Is HF Markets a Scam? 2025 Review of Complaints & Risks

When traders search for a forex and CFD broker in 2025, one of the big names that appears is HF Markets (also known as HFM and formerly branded as HotForex, official site HFM.com). On the surface, HF Markets presents itself as a trusted, award-winning broker with millions of clients worldwide and multiple global licenses.

But dig deeper, and you’ll find countless complaints about delayed withdrawals, manipulative trading conditions, hidden costs, and reliance on offshore regulation. These red flags lead many traders to ask the critical question: Is HF Markets a scam?

At ScamBrokersReview.com, we’ve analyzed this broker from every angle — including trader reviews, regulatory filings, and hidden terms. Below, you’ll find a detailed investigation with internal resources, external evidence, and everything you should know before depositing a single dollar.

What is HF Markets (HFM / HotForex)?

Founded in 2010 as HotForex, rebranded globally to HF Markets (HFM) in 2021.
Offers forex pairs, commodities, metals, indices, energies, shares, and CFDs.
Platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5) across web, desktop, and mobile.
Advertises multiple regulations: CySEC (Cyprus), FSCA (South Africa), DFSA (Dubai), CMA (Kenya), FSA (Seychelles), FSC (Mauritius).

This regulatory “mix” is a double-edged sword. While HF Markets can legitimately claim oversight in some regions, most traders are routed through its offshore entities (Seychelles, Mauritius) — meaning they have no deposit insurance, no compensation scheme, and almost no legal recourse.

👉 Compare this with brokers under FCA UK or ASIC Australia, where investor protection is far stronger.

🔗 Related article: How Offshore Forex Regulation Endangers Traders

Trader Complaints: Withdrawal Issues

Across forums and review platforms, the biggest red flag surrounding HF Markets is withdrawal problems.

On Trustpilot, users complain that profits vanish or accounts are flagged the moment they try to withdraw larger amounts.
On Forex Peace Army, traders document how their accounts were frozen after requesting withdrawals, often with vague references to “compliance checks.”
A common pattern emerges:
1. Deposits are processed instantly.
2. Small withdrawals are approved.
3. Larger withdrawals are delayed, denied, or restricted with endless KYC requests.

This is a classic scam-like model: lure traders in, build initial trust, then block access once real profits are made.

🔗 Related resource: Why Withdrawal Failures Are the #1 Sign of a Scam

Regulatory Smokescreen: Offshore Loopholes

HF Markets markets itself as a multi-regulated broker, but the details matter:

CySEC (EU): Protects EU clients only. Compensation applies only under this license.
FSCA (South Africa): Enforcement is limited outside South Africa.
DFSA (Dubai) and CMA (Kenya): Narrowly apply to local clients in those jurisdictions.
FSA (Seychelles) and FSC (Mauritius): Weak offshore regulators, often chosen by brokers specifically to avoid strict oversight.

👉 Bottom line: if you’re not in the EU, Dubai, or Kenya, chances are you’re trading under offshore subsidiaries. This leaves you without meaningful protection if HF Markets freezes your funds.

Hidden Costs, Bonus Traps & Manipulation

HF Markets has also been accused of unfair trading practices that work against clients:

Hidden fees and spreads: Spreads often wider than advertised, with unexplained slippage.
Bonus conditions: HFM’s deposit bonuses often require unrealistic turnover to unlock profits. Traders end up trapped, unable to withdraw.
Price manipulation: Allegations of artificial spikes on live accounts designed to trigger stop-losses, especially during volatile events.
Account restrictions after profit: Several complaints describe accounts being frozen once traders became consistently profitable.

These complaints are consistent with bucket shop behavior — where a broker profits when its clients lose.

Real User Reviews

To understand the trader experience, we looked at reviews across multiple platforms:

Trustpilot:
“I deposited $2,000, traded for a month, and made $1,500 profit. As soon as I requested withdrawal, my account was suspended for ‘risk review.’ Still no money after weeks.”
Forex Peace Army:
“Prices on my live account did not match the demo. Spreads were manipulated. I lost trades I shouldn’t have.”
Reddit FX trader:
“Their bonus system is a trap. The turnover requirement is impossible. It’s designed so you can never withdraw profits.”

While not every review is negative, the sheer consistency of complaints around withdrawals and account freezes makes them impossible to dismiss.

Scam Checklist: Does HF Markets Fit?

Scam Warning Sign	HF Markets
Withdrawal delays / denied requests	✅ Yes
Offshore regulation reliance	✅ Yes
Aggressive bonus traps	✅ Yes
Spread manipulation / slippage	✅ Yes
Accounts frozen after profit	✅ Yes
Poor customer support	✅ Yes

HF Markets ticks nearly every box in the scam broker checklist.

What To Do If You Lost Money at HF Markets

If you’ve already deposited with HF Markets and suspect foul play:

Stop depositing immediately. Don’t chase losses.
Gather evidence — emails, chat logs, withdrawal requests, statements.
Request a chargeback via your bank or card provider.
File complaints with regulators such as CySEC or FSCA (even if you traded under offshore entities).
Warn others by posting reviews on watchdog sites like Forex Peace Army and Trustpilot.

🔗 Guide: How to Recover Money from Scam Brokers

Final Verdict: Is HF Markets a Scam?

HF Markets promotes itself as a trusted broker, but complaints from real traders tell a different story: blocked withdrawals, offshore loopholes, unfair bonuses, and manipulative trading conditions.

👉 Verdict: While HF Markets has some real licenses, its behavior strongly resembles scam operations. For safety, traders should avoid HF Markets and instead choose brokers with FCA, ASIC, or CySEC oversight and transparent withdrawal histories.

🔗 Compare safer options: Top Trusted Forex Brokers of 2025