Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighGenuine FCA 801701 and CySEC 183/12 licences, but the international site contracts through an unlicensed St. Vincent company, other licences are offshore or intermediary-only, and regulators in Japan, Malaysia and India list HFM as unlicensed there.
Identity & transparency
2/10 · LowEvery entity is named with registration numbers that match Companies House, the Cyprus registry and the regulators' registers; a few footer addresses are out of date.
Withdrawals & conduct
4/10 · ModerateFund-integrity complaints exist (profits cancelled after alleged rule breaches, payment delays) but form no confirmed pattern; HFM answers them publicly and other users report fast payouts.
Reputation
6/10 · HighTrustpilot withholds HFM's rating for a guideline breach and removed fake reviews, app reviews are mixed at 3.7 stars, and several regulators list the brand for unlicensed activity.
Website claims
4/10 · ModerateLegal footers describe each entity accurately, but marketing calls HFM a trusted, multi-regulated broker while its international clients sign with an unlicensed company.
Operational history
1/10 · LowOperating since 2010: Cyprus registration 25 Nov 2010, Mauritius licence 1 Apr 2010 and a live HotForex broker site archived in May 2010; the rename to HFM kept the same companies.
Who they are
A quick desk file on the company behind the brand.
- Brand: HFM (formerly HotForex); HF Markets on the UK and EU sites
- Legal entity: HF Markets Group is a group name, not a registered company. The trading companies are HF Markets (SV) Ltd (St. Vincent, 22747 IBC 2015), HF Markets (Seychelles) Ltd (8419176-1), HF Markets Ltd (Mauritius, 094286/GBL), HF Markets (UK) Ltd (11118651), HF Markets (Europe) Ltd (HE 277582), HF Markets SA (PTY) Ltd (2015/341406/07), HFM Investments Ltd (Kenya) and HF MENA Financial Promotion Services L.L.C (UAE). Its Cyprus holding company, HF Markets Holdings Ltd (HE 336491), owned the UK company until March 2023.
- Registered: group offices in Larnaca, Cyprus; UK office at Bloomsbury Building, 10 Bloomsbury Way, London WC1A 2SL; the St. Vincent company at Griffith Corporate Centre, Kingstown
- Website: hfm.com (international and regional branches), hfmarkets.co.uk (UK) and hfeu.com (EU)
- Licences: FCA 801701; CySEC 183/12; Seychelles FSA securities dealer (SD015); FSC Mauritius investment dealer; FSCA FSP 46632 (intermediary only); Kenya CMA 155 (non-dealing); UAE CMA introducer licence. The St. Vincent company has none.
- Offers: CFDs on forex, metals, energies, indices, shares and bonds on MT4, MT5 and the HFM app. The UK site says 65% of retail accounts lose money; the Kenyan site says 80.83%.
- Not accepted: residents of the USA, Canada, Sudan, Syria, Iran, North Korea, the UAE and Türkiye by the St. Vincent company. The EU company now takes only professional clients and eligible counterparties, and the UK company serves only UK residents.
- Age claim: 15+ years of industry experience, consistent with records back to 2010
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Conduct Authority (United Kingdom)
Cyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority (South Africa)
Financial Services Authority (Seychelles)
Financial Services Commission (Mauritius)
Capital Markets Authority (Kenya)
UAE Capital Market Authority (formerly Securities and Commodities Authority)
St. Vincent and the Grenadines IBC registration
Why we reached this verdict
How the evidence adds up.
We rate HFM high risk rather than a scam. The group is real and has traded since 2010. But the company behind its international site holds no licence, and several regulators say HFM serves their residents without permission.
- Verified identity: the FCA register lists HF Markets (UK) Limited (FRN 801701, authorised since 14 November 2018, website hfmarkets.co.uk). CySEC lists HF Markets (Europe) Ltd (licence 183/12, approved domain hfeu.com). Both match HFM's own sites, so this is the genuine firm, not a clone.
- The contracting company: HFM's international site and client portal are run by HF Markets (SV) Ltd, registered in St. Vincent and the Grenadines as an International Business Company (22747 IBC 2015). That is a company registration, not a financial licence. Other branches use HF Markets (Seychelles) Ltd, an FSA securities dealer, or HF Markets Ltd, an FSC Mauritius investment dealer. The South African, Kenyan and UAE companies are intermediaries or introducers only.
- Regulator listings: Japan's FSA warned HF Markets (SV) Ltd in August 2017 for soliciting OTC derivatives trading without registration. Malaysia's Securities Commission lists HFM, with hfm.com, for unlicensed dealing (2024). The RBI Alert List, updated 19 November 2025, names hfm.com and hotforex.com. Ukraine's NSSMC lists HFM (2024), and BusinessWorld reported a Philippine SEC advisory in January 2026. HFM's international sign-up form still offers Japan, India, Malaysia, Ukraine and the Philippines as countries of residence. We treat these listings as one line of evidence about local licensing; none of them alleges theft.
- Complaints: of the recent reviews we classified, 15 concern money (profits cancelled after HFM alleged a terms breach, or withdrawals and deposits stuck at the payment stage) and 22 concern service. They pass two of our four pattern tests (independent users and checkable detail), so the pattern is unconfirmed. HFM replies to them publicly.
- Review integrity: Trustpilot withholds HFM's rating for a breach of its guidelines and says it removed fake reviews. One reviewer says an HFM representative asked them to delete a complaint.
- Scoring: regulation (7) and identity (2) count double; complaints (4), reputation (6), website claims (4) and history (1) count once. That gives 4.1 out of 10, or 41%. No minimum floor applies, because the operation is nearly 16 years old and has a large review footprint.
- Why not appears legitimate: we do not clear a broker while regulator listings against the company that takes clients' money stand unanswered.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FCA register lists HF Markets (UK) Limited, FRN 801701, authorised since 14 Nov 2018, with website hfmarkets.co.uk, Companies House number 11118651, an office at Bloomsbury Building, 10 Bloomsbury Way, London, and permission to hold client money. Trading names: HF Markets; previous trading name HotForex (Feb 2018 to Jul 2019).
Hard proofFCA Financial Services RegisterE2CySEC lists HF Markets (Europe) Ltd, licence 183/12 dated 20 Nov 2012, company 277582, at the Larnaca address on HFM's EU site, with approved domains www.hfeu.com and hfaffiliates.com/eu and permission to deal on own account.
E3The Seychelles FSA lists HF Markets (Seychelles) Ltd as a Securities Dealer with website hfm.com/sc/en, email legal@hfm.com and an address at IMAD Complex, Ile du Port. The entry does not print the licence number SD015 or dates.
E4A name search on the FSC Online Public Register returns HF MARKETS LTD, SEC-2.1B Investment Dealer (Full Service Dealer excluding Underwriting), licensed 01/04/2010, managed by Safyr Utilis Fund Services Ltd at Cybercity, Ebene.
E5The FSCA FAIS search for FSP 46632 returns HF MARKETS SA (PTY) LTD, Authorized since 09/02/2016, registration 2015/341406/07, Category I derivative instruments for advice and intermediary services only.
ModerateFSCA FAIS registerE6Kenya's CMA lists HFM Investments Limited (trading as HF Markets), licence 155, under Non-Dealing Online Foreign Exchange Brokers, with website hfm.com/ke/en.
E7The UAE CMA lists HF MENA Financial Promotion Services L.L.C as Active with Introduction and Promotion activities only. Its notice says the company holds a Category 5 licence that does not permit brokering derivatives or spot forex.
E8HF MARKETS (UK) LIMITED, company 11118651, is active, incorporated 19 Dec 2017, at the same Bloomsbury Building office the FCA lists. Its former parent HF Markets Holdings Ltd (Cyprus, HE 336491) ceased to be a registrable owner in March 2023.
StrongUK Companies HouseE9The Cyprus registrar shows HF MARKETS (EUROPE) LTD, HE 277582, registered 25/11/2010 and still registered, formerly named Gold Sitetalk Ltd. Group companies HF Markets Holdings Ltd (HE 336491, registered 06/10/2014) and HF Markets Fintech Services Ltd (HE 348222, registered 23/10/2015) are also on the register.
E10An archived copy of hotforex.com from 28 May 2010 shows a working MT4 broker with live and demo logins, deposit and withdrawal pages and a Larnaca (+357 24) phone number. hotforex.com now redirects to hfm.com.
E11Registry records date hotforex.com to February 2007, hfmarkets.com to December 2009 and hfeu.com to April 2010, consistent with a business running since 2010. hfm.com was first registered in 1993, long before the group existed.
ModerateVerisign RDAP (.com registry)E12HFM's international client portal states that HF Markets (SV) Ltd is an International Business Company in St. Vincent and the Grenadines (22747 IBC 2015) and lists the FCA-authorised UK company among the group companies operating the site. The St. Vincent company holds no financial licence.
E13HFM's international sign-up page, under the St. Vincent company's legal footer, offers 176 countries of residence, including Japan, India, Malaysia, Ukraine, the Philippines, Indonesia and Pakistan.
ModerateHFM international sign-up pageE14Japan's FSA list of unregistered businesses it has warned includes HF Markets (SV) Ltd, an overseas operator warned in August 2017 for soliciting OTC derivatives trading over the internet without registration; the service named is HotForex.
E15The Securities Commission Malaysia Investor Alert List includes 'HFM / HF Markets' with hftrade.com, hfm.com and a Malaysian HFM Facebook page, with the remark 'carrying on unlicensed capital market activities of dealing in securities' (2024).
E16The RBI Alert List updated 19 Nov 2025 names HotForex (hotforex.com) and HF Markets (hfm.com) among entities not authorised to deal in forex or run a forex trading platform in India. The same list also names other large international brokers such as IG and FXCM.
E17IOSCO's I-SCAN carries a 21 Mar 2024 alert from Ukraine's NSSMC naming HFM / HF MARKETS as an unlicensed entity likely offering services to Ukrainian consumers. No domain is given.
E18BusinessWorld reported on 8 Jan 2026 that the Philippine SEC issued an advisory against HFM-HF Markets for operating without the required Philippine licence, noting it is registered in other countries.
E19Trustpilot shows 2,951 reviews (73% five-star, 11% one-star) but withholds HFM's rating for a breach of its guidelines and says it detected and removed fake reviews. An October 2026 reviewer says an HFM representative asked them to delete a complaint.
E20One-star reviews from June to October 2026 include profits cancelled after HFM alleged rule breaches (a 250 USD deposit returned and about 452 USD profit removed; 400 USDT deposited, a balance of about 1,150 USD, profits cancelled citing section 26) and withdrawals pending for weeks (2,000 USD; about 4,000). HFM replies to each, citing terms breaches or payment providers.
E21The HFM app, published by HF Markets Fintech Services Ltd, has 3.7 stars from 10.8K reviews and 5M+ downloads. Recent reviews mix praise for near-instant payouts with complaints about logins, slippage and deposits that took days to credit.
ModerateGoogle Play listing and reviewsE22HFM is widely impersonated: the FCA register carries clone notices on HF Markets (UK) Limited (hfmarketsx.com, hfmarketst.com, HotForexMarket), and I-SCAN shows imposter alerts from Spain's CNMV, New Zealand's FMA and the Ontario and British Columbia commissions.
E23HFM's EU site says HF Markets (Europe) Ltd currently accepts only eligible counterparties and professional clients, and lists EEA passport notifications of its CySEC licence.
E24HFM's South African portal says the FSCA-authorised FSP is not the market maker and acts only as intermediary for HF Markets Ltd (Mauritius), the product supplier.
E25A different UK company, HF MARKETS GROUP LIMITED (11286659), was dissolved on 10 Sep 2019 and had Hong Kong-based officers with no visible link to HFM. It is not part of HFM's disclosed structure.
E26HFM's app listing invites users to trade with a trusted, multi-regulated broker, while clients of its international branch contract with the unlicensed St. Vincent company.
The other side
The strongest case in this broker’s favour.
The strongest case for HFM is that it behaves like a large, established broker, not a scam.
- Its UK and EU companies are licensed by the FCA and CySEC at the addresses HFM publishes, since 2018 and 2012 respectively.
- The business has a continuous record since 2010 under the HotForex and HFM names, a head office in Larnaca, more than 5 million app downloads and nearly 3,000 Trustpilot reviews.
- Serving international clients through an offshore company is common among large brokers. HFM's legal footer says plainly that the St. Vincent company is only an International Business Company.
- The regulator listings are about local licences. India's RBI list, for example, also names IG and FXCM, both FCA-regulated brokers.
- HFM answers almost every negative review and, in the profit disputes, cites specific clauses of its terms.
- HFM is itself a frequent target: the FCA lists several clones of its UK company, and other regulators have flagged imposter sites.
What would change this
What we would need to see to revise the verdict.
These developments would move our rating.
- Lower: HFM moving its international retail clients from HF Markets (SV) Ltd to a licensed company and stopping sign-ups from countries whose regulators list it.
- Lower: Japan, Malaysia, India, Ukraine or the Philippines withdrawing their listings, or Trustpilot restoring HFM's rating.
- Higher: an enforcement action or court case against an HFM company over client money.
- Higher: a cluster of withdrawal refusals in a short window, or evidence that profit cancellations hit ordinary trading.
- Higher: any HFM licence suspended or withdrawn while HFM still advertises it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
FCA register: HF Markets (UK) Limited
UK authorisation FRN 801701, with the FCA's clone warnings
CySEC register: HF Markets (Europe) Ltd
CIF licence 183/12 and approved domains
Seychelles FSA: HF Markets (Seychelles) Ltd
Securities Dealer entry listing hfm.com/sc as the website
FSC Mauritius Online Public Register
Search the name HF Markets to see the investment dealer licence
FSCA FAIS search: FSP 46632
South African intermediary authorisation
Kenya CMA: non-dealing online forex brokers
HFM Investments Limited, licence 155
UAE CMA: HF MENA Financial Promotion Services
Introducer-only licence and the CMA's notice on its limits
Companies House: HF Markets (UK) Limited
UK company record, incorporated 19 December 2017
Japan FSA: warned unregistered businesses
Search HF Markets (SV) Ltd for the August 2017 warning
Securities Commission Malaysia Investor Alert List
Search HFM for the 2024 unlicensed-dealing entry
RBI Alert List
Names hfm.com and hotforex.com as unauthorised in India
IOSCO I-SCAN search: HF Markets
Regulator alerts, including imposter sites using HFM's name
Frequently asked questions
Quick answers about this broker’s safety.
Is HFM a scam?
No. HFM is a real broker group that has operated since 2010, with an FCA-authorised UK company and a CySEC-licensed EU company that both match its websites. We still rate it high risk at 41%, because clients of its international site sign with an unlicensed St. Vincent company and several national regulators say it operates in their countries without permission.
Is HFM a fraud?
No. We found no evidence of fraud: no regulator fraud finding, no enforcement action and no court case naming HFM's companies. The warnings it does have, from Japan, Malaysia, India, Ukraine and the Philippines, concern offering services without a local licence.
Is HFM regulated?
Parts of it are. HF Markets (UK) Ltd is authorised by the FCA (FRN 801701) and HF Markets (Europe) Ltd by CySEC (licence 183/12). HF Markets (Seychelles) Ltd is a Seychelles FSA securities dealer and HF Markets Ltd holds a Mauritius FSC investment dealer licence. HF Markets (SV) Ltd, which runs the international website, holds no financial licence.
Which HFM company will my account be with?
It depends on where you live and which site you sign up on. UK residents use HF Markets (UK) Ltd at hfmarkets.co.uk, and the EU company now takes only professional clients. Sign-ups on the international site go to HF Markets (SV) Ltd, and South African clients trade with HF Markets Ltd in Mauritius through a local intermediary. Check the company named in your client agreement before you deposit.
Is my money safe with HFM?
That depends on the company holding it. Clients of the FCA-authorised UK company get UK client-money rules and may be able to use the Financial Ombudsman Service and the FSCS. Clients of the St. Vincent company have no regulator behind them, and the Seychelles and Mauritius licences give far weaker protection than the UK or EU.
Why do regulators in Japan, Malaysia and India warn about HFM?
Because HFM serves their residents without a local licence. Japan's FSA warned HF Markets (SV) Ltd in August 2017, Malaysia's Securities Commission lists HFM and hfm.com for unlicensed dealing, and the RBI Alert List names hfm.com and hotforex.com. The RBI list also names other large international brokers, so it reflects India's local ban more than misconduct specific to HFM.
Can I withdraw my money from HFM?
Many users report payouts arriving quickly, some within minutes. A minority report withdrawals or deposits stuck with payment providers for days or weeks, and HFM answers these publicly. We found no sign of a systematic withdrawal freeze.
Why do some HFM clients say their profits were cancelled?
Several recent Trustpilot reviewers say HFM removed their profits and closed the account after alleging a breach of its terms, such as prohibited trading or bonus abuse; one says only the original deposit was returned. HFM's replies say its review found a breach of its Terms and Conditions. Read the prohibited-trading and bonus sections of the client agreement before you trade.
Is HFM the same company as HotForex?
Yes. HotForex was the earlier brand: hotforex.com now redirects to hfm.com, and the FCA register lists HotForex as a former trading name of HF Markets (UK) Limited. Regulator listings made under the HotForex name, such as Japan's 2017 warning, belong to the same operation.
How old is HFM and who is behind it?
The business dates to 2010. HF Markets (Europe) Ltd was registered in Cyprus on 25 November 2010, the Mauritius licence dates from 1 April 2010, and a live HotForex broker site was archived in May 2010. The group is run from Larnaca, Cyprus, and its Cyprus holding company HF Markets Holdings Ltd owned the UK company until 2023.
Are there fake HFM websites?
Yes, many. The FCA register lists clones of HF Markets (UK) Limited, including hfmarketsx.com, hfmarketst.com and HotForexMarket, and regulators in Spain, New Zealand, Ontario, British Columbia and Malaysia have flagged other imposter sites. Deal only through hfm.com, hfmarkets.co.uk or hfeu.com, and never pay an individual who claims to represent HFM.
What is the St. Vincent company's registration worth?
Very little to an investor. HF Markets (SV) Ltd is registered as an International Business Company in St. Vincent and the Grenadines. That is a company registration, not a financial licence, and no regulator supervises its dealing with clients. HFM states this correctly in its legal footer.
Why is HFM's Trustpilot rating not shown?
Trustpilot says the rating is unavailable because of a breach of its guidelines, and that it detected and removed a number of fake reviews for the company. Trustpilot does not say who posted them, but treat the remaining star average with caution.
What should I check before depositing with HFM?
Confirm which HFM company appears on your account agreement and look it up on that regulator's register. Check whether your own country's regulator lists HFM, and make sure you are on a genuine HFM domain. Read the rules on prohibited strategies and bonuses, because alleged breaches are the most common reason given for cancelled profits.
What can I do if I have a dispute with HFM?
Raise a formal complaint with HFM support first and keep every ticket number. UK clients of HF Markets (UK) Ltd can then go to the Financial Ombudsman Service, and clients of the EU company can contact CySEC or the Financial Ombudsman of Cyprus. Clients of the St. Vincent company have no regulator or ombudsman to turn to.
What we recommend
The practical takeaway from everything above.
If you are considering HFM, these steps lower your risk.
- UK residents should open with HF Markets (UK) Ltd at hfmarkets.co.uk and confirm FRN 801701 on the FCA register.
- Everyone else should check which company the client agreement names. If it is HF Markets (SV) Ltd, no regulator stands behind your deposit.
- If you live in Japan, India, Malaysia, Ukraine or the Philippines, your regulator says HFM is not licensed to serve you. A locally licensed broker is the safer choice.
- Read the rules on prohibited strategies and bonuses before trading. Start small and make an early test withdrawal.
- Use only hfm.com, hfmarkets.co.uk or hfeu.com. Ignore anyone on WhatsApp or Telegram who offers to manage an HFM account for you.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 23, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about HFM
Comments on HFM are posted on its profile
Nobody has commented on HFM yet. If you have traded with them, your experience helps the next reader decide.
Write the first comment