- Regulator
- Capital Markets Authority (CMA)
- Local company
- HFM Investments Limited
- Licence number
- 155
- M-Pesa
- Reported by Kenyan sources
Broker review · Checked
HFM review 2026: is HFM legit in Kenya and South Africa?
HFM holds a CMA licence in Kenya (155) and an FSCA licence in South Africa (FSP 46632). Most accounts have no minimum deposit, and Kenyan sources report M-Pesa funding. Watch the inactivity fee after six months and the 1:2000 leverage on offshore accounts. In South Africa the group's ODP application was withdrawn.
- Founded2010
- 🇰🇪 CMALicence 155
- 🇿🇦 FSCAFSP 46632
- Minimum deposit$0
- M-PesaReported
Is HFM regulated? Licence by country
- Regulator
- Financial Sector Conduct Authority (FSCA)
- Local company
- HF Markets SA (Pty) Ltd
- Licence number
- FSP 46632
HF Markets Ltd shows "Application withdrawn" on the FSCA list of OTC derivative providers, checked 25 Oct 2026. The FSP may act as an intermediary; check which company issues your CFDs.
A licence means someone supervises the broker. It does not make trading safe: most retail CFD accounts lose money.
About HFM
HFM, formerly HotForex, is a CFD broker with a large client base in Africa and the Middle East. In Kenya it operates as HFM Investments Limited under CMA licence 155. In South Africa, HF Markets SA (Pty) Ltd holds FSP 46632.
On the FSCA list of OTC derivative providers, HF Markets Ltd shows “Application withdrawn” (checked 25 Oct 2026). That suggests the South African company introduces clients, while the CFDs are issued by another group company. Ask HFM which company is the counterparty before you deposit.
Who HFM suits, and who should look elsewhere
Good fit if you
- want to start with a small balance or a cent account
- want a CMA-licensed broker with mobile money funding
- use MetaTrader and copy trading
Look elsewhere if you
- leave money in an account for months without trading
- are in South Africa and want a locally approved CFD issuer
HFM account types and minimum deposit
| Account | Minimum deposit | Pricing |
|---|---|---|
| Premium | $0 | Spreads from 1.4 pips, no commission |
| Cent | $0 | Spreads from 1.4 pips; trade in cents |
| Zero | $0 | Spreads from 0 pips on forex plus a commission |
| Pro | $100 | Spreads from 0.6 pips |
| InfinityX | $500 | Spreads from 0.3 pips |
From HFM's international accounts page. The company you sign with decides which accounts you see.
Leverage: Up to 1:2000 on offshore group companies, per HFM's accounts page. That is a tool for losing money fast; use far less.
HFM fees: spreads, commission and other charges
| Spreads | From 1.4 pips on Premium, from 0.6 on Pro, from 0 on Zero |
| Commission | Zero account only (about $6 per lot round turn on forex majors, per FXStreet) |
| Inactivity fee | After 6 months dormant: $5 a month, rising to $10 after a year and $20 after two |
| Withdrawals | No HFM fee on cards or e-wallets; bank charges may apply; 1% on BitPay crypto |
| Bonuses | Offered in some regions, with trading-volume conditions before you can withdraw |
Work out the cost of a trade before you place it with our pip value and profit and loss calculators.
HFM deposits and withdrawals in Kenya and South Africa
🇰🇪 Kenya · M-Pesa
- Licensed company: HFM Investments Limited, CMA licence 155.
- M-Pesa funding is reported by Kenyan Wall Street and Citizen Digital. Kenyan Wall Street says it runs through a payment partner, with a $5 minimum and no HFM fee.
- Some regions can fund in Kenyan shillings, per FXStreet.
🇿🇦 South Africa
- HF Markets SA (Pty) Ltd holds FSP 46632.
- HF Markets Ltd shows “Application withdrawn” on the FSCA list of OTC derivative providers.
- ZAR deposits are available in some regions, per FXStreet.
M-Pesa limits, rand EFT, cards, e-wallets and the payment scams to avoid: read our deposits and withdrawals guide.
HFM trading platforms
- MetaTrader 4
- MetaTrader 5
- HFM WebTrader
- HFM app
Copy trading and PAMM are available in some regions.
Is your money safe with HFM?
- CMA licence in Kenya and an FSCA licence in South Africa.
- Segregated client accounts, according to HFM.
- No approved OTC derivative provider in the group in South Africa.
HFM pros and cons
Pros
- Licensed in Kenya and South Africa
- No minimum deposit on most accounts
- Cent account for practice with real money
- MetaTrader 4 and 5, copy trading and PAMM
Cons
- Inactivity fees that grow over time
- Leverage up to 1:2000 offshore
- No approved ODP in South Africa
- Bonus offers come with strict conditions
Our real-money test of HFM
Coming
We will open a HFM account, deposit with M-Pesa, place a trade and withdraw, then publish the screenshots, the time each step took and every fee we paid.
HFM withdrawal time: reports from traders
How long do HFM withdrawals really take?
Loading reports…
Median of reports from traders. Not checked by us; our own tests are marked separately.
Withdrawal stuck or refused at HFM? Get a ready complaint letter and the right regulator contact with our complaint desk →
HFM: questions people ask
Is HFM regulated in Kenya?
Yes. In Kenya, HFM operates through HFM Investments Limited, which holds CMA licence 155. Check that this company is named on your client agreement, not an offshore company of the same brand.
Is HFM regulated by the FSCA in South Africa?
Yes. In South Africa, HFM operates through HF Markets SA (Pty) Ltd, which holds FSCA licence FSP 46632. Check that this company is named on your client agreement, not an offshore company of the same brand. HF Markets Ltd shows "Application withdrawn" on the FSCA list of OTC derivative providers, checked 25 Oct 2026. The FSP may act as an intermediary; check which company issues your CFDs.
What is the HFM minimum deposit?
$0 on Premium, Cent and Zero accounts; $100 on Pro and $500 on InfinityX.
Does HFM accept M-Pesa?
Kenyan sources report M-Pesa funding through a payment partner, with a $5 minimum and no HFM fee. Check the options in your HFM client area.
Does HFM charge an inactivity fee?
Yes. After six months without trading it charges $5 a month, rising the longer the account stays dormant.
Is HFM regulated in Kenya?
Yes. HFM Investments Limited holds CMA licence 155.
Sources for this review (checked 25 Oct 2026)
- CMA: licensed non-dealing online forex brokers
- FSCA: OTC derivative providers search
- HFM: compare trading accounts
- FXStreet: HFM review (Oct 2026)
- Kenyan Wall Street: forex brokers that accept M-Pesa
- Citizen Digital: Kenyan brokers with instant deposits
Fees, minimums and payment methods change and can differ by the company you sign with. Confirm them on the broker's site before you deposit. Spotted something out of date? Tell us.