HFM List of Supported and Banned Countries

HFM is a well-known online forex and CFD broker that has been serving traders since 2010. It offers a wide range of trading instruments, user-friendly platforms, and favourable trading conditions, which have attracted millions of clients around the world. 

Regulated in multiple key jurisdictions, HFM serves clients across a wide range of countries worldwide. However, like most regulated brokers, HFM has certain geographical restrictions. This article explores the HFM list of supported and restricted countries, regulatory oversight, and alternative options for traders in restricted regions.

Not sure if HFM accepts traders from your country? Try opening an account, if this works, they welcome traders from your country

Your capital is at risk. Leveraged products may not be suitable for everyone.

HFM List of Supported Countries

HFM operates under several regulatory licenses across different regions. This allows the broker to legally offer services to clients in various parts of the world. Below is a breakdown of where HFM is regulated and where it can accept clients:

CySEC

Cyprus - HF Markets (Europe) Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12. This license enables HFM to serve clients across the European Economic Area (EEA) under MiFID II regulations. Countries supported under the CySEC include: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

CMA

Kenya - HFM Investments Ltd is under the regulation of the Capital Markets Authority (CMA) in the Republic of Kenya with the license number 155. This license allows HFM to accept traders from Kenya. CMA-regulated brokers generally cannot offer services to clients in other countries using the CMA license.

FSCA

South Africa - HF Markets SA (PTY) Ltd has regulation and authorisation as a Financial Service Provider (FSP) from the Financial Sector Conduct Authority (FSCA) in South Africa, under the licence number 46632. This license allows HFM to accept traders from South Africa. The broker cannot typically extend its services to other jurisdictions using this license.

DFSA

Dubai - HF Markets (DIFC) Ltd is authorised and regulated by the Dubai Financial Services Authority (DFSA) under licence number F004885. This license allows the company to provide financial services within the Dubai International Financial Centre (DIFC).

FCA

The United Kingdom (UK) - HF Markets (UK) Ltd is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701. Through this license, HFM can serve its clients in the UK.

FSA

Seychelles - HF Markets (Seychelles) Ltd is incorporated under the laws of the Republic of Seychelles with registration number 8419176-1. It is regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015. This license offers greater flexibility and accepts clients from most countries globally, excluding restricted jurisdictions and the EEA.

FSC

Mauritius - HF Markets Ltd is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius with the license number 094286/GBL. This entity accepts international clients outside the EEA, as the license offers more flexibility.

HFM List of Banned or Restricted Countries

Despite its international reach, HFM does not accept clients from certain countries due to regulatory restrictions, sanctions, or internal policy decisions. HFM explicitly states on its website that it does not offer services to residents of certain jurisdictions, including the USA, Canada, Sudan, Syria, Iran, and North Korea, among others. + HFM has newly announced that retail clients from the European Economic Area are no longer served.

HFM may update its list of restricted countries based on changes in regulations or internal policy. It's always best to check directly with the broker if you're unsure about eligibility.

What HFM Offers

Despite the regional restrictions, HFM remains a popular broker among traders around the world for several good reasons. For starters, this broker offers a deep collection of market products totalling over 1,200 assets. Particularly, clients can trade CFDs on various instruments, including forex, energies, indices, metals, bonds, stocks, cryptocurrencies, commodities, and ETFs. Traders can utilise MetaTrader 4, MetaTrader 5, or the proprietary HFM Platform.

The broker offers competitive trading conditions, with spreads varying based on the account type selected. The Premium account comes with spreads starting from 1.2 pips, while the Cent account offers slightly tighter spreads from 1.0 pips. 

Further, the Top-Up Bonus account features spreads starting at 1.4 pips. For traders seeking even lower spreads, the Pro account offers spreads from 0.5 pips, and the Pro-Plus account provides access to spreads starting as low as 0.2 pips. None of these accounts charges commissions.

For traders looking to trade with raw pricing, the Zero Spread account provides raw spreads from 0.0 pips but charges a $3 per lot per side commission. Please note that some accounts are subject to availability depending on your country of residency. 

HFM is a fully regulated broker, operating under the oversight of several financial authorities around the world. These include the CySEC in Cyprus, the FCA in the UK, the DFSA in Dubai, and the CMA in Kenya. This multi-jurisdictional regulation emphasises the broker’s commitment to operating under the rule of law.

Your capital is at risk. Leveraged products may not be suitable for everyone.

Top-Tier Alternatives to HFM

If you’re a resident of a restricted country and cannot open an account with HFM, or if you simply want to explore other options, several reputable brokers offer similar trading conditions. Some alternatives include:

Pepperstone (Alternative for EU, UK, AU and International Traders)

Pepperstone, a leading competitor of HFM, operates in over 174 countries and gives traders access to a wide range of more than 1,200 CFDs across multiple asset classes. These include forex, indices, sector indices, equities, commodities, ETFs, and cryptocurrencies. The broker supports a variety of advanced trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, TradingView, and Pepperstone’s proprietary platform.

Traders can choose between two main account types, which influence the fee structure. The Standard Account offers spreads starting from 1.0 pips on major currency pairs with no commission charged. On the other hand, the Razor Account is designed for more cost-sensitive traders, providing raw spreads from 0.0 pips, but with a commission charged depending on the platform used.

For MetaTrader 4 and MetaTrader 5, the commission is $3.50, €2.60, £2.25, or CHF 3.30 per side per lot, depending on the account's base currency. Traders using TradingView or the Pepperstone Trading Platform are also charged $3.50 per side per lot. In contrast, those trading via cTrader enjoy a slightly lower rate of $3.00 per side per lot. For accounts with base currencies other than USD, commissions on TradingView, cTrader, and Pepperstone’s platform are converted into the account currency at the current spot exchange rate.

Regulatory oversight is a strong point for Pepperstone. The broker operates under licenses from multiple respected financial authorities. These include the FCA in the UK, the ASIC in Australia, the CySEC in Cyprus, the BaFin in Germany, and the CMA in Kenya, among others.

73.7% of retail CFD accounts lose money

XM (Alternative for Traders in Eligible Markets Worldwide)

XM is a globally recognized broker with a presence in over 190 countries and more than 15 million clients. The broker offers access to over 1,400 financial instruments, including CFDs on forex, stocks, indices, commodities, and cryptocurrencies. Traders can execute their strategies on MetaTrader 4, MetaTrader 5, or XM’s proprietary WebTrader platform.

XM offers two main account types: Standard and Ultra Low. The Standard account features spreads starting from 1.6 pips on major currency pairs, while the Ultra Low account offers tighter spreads from 0.8 pips. Both account types are commission-free, providing straightforward trading conditions for all clients.

XM operates under a strong regulatory framework, holding licenses from reputable authorities including the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), the Financial Services Commission (FSC) in Belize, and the Financial Sector Conduct Authority (FSCA) in South Africa. The broker also provides educational resources, hosts trading webinars, and allows clients to choose from a variety of account base currencies.

74.3% of retail investor accounts lose money when trading CFDs with this provider.

Tickmill (Alternative for Traders in Eligible Markets Worldwide)

Tickmill stands out as a leading global forex and CFD broker with robust regulation. This broker operates under the oversight of several institutions, including the FCA, the CySEC, the DFSA, and the FSCA, among others.

Traders using Tickmill gain access to a broad selection of markets, such as CFDs on forex, stock indices, precious metals, bonds, commodities, and cryptocurrencies. To facilitate trading, Tickmill supports a range of platforms, including MetaTrader 4, MetaTrader 5, TradingView and its proprietary Tickmill Trader.

When it comes to pricing, Tickmill offers spreads that depend on the account that a trader is on. The Classic Account features spreads starting from 1.6 pips with no additional commission. Additionally, Tickmill offers two raw spread accounts, which feature spreads from 0.0 pips with varying commissions. The raw account has a commission of $3 per side per lot, while the Tickmill trader raw account charges $3.5 per side per lot.

72-73% of retail investor accounts lose money when trading CFDs with this provider.

Final Verdict

HFM is a well-regarded broker providing a wide range of trading instruments and platforms. With licenses in several jurisdictions, it serves clients in over 180 countries. However, due to legal, regulatory, and compliance issues, some countries are restricted. Traders in restricted regions can explore alternative brokers like Pepperstone, XM.com, and Tickmill.

It is essential for traders to select a broker that aligns with their specific needs, ensures regulatory compliance, and supports their trading objectives. Always verify the latest information on supported and restricted countries directly with the broker.