Make an informed decision before choosing to open one of the types of HFM trading accounts by reading our HFM account types review first, in addition to our full HFM broker review.
HFM Account Types Overview
HFM Account Types Features | HFM Account Types Details |
|---|---|
Minimum Deposit | $5 |
Minimum Forex Spreads | 0.0 pips (commission-based) / 1.0 (commission-free) |
Commissions | $6 per 1.0 standard round lot |
Rebate Program | Yes |
Maximum Leverage | 1:500 (dependent on the subsidiary, account type, and asset) |
Order Execution Model | Market Maker |
Minimum Trade Size | 0.01 lots |
Algorithmic Trading | Yes |
Copy Trading | Yes |
Mobile Trading | Yes |
VPS Trading | Yes |
API Trading | No |
Noteworthy:
- The trading environment and available products/services depend on the location of the operating subsidiary.
HFM Account types – Key Points
- Low minimum deposit requirements
- Competitive commission-based fees
- Generous bonuses and incentives
- Unlimited demo accounts
- Cryptocurrency and e-wallets for financial transactions
- Well-balanced asset selection
- Algorithmic trading, account management, and copy trading.
HFM offers five account types, and supported account base currencies are USD, EUR, NGN, and JPY. The maximum leverage is 1:500, except in the Micro account, where it is 1:1000, while the HFCopy version features 1:400 with negative balance protection on all account types. The margin call and automatic stop-out levels are 50% and 20%, respectively, with the Micro account at 40% and 10%. Phone-assisted and micro-lot trading is also available.
HFM Micro Account
The HFM Micro account is ideal for beginners to learn how to trade and for seasoned traders to tweak existing strategies. The HFM minimum deposit requirement of $5 ensures low-cost availability, but minimum HFM trading fees commence from 1.0 pips or $10.00 per 1.0 standard lot. It also has a 7.0 lots maximum trade size limit.
HFM Premium Account
The HFM Premium account is like the Micro option but has a minimum deposit requirement of $100 while increasing the maximum trade size limit to 60.0 lots.
HFM Zero Spread Account
The HFM Zero Spread account is a competitively priced commission-based alternative with identical core trading features as the HFM Premium account but a minimum deposit requirement of $200. Trades get raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard lot on major currency pairs and $8.00 on minors.
HFM PAMM (Premium) Account
The HFM PAMM account caters to traditional retail management using MT4 US Dollar accounts. The minimum deposit requirement is $250, and clients may opt for the commission-free Premium option with minimum spreads of 1.3 pips or $13.00 per 1.0 standard round lot or the commission-based Premium Plus option with spreads from 0.4 pips for a commission of $8.00 or total minimum HF trading fees of $12.00.
HFM HFCopy Account
The HFM HFCopy account is the dedicated copy trading option, with minimum deposit requirements of $500 for signal providers and $100 for followers. It features similar HFM trading fees as the HFM Premium account but remains limited to between 200 and 1,000 followers.
HFM Islamic Account
HFM offers swap-free Islamic accounts to Muslim traders, and its terms and conditions list replacement costs for select currency pairs open past seven days. Islamic account base currencies are USD and EUR.
HFM Demo Account
HFM offers unlimited and customizable MT4/MT5 demo accounts, which traders can manage from the myHF area.
- Beginners can test the HFM trading conditions and trading platforms.
- Traders can test EAs, tweak and try new strategies, evaluate signal providers, and bug-fix algorithmic trading solutions.
- Beginners should consider limitations like the absence of exposure to trading psychology.
How to Open an HFM Account - Step by Step
Traders can swiftly open an HFM account via an online application.
Below is a step-by-step guide on how to open your HFM trading account:
1. Go to the HFM website and click “Open Live Account.”
2. Enter your country of residence, valid phone number, name, date of birth, desired e-mail address, and password.
3. Click “Register” to access the myHF area, where clients can open their preferred accounts by following on-screen instructions, which take less than a minute.
4. Account verification is mandatory, and most traders pass it after uploading a copy of their ID and one proof of residency document.
5. Making the HFM minimum deposit completes the registration and setup process. HFM will e-mail a confirmation, which includes account login details.
Noteworthy:
- EEA-based traders must open accounts with the CySEC-regulated subsidiary.
Restricted countries:
- HFM does not accept traders resident in the USA, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, and Vanuatu
HFM Account Verification
Account verification is mandatory, as HFM is regulated and compliant with seven regulators, where it maintains a spotless record. Uploading a copy of a government-issued ID and one proof of residency document usually satisfies account verification.
HFM Safety & Security
HFM has a spotless record with seven regulators, segregates client deposits from corporate funds, and offers negative balance protection. It also has an industry-leading civil liability insurance policy of $5,000,000 per client.
HFM Account Pros & Cons
Traders should consider the below pros and cons of the HFM account types.
The pros of the HFM account types are:
- Competitive commission-based trading fees
- Well-regulated
- Low minimum deposit requirements
- Generous bonuses and incentives
There are no obvious cons of the HFM account types.
How to Remove an HFM Account
Traders must close all open positions and contact customer support to request an account removal.
Bottom Line
The commission based Zero Spread account offers traders the most competitive overall trading environment due to the lowest available HFM trading fees. Traders can also benefit from generous bonuses and incentives, unlimited, customizable MT4/MT5 demo accounts, and can use e-wallets and cryptocurrencies for financial transactions. Yes, an Islamic account is available at HFM. No, HFM does not offer a bonus account, but HFM offers generous bonuses and incentives. The commission based Zero Spread account is the best for most traders due to its highly competitive fee structure. HFM does not list any account number maximum restrictions on its website.FAQs
Does HFM offer an Islamic account?
Does HFM offer a bonus account?
Which account type is best at HFM?
How many accounts can I have at HFM?