HF Markets, previously known as HotForex, offers forex and CFD trading in Nigeria with NGN based trading accounts. It is regulated by multiple offshore entities and allows local bank deposits and withdrawals in Nigeria.
HF Markets, Previously and commonly known as HotForex, is a well-regulated financial services provider that offers forex and CFD trading services in Nigeria. It allows NGN deposits and withdrawals via bank transfer and several other methods. The account types can be opened with NGN as the base currency.
HotForex or HF Markets claims to have opened more than 2.5 million live trading accounts across the globe. It has been in the forex and CFD trading business for more than 10 years. It is one of the most reputed forex brokers in the world due to multiple top-tier regulatory licenses.
HF Markets has a local office in Lagos, Nigeria, and also provides local phone support to Nigerian clients. There are multiple account types to facilitate different types of traders.
HF Markets South Africa Pros
HF Markets South Africa Cons
Table of Content
Read our detailed review of HotForex or HF Markets exclusively for Nigerian clients before opening an account. We have honestly reviewed all the advantages and shortcomings of choosing HotForex to trade forex and CFD in Nigeria.
The review can also assist you in choosing the right account type for yourself.
|Broker Name||HF Markets Limited|
|Regulation||FSCA, FCA, CySEC, FSA & DFSA|
|Year of Establishment||2010|
|Trading Platforms||MT4 & MT5|
|Trading Instruments||Forex, CFDs on Metals, Energy, Indices, Shares, Commodities.|
The safety of traders greatly relies on the regulatory licenses held by the broker. Forex and CFD trading in Nigeria is not yet regulated but traders must ensure that the chosen broker is regulated by offshore top-tier regulatory authorities.
There are several forex trading service providers in Nigeria that are not regulated by any regulatory authority. Such brokers are more likely to be fake and must be avoided.
HotForex Group is well regulated with following Regulations:
The multiple top-tier regulatory licenses make HF Markets safe for Nigerian traders.
HotForex was founded in 2010, so it is a relatively old broker. Nigerian clients are registered at HF Markets under the SV regulation of St. Vincent & the Grenadines. SV does not have strict regulatory compliance as FCA, FSCA, or ASIC. Due to multiple top-tier regulations, the third-party risk of choosing HF for trading is very low compared to other brokers in Nigeria.
The overall cost incurred to traders at HF Markets is decent when compared with other regulated brokers in Nigeria.
We have separately reviewed and compared every component of fees at HotForex that are incurred by traders.
The spreads at HF Markets start from 1 pip but depend on the account type chosen by the trader. HotForex charge variable spread on all the instruments that can change according to the liquidity in the market and trade timings. The table below mentions the average typical spread at HF Markets with the Premium account type for major trading instruments.
|Trading Instrument||Average Spread with Premium Account||Average Spread with Zero Account|
|US Crude Oil||0.1||0.1|
|US Tech 100||2.1||2.1|
The spreads with commission-free account types at HF Markets start from 1 pip while the same with commission-based account types start from 0 pip. The average typical spread with the Premium account for EUR/USD is 1.5 pips. The average spread for EUR/USD with the Zero spread account is 0.4 pips.
We have compared the average typical spreads charged by various regulated brokers in Nigeria. The following table compares spreads on popular currency pairs with standard accounts of various brokers. It must be noted that these spreads are charged with the Standard account type without any trading commission.
|Trading Instrument||HF Markets||FXTM||eToro||CMC Markets||Pepperstone|
For the NGN-based account, the commission for round trade of major currency pairs standard lot is ₦2200. For all the minor and other currency pairs, the commission for a round-turn trade of a standard lot is $8 or ₦2900. For instruments other than forex pairs, there is no commission as trading fees is built into the spread.
Apart from this, no other additional commission is charged by HF Markets. The account opening is free and no commission is charged for deposits and withdrawals from the broker’s end.
For inactivity of 6 months to 1 year, HF Markets will charge a monthly dormant fee of $5 or 2000 NGN for each consecutive month of inactivity. For 1 year to 2 years of inactivity, this monthly fee will be $10 or 4000 NGN equivalent of the base account currency. For 2 to 3 years, inactivity fees will be $20 or 8000 NGN. For more than 3 years of inactivity, the monthly dormant fees will keep increasing by $10 or 4000 NGN until the account balance reaches 0.
Overall, the fees incurred at HF Markets are lower than some of the regulated brokers but also higher than several others. The spreads are competitive while the commission and swap fees are decent when compared with other brokers.
Many regulated forex brokers do not charge inactivity fees that are much higher at HF Markets. Although this will only be charged if no trades are executed for 6 consecutive months.
HF Markets offers multiple account types to suffice multiple types of traders in Nigeria. Traders can choose from 6 different account types at HotForex. The account types are named Micro, Premium, Zero Spread, Auto, PAMM, and HF Copy. Apart from PAMM and HF Copy accounts, all 4 account types can be opened with NGN as base currency if the client is residing in Nigeria. Our experience with all the available account types has been reviewed below.
The Micro account gives access to MT4, MT5, web trader, and mobile trading. According to our review, this is the ideal account type for beginners and small-volume traders due to the low minimum deposit, no commission, and decent spreads.
The availability of instruments and trading platforms is similar to the Micro account type. This account is ideal for those who wish to trade high volume without any commission.
Trading with a very low spread at the expense of a fixed commission is beneficial when the trade volume is high. This account is ideal for experienced and high-volume traders.
The minimum deposit for a follower is $100 and for strategy, provider is $300. There is no added commission from the broker’s end but strategy providers can set their performance fee independently from 0 to 50% of the profits.
Step 1) Enter the basic details: To open an account at HF Markets, traders can visit the official website of HF Markets or can also download the mobile application.
The first step is to enter the basic details like phone number, name, date of birth, country of residence, and email address. After entering these basic details, an activation link will be sent to your provided email. This link can be followed to open any of the account types at HF Markets. This link will redirect you to the MyHF area where a demo account can be opened without providing bank details and submitting documents.
Step 2) Enter Bank details & Complete KYC: To open a live account, the next step is to enter bank details and complete the KYC process by submitting proof of address and identity. The account type and base currency of the account needs to be chosen by the client. After making a deposit, the trading platforms can be downloaded from the MyHF area and trade orders can be executed.
Step 3) Select Account & Make a deposit: Availability of different account types allows clients to choose the most suitable one. Multiple account types can be opened with NGN as base currency which is an added advantage for the Nigerian traders. According to our review, the flexibility of choosing a suitable account type makes HotForex better than many other regulated forex brokers in the section of account types.
The demo account can be very useful for beginners as well as existing traders. Beginners can learn about the forex and CFD market, get familiar with trading tools and terminologies, and can gain experience in the market before depositing real money. Existing traders can test their strategies or build a new strategy with the help of a demo account.
The demo account at HF Markets can be opened within a minute by providing basic details like name, phone number, and email address. An activation link will be sent to the mail which will redirect to the personal area of HF Markets. Clients can choose the type of demo account they wish to open. Clients can also enter a contest where top performers are rewarded without depositing any amount.
The demo account can be opened with MT4, MT5, and MyHF trading platforms. for each platform chosen, the account can be configured with a selection of base currency between USD, EUR, and GBP. Clients can choose the maximum leverage on the demo account and start with any amount they wish.
According to our analysis, the demo accounts at HF Markets are very useful. Demo accounts can be configured differently and traders can gain experience with each account type and trading platform before opening live accounts with real currency.
Nigerian clients can deposit and withdraw from HotForex through local bank transfers, credit/debit cards, and e-wallets. The most convenient and feasible method to transact is the local bank transfer. The deposits and withdrawals can be done anytime during the business days (24/5).
The minimum deposit amount with the local bank transfer is 4000 NGN and the maximum limit is 4,000,000 NGN. The minimum withdrawal limit through bank transfer is 4000 NGN or $10 with no commission.
The deposits made through local bank transfer will reflect in the account balance within 10 minutes while withdrawals can take up to 2 working days to get processed. The wire transfer funding, as well as withdrawal, will take 2 to 10 business days to reflect in the account balance.
The free-of-cost local bank transfer in NGN is highly advantageous for Nigerian clients. There is no commission involved and HF Markets covers all the costs incurred during the transaction of funds via local bank transfer. If the base currency of the account, as well as the deposit currency, is NGN, then no conversion fee will be applicable. According to our review, this is the most convenient method to deposit and withdraw at HotForex in Nigeria.
HF Markets allows trading on all the available instruments through MetaTrader trading platforms and the HFM app. We have separately reviewed the available trading platforms at HotForex in Nigeria.
Web Trading Platforms
MetaTrader 4 and MetaTrader 5 are the available web trading platform at HotForex in Nigeria. Both these platforms can be customised on any web browser. These are available in multiple languages and support market, limit, and stop loss orders. Trailing stop loss orders are not available on the web trading platform.
MT4 and MT5 web trading platforms have limited features compared to the desktop version. However, traders who wish to link their accounts with online tools through web browsers prefer trading with MT4 and MT5 web trading platforms. MT4 is ideal for beginners while MT5 is more suitable for advanced traders.
Mobile Trading Platforms
MT4 and MT5 are also available for mobile devices at HF Markets. Additionally, they also offer their proprietary trading application for Android and iOS devices called as HFM app.
MT4 and MT5 mobile trading platforms are quite popular among forex traders globally. However, the mobile version of these platforms only offers limited features and accessibility to charts and indicators.
The HFM app has a much better interface compared to MT4 and MT5 applications. Traders can get real-time news and market updates through the HFM app. It has various charting tools and indicators. HotForex also offers customer support services on weekdays 24/5 through the HFM app.
Desktop Trading Platform
MT4 and MT5 are the available choices for desktop trading platforms. These platforms can be downloaded on Windows and macOS devices and accessed through one-step login. These are available in 21 languages.
MT4 offers 9 timeframes and 30 indicators and has a single-threaded strategy tester. MT5 is an upgraded version of MT4 and offers 21 timeframes and 37 indicators with a multi-threaded strategy tester. MT4 was introduced in 2005 by MetaQoutes Software while MT5 was launched in 2010 by the same firm.
At the time of this review, no other trading platforms are available at HF Markets in Nigeria.
All the financial instruments offered by HF Markets are derivative CFD instruments. This means there is no physical buying and selling of the assets but only the price differences are speculated to book profits and loss.
Following the financial instruments that can be traded at HF Markets in Nigeria.
|Asset Class||Number of Instruments (CFDs)||Max Leverage|
|Indices||11 Spot, 12 Futures||1:200|
Compared to other regulated CFD brokers in Nigeria, HF Markets offers a large number of trading instruments. Variety in the availability of instruments provides more opportunities to the traders in various capital markets.
HF Markets, also known as HotForex, is a reputable online Forex and CFD broker that offers a variety of research and educational resources to its clients. Here are some of the research and education services provided by HF Markets:
Market Analysis: HF Markets regularly provides in-depth market analysis and insights to keep traders informed about the latest happenings in the financial markets. They offer daily market updates, technical analysis reports, fundamental analysis research, and expert commentary on various asset classes, including Forex, indices, commodities, and cryptocurrencies.
Economic Calendar: HF Markets offers an economic calendar that outlines upcoming economic events such as key economic indicators, central bank meetings, and geopolitical developments. This tool helps traders stay updated on events that can impact the markets and make informed trading decisions.
Educational Webinars and Seminars: HF Markets conducts educational webinars and seminars on a regular basis. These sessions cover a wide range of trading topics, including technical analysis techniques, trading strategies, risk management, and trading psychology. Participants have the opportunity to interact with experienced traders and market experts, ask questions, and gain valuable insights.
Video Tutorials: HF Markets provides a comprehensive library of video tutorials that cater to traders of all levels, from beginners to advanced. These tutorials offer step-by-step guidance on various aspects of trading, including platform navigation, chart analysis, trade execution, and risk management. Traders can access these videos to enhance their knowledge and skills at their own pace.
Educational Articles and Guides: HF Markets offers a wealth of educational articles and guides covering a wide range of trading topics. These resources provide valuable information on technical analysis methods, risk management strategies, trading psychology, and understanding market trends. Traders can refer to these articles to deepen their understanding of the markets and improve their trading strategies.
Execution Approaches: HotForex commonly utilizes both Market Execution and Instant Execution techniques across its range of accounts.
Market Execution: This method involves executing trades at the prevailing market price, suitable for traders seeking rapid order fulfillment at the current market rate.
Instant Execution: Traders using Instant Execution specify a specific entry price. If the market reaches that price, the trade is executed; otherwise, it’s not processed.
No Dealing Desk (NDD): HotForex emphasizes its no dealing desk approach, indicating that trades are executed electronically without broker intervention.
Variable Spreads: HotForex provides variable spreads that adjust based on market conditions. Spreads may tighten during periods of high liquidity and widen when market conditions are less favorable.
ECN Accounts: Certain account types, such as Zero Spread and ECN accounts, often involve Electronic Communication Network (ECN) execution. This system links traders directly with liquidity providers, aiming to offer competitive bid and ask prices.
Order Variety: HotForex typically supports diverse order types, encompassing market orders, pending orders (like buy limit, sell limit, buy stop, sell stop), and others.
Execution Speed: HotForex highlights its commitment to swift execution, particularly noticeable in its ECN accounts. This swiftness can benefit high-frequency and scalping trading strategies.
The customer support service is excellent as clients can reach out to support executives through multiple methods. To test the diligence of executives and the quality of support for Nigerian clients, we raised multiple queries through different methods.
Overall, the customer support service through live chat window and e-mail is decent. The availability of local phone numbers for customer support is advantageous for local clients in Nigeria.
At the time of this review, HF Markets has attractive bonus offerings for Nigerian clients. We found 3 bonus offerings that can be grabbed by any Nigerian client. Following are the details and conditions of each bonus offer.
Compared with other regulated CFD brokers in Nigeria, the bonus offerings at HF Markets are much more lucrative and beneficial for Nigerian clients.
Yes, HF Markets is a regulated forex and CFD broker in Nigeria that uses a 100% STP method for trade execution. They offer NGN as the base currency of the account with free deposits and withdrawals through local banks in Nigeria. The spreads are slightly higher than average but HotForex is a safe and reliable broker to trade forex and CFDs in Nigeria.
Yes, HotForex is STP broker that is regulated by multiple top tier regulatory authorities. It offers different account types and accepts local bank transfer in Nigeria.
The minimum deposit at HotForex is $5. The minimum deposits through local bank transfer in Nigeria is N4000 at HotForex.
The withdrawals from HotForex through local bank transfers in Nigeria can take up to 24 hours to reflect in the bank account.
Traders residing in Nigeria can deposit at HotForex through local bank transfer, bank wire transfer, credit/debit cards, FasaPay, and Neteller eWallet. The local bank transfer is the most convenient deposit method with NGN 4000 as the minimum deposit amount.
The headquarters of HotForex is located in Limassol Cyprus. However, they also have a local office in Lagos Nigeria. HotForex also has offices in various parts of the world like London, South Africa, etc.
Yes, all the account types at HotForex can be opened with NGN as a base currency in Nigeria. No conversion charges will be applicable if deposits are also done in NGN into NGN-based accounts.