Choosing a broker for trading purposes is one of the most important steps to becoming a trader. This can be quite an overwhelming situation, especially if you do not know what you are looking for in a broker. There are a few variables that should be considered when deciding which broker is best for you. They include:
- Fees and commissions
- Investment options
- Minimum deposits
- Education and research
- Customer service
Before beginning your search for the best brokerage, you need to think about each factor and what you want to get out of trading. Do you want tight spreads or zero commission? Do you want extensive investment options or a good training and education program? These are questions you should ask yourself before considering a broker.
Overview of HF Markets
HF markets, previously known as Hot Forex, is a popular broker that has been operational since 2010. They give traders a wide range of options for markets and instruments to trade. Their number of account holders is currently over 1.5 million. HF Markets have won over 25 awards for their transparency with services. With more than 200 staff around the world, they provide 24/5 around-the-clock support in various languages. Customer service is one of their strengths.
HF Markets does not only give their users the best service with tight spreads and competitive commission, but they are also socially responsible through donations to charity and other initiatives.
If you are trading FX or CFDs, two trading platforms will be available to you, namely MT4 and MT5. These are sufficient platforms and extremely popular among the trading industry. The platforms are easily accessible as they can be downloaded on a computer and phone or used on the web. Through HF Markets you will have access to over 150 trading instruments.
HF Markets is essentially a group that includes multiple companies which are each regulated individually. HF Markets UK specifically is regulated by the FCA which is a tier-1 regulator. The South African HF Markets is regulated by the FSCA etc. This means that there are specific protocols by which the company should be compliant. Thus, you can expect a financial system that is healthy and successful. On top of this traders will experience fair, honest, and effective markets in which trades will be transparent.
Both the UK and European companies have restrictions, such as maximum leverage of 1:30.
Just like many other CFD brokers, you can expect to pay a spread fee. HF Markets spreads are high in comparison to other brokers. However, this is also dependent on the type of account you are planning to open with HF Markets. Each account is different in order to fit different requirements. There are 5 accounts you can choose from;
This account is best for beginner traders or traders who prefer to trade in smaller volumes. The requirements for trading are much lower than average accounts. The minimum deposit is only $50. The minimum and maximum lot sizes are 0.1 and 7 respectively. Spreads start from 1 pip and there are no commissions charged. You can open a maximum of 150 trades simultaneously.
Zero Spread Account
This account is more diverse and suitable for all traders. However, high-volume traders, scalpers, and traders with expert advisors may benefit more from the zero-spread account. The variable spreads start at 0 pips, a competitive commission is charged, however, spreads are raw and transparent. The commission is based on trading volume, but it can start at $0.03. The commission is negotiable as the trading volume increases. The minimum deposit of this account is $200 and the minimum and maximum lot sizes are 0.1 and 60 respectively. You can open 500 orders simultaneously.
This account is more accommodating to experienced retail traders. Position sizing is quite flexible which is one of the best features of this account. The minimum deposit is only $100 with lot sizes ranging from 0.1 to 60. Spreads start at 1 and no commission is charged. You are able to open 300 simultaneous orders.
This account is best for copy trading. You can either receive a fee for providing signals or you can receive direct signals to your account. You will have to undergo an assessment to determine whether your performance is suitable for this type of trading account. It requires a $100 minimum deposit with lot sizes also ranging from 0.1 to 60. Spreads start at 1pip without commission. Simultaneous orders are capped at 300.
Premium Pro Account
Usage of this account is reserved for traders who are considered professional. The required minimum deposit is $500, lot sizes range from 0.1 to 60. Maximum simultaneous orders are 300. The biggest difference with this account is the chance of increased leverage. There is a chance that extra fees may apply to this account.
HF Markets offers a wide range of educational resources to their traders. The following are some of the options you can choose from for education:
- Exclusive Analysis
- Live Webinars
- Videos and tutorials
- Trading eCourse
HF Markets covers a wide range of markets for traders to choose from. You can trade forex, cryptocurrencies, metals, indices, shares, energies, commodities, or bonds. This broker caters to a large portion of traders with its variety of markets.
Like other brokers, HF Markets also offers 24/5 around-the-clock customer support. It is available in 27 different languages and can be accessed via email, telephone, or online chat. They have local telephone numbers in 10 countries. In the case, you lose internet or under other circumstances, there is a trading desk that can be used by traders to manage orders over the phone.
Opening an account
The process of opening an account on the HF Markets website is simple and convenient. All you have to do is fill out an application form, verify your email and provide proof of identity and address. After verification, you can fund your account and begin trading.