Hotforex is a Low-cost forex broker that accepts Malaysian traders. They are regulated by multiple regulators, have multiple account types, Metatrader platform, but there are few cons. We have compared them in this Hotforex review.
HFM is an STP forex and CFD broker that accepts traders based in Malaysia. They provide their services in 27 different languages including English & Malay.
HFM offers seven different types of accounts for Malaysian traders which are: Islamic, Micro, Premium, Zero Spread, Auto, PAMM, and HFCopy. The fees that they charge depending on the type of account held by the trader. Users have the option of using the MetaTrader 4 or MetaTrader 5 trading platforms which are available on smartphones, computers, tablets, and web browsers.
HFM (HotForex) is incorporated in St. Vincent and Grenadine and is regulated by the FCA (UK) which is a tier-1 financial regulator, and FSCA among others. So, HFM (HotForex) is a relatively safe broker for forex trading.
HFM (HotForex) offers Malaysian traders the opportunity to trade 53 currency pairs, and 100+ CFDs on commodities, metals, energies, indices, shares, and more.
In this HFM (HotForex) Malaysia review, we’ve listed the pros and cons of this broker, along with their fees, safety, reputation, platforms, bonus & everything else you need to know before choosing them.
HFM (HotForex) Malaysia Pros
HFM (HotForex) Malaysia Cons
|👌 Our verdict on HFM (HotForex)||#2 Forex Broker in Malaysia|
|🏦 Broker Name||HFM (HotForex) Malaysia|
|💵 Typical EUR/USD Spread||1.2 pips (with Standard Account)|
|📅 Year Founded||2010|
|💰 HFM (HotForex) Malayisa Minimum Deposit||$5|
|⚙️ Maximum Leverage||1:1000|
|⚖️ HFM (HotForex) Regulations||FCA, DFSA, FSCA, FSA|
|🛍️ Trading Instruments||53 currency pairs, CFDs on 6 metals, 4 energies, several indices, more than 56 shares, 5 commodities, 12 cryptocurrencies, 3 bonds, and 34 ETFs|
|📱 Trading Platforms||MT4, MT5 for desktop, tablet, web & mobile|
As mentioned in the introduction, HFM (HotForex) is registered in St. Vincent and Grenadine with the registration number 22747 IBC 2015. And Malaysian traders are registered under this regulation.
HFM (HotForex) Group is regulated by one Tier-1 financial regulator, and 2 Tier-2 regulators, along with other reputed financial regulators. They have been in business for more than 10 years and have been having millions of registered traders around the globe over the years.
HFM (HotForex) is regulated and authorized under following regulators:
Is HotForex a safe forex broker for Malaysian traders? Yes, in our opinion HFM is a safe broker considering the fact that they are regulated with multiple Top-tier regulations.
In addition to being highly regulated, HFM also maintains other security practices such as segregation of funds, negative balance protection, and insurance against financial loss.
So, we consider HFM a safe broker for Malaysia-based traders.
The fees charged by HFM depends on a variety of factors. These factors include which account type is being used, which instruments are being traded, and when the trade is being made.
For this review, we use a few benchmark examples to give you an idea of how much fees they charge.
Here is a breakdown of trading & non-trading fees at HFM Malaysia:
Below screenshot of table from their website shows the typical spread from their various accounts.
The first commission structure charges USD 0.03 per 1000 lots while the second commission structure charges USD 0.04 per 1000 lot. The commission structure depends on the currency pair that you are trading.
The Zero account is especially suitable for scalpers and high-volume traders.
Overall, HFM is a low-cost broker. They usually charge tight spreads and no commission. They do not have any hidden fees, which makes them an attractive choice for traders.
HFM offers a variety of promotional bonuses for their traders. A trader may be eligible to claim the 100% super charged bonus, the 30% rescue bonus, or the 100% credit bonus.
HFM offers a wide range of deposit and withdrawal methods for traders in Malaysia.
There is zero fees on deposits & withdrawals, which is a plus point.
Here is a list of the deposit options that are available at HFM Malaysia:
The withdrawal methods are generally the same as your deposit method. And you can request your first withdrawal only with the method used for funding your account.
Overall, the deposit & withdrawal methods at HFM are similar to other brokers, except that they don’t offer local bank transfers. The good thing is that they don’t charge any deposit or withdrawal fees, which makes it a good option to open an account with them.
As mentioned earlier, HFM offers seven different types of accounts. Each type of account has its own pros and cons and is suitable for different types of traders. For example, the Zero Spread account is suitable for high-volume traders and scalpers.
HFM has a minimum deposit of $5, which is with their Micro Account. The exact minimum deposit depends on your account.
Here is our breakdown of the different account types as relevant to Malaysian traders.
1. Islamic Account – The Micro, Premium, Auto, and Zero spread accounts are available as Islamic accounts. The typical account conditions apply with the exception that they do not incur swap or rollover charges when holding a position overnight.
2. Micro Account – The minimum deposit for opening a Micro account is $5. The maximum leverage that can be availed is 1:1000.
3. Premium Account – The minimum deposit for opening a Micro account is $100. The maximum leverage that can be availed is 1:500.
4. Zero Spread Account – The minimum deposit for this account type is $200. The maximum leverage available is 1:500. This type of account charges very tight spreads which can be as low as zero. However, traders will need to pay a commission per trade.
5. Auto Account – The minimum deposit is $200. The maximum leverage is 1:500. The Auto account allows you to subscribe to free and paid trading signals from the MQL5 trading community.
6. PAMM Account – The minimum deposit is $250. The maximum leverage that can be used is 1:300.
7. HFCopy Account – The HFCopy account allows “followers” to copy the trades of “Strategy Providers”. The Strategy Providers can charge a performance fee that may be as high as 50%.
Here are some steps to open an account with HotForex (HFM):
After completing these steps and your account is approved, you can fund your account and start trading.
HFM offers traders the option of trading more than 53 currency pairs, CFDs on 6 metals, 4 energies, several indices, more than 56 shares, 5 commodities, 12 cryptocurrencies, 3 bonds, and 34 ETFs.
Overall, they have a very wide selection of instruments compared to other similar forex brokers like OctaFX, and FXTM, which have much lower instruments. Although Exness has a higher number of currency pairs than Hotforx.
The good thing is that the availability of instruments is the same, regardless of the account type that a trader is using. This means, that you can trade the same instruments with a Micro account as with a Zero account.
The max. leverage that can be availed depends on the type of account that is being used and the instrument that is being traded.
HFM is a Metatrader based forex & CFD broker.
Traders with HFM have the option of using either the MetaTrader 4 or the MetaTrader 5 trading platforms. Both these trading platforms are available on desktops, smartphones, tablets, and web browsers.
Users of both Windows and Mac OS can access these trading platforms. For mobile users, these trading platforms are available on both Android and iOS.
The MT4 and MT5 are highly popular trading platforms for forex traders and they are easy to use.
HFM does not offer its own proprietary trading platform for traders.
Traders in Malaysia can contact the HFM customer support team through live chat, email, fax, phone call, or through a contact form available on their website. The customer support team is available 24 hours on all weekdays.
Overall, HFM offers a variety of ways in which Malaysian traders can get in touch with them.
In Short, yes we recommend HFM for traders based in Malaysia.
HFM is a low-cost broker that charges tight spreads and does not charge a commission in most of its account types. They do not charge any hidden fees in the form of deposit fees or otherwise.
HFM is regulated by a number of reputed financial regulators including the FCA of the UK, FSCA, CySEC. This makes them a safe choice.
They also have a wide variety of instruments that can be traded. They have also recently started offering ETFs for trading. Even though HFM does not have a proprietary trading platform, they offer the standard MT4 and MT5 trading platforms to users.
Further, they offer Islamic accounts as well.
The main drawback for Malaysian traders is that they do not offer a local phone number that can be called for customer support. The regional email support is also not available in Malay.
HFM have multiple payment methods for deposit. However, the minimum deposit starts from $5 with micro trading account without any charges on deposit.
Withdrawal requests submitted before 10:00 am server time are processed on the same business day between 7:00 am and 5:00 pm server time. If the withdrawal is submitted after 10:00 am server time, then it will be processed on second business day between 07:00 am and 17:00 pm server time.
As per HFM’s withdrawal Conditions, withdrawals are always made using the same payment method/gateway that was used to make the initial deposit.