Short answer
Both brokers have a Kenyan company licensed by the CMA: Exness under licence 162 and HFM under licence 155. Neither is registered with Nigeria's SEC. Exness comes out ahead on local payment methods it documents itself (naira bank transfer, M-Pesa, South African internet banking) and on simpler swap-free terms. HFM comes out ahead on a South African licence number we could confirm from an FSCA notice, and it offers a naira-denominated account type.
Exness - Minimum deposit
- No minimum
- Islamic account
- Automatic
- Maximum leverage
- 1:Unlimited
HFM (HotForex) - Minimum deposit
- No minimum
- Islamic account
- Available
- Maximum leverage
- 1:Unlimited
On this page
- How we compared them
- Side-by-side comparison
- Regulation: a draw in Kenya, HFM ahead on what we could confirm in South Africa
- Accounts and minimum deposits: close
- Leverage: both very high outside Kenya
- Swap-free: Exness is simpler
- Local deposits and withdrawals: Exness ahead on what’s documented
- Verdict by type of trader
How we compared them
We compared Exness, the broker we recommend, with HFM. Every figure below comes from an official source: a regulator’s register or notice, or the broker’s own pages. Both brokers’ websites blocked our direct access on 8 November 2026, so some broker figures come from search-engine extracts of their official pages. We’ve marked those, and we’ll replace them with figures checked directly. Neither broker has been tested by us on a live account yet.
Side-by-side comparison
Checked 8 November 2026.
| Exness | HFM | Source | |
|---|---|---|---|
| Kenyan company | Exness KE Limited, CMA licence 162, non-dealing online forex broker | HFM Investments Ltd (trading as HF Markets), CMA licence 155, non-dealing online forex broker | CMA register (read directly) |
| South African company | Exness ZA (Pty) Ltd, FSP 51024 reported; not yet confirmed by us | HF Markets SA (PTY) Ltd, FSP 46632; describes itself as an intermediary under FAIS | HFM regulation page (extract); FSCA warning, 28 March 2024, naming FSP 46632 |
| Nigeria | Not registered with the SEC | Not registered with the SEC | SEC register has no online forex broker category |
| Account types | Standard Cent, Standard, Pro, Raw Spread, Zero | Cent, Zero, Pro, Premium, InfinityX | Exness help centre; hfm.com (extracts) |
| Minimum deposit | No account minimum on Standard and Standard Cent (payment method minimum applies, e.g. USD 10 for naira bank transfer); Pro, Raw Spread and Zero set by region | USD 0 on Cent, Zero and Premium; USD 100 on Pro; USD 500 on InfinityX (an HFM FAQ gives USD 25 for Zero) | Exness help centre; hfm.com (extracts) |
| Naira as account currency | Not documented | Listed for InfinityX, along with GHS | hfm.com (extract) |
| Maximum leverage | 1:2000 by default under USD 5,000 equity; “unlimited” if eligible; 1:400 for Kenyan clients | 1:2000 on Cent, Zero, Pro and Premium; “unlimited” on InfinityX; Kenyan figure not confirmed | Exness help centre; hfm.com (extracts) |
| Swap-free | By default on a published list of instruments, including majors and gold; automatic for listed Islamic countries | Offered on its account types for clients who observe Sharia law; carry charges and commission possible after several days | Exness help centre; HFM rollover policy and terms (extracts) |
| Local payments documented | Naira bank transfer, USSD and QR; M-Pesa on exness.ke; South African internet banking; Ghana Mobile Money | No Nigerian, Kenyan or South African local method in the official extracts we saw; HFM says it charges no deposit fees | Exness help centre and exness.ke; hfm.com (extracts) |
| Platforms | MT4, MT5, Exness Terminal, Exness Trade app | Not confirmed from HFM’s pages | Exness help centre |
Regulation: a draw in Kenya, HFM ahead on what we could confirm in South Africa
Kenya. Both brokers’ Kenyan companies hold non-dealing online forex broker licences from the CMA, and both appear on the register. HFM’s was granted in late 2021 and Exness’s around mid-2022. Under Kenya’s rules, both must keep client money in segregated accounts at a Kenyan bank and can’t offer more than 1:400 leverage. Exness’s help centre confirms the 1:400 cap for its Kenyan clients. We haven’t confirmed HFM’s Kenyan leverage figure. Neither licence makes one broker safer than the other; it means you have a Kenyan regulator to turn to. See forex trading in Kenya.
South Africa. HFM’s South African FSP number, 46632, appears on HFM’s regulation page and in an FSCA warning about people impersonating it. Exness’s FSP number, 51024, so far comes only from third-party sources, although the FSCA has also warned about impersonators of Exness ZA (Pty) Ltd. HFM’s South African company says it acts only as an intermediary, which suggests the trading contract sits with another HFM company. Check both on the FSCA register, and read which company your client agreement names. For now, HFM is ahead on this point.
Nigeria. Neither broker is registered with the SEC. The SEC has said that running an unregistered online forex platform is an offence, and its September 2026 proposed rules would require registration through a Nigerian company. Third-party sources say Nigerian clients of HFM deal with HF Markets (SV) Ltd in St Vincent and the Grenadines; we haven’t confirmed that on HFM’s pages. See forex trading in Nigeria.
Accounts and minimum deposits: close
Both brokers let you start with very little. Exness’s Standard and Standard Cent have no account minimum, so the payment method’s minimum is what counts. HFM lists USD 0 on three account types. Both have a cent account for very small positions (see cent accounts).
HFM’s InfinityX stands out because HFM lists the naira and the Ghanaian cedi among its account currencies, so your balance doesn’t have to be converted into dollars. Its USD 500 minimum is higher, though, and it comes with “unlimited” leverage and position caps that HFM can adjust. If a naira balance matters to you, that’s a point to HFM. Make sure you understand the leverage before you open one.
Leverage: both very high outside Kenya
Both brokers offer up to 1:2000, and each has an “unlimited” option under conditions. That’s far above Kenya’s 1:400 cap and the 1:400 that Nigeria’s proposed rules would set for major pairs. High leverage means a small move can wipe out a small account. Read leverage and margin and size positions with the margin calculator.
Swap-free: Exness is simpler
Exness’s help centre describes swap-free status that applies by default on a published list of instruments, including major pairs and gold, with nothing to apply for. HFM offers swap-free status on its account types, but its rollover policy and terms allow carry charges after consecutive rollovers and extra commission on positions held for a long time. HFM’s own FAQ says there are no extra fees. If you hold positions overnight, Exness’s terms are easier to understand. Our Islamic accounts guide goes through both. Whether either meets your religious requirements is a question for a qualified scholar.
Local deposits and withdrawals: Exness ahead on what’s documented
Exness publishes help-centre articles for naira bank transfer (USD 10 minimum deposit, USD 3 minimum withdrawal, no Exness fees), South African internet banking with six named banks, and Ghana Mobile Money, and offers M-Pesa on exness.ke. In the official HFM extracts we could see, we found no Nigerian, Kenyan or South African local method. That doesn’t mean HFM has none: its deposit page may show different methods depending on where you are. But we can’t confirm them. Until we can, Exness is ahead here.
Verdict by type of trader
| If you are… | Our view | Why |
|---|---|---|
| A beginner in Nigeria funding with a small amount | Exness | Documented naira bank transfer, USSD and QR, USD 10 minimum, cent account |
| A trader in Kenya who wants M-Pesa | Exness, unless HFM’s Kenyan site shows M-Pesa for you | Exness offers M-Pesa on exness.ke; we couldn’t confirm HFM’s Kenyan methods |
| A trader in Kenya who mainly wants a CMA licence | Either | Both are CMA-licensed non-dealing brokers |
| A trader in South Africa who wants to check the FSP number first | HFM, for now | Its FSP number appears on an FSCA notice; check both on the register |
| Someone who wants a naira-denominated balance | HFM (InfinityX) | Naira listed as an account currency; note the USD 500 minimum and high leverage |
| Someone who holds positions overnight and wants swap-free terms | Exness | Default swap-free list with no published replacement charge |
We recommend Exness overall because the points where it’s ahead (local payments and swap-free terms) affect most beginners every week. HFM’s advantages matter to fewer readers. If HFM’s advantages match what you need, it’s a reasonable choice. Before you open an account with either, check the company and its licence yourself; how to choose a forex broker shows how. Our Exness review has the full detail on Exness.
Common questions
Exness or HFM: which is better?
It depends on what you need. On the official information we could check, Exness is stronger on documented local deposits and withdrawals and on swap-free terms. HFM is stronger on a confirmable South African licence number and on offering naira as an account currency. Both are CMA-licensed in Kenya.
Are Exness and HFM regulated in Kenya?
Yes. The CMA's register lists Exness KE Limited under licence 162 and HFM Investments Ltd under licence 155, both as non-dealing online forex brokers.
Which has the lower minimum deposit, Exness or HFM?
Both start at zero on some accounts. Exness has no account minimum on Standard and Standard Cent, but the payment method has one (USD 10 for naira bank transfer). HFM lists USD 0 for its Cent, Zero and Premium accounts, though one HFM FAQ gives USD 25 for Zero, and USD 100 for Pro.
Do Exness and HFM have Islamic accounts?
Both offer swap-free conditions. Exness's help centre describes swap-free status by default on a list of instruments. HFM offers it on its account types for clients who observe Sharia law, but its terms allow carry charges and commission on positions held for several days.