HFM Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of HFM in Singapore
HFM is a good choice for traders from Singapore. 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 Singapore
Traders Union analysts conducted a detailed analysis of HFM for traders from Singapore. 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 Singapore
Traders Union analysts analyzed the key features of HFM for traders from Singapore. 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 Singapore
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 Singapore. 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
|
|---|---|
| 📊 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
|
| 🚀 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
|
HFM Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by HFM for traders from Singapore. 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.
Expert Review of HFM
HotForex is now known as HF Markets, and refers to itself on its website as HFM (the website address is HFM.com). The name change may simply be due to the fact that HFM offers multi-market access, that it isn’t just limited to trading the forex market. Still, it can be a little confusing, as the company is still listed as HotForex on some websites.
A primary draw at HotForex is the multi-market exposure it offers. About three dozen cryptocurrencies are available to trade. That’s in contrast to many forex brokers that only offer trading in a handful of cryptos. In addition to about 75 of the most widely traded stocks, HotForex clients also have exposure to approximately 30 ETFs and about a dozen market indexes. Bond trading is severely limited – only the Euro Bund, the UK Gilt, and the US 10-year Treasury Note.
Here are three things I like about HotForex:
1. Choice of Spread or Commission Fees - A choice of spread-fees-only or commission-fees-only accounts; Commission fees are on the low end of industry averages, at $6 per standard forex lot round turn trade.
2. Tier 1 Regulated - Security for traders is enhanced by the fact that HotForex is regulated by multiple Tier 1 financial regulators, including the UK’s Financial Conduct Authority (FCA).
3. Strong Trader Education - HotForex provides beginning traders with extensive trader education resources, including video tutorials, webinars, and a full forex trading course; It also gives clients daily fundamental and technical market analysis reports.
FAQs
Is HFM legal in Singapore?
Yes. HFM operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with HFM? Does the broker offer courses for traders from Singapore?
Yes, HFM offers good trading courses and a lot of educational information for clients from Singapore.
Can HFM be trusted? Has the broker been operating in Singapore long?
HFM has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with HFM.
Is HFM suitable for novice traders from Singapore?
Yes. HFM offers optimal trading conditions and good education for beginners from Singapore.
How efficient is HFM customer support in Singapore?
HFM offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has HFM had any incidents involving theft of funds of clients from Singapore?
No. HFM provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if HFM violates my rights?
Yes. If HFM violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can HFM clients from Singapore use the broker’s mobile app?
Yes. The mobile app of HFM is available for the clients from Singapore.
Does HFM provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by HFM.
How can I withdraw funds from my account at HFM in Singapore?
HFM supports bank transfers and debit/credit cards of the banks operating in Singapore.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!