Desk file · 2026 edition · record confidence: high
HFM (formerly HotForex)
We opened the file on HFM (formerly HotForex) the way we open every file: register first, marketing never. Trading since 2010, run out of Ebene, Mauritius, and carrying 7 licence entries on the public record, 1 of them tier-1.
What the two desk scores say
Both are out of 10 and both are computed, not felt.
| Cost score | Priced off the spread basis below, not off a headline rate card. | not verified |
|---|---|---|
| Safety score | Weighted on licence tier and on how many of the entries we could re-read at source. | not verified |
| Cost per 10 lots | Ten round-turn EUR/USD lots priced at the spread basis, commission excluded. | $not verified |
Spread basis. . Nothing on this page is a live quote; a spread printed on a Tuesday afternoon is not the spread you get thirty seconds after a non-farm payroll release.
Licence entries, one row per entity
Every row links to the document we read it from.
| Regulator | Licence no. | Jurisdiction | Tier | Licensed entity | Source |
|---|---|---|---|---|---|
| FCA | 801701 | United Kingdom | T1 | HF Markets (UK) Ltd | hfm.com |
| CySEC | 183/12 | Cyprus | T2 | HF Markets (Europe) Ltd | hfm.com |
| FSCA | 46632 | South Africa | T2 | HF Markets SA (Pty) Ltd | hfm.com |
| DFSA | F004885 | United Arab Emirates (DIFC) | T2 | HF Markets (DIFC) Ltd | dfsa.ae |
| CMA Kenya | 155 | Kenya | T2 | HFM Investments Ltd | hfm.com |
| FSA Seychelles | SD015 | Seychelles | T3 | HF Markets (Seychelles) Ltd | hfm.com |
| Registered IBC, Saint Vincent and the Grenadines (not a financial licence) | 22747 IBC 2015 | Saint Vincent and the Grenadines | T3 | HF Markets (SV) Ltd | hfm.com |
Which entity actually holds your money is decided at signup, by the country on your application — not by the strongest licence in this table. Read the client agreement you are handed, then match the entity name against the row above.
What we were able to confirm
Confirmed at source
- HF Markets (SV) Ltd is an International Business Company registration in Saint Vincent and the Grenadines, not a financial services licence.
- The group operates seven disclosed entities across the UK, Cyprus, South Africa, Dubai, Kenya, Seychelles and Saint Vincent.
- The Zero account advertises spreads from 0.0 pips on forex with a $0 minimum opening deposit.
- HF Markets (Europe) Ltd is a member of the Cyprus Investor Compensation Fund.
Not verified
The following could not be traced to a primary source at the time of filing. We publish the gap rather than a number that would look tidier:
- headquarters city (group-level)
- maximum leverage per specific entity
- typical EUR/USD spread (source only gave an advertised 'from 0.0' raw-account figure)
| Founded | 2010 |
| Head office | Ebene, Mauritius |
| Minimum deposit | None |
| Leverage cap | up to 1:2000 (offshore entities); 1:30 retail under FCA/CySEC |
| EUR/USD | not verified pips |
| Tier-1 entries | 1 |
| Record confidence | high |
Platforms and account types on file
Platforms
Account types
Markets
Other records open on the desk
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A desk file is a record of what the public register said on the day we read it, not a recommendation to open an account.