HF Markets Review 2023

Hotforex is our #1 rated forex broker for traders in Nigeria. Tight spread, top tier FCA & FSCA regulation, quality customer support, easy withdrawals & deposit makes it one of the best forex and CFD brokers in Nigeria.

By: Editor


TradeForexNigeria Editor

Regulated By: CySEC, FCA, FSCA

Headquarters: 3rd floor, Wuraola House, 90 Allen Avenue, Ikeja

Foundation Year: 2010

Min Deposit: $5

Open Account Note: Forex & CFD Trading is Risky.

HF Markets, previously known as HotForex is one of the best forex and CFD brokers available in Nigeria. The broker is well-regulated and has been trusted by a large number of traders in Nigeria.

We liked the competitive spreads, quality customer support, and free local bank deposits/withdrawals. The availability of the Naira (NGN) trading account is an advantage for traders in Nigeria.

HF Marketsclaims to be an STP broker launched in 2010 and is very popular among new as well as experienced traders in Nigeria. It is regulated by multiple top-tier regulatory authorities and offers a wide variety of trading instruments.

HF Markets also has local offices in Ikeja & Abuja, Nigeria, and a local phone number for customer support, which is a major advantage for Nigerian Traders.

Read our detailed review of HF Markets before selecting any forex and CFD brokers in Nigeria. We have discussed the pros and cons that you need to consider before choosing HF Markets.

HF Markets Nigeria Pros

  • HF Markets is regulated by 3 top-tier regulators i.e. FCA, FSCA, and CySEC which makes them safe for traders in Nigeria.
  • HF Markets also offers a Naira trading account with Naira as a base currency. They have USD, EUR currency accounts too.
  • The spreads at HF Markets are comparatively lower than most of the brokers in Nigeria.
  • HF Markets allows free deposits and withdrawals through local banks of Nigeria.
  • Excellent customer support with 24/5 live chat, email, and local phone number during business hours.
  • low minimum deposit of ₦1800 to start trading.

HF Markets Nigeria Cons

  • HF Markets is not publicly listed on any global stock exchange.
  • HF Markets does not offer a fixed spread account type.
  • cTrader platform is not available.

HF Markets Nigeria – A quick look

πŸ‘Œ Our verdict on HF Markets #1 Forex Broker in Nigeria
🏦 Broker Name HF Markets Nigeria
πŸ’΅ Typical EURUSD Spread 1.2 pips (with Micro MT4 Account)
πŸ“… Year Founded 2010
🌐 Website www.hfm.com
πŸ’° HF Markets Minimum Deposit ₦1800
βš™οΈ Maximum Leverage 1:1000
βš–οΈ HF Markets Regulation CySEC, FSA, FSCA
πŸ›οΈ Trading Instruments 53 currency pairs, 1000+ CFDs on Indices, Cryptos, Metals, etc
πŸ“± Trading Platforms MT4 & MT5 for desktop, web & mobile

Is HF Markets Safe?

HF Markets is a reputed and safe forex and CFD broker as they are regulated by multiple top-tier regulatory authorities. HF Markets was launched in 2010 and has won numerous awards and recognition for excellence in the forex and CFD broking segment.

HF Markets is regulated by these 3 major Top Tier Regulators:

  1. FCA – HF Markets is regulated by the Financial Conduct Authority (UK) under reference number 801701 by the name of HF Markets (UK) Ltd. FCA is a top-tier regulatory authority in the jurisdiction of the United Kingdom.

    Hotforex is regulated by FCA

  2. FSCA – HF Markets is regulated by Financial Sector Conduct Authority (South Africa) under license number 46632 with the name of HF Markets SA (PTY) Ltd. FSCA is a top tier and the most reputed regulatory authority in Africa. It regulates the business activities of financial services providers in the jurisdiction of South Africa.
  3. CySEC – HF Markets is regulated by the Cyprus Securities and Exchange Commission (Europian Union) under license number 183/12 with the name of HF Markets (Europe) Ltd. CySEC regulatory license authorizes the financial services providers to operate in the European Union.
    HotForex CySEC license

Apart from these prominent regulatory authorities, HF Markets is a registered International Business Company in St. Vincent & the Grenadines with registration number 22747 IBC 2015 and legal entity HF Markets (SV) Ltd. The Nigerian clients at HF Markets are registered under the regulation of St. Vincent & the Grenadines

HF Markets has its headquarters in Kingstown, St. Vincent and the Grenadines but they also have a local office in Abuja, Nigeria. HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.

But, HF Markets is not backed up by any banking firm nor is it listed publicly on any stock exchange. However, the investments made through Hoteforex can be considered safe as it is a well-regulated broker.

Compared to other brokers available in Nigeria, we found HF Markets to be one of the safest for the traders in Nigeria due to multiple top-tier regulations and the availability of local offices in Nigeria.

HF Markets Fees

To enhance the profits out of trades, it is important to choose a broker with low fees but it should never be the only basis for the selection of brokers.

We found HF Markets to be quite impressive in terms of fees due to tight spreads and no hidden charges or commission. The deposits, as well as withdrawals, are free of cost but it does charge overnight charges and inactivity fees.

  1. Variable Spread – HF Markets charges variable spreads on each of the 6 account types offered. The basic account type with the least minimum deposit, called the micro account type, has decent spreads starting from an average typical spread of 1 pip for currency pairs. The zero account type has the least spread which starts from 0.0 pips but includes a commission.Below is the comparison of the spread for Gold CFD trading with the different account types at Hotforex.
    Hotforex spreads

    We checked the spreads at HF Markets taking EUR/USD as a benchmark and found the average typical spread to be 1.2 pips per lot on the micro account. We also tried the zero account for EUR/USD currency pair where the average spread was 0.1 pips per lot. However, we were also charged with 3$ (0.6 pips) as commission and the total was 0.7 pips per lot with the zero account. Overall, their trading fees are lower compared to other forex brokers like FXTM.

  2. Trading Instrument Average Spread (Micro) Average Spread (Premium) Average Spread (Zero)
    EUR/USD 1.3 1.3 0.1
    GBP/USD 1.7 1.7 0.3
    Gold/USD 0.25 0.25 0.13
    US Crude Oil 0.09 0.09 0.09
    US Tech 100 2.03 2.03 2.03
  3. Swap Fees: This is the fee that needs to be paid by the trader if a position is kept open overnight. Compared with other regulated forex and CFD brokers in Nigeria, the swap fee at HF Markets is much lesser than average. The swap fees for EUR/USD as a benchmark for a long and short position is -2.3 and -0.2 pips respectively.
  4. Non-Trading Fees – The non-trading fees are also quite impressive for Nigerian traders as no withdrawal or deposit fees are charged for any of the methods. Although if no trades are executed for 6 consecutive months, HF Markets will charge an inactivity fee of 5$ or ₦1800 per month depending on base account currency. This fee will be charged every month until the account balance reaches 0.

Overall, we found the trading as well as non-trading fees at HF Markets to be quite impressive as compared to other regulated forex and CFD brokers available in Nigeria.

Hotforex Trading Platforms

HF Markets uses the Metatrader trading software which is the most chosen and one of the best trading platforms in the world. HF Markets has 12 variants of the Metatrader 4 and Metatrader 5 trading platform which provides a convenient and user-friendly trading experience for every type of trader.
Hotforex Trading Platform Comparison
The MT4 and MT5 trading applications are compatible with various devices and offer an efficient trading experience through the web, android, IOS, & tablets. The mobile trading app is highly useful to track and monitor trades. The autochartist and other analysis tools can assist the traders in making better decisions regarding forex trades.

We encourage the variants of MT4 and MT5 trading platforms at HF Markets but the unavailability of the cTrader trading platform might be a con for some of the traders. The majority of forex and CFD brokers in Nigeria provide Metatrader trading platforms.

HF Markets Customer Support

A helpful, supportive, and resourceful customer support can play a vital role in enhancing the forex and CFD trading experience. HF Markets offers excellent customer support as their support service is one of the best among all the competitors in Nigeria.

  1. Live Chat: The live chat window at the official website of Hotforex is available 24/5 for registered clients as well as those who do not have trading accounts at HF Markets. We received a relevant solution to all the queries we raised through their live chat window at three different times in a day.
    We found Hotforex's chat support to be helpful

    Each time the chat was connected within 15-20 seconds, and we received a helpful response. You may be asked your MyHF ID to chat if you are a registered customer.

  2. Email/Contact Form: Traders can also reach out to customer support staff at HF Markets through email or by filling out the contact form along with the query. They usually revert within 2-3 hours on a working day.
  3. Local Phone Number: HF Markets offers a local toll-free Nigerian phone number to assist the traders. Traders in Nigeria can connect with the customer support executives by calling on +234-7063705519 anytime during the working days.

Hotforex Contact

We liked the customer support features at HF Markets. The unavailability of live chat and local phone support on holidays is the only con we found in this section. Although, the support service is comparatively far better than many of the forex and CFD brokers in Nigeria.

HF Markets Trading Account Types

HF Markets allows traders to choose from 6 different live account types. Each account types are suitable for different types of traders as they charge different spreads, have different minimum deposits, leverage, and several other features.

The minimum deposit at HF Markets is $5 or Naira 1800 with the Micro account.

Each account type can be opened with Naira as a base currency which is a major advantage for traders in Nigeria. They also offer negative balance protection on each account type. Whenever the account balance gets negative, it is automatically adjusted to zero.
HotForex Trading Account

Below is the description of each account type:

  1. Micro: It is the basic account type at HF Markets that has the lowest minimum deposit and highest leverage. This account does not charge any commission while the spreads are variable. The average typical spread for the EUR/USD with the micro account is 1.2 pips. Traders can trade up to 7 lots with this account. The minimum deposit for the micro account type is ₦1800 or 5$. All the trading instruments offered by HF Markets are available to trade with the micro account. It is ideal for beginners or those who wish to trade with micro-lots.
  2. Premium: This account type has a similar spread to the micro account with no commission but the minimum deposit is higher while the maximum leverage is lower. Traders can trade up to 60 lots with the maximum leverage of 1:500. This account type is ideal for traders who wish to trade with higher volumes. The minimum deposit is 100$ or ₦35,000.
  3. Zero Spread: This is an attractive account type as the spreads for currency pairs start from as low as 0 pips. The average spread for the EUR/USD was nearly 0.1 pips per lot. Although, it involves a commission of 3$ per trade but is still one of the cheapest methods to trade forex in Nigeria. The account is ideal for high-volume traders who trade daily.
  4. Auto: This account type is ideal for those traders who wish to trade automatically based upon the trading signals of the MQL5 community on the MT4 trading platform.
  5. PAMM: With the PAMM account type, traders can trade in forex and CFDs through calls made by a fund manager.
  6. Hotforex Pro Trading accounts

  7. HFcopy: This account type is exclusively available for copy trading. Any individual can become a follower or strategy provider (SP) through the HFcopy account at HF Markets.

Apart from all the above-mentioned live accounts, HF Markets also offers a demo account with virtual currency of up to $100,000. The demo account has all the features of the MT4 and MT5 trading platforms. It is ideal for newcomers to learn strategies and gain experience before making actual trades.

We liked the flexibility in the account types available at HF Markets as it can suit a wide variety of traders. The account opening process is quite simple as traders only need to fill out the application form with the basic details of the trader. After completing the KYC process and providing name and address proofs, traders can begin trading within 24 hours.

How to Open Account at HF Markets in Nigeria?

The account opening process at HF Markets is simple and can be completed within 24 hours. Following are the steps to open an account at HF Markets in Nigeria:

Step 1: Basic Details

To open a live trading account at HF Markets, clients need to click on the account opening window at the website and app of HF Markets. Clients will need to enter basic details like phone number, name, email, date of birth, and choose a password. The data entered must be the same as that on your national ID.

HotForex Account Opening

Step 2: Enter Bank Details and KYC

The next step is to enter bank details and complete the KYC process by submitting the proof of address and identity.

Step 3: Select Account Type

Clients need to select an account type for themselves. All the account types have been discussed in this review. Clients must only choose the most suitable account for themselves after checking all the conditions.

Step 4: Make a deposit

Once the account is verified, you will be notified through e-mail. Before you start trading, you need to make a deposit into your trading account. Any of the accepted deposit methods can be used to make a deposit. All the accepted deposit methods have been explained in this review.

If the deposited amount is visible in your trading account and trading platform, you can start trading by placing orders on the selected trading instrument. It is always advisable to spend a few weeks on demo accounts before trading forex pairs with real money.

HF Markets Research and Education

The services and features for research and education can play a major role in improvising the trading strategies. HF Markets offers a variety of tools to enhance the trading experience for Nigerian clients.

HF Markets Research Tools

The success rates of the trading strategies can only be improved with research and analysis. After opening a live account at HF Markets, traders gain access to various research tools that can impact trade outcomes. Most of the trader tools for research can be downloaded on the MT4 and MT5 trading platforms. Some tools are only available on the HotForex website and HF app for smartphones.

HotForex Research Tools

  1. Autochartist Tool
    This is an advanced research tool that saves traders from spending time and effort searching for trading opportunities. It signals the traders whenever there is a Fibonacci or other pattern on the selected trading instrument.
  2. Exclusive Analysis
    Professionals and experts with over 25 years of experience share their analysis reports exclusively with the registered clients at HF Markets. These reports are published daily and involve the analytical prediction of price swings and market trends.
  3. Economic Calendar
    This calendar specifically tracks the economic events globally that can affect the prices of forex and CFDs. It is a customizable calendar at HF Markets that can signal volatility and trading opportunities for selected instruments.
  4. Auto Trading
    The auto-trading feature allows traders to automate trade orders from a wide range of free and paid trading signals. These signals are taken from the MQL5 community.

Apart from the major features mentioned above, HF Markets has several other offerings in the research section. The traders’ board provides live news updates, sentiments, and market movers. The automated trading strategies can be protected by HF VPS hosting. SMS alerts, one-click trading, and trading calculators are other tools available for Nigerian traders at HF Markets. Clients can get to know more about them under the trading tools section on their official website.

HotForex Education Tools

HotForex Education Tools
HF Markets offers multiple tools to improve the knowledge of traders in the forex and CFD market. The broker organizes free webinars on various trading strategies, risk management, and other aspects of forex and CFD trading. These webinars are organized at regular intervals with the aim to educate the traders.

A series of educational and tutorial videos are also available at HF Markets that can be very helpful for beginners in understanding the basic terminologies and executing trades. The FAQ section covers several queries commonly raised by the traders.

HotForex also has a separate e-course that can be accessed from the education section. This course nearly covers every important aspect required for forex trading. The e-course is also available with the demo account as a live account is not mandatory.
HotForex e-course
Compared to all the regulated forex and CFD brokers In Nigeria, HF Markets has impressive offerings in the research and education section. Newcomers can learn the basics through a variety of educational tools while experienced traders can enhance their strategies through useful research tools.

HotForex Trading Instruments

A wide variety of trading instruments give more money-making options to the traders. HF Markets allows traders to choose from a basket of 15 major and 38 minor currency pairs. Apart from these, traders can trade through CFDs on commodities, indices, stocks, energies, metals, and cryptocurrencies. A total of 1044 CFDs are available at HF Markets.
hotforex trading instruments
Compared to other forex and CFD brokers in Nigeria, Hotforex offers a higher number of trading instruments than the majority of regulated peers.

HF Markets Deposits and Withdrawals

We found the deposits as well as withdrawals to be fast, free, and convenient for Nigerian traders.

The deposits and withdrawals are free for a variety of payment options.

HF Markets Deposit methods

Here are the deposit methods available at HF Markets for traders in Nigeria.

  1. Local Bank transfer in Naira: Traders in Nigeria can transact through local banks transfer without any hidden cost. But if your account base currency is in USD then your funds will be converted into USD at exchange rates that may be lower than actual rates. So, there would be a loss on conversion rates.
  2. Credit/Debit Cards: Apart from this, deposit/withdrawals can be done through credit & debit cards. There is no extra fees with this method & the funding is instant.
  3. E-Wallets: and various online payment options like Bitcoin, Neteller, Skrill, etc. Traders are charged 1% of the amount for withdrawals through a Bitcoin wallet.

The minimum deposit, as well as the withdrawal amount, is ₦1800. However, some methods require a higher minimum payment to be made. Apart from Bitcoin, transactions through all the available methods are free of cost from the broker’s side.

HF Markets Withdrawal methods

There are the same withdrawal methods as funding methods.

The easiest is Local Bank transfers in Naira, which can take up to 24 hours to credit into your bank account. And there is also transfers into E-wallets like Skrill. There are no extra fees with this method.

On comparing the deposit and withdrawal methods and their feasibility with other regulated brokers in Nigeria, we found HF Markets to be among the best. The local Nigerian bank deposit is the most convenient method for Nigerian traders for withdrawals and deposits.

HF Markets Bonus

HF Markets offers various bonus offerings that keep on changing from time to time. They are offering a 100% SuperCharged bonus to all the traders in Nigeria with every deposit. But to avail of this bonus, traders need to deposit $250 while funding your account or Naira 75,000.

Hotforex Bonus Terms

The broker also rewards its high-volume traders with loyalty cashback which is earned based on trading volumes. Compared to other regulated brokers, we found HF Markets to be fairly attractive in terms of the Bonus offered to clients.

Do we Recommend HF Markets?

Yes. HF Markets is surely one of the best forex and CFD brokers available in Nigeria. They charge lower spreads, offer a wide variety of instruments, excellent customer support, and allow traders to choose the most suitable account type. Multiple top-tier regulatory licenses make it safe and trustworthy for traders in Nigeria.

The major advantage for traders in Nigeria is the presence of a local office in Abuja and the availability of a local phone number for customer support. Nigerian traders can deposit and withdraw through local banks without any additional charges.

Plus, they offer the MetaTrader trading platform for both desktop & mobile.

Upon comparison with all the available regulated forex and CFD brokers that accept traders from Nigeria, we found HF Markets to be one of the best due to multiple factors.

Frequently asked questions: HF Markets Nigeria

Is HF Markets Nigeria legit?

HF Markets is licensed with multiple foreign top-tier regulatory authorities FCA, FSCA & CySEC, so they are considered a safe broker. They have an office & local phone number in Nigeria. So they are considered a legit forex broker.

What is the minimum deposit at HotForex?

The minimum deposit at HF Markets is $5 or N1800 with their Micro Account, depending on your account currency. Other account types have higher minimum deposit.

What are the deposit methods at HotForex?

HF Markets accepts online bank transfers & card deposits in Nigeria. You can also add funds via E-wallets, so there are a lot of options for funding your HF Trading account.