HFM Bangladesh Review 2024 - TU expert opinion
Is the Forex market legit in Bangladesh?
Forex trading in Bangladesh is legal, but there are certain restrictions. Only the residents of the country can register with the local brokers. Bangladesh Bank is the financial regulator. The bank issues licenses, supervises the operation of Forex brokers and also settles disputes between clients and brokers.
Bangladesh is a Muslim country, and the brokers that are registered there officially provide an Islamic account. It is a special account that complies with the Sharia Law. Clients can use only accounts opened in the national currency for trading.
How to Trade Forex in Bangladesh
In order to start trading in the Forex market in Bangladesh, you need to register with a broker. Verification is mandatory; you will need to confirm that you are a citizen of Bangladesh or have a residence permit. You will also need to provide proof of address.
Our Evaluation of HFM
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
HFM is a reliable broker with the TU Overall Score of 7.97 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by HFM clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
The HFM broker focuses on traders from Europe. The company offers a variety of investment options and is suitable for both novice and professional traders.
Detailed Review of HFM in Bangladesh
HFM is a good choice for traders from Bangladesh. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
HFM was registered in Saint Vincent and the Grenadines in 2009 and belongs to the HF Markets Group. (Registration number - 22747 IBC 2015). HFM is licensed to offer a wide range of services, which includes any commercial, financial, and trading activities. The license also covers activities in the field of lending, borrowing and customer service, participation in other enterprises, and the provision of brokerage services. Additionally, HFMis authorized to provide educational and account management services using currencies, commodities, indices, CFDs, and financial instruments. The company's activities are currently vetted by several regulators including the following: FCA (UK Financial Conduct Authority, 801701), DFSA (Dubai Financial Services Authority, F004885), FSCA (South African Financial Services Authority, 46632), and FSA (Seychelles Financial Services Authority, SD015), CMA Capital Markets Authority (Kenya, 155).
A few important statistics regarding HFM and its current customer base:
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over 2,000,000 active real accounts;
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more than 10 years in the market;
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over 200 employees worldwide;
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35 awards;
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supported by more than 27 languages;
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6 types of accounts plus a demo and Islamic account.
Advantages of HFM for trading in Bangladesh
Traders Union analysts conducted a detailed analysis of HFM for traders from Bangladesh. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
stable operation of terminals and services;
wide functionality of trading platforms;
low spreads;
reliability;
provides algorithmic trading and scalping.
The HFM platform does not issue any restrictions on trading strategies: locking and hedging are allowed and there are no time limits.
Analysis of the Main Features of HFM in Bangladesh
Traders Union analysts analyzed the key features of HFM for traders from Bangladesh. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for HFM traders from Bangladesh
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of HFM trading conditions for traders from Bangladesh. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, Webtrader, Mobile Trading and HFM Platform
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---|---|
📊 Accounts: |
CENT, ZERO, PREMIUM, PRO
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💰 Account currency: |
USD, EUR, NGN, JPY
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💵 Replenishment / Withdrawal: |
Wire Transfer, Visa/MasterCard, Crypto, Fasapay, Neteller, PayRedeem, Perfect Money, Skrill, Bitpay
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🚀 Minimum deposit: |
USD 0
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⚖️ Leverage: |
Up to 1:2000
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💼 PAMM-accounts: |
Yes
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📈️ Min Order: |
0.01
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💱 Spread: |
from 0 pip
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🔧 Instruments: |
Forex, Metals, Energies, Stocks, Indices, Bonds, Commodities, ETFs, Cryptocurrencies
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💹 Margin Call / Stop Out: |
50%/20%
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🏛 Liquidity provider: |
No data
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution, Instant Execution
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⭐ Trading features: |
Hedging; Account for scalping; Trading on the news.
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🎁 Contests and bonuses: |
Yes
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HFM Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by HFM for traders from Bangladesh. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
The Traders Union experts have reviewed HFM trading conditions for trading and non-trading commissions. HFM's spread was considered as a trading commission while its withdrawal fees were considered as a non-trading commission. These trading commissions are considered as being in the category of medium spreads. With HFM, there are no hidden fees.
Account type | Spread (minimum value) | Withdrawal commission |
Zero spread | From $0 | No |
Cent | From $12 | No |
Premium | From $12 | No |
PRO | From $5 | No |
An analysis of competitors' commission structures was also carried out and is summarized in the table below. This table uses a low-to-high ranking system.
FAQs
Is HFM legal in Bangladesh?
Yes. HFM operates legally in Bangladesh. The broker holds the necessary licenses.
Can you learn trading with HFM? Does the broker offer courses for traders from Bangladesh?
Yes, HFM offers good trading courses and a lot of educational information for clients from Bangladesh.
Can HFM be trusted? Has the broker been operating in Bangladesh long?
HFM has been operating in Bangladesh quite long and has a good reputation. Therefore, traders can work with HFM.
Is HFM suitable for novice traders from Bangladesh?
Yes. HFM offers optimal trading conditions and good education for beginners from Bangladesh.
How efficient is HFM customer support in Bangladesh?
HFM offers a sufficient number of ways to contact customer support in Bangladesh, and also provides support in the state language.
Has HFM had any incidents involving theft of funds of clients from Bangladesh?
No. HFM provides reliable security of funds of clients from Bangladesh.
Will I be able to file a lawsuit in Bangladesh if HFM violates my rights?
Yes. If HFM violates your rights, you can file a complaint with the regulator of Bangladesh, and then with a court.
Can HFM clients from Bangladesh use the broker’s mobile app?
Yes. The mobile app of HFM is available for the clients from Bangladesh.
Does HFM provide Bangladesh market analysis?
Analysis of Bangladesh is featured in the information provided by HFM.
How can I withdraw funds from my account at HFM in Bangladesh?
HFM supports bank transfers and debit/credit cards of the banks operating in Bangladesh.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.