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HFM in India — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%80
- Round-turn cost20%95
- Safety20%0
- Payouts15%no data
- Track record10%no data
- Platforms10%50
Numbered by weight: axis 1 counts for most.
Key facts (6 facts)
- Onboarding entity
- HF Markets (SV) Ltd
- Founded
- 2010
- Retail leverage
- 2000IN
- Round turn
- 6 USDIN
- Currencies
- No INR; USD.
- Swap-free account
- yes
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Licence check
Open an account with HFMThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards India residents
- HF Markets (SV) Ltd
- Local standing
- Unauthorised in India; appears on RBI Alert List of unauthorised forex platforms; FEMA restricts residents to INR pairs via RBI-authorised dealers.
- Licence as the register states it
- No SEBI/RBI authorisation; offshore SVG entity only.
- Leverage for this entity
- Up to 1:2000 (non-compliant with Indian rules).
- The firm behind it
- Ex-HotForex, founded 2010, HQ Cyprus; multi-reg group.
- What we hold against it
- On RBI unauthorised-forex alert list; FCA clone-firm warning re HFM; high leverage on non-INR pairs violates FEMA.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Indian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youUnauthorised in India; appears on RBI Alert List of unauthorised forex platforms; FEMA restricts residents to INR pairs via RBI-authorised dealers.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against India market median(priced from 65 of 90)
Medians run over the 65 of 90 brokers that publish a price for India, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Cent, Zero, Pro, Premium, Islamic, min from USD 0-5. The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where HFM sits in the India base(90 brokers)
Round-turn cost, USD (65 of 90 priced)
Median 7 USD · range 2-18 · this broker 6 USD · 25 of 90 brokers do not publish it
Minimum deposit, USD (16 of 90 priced)
Median 15 USD · range 0-1000 · this broker 0 USD · 74 of 90 brokers do not publish it
Retail leverage (49 of 90 with a India figure)
Median 1:500 · range 20-5000 · this broker 1:2000 · 41 of 90 brokers do not publish it
Withdrawal time published (90 brokers)
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Deposit and withdrawal methods (3 methods · 0 local rails)
No RBI-authorised local rails;
- Cards
- Wire
- E-wallets
- Account currency
- No INR; USD.
- Fee declared
- 3 of 3 methods
- Withdrawal back to
- the funding method
Where it does not serve(6 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(3 platforms)
- MT4
- MT5
- HFM app
Identical for every row: Min spread 0.6 · Leverage 2000 IN.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.6 | 5, 2,962 |
Share of reviewers in India: — The platform does not publish it.
Pros and cons(6 for and 3 against, each tied to a figure on this page)
- Round turn 6 USD on the raw + commission basis, under the India median 7
- Min deposit 0 USD, under the India median 15
- Withdrawal in 24 h, one of 74 of 90 brokers here that publish a time
- Swap-free account available
- Round-turn cost 95 of 100, its strongest of 6 scored axes
- 3 platforms: MT4, MT5, HFM app
- No India authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in India(6 of 90 scored in India)
- Round turn, USD
- 6IN
- Min deposit, USD
- 10IN
- Leverage
- 3000IN
- Rank in this country
- #11
- Round turn, USD
- 7IN
- Min deposit, USD
- 10 groupIN
- Leverage
- 1000IN
- Rank in this country
- #14
- Round turn, USD
- 6IN
- Min deposit, USD
- 0 groupIN
- Leverage
- 500IN
- Rank in this country
- #15
- Round turn, USD
- 7IN
- Min deposit, USD
- 10 groupIN
- Leverage
- 200IN
- Rank in this country
- #19
- Round turn, USD
- 7IN
- Min deposit, USD
- 0 groupIN
- Leverage
- 500IN
- Rank in this country
- #24
- Round turn, USD
- 5IN
- Min deposit, USD
- 0 groupIN
- Rank in this country
- #2
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a India score. Full methodology
| Axis | Weight | What is measured | HFM |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 80 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 95 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 80 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
FAQ
- Does HFM accept residents of India?
- No. Unauthorised in India; appears on RBI Alert List of unauthorised forex platforms; FEMA restricts residents to INR pairs via RBI-authorised dealers. Onboarding entity: HF Markets (SV) Ltd
- Is HFM licensed to serve clients in India?
- No SEBI/RBI authorisation; offshore SVG entity only. Checked on 09.07.2026.
- How much does one round turn cost at HFM?
- About 6.0 USD per standard lot on EUR/USD. The median across brokers measured for India is 7.0 USD.
- What leverage does HFM offer to retail clients in India?
- Up to 1:2000. leverageGeo: Up to 1:2000 (non-compliant with Indian rules).
- Which trading platforms does HFM support?
- MT4, MT5, HFM app. Instruments: FX, metals, indices, shares, commodities, crypto CFDs (non-INR).
- How can I withdraw money from HFM in India?
- No RBI-authorised local rails; cards/wire/e-wallets (FEMA-restricted).
- What account types does HFM offer?
- Cent, Zero, Pro, Premium, Islamic; min from USD 0-5.
- Does HFM offer a swap-free (Islamic) account?
- Yes. HFM offers a swap-free (Islamic) account to India residents.
Cost calculator (median of 65 priced of 90)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a INR conversion because the exchange rate is not part of our data.