HF Markets Kenya Review

Item: HF Markets Kenya Review
Rating: 4.8
Author: Patrick Mahinge

Last Updated: April 20, 2024

When it comes to forex trading, choosing the right broker can make all the difference in your success.

In Kenya, one forex broker that stands out from the rest is HF Markets (HFM). They offer a wide range of trading instruments, including forex, metals, energies, indices, stocks, commodities, bonds, ETFs, and cryptocurrencies.

With a minimum deposit of just KSh600 and a maximum leverage of 1:400, HF Markets provides a conducive environment for both newbie and professional forex traders in Kenya.

In this review, we will explore the benefits of choosing HFM as your forex broker in Kenya.

Can You Trust HF Markets?

HF Markets Kenya Review

Is HF Markets a Good Forex Broker for Kenyan Traders?

Our Verdict: Yes. HF Markets is a solid choice for Kenyan traders looking for a regulated and trustworthy forex broker. They offer a wide range of trading instruments, account types, and educational resources, along with a commitment to customer service. However, as with any forex broker in Kenya, it's crucial to consider both the pros and cons and to start with a demo account to familiarize yourself with their platform and services before trading with real money.

HF Markets Pros

Regulated by top-tier regulators like FSCA, CySEC, FCA, DFSA, CMA etc. ensuring safety of funds
Offers competitive spreads starting from 0.1 pips
Provides access to over 50 currency pairs and other CFD instruments
Multiple account types suitable for different trader levels

HF Markets Cons

Waiting times of 5-10 mins to get live chat support
Account verification and withdrawals can be slow and frustrating at times

Reviewed BY: Patrick Mahinge

Overall Rating

4.8

Open Account

HF Markets, also known as HotForex, is a multi-regulated forex broker with a local office in Kenya. It’s part of the HF Markets Group, which is licensed by multiple top-tier regulators worldwide.

HF Markets has been operating since 2010 and is regulated locally by the Capital Markets Authority (CMA) in Kenya. This means your funds and data are protected under local regulations.

When you open an account with HF Markets, you get access to 40+ currency pairs and CFDs on indices, commodities, bonds, and stocks.

Spreads start from just 1 pip and leverage goes up to 1:400 depending on your account type.

One of the key reasons we recommend HF Markets is their selection of powerful trading platforms.

You can trade on MetaTrader 4 and 5, which offer advanced charting capabilities, a range of technical indicators, Expert Advisors for automated trading, and more. HF Markets also has its own proprietary platform available as a mobile app, so you can easily monitor and execute trades on the go. Apart from HF Markets Kenya, we’ve also done a comprehensive review article on the best forex trading apps in Kenya.

Another great benefit is that HF Markets provides a swap-free Islamic account option to cater to traders who follow Sharia law principles. This account has zero overnight fees so there are no hidden costs for holding trades longer term.

And if you ever face any issues, HF Markets has a multilingual customer support team available 24/5 through live chat, email, and phone.

From my experience testing their service, they are very responsive in resolving queries. When you add up the CMA regulation, selection of trading platforms, tight spreads from just 1 pip, and quality customer support, it’s clear why HF Markets is considered one of the top forex brokers available to Kenyan traders today.

Why Choose HF Markets in Kenya

Here are some of the key reasons why HF Markets stands out in Kenya:

Regulated Broker: HFM is regulated by tier-1 authorities like FSCA, FCA, and CySEC, ensuring funds safety and strong governance.
Copy Trading Platform – HFcopy: HFM provides a proprietary and innovative copy trading platform called HFcopy that allows traders to copy strategies of experienced traders or become a strategy provider.
Diverse Assets: Access to over 50 currency pairs, commodities, indices, stocks, ETFs and cryptocurrencies on the powerful MetaTrader platforms.
Trader Protection: Segregated accounts, negative balance protection, and investor compensation fund membership to protect traders.
24/5 Support: Multi-lingual customer support via live chat, email, and phone is provided 24 hours 5 days a week. Quick and helpful service.

HF Markets Kenya Overview
Broker's Name	HF Markets (HFM)
Minimum Initial Deposit	$5
Forex: Spot Trading	Yes
Currency Pairs (Total Forex pairs)	50+
CFDs - Total Offered	100+
Copy Trading	Yes
Cryptocurrency traded as actual	No
Cryptocurrency traded as CFD	Yes
Average Spread	1.2 pips on EUR/USD

For Your safety, always make sure you’re trading with the official HF Markets website located at https://www.hfm.com/ke/en/

HF Markets Kenya - Safety & Regulation

In Kenya, HF Markets is regulated by the Capital Markets Authority (CMA) under the name ‘HFM Investments Limited’ with CMA license number 155. This means that HF Markets is authorized to provide fully legal and authorized financial trading services to traders in Kenya.

But HF Markets’ regulatory reach extends far beyond Kenya. It’s also regulated by several other authorities around the world. These include:

The Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12
The Financial Conduct Authority (FCA) in the UK under firm reference number 801701
The Dubai Financial Services Authority (DFSA) under license number F004885
The Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632

These regulatory bodies ensure that HF Markets adheres to strict financial standards, including capital adequacy requirements.

In addition to its robust regulatory framework, HF Markets also prioritizes the security of its clients’ funds. The company uses major global banks for liquidity and keeps clients’ funds in separate bank accounts. This means that these funds are off the balance sheet and cannot be used to pay the company’s debts, providing an additional layer of security for traders.

So, if you’re looking for a forex broker in Kenya that’s well-regulated both locally and internationally, HF Markets could be a great choice. Its strong regulatory framework and commitment to fund security make it one of the best forex brokers in Kenya.

HF Markets Customer Support for Traders in Kenya

HF Markets Kenya is known for its excellent customer service, which is available in multiple languages, including English. Here’s what you need to know about their customer support:

Contact Channels: HF Markets Kenya offers various channels for you to get in touch with their customer support team. You can reach out to the customer support team via email at [email protected]. If you prefer to speak directly to a representative, you can call them at +254-203 894 292. Although live chat is not always available, you can try to access it through their website when it’s online.
Availability: HF Markets’ customer support is available 24/5, which means you can get assistance from Monday to Friday. This ensures that you have access to help whenever you need it during the trading week.
Responsiveness: HF Markets is known for its responsive customer support. Their team is quick to respond to inquiries and provide helpful assistance to traders. This is essential for beginner forex traders in Kenya who may have questions or need guidance while navigating the world of forex trading.

HF Markets Local Offices in Kenya

The registered address for HF Markets in Kenya is at The Oval Building, located at the corner of Jalaram Road and Ring Road in Westlands. Specifically, you can find them on the 5th floor, in Office 2-7.

This strategic location in the heart of Nairobi ensures that HF Markets is at the center of the financial hub of Kenya, making it easily accessible for Kenyan traders.

So, if you’re a beginner forex trader in Kenya looking for a broker with a local presence, HF Markets is a great choice.

However, remember that even though HF Markets has a physical office in Westlands, most of their services are offered online. This means you can access their platform, open an account, deposit funds, trade, and even get customer support right from the comfort of your home.

Popular Instruments to Trade on HF Markets Kenya

HF Markets offers a wide range of trading instruments for its users. Here are some of the most popular ones:

Forex: Forex trading is one of the most popular instruments on HF Markets. The platform provides access to over 50 currency pairs, including all major ones. The no dealing desk model ensures fast execution speeds with tight spreads from 0.1 pips.
Commodities: HF Markets offers CFDs on commodities like gold, silver, oil, natural gas, and soft commodities. These provide diversified exposure as part of a portfolio and can be used as a hedge against inflation.
Stocks: HF Markets provides the opportunity to trade CFDs on top-performing stocks including Amazon and Meta.
Indices: Traders can speculate on the future market direction without buying individual stocks outright by trading CFDs on major stock indices. This includes indices like the S&P 500 and the Dow Jones Industrial Average.
Bonds: HF Markets offers access to CFDs on Bonds issued by the world’s leading economies including the UK and US
ETFs: HF Markets also provides the opportunity to trade a range of ETF CFDs across markets, currencies, and commodities.

Remember, each of these instruments comes with its own set of risks and rewards, so it’s important to do your research and understand the market before you start trading.

HF Markets Account Types

HF Markets offers a variety of account types, each designed to cater to different trading needs and experience levels. Let’s take a closer look at each of them:

If you’re just getting your feet wet in forex trading, the Cent account is a great place to start. It has a low minimum deposit requirement of just $0 so it’s accessible even if you have limited starting capital.

HF Markets Copy Trading Account

Screen shot of HF Markets Copy Trading HFcopy

If you’re a beginner forex trader in Kenya, or even an experienced one looking to diversify your trading strategies, you might find HF Markets’ copy trading feature, HFcopy, quite interesting.

It’s a powerful tool that allows traders to join forces, share knowledge, and work together to try and master the markets.

HFcopy is designed to allow traders to either create trading strategies as a Strategy Provider or copy trades as a Follower.

This means you can either share your successful trading strategies and earn a performance fee or follow and copy the strategies of successful forex traders in Kenya.

As a Follower, you can diversify your investment portfolio by copying different strategy providers. When you follow a Strategy Provider the platform automatically replicates their trades in your account in real-time.

This means you could benefit from their trading strategy without actively managing your trades, and you still maintain full control over your trading account.

You can monitor and choose the Strategy Provider from the performance table according to parameters such as gains, max drawdown, and stability score. Once you’ve chosen a Strategy Provider, you can start copying their trades.

If you feel you made the wrong choice, you can unfollow at any time.

On the other hand, as a Strategy Provider, you can cater to a diverse set of traders with varying goals and preferences and build your inventory of loyal followers. You can display your trading strategy, knowledge, and expertise in exchange for a performance fee (up to 35%).

Check out our article about the best copy trading platforms in Kenya.

HF Markets Zero Account

The HF Markets Zero Account is a unique trading account that offers you the chance to trade with zero spreads on selected instruments. Instead of paying spreads, you pay a fixed commission per lot traded.

The HF Markets Zero Account is particularly beneficial for high-frequency traders and scalpers who rely on quick trades and need to minimize costs.

The other major benefit of the HFM Zero Account is that you get direct access to interbank liquidity from top tier banks and other financial institutions. This means you can trade at the real market prices without any broker interference.

However, the Zero account may not be suitable for all traders. Long-term or swing traders who don’t engage in frequent trading activities may find other account types more suitable.

✅ The HF Markets Zero Account has no minimum deposit, making it easily accessible to all types of forex traders, including beginners. This means you can start trading forex without a hefty initial investment.

The Zero Account account provides access to a wide range of tradable instruments, including forex, metals, energies, shares, indices, bonds, commodities, DMA stocks, and ETFs 1 . This diversity allows you to spread your risk across different markets.

HF Markets Kenya - Trading Fees & Commissions

One of the key factors to consider when choosing a forex broker is the cost of trading. HF Markets is transparent about its fees, which can vary depending on the type of account and the specific product traded.

Broadly, they charge the following main fees:

Commissions: Charged on certain account types per lot traded instead of a spread markup. Generally range from $3 – $8 per 100k units traded depending on account and asset class.
Spreads: Difference between the bid and ask price. Tight spreads from 0.0 pips are available on certain accounts. Average around 1 pip for major currency pairs.
Swap rates: Applied for holding positions overnight. Rates vary based on the interest rate differential between the currency pairs traded.

HF Markets offers very competitive spreads, especially on major currency pairs like EUR/USD and USD/JPY. For example, the typical spread on EUR/USD is around 1.2 pips on a standard account, while for the GBP/USD pair, it’s 1.8 pips. This is lower than what many other forex brokers offer.

The spread refers to the difference between the buy and sell price, and lower spreads mean lower trading costs for you.

In addition, fees like inactivity fees or withdrawal fees may apply in certain cases. But importantly, HFM does not charge deposit fees for funding your account.

Benefits of Choosing HF Markets as Your Broker in Kenya

One of the key advantages of choosing HFM is the variety of trading instruments available. HFM offers major and minor currency pairs, commodities, and cryptocurrencies, allowing traders to diversify their portfolios and take advantage of different market opportunities.

In addition, HFM provides competitive spreads and low trading fees, enabling traders to maximize their profits. This means that you can keep more of your earnings and minimize your trading costs.

HFM also offers advanced trading platforms with user-friendly interfaces. Whether you’re a beginner or an experienced trader, HFM’s platforms make it easy to navigate and execute trades. You can access the market and manage your positions with ease, enhancing your trading experience.

Furthermore, HFM provides educational resources and tools to help traders improve their skills and knowledge in forex trading. Whether you’re looking to learn the basics or enhance your trading strategies, HFM’s educational materials can support your growth as a trader.