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HFM in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (6 of 6 axes scored)
ranked against full-basis brokers
Who actually onboards you
- Entity that onboards Nigeria residents
- HF Markets (SV) Ltd
- Local standing
- Not locally regulated in Nigeria.
- Licence as the register states it
- No SEC Nigeria licence; offshore SVG entity; group FSCA/CMA/DFSA/FSC elsewhere.
- Leverage for this entity
- Up to 1:2000 offshore.
- The firm behind it
- Ex-HotForex, founded 2010, HQ Cyprus; strong Africa footprint.
- What we hold against it
- FCA clone-firm warning re HFM; NG served offshore (no local licence) but with genuine naira rails.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youNot locally regulated in Nigeria.
- 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 Nigeria market median(priced from 57 of 81)
Medians run over the 57 of 81 brokers that publish a price for Nigeria, 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, Pro/Premium/Zero can be NGN-denominated. 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.
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://compareforexbrokers.ng
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (3 methods · 0 local rails)
Local NGN bank deposit / online banking via Zenith, Access, First Bank, GTB;
- Cards
- Wire
- Crypto
- Account currency
- NGN accounts available; also USD.
- Fee declared
- 3 of 3 methods
- Withdrawal back to
- the funding method
Where it does not serve(5 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 1.4 · Leverage 2000 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.6 | — |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(6 for and 4 against, each tied to a figure on this page)
- Round turn 6 USD on the raw + commission basis, under the Nigeria median 6.5
- Min deposit 0 USD, under the Nigeria median 20
- Withdrawal in 24 h, one of 71 of 81 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 Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- The published 1:2000 comes from the group's offshore entity, not from the Nigeria one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #5
- Round turn, USD
- 7NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 200NG
- Rank in this country
- #13
- Round turn, USD
- 7NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 1000NG
- Rank in this country
- #16
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
- Round turn, USD
- 7NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 1000NG
- Rank in this country
- #23
- Round turn, USD
- 7NG
- Min deposit, USD
- 5 groupNG
- Leverage
- 1000NG
- Rank in this country
- #25
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 Nigeria 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 |
Where HFM sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 6 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 0 USD · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · this broker 1:2000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does HFM accept residents of Nigeria?
- No. Not locally regulated in Nigeria. Onboarding entity: HF Markets (SV) Ltd
- Is HFM licensed to serve clients in Nigeria?
- No SEC Nigeria licence; offshore SVG entity; group FSCA/CMA/DFSA/FSC elsewhere. 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 Nigeria is 6.5 USD.
- What leverage does HFM offer to retail clients in Nigeria?
- Up to 1:2000. leverageGeo: Up to 1:2000 offshore.
- Which trading platforms does HFM support?
- MT4, MT5, HFM app. Instruments: FX, metals, indices, shares, commodities, crypto CFDs.
- How can I withdraw money from HFM in Nigeria?
- Local NGN bank deposit / online banking via Zenith, Access, First Bank, GTB; cards, wire, crypto; instant credit.
- What account types does HFM offer?
- Cent, Zero, Pro, Premium, Islamic; Pro/Premium/Zero can be NGN-denominated.
- Does HFM offer a swap-free (Islamic) account?
- Yes. HFM offers a swap-free (Islamic) account to Nigeria residents.