HFM (formerly HotForex) review 2026: accounts, bonus terms and withdrawal rules checked against official sources

Short answer: opinions split over account choice and bonus terms

• Entity: accounts opened via the Japanese-language site are with HF Markets (SV) Ltd
• Accounts: six types, minimum deposit USD 0 to 500, four of them at USD 0
• Cost: the lowest all-in cost is USD 3 on KATANA (1 lot of EUR/USD, round trip)
• Bonus: a standing 20% Top-Up bonus that shrinks in proportion to withdrawals
• Withdrawals: same method as the deposit; third-party names and bonus credit cannot be withdrawn

Figures are as shown on HFM's official pages. The registration screen and your myHF area take priority.

HFM (formerly HotForex): company profile, entity and licences

HFM is the brand used by HF Markets Group. It changed its name from HotForex to HFM on 2 May 2022, and HFM's company news states that the group structure and trading environment did not change.

Six group entities and how they relate to your account

HF Markets Group holds registrations and licences entity by entity, in different countries. The official regulatory page and footer list these six entities.

The FCA authorisation belongs to a separate company, HF Markets (UK) Ltd. Accounts opened through the Japanese-language site are with the (SV) entity, so the UK regime does not extend to them.

For the (SV) entity, HFM shows a registration as an international business company and its number. Keep a group licence and the rules that protect your own account apart.

• The entity name shown on the registration screen
• The entity name, registration number and address in the client agreement
• Count only the regulation that applies to your own entity

Is HFM safe? Segregation, USD 5 million insurance, negative balance

HFM's official security-of-funds page lists five measures.

A negative balance reset (zero cut) means you do not owe extra money if a sharp move pushes the balance below zero.

Trust-account protection by a third party and membership of a compensation fund are not mentioned on the security-of-funds page (checked October 2026). The 24/7 figure refers to accepting requests; arrival time depends on the method.

Five reasons opinions on HFM differ, broken down into facts

Instead of user reviews, we matched each point of disagreement with a fact you can check on official pages.

Stop level (the minimum distance from the current price for limit and stop orders) and execution speed have no single official figure, and we have not measured them. You can see the stop level in each symbol's specification in MT4 or MT5 once your account is open.

Scam and refused-withdrawal claims are covered separately

Whether HFM is a scam and whether it refuses withdrawals are covered in a separate article, together with how to spot fake sites.

Is HFM a scam? Fake sites and the causes of refused withdrawals, checked against official sources

HFM's six account types: spreads and minimum deposits

HFM offers six accounts, and only Zero charges a commission. The minimum trade size is 0.01 lots on every account. KATANA is shown as InfinityX on our English HFM broker page.

The official KATANA page lists swap-free trading as yes (checked 26 September 2026). The Top-Up Bonus account is not eligible for swap-free.

HFM's six account types compared: Premium, Cent, Pro, Zero, KATANA and Top-Up Bonus

All-in cost: a round trip on 1 lot of EUR/USD

Spread and commission are separate costs. One pip on 1 lot of EUR/USD is worth USD 10, so convert the spread into dollars and add the commission.

Trading 1 lot round trip 20 times a month costs USD 280 on Premium and USD 60 on KATANA, a difference of USD 220.

HFM leverage, stop-out levels and small-account examples

Margin level is equity divided by used margin, times 100. With JPY 10,000 of used margin, a warning appears at JPY 5,000 of equity and positions are closed at JPY 2,000.

• Maximum per position: 60 standard lots (Cent: 1,000 cent lots)
• Maximum open positions: 500 (Cent: 300)
• KATANA is not stopped out until equity is close to zero

Starting small: worked examples for Cent and 0.01 lots

These figures assume USD/JPY at 150, leverage of 1:2000 and a 20% stop out. On the Top-Up Bonus account (max 1:1000) the margin doubles. One Cent lot is 1,000 units, the same as 0.01 lots on a standard account.

With JPY 10,000 and 1 lot, a move of 8.5 sen against you triggers the stop out. The same deposit on 0.01 lots can take a move of about JPY 9.98.

• JPY 1,000 in Cent on 0.01 lots: about JPY 99.98
• JPY 1,000 in Cent on 0.1 lots: about JPY 9.98
• JPY 1,000 in Cent on 1 lot: about JPY 0.98

Platforms: MT4, MT5, WebTrader and the HFM App

• An MT4 account cannot log in to MT5, and vice versa
• To use both MT4 and MT5, open an account for each
• The HFM App can access both MT4 and MT5 accounts
• ETFs and DMA are available only on WebTrader, MT5 and the HFM App

The official MT5 page lists more than 3,000 instruments and up to 100 charts at once. Hedging is allowed on MT5.

Symbol suffixes by account

Crypto CFDs are available. Weekend trading hours are not stated on the official pages we checked (October 2026).

MT4 vs MT5: timeframes, order types, EA compatibility and how to choose

HFM bonus: terms of the standing Top-Up 20%

HFM's standing bonus adds 20% of every deposit into a Top-Up Bonus account. The official terms say it continues until HFM ends or changes it (clause 2.1).

Limited-time offers run separately. From 14:00 on 26 October to 23:59 on 2 November 2026 (Japan time), the first deposit into a Top-Up Bonus account in the period earns 100%, up to JPY 45,000. Deposits made before account verification are not eligible.

Premium account vs Top-Up Bonus account

Top-Up 20% worked examples: bonus by deposit and loss on withdrawal

A withdrawal removes the same share of the bonus. HFM's blog gives this example: deposit JPY 100,000, receive a JPY 20,000 bonus, withdraw JPY 50,000, and JPY 10,000 of the bonus is removed.

Other standing offers: Bonus Hunter, ROFM and more

Besides the Top-Up 20%, five offers have no end date on HFM's pages.

Turning Bonus Hunter profit into a bonus

• Apply once profit reaches JPY 15,000 with 3+ round trips and 1+ lot in total
• Moving the profit to a Top-Up Bonus account converts it into a 100% bonus (max JPY 150,000)
• The transfer must be made within 30 days; the original account then closes
• The account is based on Premium, max 1:1000, once per person

ROFM rates

HFM's worked example pays USD 6.03 for a day with USD 88,000 of free margin at 2.5%. Days before the month's volume reaches 5 lots do not qualify.

HFM copy trading (formerly HFcopy): minimum deposits

HFM lets you copy the trades of other traders, called strategy providers. The deposit required depends on the account and your role.

1. 01
   Register with HFM

   Create myHF and complete verification. Copy accounts have different conditions from standard accounts.

2. 02
   Choose a provider

   Compare providers' performance figures on the listing page.

3. 03
   Start copying

   Once you follow, the provider's trades are copied to your account. You can stop at any time.

Copied size follows equity ratio x allocation x leverage ratio. In HFM's example, a provider with USD 5,000 opens 1 lot and a follower with USD 400 receives 0.08 lots.

Providers receive a performance fee of up to 50% of profit. Copy accounts also close positions automatically at a 20% margin level.

HFM deposit methods: minimums, limits and timing

HFM charges no deposit fee. You can deposit only after verification is approved (official FAQ).

Pay from an account in your own registered name. The method you choose also decides how you can withdraw later.

• Log in to myHF and choose the method and amount
• The money lands in myHF (the wallet) first
• Move funds to the trading account you will use, then trade

HFM deposits and withdrawals: methods, timing and why requests are cancelled

HFM withdrawal rules and four reasons a withdrawal fails

Requests made before 10:00 server time are processed the same business day between 07:00 and 17:00 server time, which is 14:00 to 24:00 Japan time in winter. Requests after 10:00 move to the next business day.

Four causes HFM gives for failed withdrawals

• Withdrawing to an account in another name (family members included)
• Trying to withdraw the bonus credit
• Using a trading method HFM prohibits
• Not moving funds from the trading account to the myHF wallet

You can withdraw anything above your used margin (official FAQ). Withdrawals go back by the deposit method as a rule (clause 3.2), and card deposits are refunded to the card first (clause 3.4).

Card deposits older than six months cannot be returned to the card and are sent another way (clause 3.5). HFM's blog says a breach of the terms can also lead to trading suspension or a frozen account.

Five reasons a withdrawal request is cancelled

• Identity documents are missing
• The destination account details are wrong
• The registered date of birth is wrong
• A different method from the deposit was chosen
• The Skrill account has not been verified

A cancelled request can be corrected and resubmitted. Server time is GMT+2 in winter and GMT+3 in summer, so the gap with Japan is 7 or 6 hours.

Opening an HFM account: steps and documents

1. 01
   Create myHF

   Enter your country of residence and email to create the myHF client area, which also works as the wallet for deposits and withdrawals.

2. 02
   Complete your profile

   Enter your name, date of birth and address exactly as they appear on your documents.

3. 03
   Upload documents

   Upload proof of identity and proof of address. Review takes up to 48 hours.

4. 04
   Choose a live account

   Pick the account type, MT4 or MT5, and the account currency. Choose Top-Up Bonus if you want the bonus.

5. 05
   Deposit and log in

   Deposit in your own name, then log in to MT4 or MT5 with the account ID and password sent by email.

• Proof of identity: passport photo page (or a My Number card or driving licence, both sides)
• Proof of address: a utility bill or residence certificate issued within six months
• The names on both documents must match exactly
• Send PDF or JPG files through myHF or to backoffice@hfm.com

HFM compared with Axi and Exness

HFM is often compared with Axi and Exness, so here are their conditions side by side.

• Want a standing deposit bonus: of the three, only HFM
• Want a 0% stop out: Exness or HFM's KATANA
• 1:1000 is enough and you want to start on Standard: Axi is also an option

Axi is running a 25% deposit bonus (JP25Axi), scheduled to end at the end of October. After that, HFM will be the only one of the three with any deposit bonus listed on our site (as of 29 October 2026).

A checklist to verify HFM yourself before opening

Checking these six points on your own account tells you more than other people's opinions, and each can be seen around the time you open the account.

HFM pros and cons, based on official conditions

Pros

• Four accounts can be opened with USD 0
• KATANA: from 0.3 pips with no commission
• A standing 20% Top-Up bonus, up to USD 5,000 in total
• No deposit fees from HFM; cards from JPY 750
• A negative balance is reset to zero automatically
• Japanese-language support by email, phone and live support

Cons

• Premium starts at 1.4 pips, more than twice Pro's 0.6 pips
• The bonus shrinks with withdrawals, and 60 idle days end the account
• The official footer says the site is not intended for residents of Japan
• No mention of trust-account protection
• No official figures for stop level or execution speed
• Top-Up Bonus is capped at 1:1000 and excluded from swap-free

Who HFM suits and who it does not: our conclusion

Suits

• People who want to try the platform with a small amount on Premium or Cent at USD 0
• People who can manage separate accounts for normal trading and for the bonus
• People who can deposit JPY 80,000 or more and want KATANA's USD 3 all-in cost
• People who want to check accounts in the HFM App as well as MT4 and MT5

Does not suit

• People who only use brokers registered with the regulator in their country
• People who choose by bonus size without reading the terms
• People who want every condition in a single account
• People who need an official execution-speed figure to decide

Frequently asked questions

Sources and conditions

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