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HFM

HFM Reputation and Reviews | Thorough Investigation of Safety and Withdrawal Refusal Cases

Posted by: MoneyChat Editorial Department

HFM (formerly HotForex), including its predecessor HotForex, is a well-established, major overseas forex broker with over 15 years of operating experience

While some say that this company is more reliable than newer overseas forex brokers due to its long operating history, many people are concerned about its safety, such as whether there have been any cases of withdrawal refusals and whether deposited funds are managed properly

Therefore, this time we conducted a thorough investigation into HFM's reputation, customer reviews, safety, and cases of withdrawal refusal

What you will learn from this article

  1. Good reviews and testimonials about HFM
  2. Bad reviews and comments about HFM
  3. What are the safety and reliability aspects of HFM?
  4. Are there any cases of withdrawal refusal at HFM?
  5. Who is HFM recommended for?
  6. Things I learned from actually using HFM
  7. About HFM account types
  8. HFM's current bonus campaign
  9. How to open an HFM account
  10. HFM deposit and withdrawal methods

The MoneyChager editorial team has gathered information from the research of over 20,000 users, and we can deliver genuine user reviews and opinions, so please look forward to it. We

also take safety into consideration, referencing the Financial Services Agency and the Financial Futures Trading Act

Contents

Good reviews and testimonials about HFM

Here, we'll introduce some positive reviews and testimonials about HFM that we found on social media

  1. We frequently offer a 100% deposit bonus
  2. Maximum leverage is 2,000 times
  3. Fast withdrawal
  4. Supports copy trading
  5. Some stocks have a stop level of 0
  6. It supports swap-free

Positive reviews and testimonials about HFM ① They frequently offer a 100% deposit bonus

HFM frequently offers a 100% deposit bonus

By taking advantage of the 100% deposit bonus, you can start trading with double the amount of your deposit , giving you a significant advantage.

The 100% deposit bonus isn't just for your first deposit; it can be used again during subsequent promotions, making it a bonus campaign you'll want to take advantage of multiple times while it's running

You can find more details about the bonuses currently being offered at HFM here

HFM's positive reputation and reviews ② Maximum leverage of 2,000x

for HFM 2,000 times .

Since its competitor XMTrading offers a maximum leverage of 1,000x, HFM allows you to trade with twice the leverage of XMTrading

With leverage up to 2,000 times, it's among the highest levels offered by overseas forex brokers, allowing you to expect significant returns even with a small amount of capital

For brokers offering even higher leverage, such as unlimited leverage, please check leverage comparison ranking of recommended overseas forex brokers

HFM's positive reviews and testimonials #3: Fast withdrawals

HFM is an overseas forex broker known for its fast withdrawals

Depending on the withdrawal method, the official website states that can be processed instantly at the fastest and within 10 business days at the latest

Credit and debit card withdrawals typically take 2 to 10 business days, so if you want the fastest withdrawal, we recommend using an online wallet such as bitwallet

HFM's positive reputation and reviews ④ Supports copy trading

HFM supports copy trading

Copy trading is a system that allows you to copy the trades of skilled traders and use them as your own trades by paying a fee

The process is simple: just find a strategy provider you want to copy, follow them, and then copy their strategies

Since trading results, including monthly performance, are published, you can find a strategy provider that suits your investment style

Copy trading recommended not only for beginners but also for part-time traders who have difficulty finding trades .

HFM's positive reviews and testimonials #5: Some stocks have a stop level of 0

In HFM, the stop level is set to 0 for the following 17 currency pairs

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CAD/CHF CAD/JPYCHF/JPY
EUR/CADEUR/CHFEUR/GBP
EUR/JPYEUR/USDGBP/CAD
GBP/CHFGBP/JPYGBP/USD
USD/CADUSD/CHFUSD/JPY
XAU/USDXAU/EUR

The stop level refers to the rate that must be set aside when placing a limit order or stop-loss order. For example, with an FX broker whose stop level is 2 pips, you cannot place a limit order (or stop-loss order) unless the rate is at least 2 pips away from the stop level

However, if the currency pair is designated as having a HMF stop level of 0, you can place an order at any rate you like.

HFM's positive reviews and testimonials #6: Supports swap-free transactions

swap-free is available for all account types except for crypto CFD accounts and top-up bonus accounts

Swap-free stocks may change, but as of April 2025, the following stocks are swap-free

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AUD/NZDAUD/USDEUR/CHFEUR/USD
GBP/JPY GBP/USDNZD/USDUSD/CAD
USD/CHFUSD/JPYUS/OILAUD/CHF
AUD/JPYEUR/AUDEUR/CADEUR/GBP
EUR/JPYEUR/NZDGBP/CHFGBP/NZD
NZD/JPYNZD/CADXAU/USDUK/OIL

Brokers with favorable swap conditions are introduced in our recommended overseas FX broker ranking based on swap comparisons

Bad reviews and comments about HFM

Here, we'll introduce some negative reviews and comments about HFM that we found on social media

  1. Wide spread on certain stocks
  2. Slow execution

Negative reviews and comments about HFM ① Wide spreads on certain stocks

While HFM is generally regarded for its narrow spreads, some stocks have wider spreads than other companies

The spreads on Bitcoin and Gold, which are currently very popular, are wide, making it a somewhat unfavorable environment for those who primarily trade these assets

For brokers with narrow spreads and favorable trading conditions, please check our recommended overseas FX broker ranking based on spread comparison

HFM's negative reputation/reviews #2: Slow execution

HFM is said to be slower to execute trades and more prone to slippage compared to other companies

While trades may sometimes be executed at favorable prices, the inability to execute at the desired price is a disadvantage for traders

Comparison list of overseas forex brokers with high execution speed | Which brokers are less prone to slippage?

What are the safety and reliability aspects of HFM?

This section introduces what kind of company HFM is, what licenses it holds, and more

What is HFM?

Operating companyHF Markets (SV) Ltd
Year of establishment2022 (predecessor established in 2010)
locationRoom 12, First Floor, Kingsgate House, Victoria, Mahe, Seychelles
Fund management methodSeparate management
Financial LicenseFinancial Services Authority of Saint Vincent and the Grenadines ( SVGIBC ) Registration Number: 22747 IBC 2015
Maximum leverage2,000 times
Japanese supportcan be
Margin callNone (Zero-cut system adopted)
Trading ToolsMT4
MT5
HFM platform

In 2022, its predecessor, HotForex, was rebranded and became the current HFM

the operation is very stable because it incorporates know-how from HotForex

Since it launched its service around the same time as XMTrading, it is often compared to XMTrading. The main differences are leverage and execution speed, with HMF having the advantage in leverage, while XMTrading has the advantage in execution speed

Both are major overseas forex brokers widely used by Japanese users, and they are highly secure

What financial licenses does HFM hold?

While the HF Markets Group as a whole holds five financial licenses, HF Markets (SV) Ltd, which provides services to Japan, holds a license from the Financial Services Authority of Saint Vincent and the Grenadines ( SVGIBC )

Companies that hold SVGIBC must operate under the guidance of SVGIBC

Companies that have obtained SVGIBC certification can be easily found, making them highly transparent and difficult to deceive

Companies that have obtained SVGIBC certification can be considered highly reliable

How does HFM manage its funds?

we manage our funds through segregated accounts , keeping operating funds and customer deposits separate

Therefore, even if HFM were to default on its debt, the funds would not be used to repay creditors

However, since it is not a trust arrangement, there is no obligation to repay the funds.

What is trust protection for overseas forex trading? We'll also explain how it compares to segregated accounts

What transactions and activities are prohibited under HFM?

HFM primarily prohibits the following types of transactions:

  1. Hedging transactions across multiple accounts
  2. Hedging transactions across accounts at other brokers
  3. Arbitrage
  4. Trading that targets only times when the market experiences sharp rises or falls, such as when economic indicators are released
  5. Lock picking (sniping)
  6. Trading that targets only gap openings and gap fillings
  7. Transactions involving the fraudulent use of bonus credits

These are all types of trades that are prohibited by other overseas forex brokers as well, but it seems that trades with an extremely high degree of gambling potential are the ones that are prohibited

If you engage in these prohibited transactions, you may be subject to penalties such as withdrawal refusal or account freezing, so please trade in accordance with the trading rules

Are there any instances of HFM refusing withdrawals?

We investigated cases of HFM refusing withdrawals, primarily through social media

In conclusion, we did not find any instances of malicious withdrawal refusal.

However, there was a post from a user who was denied a withdrawal due to a problem on their end, so I'd like to share that

As of April 2025, there are no account opening bonuses being offered, but past account opening bonuses stated that withdrawals would be possible if certain requirements were met

Withdrawal requirements include trading volume, but in most cases, withdrawal requests were rejected because the user had not completed a certain volume of trades, or because they violated the trading terms and conditions

Incidentally, the withdrawal conditions for account opening bonuses offered in the past were as follows:

  1. Applies only to FX or gold trading
  2. Make trades totaling 5 lots or more
  3. Make a total of 10 or more transactions
  4. Hold each position for at least 3 minutes
  5. The profit from a single trade is 3 pips or more
  6. Total profit is $5 (or equivalent) or more
  7. The maximum withdrawal limit is $500

Some conditions, such as "holding each position for more than 3 minutes" and "making a profit of 3 pips or more per trade," are difficult to achieve without conscious effort, so it is highly likely that I failed to meet these conditions

We also found cases where, while withdrawals weren't refused outright, users were notified that they would no longer be eligible for future bonuses

While other overseas forex brokers often refuse withdrawals without providing a clear reason, HFM, though not in every case, seemed to provide a thorough explanation

However, since it was frequently mentioned on social media as a company that does not refuse withdrawals, it can be said to be a fairly trustworthy company

HFM offers various bonuses, but be aware that trading without making any deposits or engaging in highly speculative trading may violate their terms and conditions

You can find detailed information about the bonus campaigns currently running at HFM here

Since withdrawal refusals from overseas forex brokers can occur for various reasons, it's a good idea to check in advance the causes and solutions for withdrawal refusals , as well as the causes and solutions for account freezes

Who is HFM recommended for?

Here, we'll introduce who HMF is recommended for and who it's not

HFM is recommended for people who: ① want to trade with peace of mind

HMF, including its predecessor HotForex, has been operating for over 15 years, and its terms and conditions haven't changed frequently, making its operations very stable

Furthermore, there have been no issues such as withdrawal refusals, and the support is excellent, making it ideal for those who want to focus on trading

HFM is recommended for people like this ② those who want full Japanese language support

At HFM, our official website, trading tools, blog, and customer service all available in Japanese .

You can contact us via email or live chat, but with live chat you can start chatting with support in Japanese right away

Some overseas forex brokers do not have important terms and conditions translated into Japanese, which can lead to problems. However, with HFM, everything is translated into Japanese, so even those who only understand Japanese can use it with peace of mind

HFM is recommended for people like this ③: those who want to trade up to the limit of their margin

At HMF, the stop-loss level is 20% or less for all account types, and the stop-loss level is 0% for the Crypto CFD account used for cryptocurrency trading

Therefore, it is possible to trade up to the limit of your margin, allowing you to make the most of your margin

HFM is recommended for people like this ④ People who want to reap the benefits of long-term use

HFM has implemented a loyalty program

There are four reward levels, and the higher your level, the more HFM bars you receive when trading

HFM bars can be exchanged for cache, as well as for things like VPS usage

The condition for leveling up is the number of trading days, so the longer you use it, the higher your reward level will be and the more HFM bars you will earn, meaning that long-term users benefit the most

HFM is not recommended for the following people: ① Those who prioritize the trading environment above all else

At HFM, we invest in things other than just improving the trading environment, such as running lavish campaigns

Therefore, if you only prioritize execution rates and spreads, other companies may be superior

Overall, HFM is an excellent overseas forex broker, but if you only consider the trading environment, there are other overseas forex brokers that are superior

Overseas Forex Spread and Commission Comparison List | Introducing Zero Spread Accounts and Brokers with Narrow Spreads

HFM is not recommended for the following people: ② Those who want to trade using cTrader

HMF uses three types of trading tools: MT4, MT5, and HMF's own proprietary trading app

MT4/MT5 is a trading tool with enthusiasts all over the world, and the HMF app is also a highly-rated trading tool, having been selected as Capital Finance's best FX trading app

does not support cTrader, which is considered a next-generation trading tool

This is not a problem for those who do not plan to use cTrader, but if you would like to use it, you will need to find a different overseas forex broker

Things I learned from actually using HFM

Here, I'll share the advantages, recommended points, and disadvantages/reasons why I wouldn't recommend HFM based on my actual experience using it

HFM's advantages and recommended points

① Deposit bonuses are frequently offered

HFM frequently offers deposit bonuses that can be used for subsequent deposits, in addition to the first deposit bonus

While there is a limit, you can use twice your deposit amount as margin for trading, making high-leverage trading possible even with a small deposit .

Since the bonus amount will be forfeited upon withdrawal, choose your withdrawal timing carefully

② Fast and secure withdrawals

HFM is also known for its fast withdrawals

When I actually requested a withdrawal, the funds were transferred to my bitwallet account within a few minutes

Faster withdrawals make fund management easier and, most importantly, provide peace of mind

Overseas forex brokers that frequently experience delays in deposits and withdrawals are unreliable and tend to cause user dissatisfaction, but this doesn't seem to be a concern with HFM

③ Easy-to-use Japanese support

HFM has a long track record of operations in Japan, and also has Japanese staff to provide support

There are two ways to contact support from Japan: live chat and email. I tried contacting them via live chat, and I was connected to support immediately and was able to resolve my issue

The chat screen also displayed icons indicating whether the message had been read or was being written, making it easy to understand the other person's status

Disadvantages and reasons why HFM is not recommended

① Slippage is likely to occur

Depending on the trading hours and the trading instrument, HFM sometimes experienced delays in execution, resulting in trades being executed at unintended rates.

This is called order slippage, and it can be fatal for traders who primarily use scalping

Slippage was particularly common with gold and Bitcoin on HFM, so those considering trading gold or Bitcoin on HFM should be cautious

The bonus has detailed withdrawal conditions attached

HMF regularly holds generous bonus campaigns

Simple conditions like deposit bonuses are fine, but past account opening bonuses often had detailed trading conditions attached

The conditions aren't difficult, and all you need to do is check the withdrawal conditions section, but because they weren't clearly stated, it seems that several users were unable to meet the conditions and withdraw their funds

As explained in detail "HMF's Cases of Withdrawal Rejection?"

About HFM account types

HFM offers six different account types

Here, we will introduce the different types of HFM accounts

Cent account

spreadFrom 1.2 pips
Minimum trading lot size0.01 lot
Minimum deposit amountnone
Maximum order quantity200 cent lots per position / 1000 cent lots total for the entire trading account
Transaction feesfree
Maximum leverage2,000 times
Stop-loss level20％
Swap-freecan be
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

This account type allows trading in cent lots

Since trading is possible even with a small amount of capital, it is recommended for those with limited funds or those who want to try trading

Crypto CFD account (Cryptocurrency CFD)

spread-
Minimum trading lot size0.01 lot
Minimum deposit amountnone
Transaction feesfree
Maximum leverage1,000 times
Stop-loss level0％
Swap-freenone
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

A crypto CFD account is a type of account used for cryptocurrency trading

This account type is for those who want to trade cryptocurrencies

The maximum leverage is 1,000 times

Zero Account

spread0.0 pips ~
Minimum trading lot size0.01 lot
Minimum deposit amountnone
Transaction feesFrom $0.06 (round trip)
Maximum leverage2,000 times
Stop-loss level20％
Swap-freecan be
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

The Zero account is an account type that offers extremely narrow spreads

However, a transaction fee will be charged instead

ProDrive

spread0.6 pips ~
Minimum trading lot size0.01 lot
Minimum deposit amountcan be
Transaction feesnone
Maximum leverage2,000 times
Stop-loss level20％
Swap-freecan be
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

This account type offers a balanced combination of narrow spreads, maximum leverage of 2,000x, no commission fees, and swap-free trading

However, a minimum deposit amount is required

Premium Account

spread1.2 pips ~
Minimum trading lot size0.01 lot
Minimum deposit amountnone
Transaction feesnone
Maximum leverage2,000 times
Stop-loss level20％
Swap-freecan be
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

This account type offers swap-free trading, no minimum deposit, a maximum leverage of 2,000x, and no fees

This account type offers a good balance, making it ideal for those opening an account for the first time

Top-up bonus account

spread1.4 pips ~
Minimum trading lot size0.01 lot
Minimum deposit amountnone
Transaction feesnone
Maximum leverage1,000 times
Stop-loss level20％
Swap-freenone
Margin callNone (Zero-cut system is used)
Inquiries in Japanesecan be

This account type is for those who wish to trade using a deposit bonus

The maximum leverage is 1,000 times, and there are no trading fees

HFM's current bonus campaign

Here, we introduce the bonus campaigns currently running at HFM as of April 2025

Trader Award Campaign

This is a campaign where a prize is awarded to the trader who achieves the highest profit each month

The participation method and requirements are as follows:

  1. Please register through the official website (automatic registration is not possible)
  2. Account balance of 500 USD (equivalent) or more
  3. This applies to premium account holders

Excess margin refund campaign

This is a campaign where you can receive a cash rebate based on your excess margin

The rewards are as follows:

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Margin surplus - dailyTrading volume (lots) - Monthly
5-50>50
Return rate on excess margin
$1,000.01 - $25,0002%2,5%
＞ $25,0002,5%3%

HFM Loyalty Program Campaign

This campaign allows you to earn HFM bars, which can be exchanged for cash, depending on your reward level

Reward levelconditionsAmount of HMF bars obtained per lot
RedRegistration complete6 bottles
SilverThe transaction was completed in 31 days8 bottles
goldAchieved in 62 trading days10 pieces
platinumAchieved in 105 trading days12 bottles

You can exchange 35 HMF bars for 1 USD (equivalent) in cash.
However, please note that you must exchange a minimum of 1000 HMF bars.

Additionally, HFM bars can be exchanged for things like VPS usage fees

Demo Contest Campaign

This is a bonus campaign where the top 3 participants who achieve the highest profit margin in demo account trading will receive a trading bonus

Since participation is risk-free, it's also recommended for users who want to trade using a demo account for learning purposes

Overseas Forex Account Opening Bonus & Deposit Bonus Comparison Ranking! [Latest January 2026] Broker List

How to open an HFM account

This section explains how to open an HFM account

① Access the official website

Access the HFM official website and click "Register" in the upper right corner

You can also access the official website here

② Enter your email address and password

Enter your email address and a password of your choice, then click Continue

③ Perform email verification

You will receive an email from HMF, so click on "Verify email" in the email body

④ Enter your personal information

After email verification is complete, log in to your HFM My Page and click "Complete Registration" in the menu

You will be asked to enter detailed personal information such as your name and phone number. Enter this information, check the boxes for "I confirm that I am not a U.S. tax resident or citizen" and "I have read and accept all terms and conditions," and click Continue

⑤ Enter your current address, etc

Enter information such as your address, assets, and employment status

Please enter your address in Roman letters

The address you enter here must match the address verification document you will submit later, so please enter it carefully to avoid any errors

⑥ Submit identity verification documents and address verification documents

I will submit my identity verification documents and proof of address

The following documents are acceptable for identity verification and address verification:

Identity verification documents

  1. Passport page with photo
  2. My Number Card
  3. driver's license

Address verification documents

  1. Bills for utilities such as electricity, gas, and water
  2. Resident record
  3. Telephone bill
  4. Credit card statement

The required documents for identity verification are those with a photograph, and the documents for proof of address must have been obtained within the last six months

⑦ Choose your account type

Choose the type of account you want to open

You can find more detailed information about account types here

⑧ Perform phone number verification

Enter your phone number and verify it using your preferred method

I recommend using SMS one-time password authentication

⑨Account opening completed

Once phone number verification is complete, finally choose either MT4 or MT5 as your trading platform and click Open Account

Your account opening is now complete

HFM deposit and withdrawal methods

This section introduces the deposit and withdrawal methods supported by HFM

Deposit methods, minimum deposit amount, maximum deposit amount, estimated processing time, and fees

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Payment MethodsMinimum deposit amountMaximum deposit amountReflection guidelinecommission
Bank transfer1,000 yen1,100,000 yenWithin 10 minutesfree
Credit card (JCB)750 yen3,000,000 yenWithin 10 minutesfree
Credit card (VISA)750500,000 yenImmediatelyfree
crypto30 USD10,000 USDImmediatelyfree
B XONE1,000 yen1,000,000 yenWithin 10 minutesfree
bitwallet1,000 yen5,000,000 yenWithin 10 minutesfree
BAINANCE PAY20 USD30,000 USDImmediatelyfree

Withdrawal methods, minimum withdrawal amount, maximum withdrawal amount, processing time, and fees

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Withdrawal methodsMinimum withdrawal amountReflection guidelinecommission
Bank transfer1,000 yenUp to 2 business daysfree
Credit card (JCB)5 USD2-10 business daysfree
Credit card (VISA)5 USD2-10 business daysfree
crypto10 USDWithin 24 hoursfree
B XONE2,000 yenImmediatelyfree
bitwallet20 USDImmediatelyfree
BAINANCE PAY10 USDImmediatelyfree

With HFM, as with other overseas forex brokers, you are required to use the same method for both deposits and withdrawals

Also, please note that banks may charge fees for bank transfers

Frequently Asked Questions about HFM

Q. I heard HFM is dangerous?

A. No

HFM has a reputation for being safer than other companies, with no reported cases of serious problems

Q. Is using HFM illegal?

no

Using HFM is not illegal

Q. Has HFM received a warning from Japan's Financial Services Agency?

A. No

As of April 2025, HMF has not received any warnings from Japan's Financial Services Agency

Q. Can I contact HFM in Japanese?

A. Yes

You can contact HFM in Japanese

Q. What is the maximum leverage for HFM?

A. Up to 2,000 times

Q.HFM has a history of refusing withdrawals

No instances of malicious withdrawal refusal were found at A.HFM

We have a detailed explanation of cases where withdrawals have been refused here

Q. Is hedging prohibited in HFM?

A. Only hedging within the same account is permitted

Q. Will margin calls occur at HFM?

A. No

HFM employs a zero-cut system for all account types, so margin calls will never occur

Q. Are there any additional fees at HFM?

A. No

HMF does not charge any additional fees

Q. Can I open a corporate account with HFM?

A. Yes

HFM allows you to open a corporate account

summary

HFM, like its competitor XMTrading, is a well-established overseas forex broker

In addition to generous campaign bonuses, it boasts a maximum leverage of 2,000x, which is among the highest leverage ratios for overseas forex brokers, and also offers excellent Japanese language support, making it popular with Japanese users

Compared to competitors that focus on their trading environment, the execution speed is a bit slow, but their long operating history makes them highly reliable and provides stable service

There are no rumors of problems such as withdrawal refusals or delayed deposits, so it is recommended for those who want to trade with peace of mind and for those using overseas forex for the first time

The presence of Japanese staff provides peace of mind, as you can inquire in Japanese if any problems arise

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