is exactly what makes beginners choose wrong — and choosing the wrong account costs more than choosing the wrong broker. The accounts section puts the numbers side by side.
Is HFM trustworthy? Three licences, and which one is yours
| Regulator | Country | Licence number | Serves |
|---|---|---|---|
| FCA | United Kingdom | 801701 | UK residents |
| CySEC | Cyprus | 183/12 | EU/EEA clients |
| FSCA | South Africa | 46632 | South African clients |
All three licences are real and verifiable. But read the last column: none of them says Vietnam. Someone resident in Vietnam opening an account through HFM’s international site will normally contract with an entity other than these three — and which regulator oversees that entity is a question to answer before you deposit, not after.
Why 1:2000 leverage is itself a clue
The FCA caps retail leverage at 1:30 on major pairs. CySEC applies the same limit under ESMA rules. So 1:2000 cannot come from the UK or Cyprus entity — legally they are not permitted to offer it to retail clients. Whenever a broker advertises leverage in the hundreds or thousands, that is a clear signal the account you are about to open sits outside FCA and CySEC scope.
That is not automatically bad. Many traders deliberately choose an international entity for higher leverage and lighter onboarding. But it should be a conscious choice, made knowing that the FCA compensation scheme and the CySEC investor compensation fund will not cover you. See FCA, ASIC, CySEC: which regulator is strictest for what actually differs.
Check the HFM licence yourself in three minutes
Do not trust a licence table on any site, including this one. Verifying takes under three minutes:
- Open the Client Agreement during signup or from the HFM footer. Find the company name and registration number — that is your entity.
- Go to the matching register: FCA at register.fca.org.uk, CySEC at cysec.gov.cy, FSCA at fsca.co.za.
- Search the licence number, not the brand name. Brand names repeat across companies; numbers do not.
- Compare the company name in the register with the name in the agreement you just read. Match means the licence is yours. No match means it is not.
- Check status and permitted activities. A valid licence that does not cover the service you use does not protect you either.
The full procedure for any broker is in Check a forex broker licence in 5 steps, and the regulator directory is in Where to look up a forex broker licence.
Five HFM account types and the real cost of each
| Account | Min deposit | Spread from | Commission | Notes |
|---|---|---|---|---|
| Cent | 0 USD | 1.2 pips | None | Market maker, variable spread, swap-free available |
| Zero | 0 USD | 0.0 pips | 3 USD / lot | ECN, raw spread, swap-free available |
| Pro | Varies by region | 0.6 pips | None | Low spread, conditional swap-free |
| Pro Plus | Varies by region | 0.2 pips | Conditional | Lowest spread in the range |
| Premium | 0 USD | 1.0 pips | None | Highest rebate rate |
The “spread from” column is the most misleading figure in the table. “From 0.0 pips” on the Zero account means the lowest figure ever recorded on some symbol at some moment, not the average you will actually pay. Why nearly every spread comparison is skewed is covered in this article.
The right sum: spread plus commission minus rebate
Net cost = spread in money + commission − rebate received
An account with 0.0 pip spread but 3 USD/lot commission can be more expensive than one with 1.0 pip spread and no commission, or cheaper — it depends entirely on the symbol you trade and the rebate attached to that account type. How to convert spread into money is in How to calculate the total cost of a forex trade.
HFM rebates: why 18 USD is not free money
This is the part we would rather state plainly, even though it makes our own headline number smaller. HFM rebates through Backcom VN come in two options, and they differ in a way the landing page does not show:
| Option | Spread | Rebate |
|---|---|---|
| No Markup | Broker’s normal spread | 12 USD / lot |
| Markup 1 (SP43) | Spread with a markup added | 18 USD / lot |
In other words: 18 USD beats 12 USD because you pay more in spread. This is not an HFM trick; it is how the markup model works everywhere — the spread difference is returned to you as a rebate. Which option is cheaper depends on the symbols you trade and your volume. For infrequent traders, a normal spread with a lower rebate can beat a wider spread with a higher one.
| Symbol | Premium | Pro | Zero |
|---|---|---|---|
| XAUUSD | 12.00 USD | 5.60 USD | 5.60 USD |
| BTCUSD | 16.00 USD | 6.40 USD | 6.40 USD |
| XAGUSD | 9.60 USD | 5.60 USD | 5.60 USD |
| EURUSD | 7.20 USD | 3.20 USD | 3.20 USD |
| GBPUSD | 7.20 USD | 3.20 USD | 3.20 USD |
| USDJPY | 7.20 USD | 3.20 USD | 3.20 USD |
Read that table across the rows and one thing stands out: for the same symbol, Premium pays more than double what Pro and Zero pay. If you trade gold or BTC, your account type decides your rebate more than your broker does. Rebates are paid in USD, daily, each morning, straight into the trading account, with no minimum.
Rebates do not worsen your spread on the No Markup option — we separated those two claims in Do rebates make your spread worse.
Who HFM suits, and who it does not
Suits: beginners who want live money on a very small balance via the Cent account and 0 USD entry; traders in gold, silver or BTC on the Premium account, where the rebate gap is widest; anyone who wants Copy Trading or PAMM built in.
Does not suit: anyone who needs tier-one regulatory protection on their own account, since an international account most likely sits outside FCA and CySEC; anyone who wants a simple fee schedule, because five account types with three fee structures is easy to get wrong; anyone who reads only the largest rebate figure without checking the spread attached to it.
Frequently asked questions
Is HFM the same as HotForex
Yes. HFM is the new name for HotForex, the same broker. Accounts opened under the old brand still work.
Which licence applies to me
The one held by the entity named in the client agreement you sign — not whichever licence looks best on the marketing page. For residents of Vietnam that is usually not FCA or CySEC. Follow the five steps in the verification section.
Can I really trade after depositing 0 USD
The 0 USD minimum applies to some account types, meaning the broker does not block you at the deposit step. But minimum volume is still 0.01 lot, so your balance has to cover margin and volatility. How much capital is actually enough, calculated from cost rather than from the minimum deposit, is in this article.
Does 1:2000 leverage apply to every account
No. It is an advertised maximum that depends on account type, region and sometimes balance. High leverage does not create risk — position size does, as explained in Leverage and margin.
When are HFM rebates paid
Daily, each morning, in USD, straight into the trading account, with no minimum threshold. Compare payment cycles across eight brokers in this comparison.
Conclusion
HFM is a long-established broker with verifiable licences, a wide product range and the lowest entry threshold in its group. Two things deserve a clear head: the three published licences most likely do not cover your account, and the 18 USD/lot rebate comes with a widened spread rather than as a gift. Both are checkable in minutes — open the client agreement to identify your entity, and compare the two rebate options before picking a signup link.
Full profile, per-symbol rebate tables and current terms are on the HFM broker page.
This content is informational. It is not investment advice and not a promise of returns. Leveraged forex and CFD trading carries a high level of risk and can result in the loss of all invested capital. Figures come from the broker’s published materials at the time of the update and may change — verify them before opening an account.
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