Hotforex review

HF Markets Review

Overall, HF Markets (previously HotForex) is considered low-risk, with an overall Trust Score of 85 out of 100. HF Markets is licensed by one Tier-1 Regulator (high trust), four Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust). HF Markets offers five different retail trading accounts namely a Micro Account, Premium Account, HFCopy Account, Zero Spread Account, and an Auto Account. HF Markets is currently not regulated by the CMA of Uganda

Updated : July 7, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Trading Platforms

Range of Markets


Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons


Overall Rating

Min Deposit

USD 5 / 18,000 UGX



Trading Desk

MetaTrader 4 and MetaTrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

HF Markets Overview

HotForex Review Overview Uganda


👉 HF Markets accepts Ugandan clients and has an average spread from 0.0 pips with $6 to $8 commission round turn. HF Markets has a maximum leverage ratio up to 1:1000 and there is a demo and Islamic account available. MT4, MT5 and HF App platforms are supported. HF Markets is headquartered in Cyprus and regulated by FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA.


👉 HF Markets is a well-known brokerage company that was established in 2010 by George Koumandaris, who is also the company’s owner. The firm is an associate of the worldwide brokerage organization HF Markets Group, which is based in the United Kingdom.


👉 HF Markets has over 200 workers all around the world, more than 2.5 million active accounts, and more than 50 honours from various industry organizations, thus it has a strong reputation in its field.


👉 HF Markets is well-known for providing traders with unfettered access to a liquidity pool as well as a variety of trading platforms, trading tools, and account types that can be customized to meet their needs.


👉 This HF Markets review for Uganda will provide local retail traders with the details that they need to consider whether HF Markets is suited to their unique trading objectives and needs.


HF Markets Distribution of Traders

HotForex Review Distribution Of Traders Uganda


👉 HF Markets currently has the largest market share in these countries:

➡️️​ South Africa – 94.8%

➡️️​ Kenya – 2.54%

➡️️​ United States – 0.77%

➡️️​ Morocco – 0.74%

➡️️​ Netherlands – 0.27%


Popularity among traders who choose HF Markets

🥇 Although HF Markets does not have a dominant position in the business in Uganda, the broker is nevertheless ranked among the Top 20 forex and CFD brokers for traders based in Uganda.



HF Markets At a Glance

🏛 HeadquarteredCyprus
🏙 Local office in Kampala?No
✅ Accepts Uganda traders?Yes
🗓 Year Founded2010
📞 Uganda Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
🪪 Regulatory Licenses• South Africa – FSP 46632
• Cyprus – 183/12
• Dubai – F004885
• Seychelles – SD015
• United Kingdom – 801701
• Mauritius – 094286/GBL
• Kenya – CMA license 155
Registrations• France ACPR – 53684
• Germany BaFin – 132342
• Hungary MNB – K8761153
• Italy CONSOB– 3673
• Norway – FT00080085
• Spain CNMV – 3427
• Sweden FI – 31987
• Austria FMA
• Bulgaria FSC
• Croatia HANFA
• Czech Republic CNB
• Denmark • Finanstilsynet
• Estonia FSA
• Finland FSA
• Greece HCMC
• Iceland FME
• Central Bank of • Ireland
• Latvia FKTK
• Liechtenstein FMA
• Lithuania Lietuvos • Bankas
• Luxembourg CSSF
• Malta MFSA
• Poland KNF
• Portugal CMVM
• Romania ASF
• Slovakia NBS
• Slovenia ATVP
⚖️ CMA Uganda RegulationNo
🚫 Regional RestrictionsThe United States, Canada, Sudan, North Korea, and Syria
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts5
📊 PAMM AccountsNo
🤝 Liquidity ProvidersBarclays UK, BNP Paribas, and others
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.0 pips
📞 Margin CallBetween 40% to 50%
🛑 Stop-OutBetween 10% and 20%
✅ Crypto trading offered?0.01 lots
💰 Offers a UGX Account?No
👨‍💻 Dedicated Uganda Account Manager?No
📊 Maximum Leverage1:1000
🚫 Leverage Restrictions for Uganda?None
💰 Minimum Deposit 18,000 UGX or an equivalent to $5
✅ Uganda Shilling Deposits Allowed?Yes
📊 Active Uganda Trader Stats100,000+
👥 Active Uganda-based HF Markets customersUnknown
💳 Uganda Daily Forex TurnoverUnknown, overall Forex Daily Trading Volume is over $6.6 Trillion
💵 Deposit and Withdrawal Options• Bank Wire Transfer
• Credit Card
• Debit Card
• Electronic Payment Providers
🏦 Segregated Accounts with Uganda Banks?No
📊 Trading Platforms• MetaTrader 4
• MetaTrader 5
✔️ Tradable Assets• Forex
• Precious Metals
• Energies
• Indices
• Shares
• Commodities
• Cryptocurrencies
• Bonds
• Stocks DMA
• ETFs
💸 Offers USD/UGX currency pair?No
📈 USD/UGX Average SpreadN/A
📉 Offers Uganda Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish, Portuguese, Spanish
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Uganda-based customer support?No
✅ Bonuses and Promotions for Uganda tradersYes
📚 Education for Uganda beginner tradersYes
📱 Proprietary trading softwareNo
💰 Most Successful Ugandan TraderUnknown
✅ Is HF Markets a safe broker for Ugandan traders?Yes
📊 Rating for HF Markets Uganda9/10
🤝 Trust score for HF Markets Uganda83%
👉 Open an account👉 Open Account

Overall Rating

Min Deposit

USD 5 / 18,000 UGX



Trading Desk

MetaTrader 4 and MetaTrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

HF Markets Regulation and Safety of Funds

HotForex Review Regulation And Safety Uganda


HF Markets Regulation in Uganda

👉 HF Markets is well-established in Africa but does not have local offices in Uganda or regulations through the Bank of Uganda.


HF Markets Global Regulations

👉 The HF Markets Group, which consists of the following enterprises, is known by the unified brand name HF Markets. HF Markets is therefore regulated and overseen by these market regulators in the respective regions where HF Markets operates:

➡️ Financial Conduct Authority (FCA), a Tier-1 Regulator.

➡️ The Cyprus Securities and Exchange Commission (CySEC), a Tier-2 Regulator.

➡️ The Dubai Financial Services Authority (DFSA), a Tier-2 Regulator.

➡️ The Financial Sector Conduct Authority (FSCA), a Tier-2 Regulator.

➡️ The Capital Markets Authority (CMA), a Tier-2 Regulator.

➡️ Financial Services Authority (FSA), a Tier-3 Regulator.

➡️ Financial Services Commission (FSC), a Tier-3 Regulator.


👉 HF Markets (UK) Ltd is an entity that is based in the United Kingdom and subsequently regulated by the Financial Conduct Authority (FCA). Since its inception in 2000, the FCA has worked with the UK Treasury to support and enable a financially healthy and successful system in which companies can flourish and consumers can benefit from fair, honest, efficient, transparent, and open markets.


👉 The European Securities and Markets Authority (ESMA) has some influence on trading restrictions in the UK and Europe, which means that traders in these regions are restricted to leverage of 1:30.


👉 One of Cyprus’ leading financial institutions is the Cyprus Securities and Exchange Commission-registered investment firm, HF Markets. CySEC is a member of the Committee of the European Securities and Markets Authority (ESMA), which oversees and regulates investment services enterprises in Cyprus.


👉 HF Markets (Europe) Ltd. has a responsibility to support market discipline by disclosing information about the company’s capital, risks, and exposure.


👉 To provide a uniform regulatory framework for investment services throughout Europe, they must comply with the EU’s Markets in Financial Instruments Directive (MiFID).


👉 The Dubai Financial Services Authority has granted HF Markets (DIFC) Ltd authorization and regulation (DFSA). DFSA’s mission is to establish, manage, and enforce world-class regulation of financial services in the Middle East’s most important financial centre, the Dubai International Financial Centre (DIFC).


👉 The Financial Sector Conduct Authority (FSCA) in South Africa has approved HF Markets SA (PTY) Ltd is an authorized Financial Service Provider. The FSCA is a statutory body formed by law to supervise the South African non-banking financial services sector.


👉 The Capital Markets Authority (CMA), issues licenses, oversees, and governs HFM Investments Limited. Because of this rule, HF Markets can provide online currency exchange services.


👉 Regulated by the Seychelles Financial Services Authority (FSA), HF Markets (Seychelles) Ltd. As the country’s non-bank financial services regulator, the authority oversees the licensing, regulation, and growth of Seychelles’ nonbank financial services business.


👉 The Financial Services Commission (FSC) of the Republic of Mauritius is responsible for overseeing the activities of HF Markets Ltd.


HF Markets Client Fund Security and Safety Features

👉 Because each subsidiary of HF Markets is subject to stringent regulation, customers can have the peace of mind that comes from knowing they are working with a trustworthy and dependable broker that is required to adhere to stringent regulatory requirements.


👉 You have the option of opening an account with the applicable body, and the prerequisites for doing so will depend on your jurisdiction and trading needs.


👉 HF Markets must submit accurate financial reports to the regulator quarterly. In addition, HF Markets must maintain adequate levels of liquid capital to cover all their clients’ deposits, potential fluctuations in the company’s currency positions, and any outstanding expenses.


👉 In addition, an independent internal auditor performs a detailed annual audit to inform the regulator of any deficiencies.


👉 The protection of the cash belonging to HF Markets customers is of top concern. Therefore, HF Markets has adopted extra security measures so that traders may concentrate only on their trading without being distracted by concerns about the protection of their cash.


👉 Client funds are already covered because of several regulatory obligations, and to further shield liabilities against customers, HF Markets EU has an insurance program that does not incur any additional costs for the client.


👉 This insurance is limited to 5 million and covers against risks that may lead to financial loss such as errors, negligence, omissions, fraud, etc.


👉 HF Markets EU holds client funds in separate accounts with major global banks so they cannot be used for any other purpose. Because there is protection against negative balances, a customer will not be held liable for a situation in which they have a negative balance even if the market circumstances are turbulent.


👉 Investor Compensation Fund is one of the organizations in which HF Markets EU participates. The establishment of the ICF intends to facilitate the payment of compensation to affected customers of ICF members if essential prerequisites are satisfied.


HF Markets Awards and Recognition

👉 Over its years in operation, HF Markets has collected several highly prestigious titles from well-respected awarding bodies from around the globe. Some of the most recent awards that HF Markets has won include, but is not limited to:

➡️ In 2021, HF Markets received an award as the best forex broker in Nigeria, issued by the International Finance Awards.

➡️ HF Markets, under HotForex, has placed in the Top 100 companies as per the World Finance Magazine.

➡️ In 2021, HF Markets won an award for being the Best Multi-Asset Broker Globally, awarded by Pan Finance.

➡️ HF Markets has won the Forex Trading Platform of the Year Award, issued by Business Day.

➡️ In 2021, HF Markets was awarded with the Best Forex Broker Asia Award by Global Business Review Magazine.

➡️ HF Markets walked away with the “Best Client Fund Security Global 2021” Award, issued by the International Business Magazine.

HF Markets Account Types and Features

HotForex Review Account Types Uganda


👉 Traders who use HF Markets have access to a wide range of trading accounts that may be customized to meet their requirements as well as their personal preferences. Retail investors may choose from the following kinds of accounts provided by HF Markets:

➡️ Micro Account

➡️ Premium Account

➡️ HFcopy Account

➡️ Zero Spread Account

➡️ Auto Account


HF Markets Live Trading Accounts

Micro Account

👉 Traders who are just starting out and just want to trade lesser amounts of money can consider opening a Micro Account since it is a fantastic alternative for them. The Micro Account allows for far more manageable position sizes, which makes it an excellent choice for novice traders.

Account FeatureValue
💸 Minimum Deposit 18,000 UGX or an equivalent to $5 or 70 ZAR
📊 Spreads1 pip EUR/USD
💻 Trading PlatformMetaTrader 4, MetaTrader 5
🔧 Trading InstrumentsAll
📲 ExecutionMarket Execution
💰 Maximum Leverage Ratio1:1000
📉 Minimum Trade Size0.01 lot
📈 Maximum Trade Size7 Standard Lots (100,000 base currency)
💸 Maximum Open Orders150 (Simultaneous)
📞 Margin Call (%)40
🛑 Stop-Out (%)10
💵 Account Base CurrencyUSD, ZAR, NGN
👥 Personal Account ManagerYes
💵 Commission ChargesNone
✔️ Bonuses OfferedFlexible bonus offering


Premium Account

👉 This sort of account would be beneficial for retail traders that have previous experience. One of the most valuable aspects of this account is the versatility of its position size, which comes with a maximum of sixty standard lots for a single transaction.

Account FeatureValue
💸 Minimum Deposit 360,000 UGX or and equivalent to $100 or R1,400
📊 SpreadsFrom 1 pip EUR/USD

💻 Trading PlatformMetaTrader 4, MetaTrader 5
🔧 Trading InstrumentsAll
📲 ExecutionMarket Execution
💰 Maximum Leverage Ratio1:500

📉 Minimum Trade Size0.01 lot
📈 Maximum Trade Size7 Standard Lots (100,000 base currency)
💸 Maximum Open Orders60 Standard lots per position
📞 Margin Call (%)50
🛑 Stop-Out (%)20
💵 Account Base CurrencyUSD, ZAR, NGN
👥 Personal Account ManagerYes
💵 Commission ChargesNone
✔️ Bonuses OfferedFlexible bonus offering


HFcopy Account

👉 This kind of account may be beneficial to both Strategy Followers and Service Providers. SPs can create an inventory of followers on this sort of account, which afterwards gives them the ability to trade and earn a Performance Fee of up to 50%.


👉 Users can deposit funds into this account, and all their subsequent transactions will be promptly replicated from this account.

Account FeatureValue
💸 Minimum Deposit Follower: 360,000 UGX or an equivalent to $100
Provider: 1,000,000 UGX or an equivalent to $300
📊 SpreadsFrom 1 pip EUR/USD

💻 Trading PlatformMetaTrader 4
🔧 Trading InstrumentsForex, Spot Indices, Gold, Spot Energies, BTC/USD, BTC/EUR
📲 ExecutionMarket Execution
💰 Maximum Leverage Ratio1:400

📉 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
💸 Maximum Open Orders300
📞 Margin Call (%)50
🛑 Stop-Out (%)20
💵 Account Base CurrencyUSD
👥 Personal Account ManagerYes
💵 Commission ChargesNone
✔️ Bonuses Offered200


Zero Spread Account

👉 All types of traders, including active traders, high-frequency traders, day traders (such as scalpers), and traders who use expert advisors, will profit from the minimal trading fees and commissions associated with this account.


👉 The fact that this account does not apply any hidden markups to the spreads is an extra advantage for traders in Uganda who use this account.

Account FeatureValue
💸 Minimum Deposit 720,000 UGX or an equivalent to $200 or R2,800
📊 Spreads0.0 pips on Forex Major currency pairs
💻 Trading PlatformMetaTrader 4, MetaTrader 5
🔧 Trading InstrumentsAll
📲 ExecutionMarket Execution
💰 Maximum Leverage Ratio1:500
📉 Minimum Trade Size0.01
📈 Maximum Trade Size60 Standard lots per position
💸 Maximum Open Orders500
📞 Margin Call (%)50
🛑 Stop-Out (%)20
💵 Account Base CurrencyUSD, ZAR, NGN
👥 Personal Account ManagerYes
💵 Commission ChargesFrom between $3 for Major Forex Pairs and $4 on other instruments per lot traded
✔️ Bonuses OfferedNone


Auto Account

👉 Investors that utilize this sort of account can participate in algorithmic trading as well as automated trading. The HF Markets Auto Account can be used by any sort of trader to subscribe to trading signals, regardless of whether they are provided for a fee.


👉 These trading signals are provided by the MQL5 community that is part of the HF Markets Namibia MetaTrader 4 platform.

Account FeatureValue
💸 Minimum Deposit 720,000 UGX or an equivalent to $200 or R2,800
📊 SpreadsFrom 1 pip EUR/USD
💻 Trading PlatformMetaTrader 4
🔧 Trading InstrumentsForex, Spot Indices, Gold, Spot Energies, BTC/USD, BTC/EUR
📲 ExecutionMarket Execution
💰 Maximum Leverage Ratio1:500
📉 Minimum Trade Size0.01 lot
📈 Maximum Trade Size60 Standard lots per position
💸 Maximum Open Orders300
📞 Margin Call (%)50
🛑 Stop-Out (%)20
💵 Account Base CurrencyUSD
👥 Personal Account ManagerYes
💵 Commission ChargesNone
✔️ Bonuses OfferedNone


HF Markets Base Account Currencies

👉 Ugandan traders who register a live account with HF Markets have the option of choosing between either USD or ZAR as the base account currency.

HF Markets Demo Account

HotForex Review Demo Account Uganda


👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 


👉 There is a certain degree of risk involved when trading financial markets and HF Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.


👉 Traders in Uganda have the option of opening a demo account with HF Markets on any of the following account types:

➡️ Micro Account

➡️ Premium Account

➡️ Auto Account

➡️ HFCopy Account


👉 Ugandan traders can register a demo account of their choosing either through MetaTrader 4 or MetaTrader 5 across different devices.


HF Markets Islamic Account

HotForex Review Islamic Account Uganda


👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.


👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.


👉 HF Markets offers Muslim traders the opportunity to convert their live trading account into a Swap-Free Islamic Account. Muslim traders who keep open positions overnight will not be charged interest if they use the HF Markets Islamic Account since this account is compliant with Sharia law and the ideals that are associated with Islam.


👉 Traders may convert any of their current trading accounts at HF Markets into an Islamic Account, which gives them the ability to engage in halal trading without any restrictions.

How to open an Account with HF Markets

HotForex Review Account Registration Uganda


👉 To register a new account with HF Markets, Ugandan traders can follow these guidelines:

➡️ On the website of HF Markets, there is a user-friendly application form that can be completed online. After you have completed the form and sent it in, your email address will need to be validated.

➡️ After that, you will be required to submit a proof of identity such as a passport and a proof of residence such as a utility bill to complete the registration process.

➡️ The Know Your Customer (KYC) process must be completed by uploading your proof of identity and residential address. You will not be allowed to start trading until the accounts team has checked your paperwork.

➡️ Once the account has been approved and verified, you can start trading after you deposit money into your account according to the account type you chose to register.


How to Register An Account

👉 Step 1 – Go to the Official HotForex Website

➡️ Go to the HotForex Website ( and click on “Open Live Account”.

HotForex Review How to Register An Account Step 1


👉 Step 2 – Fill Out Your Details

➡️ Fill out your personal details such as your name, surname, country of residence and email address. 

HotForex Review How to Register An Account Step 2


👉 Step 3 – Click on “Register”

➡️ Click on the green “Register” button to register your account. 

HotForex Review How to Register An Account Step 3

HotForex VS GlobalGT VS OspreyFX – Broker Comparison

⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regionsFSCA, FSANone
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• MetaTrader 5• MetaTrader 4
• MetaTrader 5
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit18,000 UGX18,000 UGX97,000 UGX
📈 Leverage1:1000
📊 Spread0.0 pipsFrom 0.0 pipsFrom 0.4 pips
💰 Commissions$3 to $4$10From $1
✴️ Margin Call/Stop-Out• 40%/10%
• 50%/20%
✴️ Order ExecutionMarketMarketMarket
💳 No-Deposit BonusNoNoNo
📊 Cent AccountsNoYesNo
📈 Account Types• Micro Account
• Premium Account
• Kenya HFcopy Account
• Kenya Zero Spread Account
• Auto Account
• Cent Account
• Mini Account
• Standard Account
• Standard FX Account
• ECN Account
• Standard Account
• PRO Account
• VAR Account
• Mini Account
⚖️ CMA RegulationNoNoNo
💳 UGX DepositsYesYesNo
📊 UGX AccountNoNoNo
👥 Customer Service Hours24/524/724/7
📊 Retail Investor Accounts554
☪️ Islamic AccountYesNoYes
💸 Minimum Trade Size
0.01 lots0.01 lots0.01 lots
📈 Maximum Trade Size60 lots500 lots1,000 lots

Overall Rating

Min Deposit

USD 5 / 18,000 UGX



Trading Desk

MetaTrader 4 and MetaTrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

HF Markets Trading Platforms

HotForex Review Trading Platforms Uganda


👉 HF Markets offers its Ugandan traders a choice between the following trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ HF App


Desktop Platforms

HotForex Review Desktop Platforms Uganda


➡️ MetaTrader 4

➡️ MetaTrader 5


MetaTrader 4 and 5

👉 It is possible to manage many accounts on a single screen using the HF Markets’ MultiTerminal platform. With the MT4 platform, Ugandan traders may anticipate a familiar trading experience, but with much more power and capabilities.


👉 HF Markets MT5 is a MetaTrader 5 platform that has been tailored to fulfil the needs of HF Markets customers, regardless of trading style or asset class preferences.


👉 It has more features, more advanced trading tools, better support, and complete control over the trader’s operations. One of the most creative and frequently used trading platforms in the world, MetaTrader 5, is utilized by Ugandan traders.


WebTrader Platforms

HotForex Review WebTrader Platforms Uganda


➡️ MetaTrader 4

➡️ MetaTrader 5


MetaTrader 4 and 5

👉 The MetaTrader 4 WebTerminal allows traders to trade from any web browser, without the need to install any additional software. Trades can be placed on either a Live or a Demo account, allowing traders to keep track of their full trading history as well as place pending and market orders.


👉 No additional software is required for MetaTrader 5 WebTerminal trading. The WebTerminal, which can be started from any computer and any browser, has all the functionality of the desktop platform.


Trading App

HotForex Review Trading App Uganda


➡️ MetaTrader 4

➡️ MetaTrader 5


MetaTrader 4 and 5

👉 The HF Markets Android and iOS MT4 combine excellent charting with trading tools and other advanced features to make it easier for traders to trade on the move. HF Markets’ full-featured trading interface allows traders to access financial markets from anywhere in the world, do technical analysis, monitor movement, and make orders.


👉 HF Markets provides an MT4 Android, iPad, and iPhone Trader that can be downloaded and utilized right away for the convenience of HF Markets customers. HF Markets’ software was specifically created to make use of a wide range of mobile device capabilities to give traders full access to their trading accounts and the perfect trading environment.


👉 Mobile traders may now feel in charge of their HF Markets trading accounts and ready to dive into the markets wherever they are with MetaTrader 5 for HF Markets’ iOS and Android-native alternatives.


HF App

👉 With the proprietary HF App, Ugandan traders can remain connected to the financial markets. The HF App is available to both iOS and Android devices and offers the following unique features:

➡️ The ability to deposit, withdraw, or transfer funds by simply logging into your myHF area from the mobile app.

➡️ Access to advanced charting capabilities such as choosing between different chart types and timeframes, using technical indicators, using the zoom scroller, or accessing online news feeds.

➡️ The ability to use HFCopy functions from the mobile app.

➡️ Access to a comprehensive watchlist that can be customized by Namibian traders.

➡️ Access to the myHF area where Namibians can manage and monitor their account and trading activities.

➡️ Access to comprehensive daily market analysis to keep updated on all that is happening in the financial markets.

➡️ Access to a real-time market indicator that offers Namibian traders with valuable information on how traders are reacting to movements in the markets.

➡️ Access to an innovative Trader’s Board where information on currency movers, the overall volume traded, and live charts can be viewed.

➡️ Access to live quotes on instruments, trading calculators, a proprietary economic calendar, and a range of webinars.


HF Markets Range of Markets

👉 Ugandan traders can expect the following range of markets from HF Markets:

➡️ Forex

➡️ Precious Metals

➡️ Energies

➡️ Indices

➡️ Shares

➡️ Commodities

➡️ Cryptocurrencies

➡️ Bonds

➡️ Stocks DMA

➡️ ETFs

Broker Comparison for Range of Markets

HotForexGlobal GTOspreyFX
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsYesNoNo

Overall Rating

Min Deposit

USD 5 / 18,000 UGX



Trading Desk

MetaTrader 4 and MetaTrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

HF Markets Trading and Non-Trading Fees


HotForex Review Spreads Uganda


👉 Market conditions and the financial instrument you select to trade will all influence how much a trader will pay in spreads while working with HF Markets. The average spreads for each account type are as follows:

➡️ Micro Account – from 1 pip

➡️ Premium Account – from 1 pip

➡️ HFcopy Account – from 1 pip

➡️ Zero Spread Account – from 0.0 pips

➡️ Auto Account – from 1 pip



HotForex Review Commissions Uganda


👉 The commissions charged by HF Markets are unusually low in comparison to those charged by other forex and CFD brokerages. FX majors and other financial instruments traded by Namibian traders will cost between $3 and $4 in transaction fees.


Overnight Fees, Rollovers, or Swaps

HotForex Review Overnight Fees Uganda


👉 Overnight fees for Ugandan traders include the following:

➡️ Daily updates are based on market conditions and the prices that price providers get for forex, commodities, and individual stock swaps. On Wednesdays, all positions are subject to three swaps.

➡️ Daily precious metal exchange prices fluctuate based on market conditions and price quotes from pricing providers. On Wednesdays, traders should be mindful of the 1 pip per lot exchange for XAG and XAU.

➡️ Several factors go into making energy swap adjustments, including market conditions and the rates that pricing providers obtain. Traders should be aware that on Wednesdays when there are triple swaps in force, USOil and UKOil swaps are denominated in US Dollar value.

➡️ Indices, DMA stock prices, ETFs, and Cryptocurrencies – Swaps fluctuate daily depending on market conditions and the rates that are obtained by liquidity and price providers, which means that all positions are affected, and every Friday there is a triple swap that is applied.


Deposit and Withdrawal Fees

👉 There are no fees indicated for any of the deposit or withdrawal options that HF Markets supports. However, there is a note on bank wire transfers that fees do not apply for deposits over 100 USD.


👉 Thus, if Ugandan traders make deposits using bank wire, they may face fees if they deposit less than 1,600 NAD, or the equivalent of 100 USD depending on the current exchange rate between USD and NAD.


Inactivity Fees

👉 If a live trading account is dormant for a consecutive six months up to a year, a $5 fee will be charged monthly until the account balance reaches zero and the account is terminated automatically.


Currency Conversion Fees

👉 Ugandan traders who deposit funds or withdraw funds in Ugandan dollars may face currency conversion fees as HF Markets only supports deposits/withdraws in USD and ZAR.

HF Markets Deposits and Withdrawals

HotForex Review Uganda


👉 HF Markets offers the following deposit and withdrawal methods:

➡️ Bank Wire Transfer

➡️ Credit Card

➡️ Debit Card

➡️ Skrill


How to Deposit Funds with HF Markets

👉 To deposit funds to an account with HF Markets, Ugandan traders can follow these steps:

➡️ Once a Ugandan trader has logged into their myHF account, they can select the option to deposit and choose the payment method that they wish to use.

➡️ Next, traders can indicate the deposit amount and deposit currency.

➡️ Lastly, traders can provide any additional information as requested by their payment provider to confirm and finalize the deposit.


HF Markets Fund Withdrawal Process

👉 To withdraw funds from an account with HF Markets, Namibian traders can follow these steps:

➡️ Log into your myHF portal.

➡️ Choose “Fund Withdrawal.” from the options.

➡️ Select a payment option and input the amount you want to withdraw.

➡️ Lastly, follow any further steps required by your chosen payment provider to complete and submit the withdrawal request.


👉 If traders submit their withdrawal requests before 10 am server time, they may expect them to be processed the same business day, between 7 am and 5 pm server time.


👉 When a withdrawal request is submitted after 10 am server time, it will be processed the next business day between 7 am and 5 pm server time.

HF Markets Education and Research

HotForex Review Education And Research Uganda



👉 HF Markets offers the following Educational Materials:

➡️ Hot Forex Educational Videos

➡️ Training Course Videos

➡️ Forex Education

➡️ eCourses

➡️ Live Webinars

➡️ Events

➡️ Podcasts


👉 HF Markets offers Ugandan traders the following Research and Trading Tools:

➡️ HF App

➡️ VPS Hosting Services

➡️ Premium Trader Tools

➡️ AutoChartist Tools

➡️ Trading Calculators

➡️ myHF Client Area

➡️ Advanced Insights

➡️ Economic Calendar

➡️ Traders’ Board

➡️ Auto Trading through MQL5

➡️ Forex News presented by FXstreet

➡️ One-Click Trading

➡️ Events

➡️ HotForex Exclusive Analysis

HF Markets Bonuses and Promotions

HotForex Review Bonuses And Promotions Uganda


👉 HF Markets offers Ugandan traders the following bonuses and promotions:

➡️ Free Funding

➡️ Contests including Traders Awards, HotForex Gadget Giveaway, Demo Contest, Trading Contests, Currency Wars Contest

➡️ Loyalty Program

➡️ 50% Welcome Bonus for Micro Accounts

➡️ 100% Supercharged Bonus applied to a range of accounts

➡️ 30% Rescue Bonus

➡️ 100% Credit Bonus

How to open an Affiliate Account with HF Markets

HotForex Review Affiliate Program Uganda


👉 To register an Affiliate Account, Ugandans can follow these steps:

➡️ Visit the official HF Markets website.

➡️ Navigate to “Affiliates” on the main toolbar and click on “About HF Affiliates” to obtain more information on the Affiliate Program.

➡️ Explore the types of Affiliates that HF Markets accepts and click on the green “Become an Affiliate” banner to get started.

➡️ Select the Affiliate Type, whether Individual or Corporate.

➡️ Provide personal information by completing the required fields.

➡️ Next, complete the Business information section by providing your affiliate experience, the estimated number of existing clients, estimated deposits from existing clients, and how you locate your clients.

➡️ Complete the Program information section by selecting “Yes” or “No” under HFM Revenue Share.

➡️ Lastly, ensure that you have read the Affiliates Agreement, Terms and Conditions, and the Privacy Policy of HF Markets before you register for the affiliate program.


HF Markets Affiliate Program Features

👉 Anyone can join the HF Affiliates affiliate program, regardless of where they reside. To keep affiliates around for the long haul, HF Markets provides attractive incentive schemes and a multi-tier affiliate monitoring system.


👉 The specialized Affiliates Department is available to all affiliates who join the HF affiliate program, which is an additional perk. The following tools and advantages are available to HF Markets affiliates:

➡️ Up to 60% revenue share or $15 per lot, based on net spreads and trading volumes of recommended customers

➡️ Commissions that can be made when affiliates refer others

➡️ Automated rebates

➡️ Multi-tiered organization

➡️ Reporting for MetaTrader 4 and 5

➡️ In addition to detailed information, affiliates can also keep track of the activities of their clients

➡️ Zero set-up fees to get started with the affiliate program

➡️ The ability to work with a specialized account manager for your affiliates

➡️ Quick, reliable pay-outs

➡️ Unlimited commissions that can be earned

➡️ A plethora of marketing materials and other useful tools


HF Markets Customer Support

👉 HF Markets offers superior customer support that is client-focussed and offered across several communication channels 24 hours a day, 5 days a week.


HF Markets Corporate Social Responsibility

👉 The HF Markets Group has a deep-seated philosophy that it must aid those in need. Long-term philanthropy by HF Markets Group of Companies management and staff is nothing new.


👉 As a company noted for its social duty, HF Markets donated substantial sums of money to the World Health Organization’s effort to combat the Covid-19 pandemic in the past. Working diligently throughout the world, the HF Markets team helped to limit the pandemic’s impact on vulnerable areas by leading and organizing activities.


👉 The worldwide non-profit named The Rainforest Alliance received a charitable contribution from HF Markets Group in support of indigenous efforts to mitigate the fires that have decimated the Amazon rainforest, which is popularly referred to as the “lungs of the Earth.”


👉 HF Markets presented a large donation to the Larnaca Lions Club, the local branch of the Lions Club International, as a means of displaying its support for the community. Dozens of young individuals received financial assistance from HF Markets as part of its charitable efforts this year.


👉 The HF Markets team helped a few young people enjoy the Christmas season in 2017 by providing them with financial assistance and encouragement. The company’s hometown of Larnaca, Cyprus, was showered with presents and toys.

Verdict on HF Markets

👉 HF Markets is an ECN/STP broker that offers great market execution and a low-cost trading environment. A comprehensive education department, one of the finest in the business, is among the amazing features.


👉 HF Markets evaluations are backed by Paris Saint-effective German’s sponsorship. This makes HF Markets a very credible broker since only legitimate brokers would associate with a professional football club.


👉 HF Markets seeks to provide its customers with an advantage in their trading tactics via its analytical and research tools. HF Markets also offers research and trading tools that combine material from third-party vendors and its own personnel, with research cohering to the industry standard.

HF Markets Current Popularity Trends

👉 According to Google Trends, HF Markets has seen an increase in Google Searches in the past month. 

HF Markets Current Popularity Trends

HF Markets Pros and Cons

✔️ Pros❌ Cons
There is a low minimum deposit requirement when Ugandans register an accountThere is no UGX-denominated trading account
Ugandans can expect tight spreads that start from 0.0 pips on the Zero Spread Account offered by HF MarketsThere are no local deposit or withdrawal options offered to Ugandan traders
There is a choice between several account types that cater to different Ugandan tradersThere is an inactivity fee and currency conversion fee charged
HF Markets is extremely well-regulated and has a good reputation in the industryThere is a limited choice between payment methods supported by HF Markets for deposits and withdrawals
There is investor protection offered and all client funds are segregated
Copy and Social trading is available through HF Markets
HF Markets accepts all types of strategies and provides traders with a range of trading tools to refine their trading
There is an unlimited demo account with 100,000 in virtual funding that can be topped up

Overall Rating

Min Deposit

USD 5 / 18,000 UGX



Trading Desk

MetaTrader 4 and MetaTrader 5



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours

Frequently Asked Questions

Is HF Markets a good broker?

Yes, HF Markets is a good broker. Overall, HF Markets can be summed up as a reliable and secure broker providing 24/5 multilingual customer support, a choice in retail investor accounts, robust trading technology, and more. HF Markets has a trust score of 85 out of 100, making it a low risk and high trust broker.


Is HF Markets regulated?

Yes, HF Markets is regulated and authorized by the FCA (Tier-1, low-risk), CySEC (Tier-2, average risk), FSCA (Tier-2, average risk), DFSA (Tier-2 average risk), CMA (Tier-2, average risk), FSA (Tier-3, high risk), and FSC (Tier-3, high risk).


What is the minimum deposit with HF Markets?

The minimum deposit with HF Markets is 18,000 UGX, $5, or 70 ZAR on a Micro Account, which is the entry-level retail account offered by the broker.


What is the withdrawal time for HF Markets?

The withdrawal time for HF Markets is up to 10 minutes on Skrill, up to 2 working days on Electronic Transfer, and between 2 to 10 working days on Bank Wire and Debit/Credit Cards.


Does HF Markets have Nasdaq?

Yes, HF Markets offers Nasdaq as part of its comprehensive list of indices that can be traded on the spot and futures markets. With HF Markets, you can trade Nasdaq with spreads that start from 2 pips and with leverage up to 1:200 (in all regions other than the UK and EU, which are limited to 1:30).


What is the minimum withdrawal on HF Markets?

The minimum withdrawal on HF Markets is 5 USD on Credit/Debit Cards and Skrill.


Does HF Markets allow Expert Advisors?

Yes, HF Markets allows EAs. When traders register a Zero Spread account, they will find the perfect solution that offers trading conditions that are suitable for scalpers, high-volume traders, and Ugandan traders who prefer using Expert Advisors (EAs).


Does HF Markets have Volatility 75?

Yes, HF Markets has Volatility 75. With HF Markets, you can trade VIX.F as a Futures Contract with spreads from 0.14 pips and using leverage up to a maximum of 1:100.


Is HF Markets safe or a scam?

HF Markets is not a scam but a safe broker. HF Markets has a strict regulatory framework that consists of Tier-1, Tier-2, and Tier-3 market regulators who oversee its operations. In addition, HF Markets is frequently audited, and all client funds are kept with top-tier financial institutions.


👉 Now it is your turn to participate:

➡️ Do you have any prior experience with HF Markets?

➡️ What was the determining factor in your decision to engage with HF Markets?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with HF Markets such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?


👉 Regardless, please share your thoughts in the comments below.



👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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