HFMarkets (HotForex) Sri Lanka Review 2023

A member of the HF Markets Group, HFMarkets Sri Lanka is committed to providing secure and transparent trading services to all of their clients. They have won 55 industry awards, such as Best Forex Broker Asia from Global Business Review Magazine and Most Trusted Forex Broker Asia from Global Forex Awards.

Established in 2010 and with more than 2,500,000 live accounts opened, HFMarkets Sri Lanka has managed to obtain licenses from 5 international regulators: IBC of St. Vincent & the Grenadine, DFSA of Dubai, FCA of UK, FSCA of South Africa, and FSA of Seychelles.

To suit all trading needs and appetites, HFMarkets Sri Lanka offers 6 different accounts: Micro, Premium, Zero Spread, Auto, PAMM (Premium and Premium Plus), and HFCopy. After registering an account and depositing at least 5 USD, traders can trade in more than 1,200 trading instruments, including Forex, metals, energies, shares, indices, bonds, commodities, DMA stocks, and ETFs.

Furthermore, traders can enjoy high leverage up to 1:1000, low spread starting from 0 pip, and low to no commissions. They can conduct trading activities in 12 trading platforms (MT4, MT5, WebTrader) using desktop and mobile applications. All strategies are welcome here, including EA, scalping, hedging, and copytrading.

Traders do not need to worry about deposit and withdrawal methods as HFMarkets Sri Lanka offers more than 15 methods, including debit and credit cards, local and international bank transfers, as well as various e-wallets (Webmoney, PerfectMoney, Bitcoin, Skrill, Neteller, etc). Almost all of these methods impose zero deposit fees.
As a global brokerage company, HFMarkets Sri Lanka provides services in 29 languages, including Hindi for traders from Sri Lanka. In case there are any problems or questions, traders can easily contact the broker via contact form, email, call, and live chat in 27 languages 24/5.

Account types offered by HFMarkets Sri Lanka

One of the reasons to choose HFMarkets Sri Lanka is the flexibility to choose an account based on the risk appetites and trading volumes. Offering 6 types of accounts, this broker provides more accurate pricing with 5 decimal places and market execution.

Micro Account

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.1
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD, EUR, NGN, JPY
Platforms: MT4, MT5, Web, Mobile

👉 Open Micro Account

Premium Account

Minimum Deposit: $100
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD, EUR, NGN, JPY
Platforms: MT4, MT5, Web, Mobile

👉 Open Premium Account

Zero Spread Account

Minimum Deposit: $200
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 0 Pip
Commission: Yes, starting from 0.03 per 1,000 lots
Account Currency: USD, EUR, NGN, JPY
Platforms: MT4, MT5, Web, Mobile

👉 Open Zero Spread Account

Auto Account

Minimum Deposit: $200
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 1 Pip
Commission: No
Account Currency: USD, EUR
Platforms: MT4, Web, Mobile

👉 Open Auto Account

PAMM Account

Minimum Deposit: $250
Leverage: 1:300
Minimum trade size: 0.01
Spread Type: Floating from 1.3 Pip
Commission: No
Account Currency: USD
Platforms: MT4

👉 Open PAMM Account

HFCopy Account

Minimum Deposit: 500 USD (Strategy Provider) - 100 USD (Follower)
Leverage: 1:400
Minimum trade size: 0.01
Spread Type: Floating from 1 Pip
Commission: No
Account Currency: USD
Platforms: MT4, Web, Mobile

👉 Open HFCopy Account

1. Micro Account

This account is intended for new traders who tend to trade smaller volumes. The minimum deposit is also lower, just 5 USD, with a minimum trade size of 0.01 lots and a maximum of 150 open orders. Using Micro account, traders can enjoy leverage up to 1:1000 and variable spread from 1 pip with no commission. Traders can choose USD, EUR, NGN, or JPY as their base currency in MT4, MT5, WebTrader, and mobile trading platforms.

2. Premium Account

Premium account can be considered as the standard account offered by HFMarkets Sri Lanka, available in USD, EUR, NGN, and JPY. It is more suitable for experienced retail traders. To make use of leverage as high as 1:500 and variable spread starting from 1 pip in MT4, MT5, WebTrader, and mobile trading platforms, traders only need to deposit 100 USD. They can open up to 300 orders with a minimum trade size of 0.01 lots. All transactions are free of commission.

3. Zero Spread Account

As the name suggests, this account offers variable spread as low as 0 pip. Zero Spread account is especially useful for scalpers, high-volume traders, and traders who use Expert Advisors. The minimum deposit is quite high, which is 200 USD, but traders will be able to enjoy leverage up to 1:500, open a maximum of 500 orders, and trade with a minimum volume of 0.01 lots. This account can be accessed on MT4, MT5, WebTrader, and mobile trading platforms in 4 currencies: USD, EUR, NGN, and JPY. There is a commission fee starting from 0.03 USD per 1,000 lots.

4. Auto Account

Auto account is a unique account offered by HFMarkets Sri Lanka. Traders can subscribe to free and paid trading signals from the MQL5 community, so this account is beneficial for those who are not yet confident with their trading skills. By depositing at least 200 USD, they can make use of leverage as high as 1:500, floating spread from 1 pip, and zero commission. The minimum trade size is 0.01 lots and the maximum open orders is 300. All transactions can be conducted via MT4, WebTrader, and mobile trading platforms in USD and EUR.

5. PAMM Account

PAMM account is different from the previous four accounts. In this account, traders can invest their funds by joining hands with Fund Managers without having to trade by themselves. The Fund Managers will act as professional traders who trade on your behalf.

There are two available options for PAMM account: Premium and Premium Plus. Both accounts are only available in USD with maximum leverage of 1:300 and a maximum of 500 open orders via MT4 platform. To use this account, traders must deposit at least 250 USD. PAMM Premium account offers floating spread starting from 1.3 pips with no commission, while Premium Plus account offers a tighter spread starting from 0.4 pips but with a commission fee of 8 USD round turn.

6. HFCopy Account

As a USD-based social trading account, HFCopy account is offered to both Strategy Providers and Followers. Strategy Providers are professional traders who provide strategies in exchange for a performance fee of up to 50%, while Followers are traders who copy the Strategy Providers' trades.

Strategy providers can deposit a minimum of 500 USD and followers a minimum of 100 USD. The maximum leverage offered is 1:400 with floating spread as low as 1 pip. Traders can have up to 300 open orders and trade a minimum of 0.01 lots in MT4, WebTrader, and mobile trading platforms.

All traders are welcome to try HFMarkets Sri Lanka's Demo account to closely simulate the real trading environment. There is no usage limit for this account, and it can be accessed via MT4, MT5, WebTrader, and mobile trading platforms. Traders will receive up to 100,000 USD virtual balance to trade using this account.
HFMarkets Sri Lanka also provides an Islamic account for Muslim traders by request. This account is available in USD and EUR for Micro, Premium, Auto, and Zero Spread accounts, where there are no swap or rollover charges for holding positions overnight. Traders can enjoy spread from 1 pip via MT4, WebTrader, and mobile trading platforms.

How to deposit and withdraw funds at HFMarkets Sri Lanka

In the trading world, deposit and withdrawal processes are essential for traders. HFMarkets Sri Lanka understands this, and thus provides more than 15 quick, easy, and secure methods to do so. There are no additional deposit fees for almost all methods, even for bank wire transfers. However, some banks and card providers may impose fees.

Traders from Sri Lanka can deposit and withdraw funds via two types of bank transfers:

🔸 local bank transfer à deposit: min. 800 INR, max. 50,000 INR, instant, no fees; withdrawal: min. 10 USD, up to 2 business days, no fees
🔸 wire transfer à deposit: min. 100 USD, no maximum amount, 2-7 business days, no fees for deposits over 100 USD; withdrawal: min. 100 USD, 2-10 business days, no fees (but banks may charge)

🔸 In addition, payment method via credit or debit cards (Mastercard, VISA, etc.) is also available. The minimum deposit is 5 USD and the maximum is 10,000 USD with up to 10 minutes of processing and no fees. The minimum withdrawal amount is 5 USD and it is processed within 2-10 business days with no fees.

HFMarkets Sri Lanka also offers other alternatives in the form of various e-wallets:

🔸 Fasapay à deposit: min. 5 USD, max. 5,000 USD, instant, no fees; withdrawal: min. 5 USD, instant, no fees
🔸 Neteller à deposit: min. 5 USD, max. 10,000 USD, up to 10 min, no fees; withdrawal: min. 10 USD, up to 10 min, no fees
🔸 Perfect Money à deposit: min. 100 USD, max. 10,000 USD, up to 10 min, no fees; withdrawal: min. 5 USD, instant, no fees
🔸 Skrill à deposit: min. 10 USD, max. 10,000 USD, up to 10 min, no fees; withdrawal: min. 5 USD, instant, no fees
🔸 VLoad à deposit: min. 10 USD, the maximum amount depends on the account tier, up to 10 min, possible fees by the payment processor will not be covered; withdrawal: min. 100 USD, up to 10 min, no fees
🔸 WebMoney à deposit: min. 5 USD, max. 5,000 USD, instant, no fees; withdrawal: min. 5 USD, up to 10 min, no fees
🔸 Bitpay à deposit: min. 5 USD, max. 10,000 USD, up to 10 min, no fees; withdrawal: min. 5 USD, up to 2 business days, 1% fee

This broker does not accept any third party payment, so make sure that the name registered on your payment method and your trading account are the same.

Is HFMarkets Sri Lanka reliable and safe?

HFMarkets Sri Lanka is based in Saint Vincent & the Grenadines and a member of HF Markets Group. HOT in HFMarkets's name stands for Honesty, Openness, and Transparency. With a commitment to these values, this broker has obtained 5 licenses from different regulators:

👉 International Business Company (IBC) in St. Vincent & the Grenadine under the name of HF Markets (SV) Ltd
👉 Dubai Financial Services Authority (DFSA) in Dubai under the name of HF Markets (DIFC) Ltd
👉 Financial Conduct Authority (FCA) in the UK under the name of HF Markets (UK) Ltd
👉 Financial Sector Conduct Authority (FSCA) in South Africa under the name of HF Markets SA (PTY) Ltd
👉 Financial Services Authority (FSA) in Seychelles under the name of HF Markets (Seychelles) Ltd

To provide the best trading experiences for their traders, this broker has implemented negative balance protection. Therefore, even under highly volatile conditions, clients are not responsible for paying back a negative balance. In addition, HFMarkets Sri Lanka segregates the clients' funds with the operational funds and keeps them safely in major banks. To ensure that their activities comply with the international standards, this broker is also are audited by Deloitte.

In case some risks may lead to financial loss, HFMarkets Sri Lanka has prepared a Civil Liability insurance program with a limit of 5,000,000 EUR. The coverage includes errors, omissions, negligence, fraud, and several other risks.

Types of spreads in HFMarkets Sri Lanka

HFMarkets Sri Lanka provides tight floating spreads with fractional pip pricing.

The lowest spread, starting from 0 pip, is available for Zero Spread account with a commission of 0.03 USD per 1,000 lots. Micro, Premium, Auto, and HFCopy accounts offer floating spread starting from 1 pip without any commission. PAMM Premium account offers variable spread starting from 1.3 pips with zero commission, whereas PAMM Premium Plus account offers floating spread as low as 0.4 pips with a commission of 8 USD per round turn.

Below are the most typical spreads offered for common currency pairs, counted in pips:

Trading platforms offered by HFMarkets Sri Lanka

HFMarkets Sri Lanka offers has prepared various platform options to suit all trading styles and needs on any device. Traders can download the desktop platforms on the website, and the HF app on Google Play and App Store.

Traders can conduct their trading on MT4 and MT5, two of the most popular and powerful trading platforms. All transactions in both platforms are market executed, and hedging is also allowed. These platforms are available on desktop, iPhone, iPad, Android, webterminal, and multiterminal.

Some of the useful features and tools of the MT4 platform include 9 timeframes, 30 technical indicators, 31 analytical objects, 4 pending order types, and single-threaded strategy tester. Unfortunately, this platform has not offered a built-in economic calendar or EA creation. On the other hand, features and tools of the MT5 platform include 21 timeframes, 38 technical indicators, 44 analytical objects, 6 pending order types, multi-threaded strategy tester, built-in economic calendar, and EA creation.

HFMarkets (HotForex) Sri Lanka Review 2023

Account types offered by HFMarkets Sri Lanka

How to deposit and withdraw funds at HFMarkets Sri Lanka

Is HFMarkets Sri Lanka reliable and safe?

Types of spreads in HFMarkets Sri Lanka

Trading platforms offered by HFMarkets Sri Lanka

Key advantages of trading with HFMarkets Sri Lanka