eToro vs HFM Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare eToro vs HFM.
Can I trust eToro?
eToro has a trust score of 90, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust HFM?
HFM has a trust score of 86, giving it a "Trusted" trust label.
Is eToro a good broker?
Best known for its versatile and easy-to-use social copy trading platform suite for web and mobile, eToro offers a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. With licenses from multiple Tier-1 regulatory jurisdictions and a Trust Score rating of 90, we consider eToro to be a highly trusted broker. It's worth noting that eToro is not a discount broker (though it delivers more benefits than its competitors in the same price range). Trading forex and CFDs at eToro is slightly pricier than at many of its competitors, though the broker has recently lowered its spreads and introduced zero-dollar commissions for U.S. stock trading.
Is HFM a good broker?
HFM is a trusted broker that offers an enhanced MetaTrader experience. Traders at HFM gain access to both MetaTrader 4 and MetaTrader 5 alongside third-party upgrades like Premium Trader Tools from FX Blue Labs and trading signals via the Autochartist plugin. HFM also offers its own proprietary copy trading platform, HFcopy, and a proprietary mobile trading platform, the HFM app. It's worth noting that you'll need to hold a Premium account with HFM to use the HFM app for trading.
What Tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. eToro is Australia (ASIC Authorised) and United Kingdom (U.K.) (FCA Authorised), while HFM is United Kingdom (U.K.) (FCA Authorised).. Neither have Canada (CIRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), New Zealand (FMA Authorised), Switzerland (FINMA Authorised) and USA (CFTC Authorized)
What Tier-2 jurisdictions is each broker regulated in? What about Tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, eToro is Cyprus (CySEC Authorised), while HFM is Cyprus (CySEC Authorised), South Africa (FSCA Authorised) and UAE (DFSA/Central Bank Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised) and Thailand (SEC Authorised). When comparing tier-3 licenses eToro is none, while HFM is Mauritius (FSC Authorised).. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised) and Vanuatu (VFSC Authorised).
Which broker offers more trading platforms?
For trading platforms eToro supports a Proprietary Platform, whereas HFM supports a Proprietary Platform and Desktop Platform (Windows).. Neither have cTrader, DupliTrade and ZuluTrade
Does eToro offer MetaTrader? Does HFM offer MetaTrader?
For MetaTrader eToro provides neither of these, while HFM provides MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.
How do eToro and HFM differ in terms of minimum deposit? What about average spreads and funding options?
eToro requires a minimum deposit of $10-$10,000, while HFM requires a minimum deposit of $0. From our testing we found eToro offers spreads of 1, while HFM offers spreads of 1.2. eToro supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for popular funding options, where HFM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw).
Which broker offers more tradeable asset classes, eToro or HFM?
Both eToro and HFM allow you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD).. Neither have Spread Betting Looking at total tradeable symbols, eToro has 3479, compared to 3500 from HFM.
Can I trade cryptocurrency with eToro or HFM?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither eToro nor HFM allow you to trade physical cryptocurrencies.
Who offers more research tools, eToro or HFM?
In terms of research and research tools eToro gives traders the following tools: Daily Market Commentary, Stock Charts, Trading Central (Recognia) and Social Trading / Copy Trading. In comparison HFM has the tools listed here: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading.
Overall winner: eToro
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We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.