Exness vs HFM: fees, African licences, accounts and platforms
Exness vs HFM is the closest match-up we cover, because both brokers hold licences in Kenya and South Africa and both serve small accounts. HFM wins on entry with no broker minimum on three accounts, and Exness wins on forex range and web tools, with 78 pairs against 38.
Updated . Figures come from both brokers' pages and published pricing data.
Exness and HFM figures, line by line
This table sets the published figures side by side, with green marking the better number where both brokers have one. Exness says its minimum changes by region and method, so no direct winner appears on that row. HFM's USD 0 applies to Cent, Zero and Premium, and Pro asks for USD 100.
Exness lists an unlimited leverage setting on international pages, and HFM lists 1:2000 on its international table. Both figures fall on Kenyan and South African accounts, where local companies set lower caps. Leverage is rarely the number to choose on, so look first at cost and licence. Your own country's guide explains the local limits.
| Measure |  Exness |  HFM |
|---|---|---|
| Founded | 2008 | 2010 |
| Licences | FSA-SC, CBCS, FSC-BVI, FSC-BZ, VFSC, FSC-MU, CMA, JSC, FSCA, CySEC, FCA | FCA, FSCA, FSA-SC, CMA |
| Minimum deposit | By region | USD 0 |
| Max leverage | 1:Unlimited | 1:2000 |
| Account types | Standard, Pro, Zero, Raw Spread | Cent, Zero, Pro, Premium, Top-Up Bonus |
| Platforms | MetaTrader 4, MetaTrader 5, Exness Trade app, Exness Terminal | MetaTrader 4, MetaTrader 5, HFM WebTrader, HFM Platform |
| Copy trading | MetaTrader 5 signals | HFM Copy Trading |
| Swap-free | Yes | Yes |
| Published deposit methods | Debit card, Credit card, Bank wire, Crypto, Skrill, Neteller | Debit card, Credit card, Bank wire, Crypto, Skrill, Neteller |
CMA and FSCA licences at each broker
Both brokers pass the licence test in Kenya and South Africa. Exness (KE) Limited holds CMA licence 162 and HFM Investments Ltd holds 155. Exness ZA (PTY) Ltd holds FSP 51024 and HF Markets SA (PTY) Ltd holds FSP 46632. Both groups also hold UK authorisation, with FCA numbers 730729 and 801701.
In Nigeria and Ghana, both brokers serve you through offshore companies. Exness says its Cyprus and Mauritius companies do not serve retail clients. HFM reports about 71% of retail CFD accounts losing money. Read the name on your agreement at either broker, because the brand name alone will not tell you which rules apply.
Raw Spread vs Zero: which costs less?
Exness Raw Spread quotes from 0 pips with up to USD 3.50 per side, so USD 7 per round trip at the top of that range. HFM Zero came to about 1.1 pips all-in on EUR/USD in published data, or USD 11 per lot. On those figures, Exness has the edge for active traders.
On spread-only accounts, Exness Standard starts from 0.2 pips and Pro from 0.1 pips. HFM Pro starts from 0.6 pips and averaged 1.8 pips in measured data, while Cent and Premium start at 1.4 pips. At 20 lots a month, a 0.4-pip gap costs USD 80. Run both through the pip calculator using your own size.
Which is better for a small account?
HFM is the easier start, with no broker minimum on Cent, Zero and Premium. Published reviews list USD 100 at Exness Standard and USD 1,000 on Pro, Raw Spread and Zero, though Exness says its figure changes by region and method, so check your client area. Both offer cent-sized positions, which keep a learner's mistakes cheap.
Neither charges much for sitting idle, and Exness has no inactivity fee. HFM says it applies no deposit fees of its own, and Exness says fees can apply on some methods. Exness also promotes M-Pesa on its Kenyan pages. See the cent account shortlist for a closer look at small-balance options.
Exness Terminal vs the HFM app
Exness has the stronger house platform. Terminal runs TradingView charts with 106 indicators and lets you drag stops before a trade opens, and its app sizes orders with a built-in risk calculator. HFM has no browser platform of comparable depth, and its app is lighter, with two-tap orders once Quick Trading is on.
HFM wins on copying. Its copy service sits in the app and takes new users, while Exness is phasing out its own. Both run MT4 and MT5, and HFM adds FX Blue-powered Premium Trader tools. System traders should read HFM's terms, which restrict scalping, arbitrage and AI-assisted strategies, before funding an account.
Picking between Exness and HFM
For most small accounts, Exness vs HFM comes down to entry cost and tools.
Choose Exness if you trade forex actively, want a raw account and care about web tools and 78 pairs. Choose HFM if you are starting with a small balance, or want built-in copy trading. Residents of Kenya and South Africa get a local regulator with either, and that matters more than any spread.
Open a demo at both and record the spread during your usual hours for a week. Read the full Exness review and HFM review for the details we left out, and see the forex broker comparison for other options.
A 5-day demo test costs nothing and answers more than any table.
Exness or HFM, your questions
Is Exness or HFM cheaper?
On measured and published figures, Exness Raw Spread costs up to USD 7 per round trip, against about USD 11 at HFM Zero. HFM has no broker minimum on Zero, so a small account can reach that price more easily.
Are both brokers licensed in Kenya?
Yes. The Capital Markets Authority lists Exness (KE) Limited under licence 162 and HFM Investments Ltd under licence 155. Confirm on the CMA's list that your agreement names the Kenyan company at either broker.
Which has the lower minimum deposit?
HFM lists no broker minimum on Cent, Zero and Premium. Exness gives no single figure, and published reviews list USD 100. Your payment route sets its own floor at both brokers.
Which is better for copy trading?
HFM, because its copy service sits inside the app and takes new users. Published reviews report that Exness is phasing out its own copy product, though MT5 signals remain available to Exness clients who want to follow others.