Business Details
Is Hf Markets Kenya Regulated by CMA?: Reviews and Ratings
HF Markets Kenya is regulated by the Capital Markets Authority (CMA) and has been operating in Kenya legally since it received a license from the financial regulatory authority on 13th January 2022. In short, it is safe to trade with HFM forex brokers in the East African Country.
The forex brokerage firm was formerly known as Hotforex before George Koumantaris(the company CEO) and his team changed the name from Hotforex to HFM on the 2nd of January 2022.
HF Markets is operating under the brand name HF Markets Group which is a financial entity that is comprised of many internationally licensed forex firms.
The umbrella company was founded in the year 2010 in St. Vincent and Grenadines where it obtained its first license from the Financial Services Authority (FSC).
List of Financial Agencies That Regulate HF Markets Group
HFM has obtained a lot of licenses from many countries since it started operating. Therefore, this HFM forex broker review cannot be complete without listing down the regulators.
Below is a complete list of the countries and local financial markets regulators:
Country Forex Broker Regulator License Given in Year
St. Vincent and Grenadines Financial Service Authority (FSA) 2010
Cyprus Cyprus Securities and Exchange Commission (SySEC) 2012
Seychelles Financial Services Authority (FSA) 2015
South Africa Financial Sectors Conduct Authority (FSCA) 2016
United Kingdom (UK) Financial Conduct Authority (FCA) 2017
Dubai Dubai Financial Services Authority (DFSA) 2018
Kenya Capital Markets Authority (CMA) 2022
Does HF Markets Accept US Clients?
No! HF Markets Group does not accept forex traders from the United States of America.
Other countries where the forex broker is not allowed to operate include Sudan, Iran, Myanmar, Canada, Afghanistan, Mauritius, North Korea, Iraq, Yemen, Syria, and most of the European Economic Area(EEA) Countries.
9 Reasons Why HF Markets Kenya is the Best Forex Broker Regulated by the Capital Markets Authority
1. HF Markets Kenya provides autochartist tools that scan forex pairs and automatically identify chart patterns to help traders save time.
Additionally, the forex broker provides premium trader tools to help its clientele with the following benefits:
a. Live Sentimental Analysis and Currency Pairs Correlation Tracking.
b. Ability to set advanced price alerts at favorable price levels.
2. Kenyan forex traders can open trading accounts in KES base currency instead of USD, EUR, or GBP.
Because most Kenyan citizens have their bank accounts and mobile payment accounts (Mpesa, Airtel Money, and Trash) denominated in KES currency, trading on a forex account with KES as base currency helps them avoid conversion fees.
3. Client's funds at HF Markets Kenya are segregated in some of the best Kenyan banks to protect the traders from losing their money in case HF Markets collapses or is declared bankrupt.
4. Traders can install and use the forex industry's favorite trading platforms (MT4 and MT5). Also, the HF App that comes with the integrated economic calendar is a game changer.
5. You can select and trade a wide selection of assets such as forex currency pairs, cryptocurrencies, stocks, metals, commodities, and indices.
Full List of Tradeable Assets and Leverage on HF Markets
Asset Name Total Number of Assets Available Leverage
Forex 53 1000:1
Cryptocurrencies 19 50:1
Metals 6 20:1 for Palladium and 200:1 for Gold(XAUUSD)
Stocks 71 14:1
Commodities 5 66:1
Indices 24 20:1
Bonds 3 50:1
Stock DMAs 950 5:1
ETFs 34 5:1
Energies 4 66:1
6. Trade on a spread-free or no-spread forex trading account.
HF Markets Zero Spread account does not charge spread fees on forex CFDs. However, a tight spread is charged on other financial instruments such as commodities.
7. Affordable minimum deposit.
The micro account provided by HF Markets Kenya allows traders to deposit a minimum of $5 or KES 618 at the time of writing this article.
The low minimum deposit requirement is very affordable compared to other CMA-regulated forex brokers that require a minimum deposit of $100. An example of such a broker is Scope Markets Kenya.
But wait a minute, is $5 (KES 618) trading capital enough to allow a serious trader to make consistent profits from the forex market? I bet you answered "NO!", just like I did.
8. Traders have an opportunity to earn additional revenue by providing trading signals to investors through the HF Markets fund manager account.
This is also a great opportunity for investors who do not have time to trade the forex market, or those who don't have a working trading strategy, to invest in the HFM PAMM investment program.
9. HF Markets Kenya allows or accepts Mpesa and Airtel Money deposits and withdrawals.
Mpesa and Airtel Money mobile payment services are the most popular payment options in Kenya. Therefore, integrating the county's most popular payment services in HF Markets Kenya comes in handy.
Another good point to note is that HFM added Equitel, Pesa Link, and Bonga Points payment options.
Complete List of HF Markets Kenya Deposit and Withdrawal Methods
Deposit Methods
Deposit Options Deposit Time Deposit Fee Deposit Now
Mpesa Instant KES 0.00 Deposit
Airtel Money Instant KES 0.00 Deposit
Bonga Points(Coming Soon) Instant KES 0.00 Deposit
Equitel Instant KES 0.00 Deposit
Pesa Link(Coming Soon) Instant KES 0.00 Deposit
Vooma(Coming Soon) Instant KES 0.00 Deposit
Visa and MasterCard 1 to 10 minutes KES 0.00 Deposit
Skrill Instant KES 0.00 Deposit
Wire Transfer 2 - 7 working days Tight fees for deposit below KES 12,365.
No fees for deposit above KES KES 12,365.
NB: 12,365 = $100Deposit
Neteller Instant KES 0.00 Deposit
iPay Instant KES 0.00 Deposit
Withdrawal Methods
Withdrawal Options Withdrawal Time Withdrawal Fee Withdraw Now
Mpesa Instant KES 0.00 Withdraw
Airtel Money Instant KES 0.00 Withdraw
Equitel Instant KES 0.00 Withdraw
Pesa Link(Coming Soon) Instant KES 0.00 Withdraw
Vooma(Coming Soon) Instant KES 0.00 Withdraw
Visa and MasterCard 1 to 10 minutes KES 0.00 Withdraw
Skrill Instant KES 0.00 Withdraw
Wire Transfer 2 - 7 working days KES 0.00
However, your bank may charge you.Withdraw
Neteller Instant KES 0.00 Withdraw
iPay Instant KES 0.00 Withdraw
5 Reasons Why Traders Should Not Trade With HF Markets Kenya
HF Markets Kenya is indeed one of the best forex brokers regulated in Kenya. But that does not stop us from pointing out the cons or disadvantages of the financial company. Let's go!
1. Limited trading platforms.
While other CMA regulated forex brokers like Pepperstone allow their clients to use advanced trading platforms like Trading View, HF Markets provide only MT4, MT5, and the broker's custom-made mobile App and web application.
2. Access to advanced trading tools is restricted.
HF Markets provides a list of premium forex trading tools and free VPS Hosting. Unfortunately, only traders who can afford to deposit a minimum trading capital of $100 can be granted access to the amazing features.
3. Complicated Introducing Broker program.
The Introducing Broker (IB) program of HFM forex brokerage company is not suitable for traders who would like to make extra money by referring clients from all countries.
When we applied for the IB program the company management informed us that we will not earn any commissions from clients we refer from other countries besides Kenya.
This is what the forex broker's affiliate manager said:
You will not be able to generate any commission from clients from other countries until you apply for an additional affiliate agreement that covers clients from additional regions.
We had to open an additional Introducing Broker account and go through the tedious application and verification process again.
3. HF Markets charges an account inactivity fee.
HFM slaps traders with a $5 inactivity fee if they don't trade on their live accounts for at least 6 months.
Conclusion
Different forex brokers have their advantages and disadvantages. That said, what you look for in a forex broker determines which brokerage company you should trade with.
How many star ratings would you give HFM broker based on this article or your experience with the financial firm? It would be great if you could share your feedback in the review section below to help fellow traders decide whether HF Markets Kenya is the best choice for them or not.
