Forex is the new buzz in the financial markets across the world. With the hype of crypto melting down and stock markets going largely sideways, forex is the reliable source for minting money. Equity markets might lack volatility, especially in the latter half of the year when traders in the US prepare for the holiday season, however, there’s no such case with forex. The forex market will always be volatility as benchmark currencies across the globe tend to fluctuate significantly.
To enter the forex market, the first thing you need is a forex broker( of course money is a must). Now even though forex brokers do a fairly simple task to mediate between the clients and the exchange, the problem comes when you have to choose between the varied options of brokers. Choosing among different brokers can be a challenging task especially when you are a novice to the forex market.
For those looking for a safe and secure trading partner to start their forex trading journey, HF Markets can be a viable option. HF markets is a multi-asset broking platform offering over 1000 CFDs and over 40 currency pairs to trade.
HF markets have gained popularity for their meta-trading offering and in-depth research facilities that help traders to make informed trading decisions. Though the per-order trading costs with HF markets are slightly on the higher side which could be a point of concern for new traders. HF markets were previously known as hotforex, thus those knowing the platform since its early days might recognize it as hotforex. Let us have a detailed hotforex review for the closing months of 2022 and the year to come.
The HF markets group has an experience of over 10 years of serving in the financial market in different parts of the world.
HF markets at a glance
- Account currency supported: USD, EUR
- Minimum deposit: USD 5
- Leverage offered: Up to 1:1000
- Spread: from 0 pip
- Instruments: Currencies, CFD, commodities, indices
- Margin Call / Stop Out: 50%/20%
- Tradable symbols: 3500
Why should you choose HF markets?
- HF markets offer a wide range of in-house research tools and provide an enriched range of third-party content and news from different sources under one roof. So that you don’t need to refer to multiple sources to collect meaningful insights.
- HF markets have made available correlation and sentiment data on HFM’s Traders Board module.
- HF markets offer spreads starting from 0 pips, making trading favorable for traders.
- HF Markets charge 0 commission on account replenishment and bank transfer requests which is a rare sight in this segment. Traders can refill and withdraw from their account as many times as they want, there wouldn’t be any transfer charges.
- HF markets have a mobile app that supports trading in over 1,200 markets.
- HF markets have come up with their revolutionary offering of Return on Free Margin (ROFM) offering that allows traders to earn a 3% return on their unused margin held in their HF markets account. That means you can earn 3% returns just by holding money in your account even if you are not trading. This is a great feature that allows traders to make the best out of their unused cash balance.
Downsides of HF markets:
This isn’t just a plain vanilla promotional post, we will list down the shortcomings of the HF markets platform as well:
- Though HF markets offer both video and textual content in the form of articles for educating traders about their platform, there’s still plenty of room for improvement. The tutorials can be made more self-explanatory.
- Across all account types, there’s one common observation that trading costs are slightly on the higher side when compared to industry standards. New traders with limited capital might find this a red flag.
- Limited account currencies are available for withdrawal and deposit due to which many clients have to pay conversion charges twice.
- Despite being a renowned platform HF markets customer support is closed on weekends which is a big negative.
Are HF markets safe to trade?
Considering the 10-year presence HF markets has over the financial markets and the fact that it is authorized by the Financial Conduct Authority (FCA). Moreover, it has got authorization from one tier-1 regulator (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). Reviews from customers are also on the favorable side and honest user reviews suggest HF markets are a trustworthy option.