HF Copy Account Review: A Beginner’s Guide (2024) ✔

The HF Copy Account allows you to copy the trades of other, more experienced & successful traders. and potentially make money from their success. In this HF Copy Account review, we'll cover everything you need to know about the Hotforex Copy account, including its features, fees, and user experience.

We will also share tips on how you can get the most out of your copy trading on HFM.

What is HF Copy account?

The HF Copy account is a social trading platform that connects experienced traders with those who want to copy their traders and potentially benefit from their expertise.

By allowing users to automatically copy the trades of successful traders, the HFM copy account can allow beginner traders to gain profits in the forex markets.

This means that even if you have little to no experience in trading, you can still potentially make profits by following the strategies of more experienced traders on the HF Copy platform.

The HF Copy offers a wide range of features and tools to help users make informed decisions and manage their investments effectively.

How does HF Copy account work?

The HF Copy account works by connecting the accounts of strategy providers to those of followers. The trades taken by the experienced trader (strategy provider) will then be copied in real-time on the account of the follower.

This means that followers can potentially make profits without having to actively trade themselves.

As a Follower you can sign up under any of the Strategy Providers and follow any strategy you wish. You can access your own account to monitor the trading, close positions, withdraw profits, set Rescue Level and Volume Allocation percentages, and manage your investments effectively.

As a follower, you will also have access to risk management tools and real-time performance monitoring to keep you in charge of your account.

You will only pay a commission if the copied trades are successful.

How Do You Open A HF Copy Account?

Opening an HFM Copy account is easy and straightforward. Simply follow the steps below.

Strategy Providers

For strategy providers, the process of creating an account is the same except that in the second step, you sign up as a strategy provider and not as a follower. You will need a minimum deposit of $300/ R3500 to open a strategy account on HF Copy.

Once you have signed up can start creating valid strategies to share and earn commissions.

You will also set your performance fee percentage during the setup of your strategy provider account.

You can create up to three accounts since you are limited to one strategy per account.

How To Verify Your HF Copy Account

You will need to provide the necessary documents that confirm your real identity. You can use the following:

• Valid identification document: eg. scanned colour copy (in PDF or JPG format) of ID card, passport, or driver’s license (it has to have a photo and is valid i.e not expired).
• Proof of residence: a recent bill (max 6 months from the account opening request) or a bank statement with the applicant’s name and address clearly visible can be used to confirm your address.

The name on your identification document must be the same as that on the proof of residence.

HFM (formerly Hotforex) will carry out the verification process within 48 hours. After verification, you can start investing, taking advantage of all the services provided by the broker.

How To Start Copying on HF Copy

1. Choose a Strategy Provider from the performance table according to parameters such as gains, max drawdown and stability score. Remember you can follow up to three strategy providers on three different accounts. You can also unfollow any strategy provider anytime.
2. Deposit funds to your HF Copy account to begin copying live trades.
3. Set the rescue level, which allows you to limit the amount you can lose when the strategy goes through a period of losses. When this level is reached, all your open trades are automatically closed, and you will stop following new ones.
4. Set the volume allocation, which means you decide the volume of trades to copy into your account in proportion to the strategy providers’ trades.

How To Choose A Good Strategy Provider on HF Copy

It is important to choose a profitable strategy provide to reduce your risk and maximise your chances of getting a profit. The following tips can help you find the best strategy provider for you.

The strategy provider should:

• Have a track record of at least 3 months
• Have maintained a positive profit margin in the recent past
• Have a small maximum drawdown
• Not trade extremely large lot sizes
• Maintain a certain amount of money in his account

Features of the HF Copy account

The following table lists all the main features of the account.

Trading platforms available	MetaTrader 4, Webtrader, & mobile trading
Spreads	Starting from 1 pip
Contract size	1 lot = 100,000 units
Trading instruments available	Forex, Spot Indices, Gold
Fifth decimal	Available
Maximum leverage offered	1:30 (varies by selected instrument)
Execution	Market execution
Minimum opening deposit	$300 for Signal Provider, $100 for Follower
Minimum trade size	0.01 Lot
Trade size increment	0.01
Maximum total trade size	60 standard lots per position
Maximum number of simultaneous open orders	300 orders
Margin Call	80%
Stop out level	50%
Telephone trading	Allowed
Account currency	USD
Personal account manager	Available
Trading commissions	None
Maximum number of allowed followers	200 followers

Advantages Of The HFCopy Account To Followers

• Total control of your account
  You have full control of your account. You can monitor your investments at any time, set rescue levels, and withdraw when you want. Furthermore, HFcopy allows access to MT4 and enables closing trades anytime. This is different from account management which can be a scam.
  
• Automatic
  The service allows copying strategy providers automatically, saving time and precious energy.
  
• Profit from the expertise of others
  You can make money in the forex markets without creating accurate strategies or performing exhausting market analysis. This is great for beginners.
  
  
• Diversify your portfolio
  You can follow more than one strategy provider to copy different trading styles and create a well-diversified investment portfolio. This will also help you minimise your risk
  
• Access to all the performance metrics of strategy providers.
  You can consult the list of signal providers available and get full details of their trading style and history. You can make an informed decision & choose the most suitable one for your needs.
  
• Decide how much to invest and risk. It is allowed to use the volume allocation to decide which percentage to set in the trades you want to copy from the provider.

Advantages Of The HFCopy Account To Strategy Providers

• Earn Commission
  Get a performance commission of up to 50% for the successful trades copied by your followers. The fees will be calculated based on the High Watermark regime and paid to the Strategy Provider’s
  myWallet.
  
• Up to 200 followers per account
  Your commission earnings can be very significant if you have a good trading performance and you get a lot of followers. You can have 200 followers on up to three different accounts.
  
• Easy payouts.
  You can collect payments biweekly via MyHF wallet. You can withdraw these as you wish
  
• Automatic calculations
  Simply select the volume allocation and the rescue level and all the calculations will be executed automatically.
  
• Transparency
  Both your profile and your results can easily be seen in the performance table, thanks to which followers can compare, monitor, and choose them. This makes it easy to get followers if you have a profitable record

Disadvantages of HF Copy

• Past results do not guarantee future results.
  A strategy provider may be profitable when you follow but then they may start making losses when you follow them. In other words, there is no guarantee of profits
  
• You cannot use HFM bonuses on HF Copy
  All bonuses & promotions are ineligible. You will have to deposit funds to be able to copy or be a strategy provider
  
• Dependence on Other Traders:
  Your success on the HF Copy account is largely dependent on the performance of the traders you are copying. If they make poor trading decisions, it could negatively impact your investments.
  
• Can promote laziness
  Your growth as a trader may be limited by copying others
  
• Fees:
  The HF Copy account charges fees for using the platform. These fees can add up over time and eat into your profits.

Overall, the HF Copy account can be a useful tool for investors looking to benefit from the expertise of experienced traders. it can also be a great way for new traders to earn while they develop their own profitable strategies.

However, it is important to be aware of the potential drawbacks and to carefully consider whether the platform is right for you.

You can also check out other brokers with copy trading in South Africa.

Frequently Asked Questions on the HF Copy Account

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