HFM (HotForex)
FBS
HFM vs FBS is a comparison that matters for traders across Africa and other emerging markets who want to maximize bonus value without sacrificing broker quality. HFM (formerly HotForex) scores 8.5/10 in our review methodology and holds six regulatory licenses including FSCA and FCA. FBS scores 7.5/10 with four licenses including CySEC and ASIC. Both brokers offer deposit bonuses, loyalty programs, and $5 minimum deposits — but the bonus structures, caps, and terms differ in ways that directly affect how much trading credit you receive.
This article compares HFM and FBS across bonuses, regulation, platforms, and fees with a focus on traders in Nigeria, South Africa, Kenya, and Ghana. Updated and verified June 2026.
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Availability note: Forex bonuses are not available to clients in the EU (ESMA), UK (FCA), Australia (ASIC), or the US. The bonus information below applies to traders in eligible regions. HFM bonuses are available through HF Markets (SV) Ltd (Seychelles FSA), HF Markets SA (FSCA), and HF Markets KE (CMA Kenya). FBS bonuses are available through FBS Markets Inc. (Belize FSC). Both brokers restrict bonus programs to clients registered under their offshore or regional entities.
HFM vs FBS: Side-by-Side Comparison Table
| Category | HFM | FBS |
|---|---|---|
| Our Score | 8.5 / 10 | 7.5 / 10 |
| Founded | 2010 | 2009 |
| Top-Tier Regulation | FCA (UK), CySEC (Cyprus), DFSA (Dubai) | CySEC (Cyprus), ASIC (Australia) |
| Offshore/Regional | FSCA (South Africa), FSA (Seychelles), CMA (Kenya) | FSC (Belize), FSCA (South Africa) |
| Minimum Deposit | $5 | $5 |
| Platforms | MT4, MT5, HFM App | MT4, MT5, FBS Trader App |
| Deposit Bonus | 20% Top-Up up to $5,000 (the 100% Supercharged Bonus was withdrawn Aug 2026) | 100% first deposit + tiered 10—60% subsequent |
| Deposit Bonus Cap | $5,000 | $10,000 per deposit / $25,000 total |
| No-Deposit Bonus | Expired | $100 Quick Start Bonus (unverified; via FBS Trader app) |
| Loyalty Program | Trophy Road Points (up to $500,000 in rewards) | Cashback up to $15/lot (unverified) |
| Additional Programs | Shield 500, ROFM, demo contest (the Rescue Bonus is no longer offered) | Referral program |
| Islamic Accounts | Yes | Yes |
Bonus terms change frequently. Always verify current offers on the broker’s website before opening an account. Figures sourced from official broker T&C documents, most recently verified August 7, 2026.
For a broader view, see the bonus comparison hub or use our bonus finder to filter offers by country and deposit size.
Deposit Bonus Comparison
Deposit bonuses add trading credit when you fund your account. This comparison changed materially in August 2026: HFM withdrew its 100% Supercharged Bonus from the international site, leaving the 20% Top-Up Bonus as its deposit offer — while FBS still matches 100% on first deposits. This section breaks down each program so you can calculate exactly how much bonus credit you will receive at each broker.
HFM: 20% Top-Up Bonus (the Supercharged Bonus Is Withdrawn)
HFM’s former flagship, the 100% Supercharged Bonus (up to $50,000 with per-lot rebates), was withdrawn from the international site — confirmed in our August 7, 2026 verification. Its current deposit offer is the 20% Top-Up Bonus.
Key terms (verified against T&C v2026/03):
- Maximum bonus: $5,000; the percentage and cap are set in your Client Area and can range from 10% to 100% by campaign
- Account: dedicated Top-Up Bonus account (MT4, MT5, WebTrader, HFM App); phone verification required
- Volume requirement: none stated in the official terms
- Withdrawals: bonus credit is non-withdrawable; profits are withdrawable without restrictions; any withdrawal removes bonus proportionally
- Inactivity rule: bonus forfeited after 60 days of inactivity
- Withdrawal impact: Any withdrawal reduces bonus 1:1
- Eligible instruments: Forex and Gold
- Profit cap: None — profits fully withdrawable
Example: Deposit $1,000 into an HFM Premium account and receive $1,000 in bonus credit (total capital: $2,000). As you trade, you also earn $2 per lot on Gold or 0.2 pips per lot on Forex, up to $8,000 lifetime in rebates.
HFM also offers the Shield 500 program for first-time depositors in Kenya, Nigeria, and Ghana: deposit at least $10 within 10 days of registration, and trading losses during your first 25 days convert into tradable credit up to $500. Deposit currencies include KES, NGN, and GHS.
Additional programs include the Top-Up Bonus (20% up to $5,000 — verified active against T&C v2026/03 on August 7, 2026). The Rescue Bonus (30% up to $7,000 with stop-out recovery rewards) is no longer offered — it was withdrawn from HFM’s international site and is marked expired in our Matrix.
Source: HFM official T&C PDF (2026-01 version). Verified June 2026.
FBS: 100% First Deposit + Tiered Subsequent
| Deposit | Match Rate |
|---|---|
| First deposit | 100% (up to $10,000) |
| $100 — $250 | 10% |
| $250 — $500 | 20% |
| $500 — $1,000 | 30% |
| $1,000 — $2,500 | 40% |
| $2,500 — $5,000 | 50% |
| $5,000+ | 60% |
| Total cap | $25,000 |
Key terms:
- Minimum deposit: No explicit minimum for bonus activation (broker minimum is $5)
- Volume requirement: No specific volume requirement in official T&Cs — bonus is non-withdrawable credit; profits withdrawable freely
- Inactivity rule: Bonus expires 28 days after last deposit or trading activity
- Profit cap: None — profits fully withdrawable
- Eligible countries (confirmed): South Africa, Cameroon, Argentina, Kenya, Brazil, Malaysia, Philippines, Nigeria, Thailand, Turkey
Example: Deposit $2,000 as your first FBS deposit and receive $2,000 in bonus (100% match). A later $3,000 deposit earns $1,500 (50% tier). Total bonus: $3,500.
Source: FBS Deposit Bonus T&Cs (official PDF from ptfbs.com). Verified June 2026.
Deposit Bonus Verdict
FBS now wins on match size. With HFM’s Supercharged Bonus withdrawn, FBS’s 100% first-deposit match (up to $10,000 per deposit, $25,000 lifetime) towers over HFM’s 20% Top-Up capped at $5,000. A $1,000 first deposit earns $1,000 in credit at FBS versus $200 at HFM. What HFM’s current offer does better is conditions: no volume requirement in the official terms and profits withdrawable without restrictions, with a 60-day inactivity grace period against FBS’s more aggressive 28-day expiry. Traders holding a legacy Supercharged bonus keep their credited terms, including its rebate system.
No-Deposit Bonus Comparison
A no-deposit bonus lets you trade with real money without funding your account first. This is where the HFM vs FBS comparison has a clear gap.
HFM: No Active No-Deposit Bonus
HFM previously offered a $50 no-deposit bonus for select Asian markets (Malaysia, Philippines, Singapore, South Korea, and others). This promotion expired before June 2026, and HFM does not currently offer an active NDB for African or other emerging market traders.
However, HFM’s Shield 500 program functions as a partial substitute for African traders. While it requires a minimum $10 deposit, the loss protection of up to $500 in trading losses converted to credit during your first 25 days reduces the risk of initial trading — similar in spirit to a no-deposit bonus, though not identical.
FBS: $100 Quick Start Bonus
FBS offers a $100 Quick Start Bonus available through the FBS Trader mobile app, which includes a 7-step educational program alongside the trading credit. However, key terms (volume requirement, time limit, profit cap) remain unverified because FBS promo pages redirect to the homepage when accessed directly. FBS also published a blog post stating they do not offer a welcome bonus as a deliberate policy choice, creating uncertainty about current availability. The previously available Level Up Bonus ($70 web / $140 mobile) was discontinued in 2025.
Verdict: FBS is the only option between these two brokers for a no-deposit bonus, but verify availability with FBS support before relying on this offer. For verified NDB offers, consider the XM $50 NDB or browse our bonus finder.
Loyalty Programs and Ongoing Rewards
HFM: Trophy Road Points
HFM launched its Trophy Road Points (TRP) program in January 2026 with four tiers:
| Tier | TRP Per $1M Volume |
|---|---|
| Rookie | 25 TRP |
| Rising Star | 30 TRP |
| Pro | 35 TRP |
| Legend | 40 TRP |
Rewards scale up to $500,000 and include cash prizes, electronics, and luxury items. New members receive 100 TRP on joining. Crystal Boosters provide double TRP on specific instruments.
HFM’s Return on Free Margin (ROFM) pays a 2-3% annualized return on qualifying free margin (minimum 5 lots/month on Forex or metals). The monthly demo contest ($2,000/$1,000/$500 prizes) adds a further earning opportunity (the old Traders Awards has been replaced by the Malaysia/Brunei/Singapore-only Traders Arena).
FBS: Cashback
FBS offers cashback up to $15 per lot (not independently verified — check the broker’s current terms). This figure was referenced in an expired promotion (March 2025), and it is unclear whether FBS runs a permanent cashback program.
Verdict: HFM wins decisively. Trophy Road Points, ROFM, and contests give HFM one of the deepest reward ecosystems in the industry. For traders active over months or years, HFM adds substantial long-term value.
Regulation Comparison
HFM (6 licenses)
- FCA (UK), CySEC (Cyprus), DFSA (Dubai) — three top-tier licenses
- FSCA (South Africa), FSA (Seychelles), CMA (Kenya) — three regional licenses
The FSCA and CMA licenses are particularly relevant for African traders, representing local regulatory presence in South Africa and Kenya. Bonuses are not available under FCA, CySEC, or DFSA entities.
FBS (4 licenses)
- CySEC (Cyprus), ASIC (Australia) — two top-tier licenses
- FSC (Belize), FSCA (South Africa) — two offshore/regional licenses
Verdict: HFM leads on regulation depth and African coverage. The CMA Kenya license that FBS lacks represents closer regulatory oversight for East African traders. For traders in Nigeria, HFM’s Kenya license is the nearest regulatory authority. Both brokers hold FSCA licenses for South African traders.
Platforms and Spreads Comparison
Both brokers support MetaTrader 4 and MetaTrader 5, so platform availability will not be a deciding factor. Each broker also offers a proprietary mobile app — HFM App and FBS Trader — with the FBS Trader app serving as the required gateway for the Quick Start no-deposit bonus. Both offer copy trading, Islamic accounts, and Cent accounts for micro-lot trading.
| Metric | HFM (Premium) | FBS (Standard) |
|---|---|---|
| EUR/USD typical | [NEEDS-TEST-DATA] | From 0.7 pip [NEEDS-TEST-DATA] |
| Commission | None on Premium | None |
| Deposit/Withdrawal fees | None from HFM (unconfirmed) | None from FBS |
Advertised “from” spreads are minimums, not averages. Real-world spreads during your preferred trading sessions can differ significantly. We recommend testing both brokers on demo accounts during the London and New York sessions, which are the most relevant for African traders due to time zone overlap.
Both brokers set their minimum deposit at $5, placing them among the most accessible for traders in Nigeria, Ghana, Kenya, and other African markets where forex trading often begins with small account sizes. FBS activates its deposit bonus with no stated minimum, and HFM’s Top-Up terms likewise state no minimum opening deposit — though at 20%, small deposits earn proportionally small credit there. For realistic position sizing with proper risk management, a deposit of at least $100—$200 is advisable regardless of the broker minimum.
Where HFM Wins
- Bonus conditions: the 20% Top-Up states no volume requirement, and profits are withdrawable without restrictions
- Loyalty program depth: Trophy Road Points, ROFM, demo contests
- Africa-specific programs: Shield 500 loss protection in KES/NGN/GHS; CMA Kenya license
- Regulation breadth: Six licenses including FCA, CySEC, DFSA
- Higher vetting score: 8.5/10 versus 7.5/10
Where FBS Wins
- Deposit match size: 100% on the first deposit (up to $10,000 per deposit, $25,000 lifetime) versus HFM’s 20% up to $5,000 since the Supercharged withdrawal
- No-deposit bonus: $100 Quick Start Bonus (though terms unverified)
- Higher subsequent deposit rates: Up to 60% on deposits over $5,000
- Higher reported leverage: Up to 1:3000 versus 1:2000 at HFM
Which Broker Should You Choose?
Choose HFM if:
- You value clean bonus conditions (no volume requirement on the Top-Up, profits withdrawable without restrictions)
- You value ongoing rewards beyond the initial deposit (Trophy Road, ROFM, contests)
- You are in Kenya, Nigeria, or Ghana and want Shield 500 loss protection in local currency
- Regulatory depth matters to you (six licenses across three continents)
Choose FBS if:
- You need a no-deposit bonus (FBS is the only option here, but verify availability first)
- You are starting with less than $250 and want immediate bonus credit
- You trade frequently and the 28-day inactivity rule is irrelevant
- You prefer a mobile-first experience through the FBS Trader app
For most traders in Africa, HFM still offers the stronger overall package on programs and regulation — Shield 500, ROFM, Trophy Road, six licenses — while FBS now clearly leads on deposit-match size. Which matters more depends on whether you fund once (FBS’s 100% match) or trade for the long haul (HFM’s layered programs).
Use our bonus finder to compare current offers, or visit the broker comparison hub for more head-to-head reviews.
Frequently Asked Questions
Can I claim bonuses from both HFM and FBS at the same time?
Yes. HFM and FBS are separate brokers, so you can hold accounts and claim bonuses at both simultaneously. Each broker’s terms apply independently — HFM’s Top-Up Bonus has a 60-day inactivity rule, while FBS’s deposit bonus expires after 28 days of inactivity. Track each set of conditions separately.
Which broker has the better deposit bonus for a $500 deposit?
FBS, since August 2026. FBS matches 100% on a $500 first deposit ($500 in credit, $1,000 total trading capital), while HFM’s current 20% Top-Up adds $100 on the same deposit. HFM’s former 100% Supercharged match, which used to tie this comparison, was withdrawn from the international site.
Are HFM and FBS bonuses available in Nigeria?
Yes. HFM bonuses (the 20% Top-Up, and Shield 500 with NGN deposits) are available through HF Markets (SV) Ltd — the withdrawn Supercharged Bonus is no longer among them. FBS deposit bonuses are confirmed available in Nigeria through FBS Markets Inc. (Belize FSC). Bonuses from neither broker are available under EU, UK, or Australian entities. See our Nigeria forex bonus guide for more details.
Does HFM still offer a no-deposit bonus?
No. HFM’s no-deposit bonus expired before June 2026. The Shield 500 program (minimum $10 deposit, up to $500 loss protection) is available in Kenya, Nigeria, and Ghana as an alternative for new traders. For no-deposit bonuses, browse our bonus finder or check FBS’s Quick Start Bonus availability with their support team.