HF Markets advertises a Zero-account commission from $3 a lot and, on the same page, a $6 round turn once the trade size reaches 100,000 currency units. Read together, the headline and the table look like two different bills for one ticket.
On the international EUR/USD specification, one lot is 100,000 EUR and the pip value printed beside it is 10 USD. A pip is the fourth decimal, 0.0001, so a one-pip move changes that lot by ten dollars. A round turn is the open plus the close. The cost is the spread inside the filled price, plus any commission on its own line. The schedules below were read on 4 November 2026.
The Zero page at hfm.com/int/en/trading-accounts/zero-account leads with commissions "starting from a low $3 per 1 lot." The table under that line, for all currency pairs, lists $0.06 at 1,000 units, $0.60 at 10,000, and $6 at 100,000. The headline is half the table, and the column is headed "Round Turn." Copying only the $3 prices the entry and leaves the exit off the bill. The Titan FX ticket shows the same split, a zero in the advertisement beside a commission in the schedule.
The spread can still sit on top of that $6. The EUR/USD specification, single-product?symbol=EURUSD, lists Zero spreads "as low as" 0.0 and prints neither a typical spread nor an average. At a raw spread of zero the round turn is the $6 commission. At 0.2 pips the spread costs $2 and the ticket costs $8. HF Markets states the floor and withholds the spread a trader is likely to meet in the London morning or at the New York fix.
The cash required before the ticket exists is a second mismatch on that URL. The account-details table puts the minimum opening deposit at $0 / €0, and the introduction describes a deposit of zero. The FAQ on the same page answers the minimum-deposit question with $25. Both sentences are live, and the page declines to say which one governs, so the account that carries the $6 commission is either free to fund or $25 to fund.
The brand in the body of these pages is HFM, and the legal line under them is HF Markets. HotForex is absent from the pricing copy. It survives in a file path: the Saint Vincent certificate on the regulatory page lives in a folder named about-hotforex.
The three-dollar line and the six-dollar line
Zero runs on MetaTrader 4, MetaTrader 5, HFM WebTrader and the HFM app, with market execution. One lot is 100,000 units, the minimum size is 0.01 lot, the maximum is 60 standard lots per position, and 500 orders may sit open at once. Margin call is 50 percent and stop-out is 20 percent, in USD or EUR. The $6 covers "all currency pairs," so it is the EUR/USD line. Gold is a different table, $10 round turn per 100 ounces.
Leverage on that EUR/USD specification is 1:2000 for Zero, repeated on the account page as "up to 1:2000." The ratio is how fast a price move can reach the 20 percent stop-out. The $6 is a cash charge on the round turn either way. Collateral and the dealing bill sit on different shelves.
Suffixes are where a newer trader can fill the wrong price. Premium's FAQ prints a blank suffix and the example EURUSD. Pro's FAQ prints the suffix r and the example EURUSDr. InfinityX prints the suffix x and the example GBPUSDx, a sterling symbol rather than euro-dollar. Zero's FAQ skips the suffix row the other accounts print, so the $6 belongs to the Zero stream alone.
Four floors on one pair
The same EUR/USD grid, opened 4 November 2026, lines the accounts up. Spreads "as low as" read 1.4 pips on Premium, 0.0 on Zero, 1.4 on Cent, 0.6 on Pro and 0.5 on InfinityX. Standard lots are 100,000 EUR with a 10 USD pip. Cent is the exception, a 1,000 EUR lot and a 0.1 USD pip. Negative balance protection is marked Yes on every column. Swap-free status is listed for 45 days and applies only to specific instruments under the rollover policy.
In dollars, using that 10 USD pip, the Premium page is $14 with commission at zero, the Pro page is $6 with commission at zero, Zero is $6, and the InfinityX page is $5. At a true zero, Pro and Zero cost the same $6, and any raw spread above zero pushes Zero above Pro.
InfinityX also says spreads "from 0.303 pip," an account-wide floor, while the EUR/USD row says 0.5. Another instrument can be the one that touches 0.303, and treating 0.303 as the euro-dollar cost would understate this ticket. The $250 minimum agrees in the table and the FAQ. The page calls the leverage unlimited, with "zero margin requirements," and the stop-out is 0 percent, so a $5 floor sits beside a position that can run until equity is gone.
A 1.4 pip Cent spread costs fourteen cents on a 1,000 EUR lot, and one hundred of those lots restore the $14 Premium floor on 100,000 EUR. The cent account page failed to open on 4 November 2026, so Cent's commission stays off this record. Pro's minimum is $100 / €100, with ₦50,000 and ¥13,000 in the FAQ, while Premium's own minimum is zero. Copy-trading rows are marked "1: Fixed."
| Account | Spread the page states | Commission, round turn | Floor, one standard lot |
|---|---|---|---|
| HF Markets InfinityX | EUR/USD as low as 0.5 pips | None | $5 |
| HF Markets Pro | EUR/USD as low as 0.6 pips | None | $6 |
| HF Markets Zero | EUR/USD as low as 0.0 pips | $6 | $6 |
| Tickmill Raw | From 0.0 pips; EUR/USD used in the commission example | $6 | $6 |
| PuPrime Prime | From 0.0 pips, pair unnamed | $7 | $7 |
| Pepperstone Razor, own platform | EUR/USD minimum 0; August 2026 average 0.1 | $7 | $7 at the minimum; $8 at the average |
| Pepperstone Standard | EUR/USD minimum 1 pip; August 2026 average 1.1 | Zero on FX | $10 at the minimum; $11 at the average |
| HF Markets Premium | EUR/USD as low as 1.4 pips | None | $14 |
Each floor uses the $10 pip HF Markets prints for 100,000 units of EUR/USD, the same product as 0.0001 times 100,000. Pepperstone's average column uses that unit on the average the firm prints. PuPrime's $7 is the round-turn commission on a from-0.0 account floor. The PuPrime symbol table rendered empty, so the $7 is account-wide rather than a measured EUR/USD print. Every figure was read from the broker's own page on 4 November 2026.
The name printed on the contract
Every international pricing page opened for this comparison ends on the same legal line. HF Markets (SV) Ltd is incorporated in Saint Vincent and the Grenadines as an International Business Company, registration 22747 IBC 2015. The client agreement linked from the documents page, 2026-08_HFSV_Client_Agreement, names that company and that number, and it puts the relationship under the laws of Saint Vincent and the Grenadines. Accepting the terms forms the agreement with HF Markets (SV) Ltd. The website in the definitions is hfm.com.
Clause 4.1 says the company acts at all times as a principal, and the client deals as a principal rather than as someone else's agent. Even where an order is sent on to a third-party liquidity provider, the company remains the exclusive counterparty. The contract the client holds is with HF Markets (SV) Ltd, which is the question the Axiory entity piece asks of a different brand: which rulebook and which balance sheet sit behind a fill.
In the market-making clause the client acknowledges that the company may act as a market maker in certain markets. The agreement frees the company from any duty to quote a specific maximum spread, and it calls the spread the company's remuneration. That remuneration can stay unstated on the trade confirmation. Commission on Zero is the auditable $6, and that is the part of the ticket a client can know before the click.
The regulatory page, opened the same day, gives the group licences in HF Markets' own wording, and the FCA and CySEC registers stayed unopened: HF Markets (Europe) Ltd under CySEC 183/12, HF Markets (UK) Ltd under FCA 801701, HF Markets SA (PTY) Ltd under FSCA 46632, HF Markets (Seychelles) Ltd under FSA securities dealer licence SD015 with registration 8419176-1, and HFM Investments Ltd under Kenya CMA 155 as a non-dealing online foreign exchange broker.
The international agreement names HF Markets (SV) Ltd and leaves the CySEC, FCA, FSCA, Seychelles and Kenya companies off the signature block. The Hantec piece is the parallel, and here the book is the Saint Vincent company. The footer places the materials outside the UK, the EU and the USA, and it lists the United States, Canada, Sudan, Syria, Iran, North Korea, the UAE, Türkiye and others as places where the service is unavailable. A UK URL for the EUR/USD specification resolved, the same day, to the international page.
A client may open up to five trading accounts. An archived account, 60 days with zero activity and zero pending orders, becomes dormant after six months with zero deposits, withdrawals or trades if a balance remains. The monthly dormant fee is then $5 through one year, $10 from year one to year two, and $20 from year two to year three, and after three years it is the previous year's amount plus $10 until the balance is zero. The agreement also allows an extra commission on swap-free accounts and on positions held past one month.
What Pepperstone publishes and HF Markets withholds
Pepperstone's forex table, opened on 4 November 2026 at pepperstone.com/.../pairs-and-spreads, names EUR/USD. Razor minimum is 0 and the Razor average is 0.1. Standard minimum is 1 and the Standard average is 1.1. The footnote dates those spreads from 1 August 2026 through 31 August 2026, all sessions, including rollover. The costs page says Razor commission starts at $3.50 per lot per side, and the Pepperstone platform is 3.5 USD per standard FX lot per side, or $7 round turn. cTrader is 6 USD round trip. TradingView is 7 USD round trip. Standard FX carries a 1 pip markup, and the FX commission belongs to Razor.
At the August average, Razor is $8 on the Pepperstone platform, $7 on cTrader and $8 on TradingView, while Standard is $11. That measured average, with the month attached, is the figure HF Markets withholds.
Zero's $6 floor is cheaper than that $8 Pepperstone-platform average only while the HF raw spread stays under 0.2 pips. At 0.2 pips the spread is $2, the commission is still $6, and the bills tie. InfinityX at $5 is the lowest HF floor on the pair, from a $250 deposit, with unlimited leverage and a stop-out at zero.
Deposits are described as free in general, the minimum deposit is $10, and an international bank-wire withdrawal is $20. Account-keeping fees and inactivity fees are absent. Under the SCB licence heading, retail FX leverage is 1:200 and professional FX leverage is 1:500. The fee sections name the Pepperstone Group and leave the contracting company unnamed. HF Markets prints one $6 for the Zero round turn, while Pepperstone's commission moves with the platform.
Related4 separate StarTrader fees sit on a EUR/USD ticket
Tickmill's Raw page, tickmill.com/trading/raw-account, opened the same day, puts the example on EUR/USD. Spreads are "from 0.0 pips," commission is "$3 per lot per side," and one lot of 100,000 EUR is $3 a side and $6 round turn, level with HF Markets Zero and Pro when the spread touches zero. Starting deposit is 100 and maximum leverage is 1:1000. The spreads-and-swaps table rendered with headers and empty rows, so a typical Tickmill EUR/USD spread stays off this record. The footer names Tickmill UK Ltd, FCA-regulated and holding DFSA representative-office reference F007663, Tickmill Europe Ltd under CySEC, Tickmill South Africa (Pty) Ltd under the FSCA as FSP 49464, and Tickmill Ltd in Seychelles. The $6 is tied to the symbol, and to none of those four companies by name.
PuPrime's account page, puprime.com/account-types, opened as well. Standard is "from 1.3 pips," commission at zero, minimum $50. Prime is "from 0.0 pips" at "$3.5 per side/lot," restated in the FAQ as $7 round turn, minimum $1,000. ECN is "from 0.0 pips" at $1 per side, $2 round turn, minimum $10,000. Platforms are MT4, MT5, PU Web Trader and the PU Prime App. The symbol table rendered empty and the regulation page failed to open, so the 1.3-pip Standard reading stays off the chart with the pair unnamed. Prime's $7 is on the chart as an account-wide floor, and ECN's $2 sits behind a $10,000 deposit. The same test is on the Ultima Markets ticket.
Pros, cons, and the 2.9
The rating follows the house weights on the rating method: costs 35 percent, safety 30 percent, platforms 20 percent, funding 15 percent. Costs score 3.2 because the $5 to $6 floors sit tight beside Pepperstone Standard at $10 to $11, while the page still prints floors and the contract lets the spread stay off the confirmation. Safety scores 2.2 because the agreement names the Saint Vincent company, 22747 IBC 2015, as principal and exclusive counterparty, with the licensed companies unsigned beside it and negative balance protection marked Yes. Platforms score 3.6 across those four terminals. Funding scores 2.4 because the dormant ladder is written down, the Zero minimum is stated as both $0 and $25, and an HF Markets withdrawal-fee table stayed unopened.
Weight those scores and the sum is 3.2 times 0.35, plus 2.2 times 0.30, plus 3.6 times 0.20, plus 2.4 times 0.15. That is 1.12 plus 0.66 plus 0.72 plus 0.36, which is 2.86, reported as 2.9. Weight the counterparty more heavily and the result lands lower, while an active one-lot book that accepts the SVG contract lands higher on the $6 floor.
FAQ
Who is the other side of an international HF Markets EUR/USD ticket?
The client agreement on the international legal page names HF Markets (SV) Ltd, registration 22747 IBC 2015, and says the company acts as principal at all times. Where a price comes from an outside liquidity provider, the agreement still calls that company the exclusive counterparty. CySEC, FCA, FSCA, Seychelles FSA and Kenya CMA numbers sit on the group regulatory page, attached to other companies. The signature block is the Saint Vincent firm.
Is the Zero account free to trade on EUR/USD?
The specification lists EUR/USD spreads as low as 0.0 on Zero, and the commission table lists a $6 round turn on 100,000 currency units. A zero spread removes the spread and leaves the commission. If the spread on the fill is wider than zero, each extra pip on one standard lot is $10, the pip value printed on that page. The $3 in the Zero introduction is the per-side reading of the same $6.
Why do the Pro and Zero floors both land on $6?
Pro lists EUR/USD spreads as low as 0.6 pips and marks commission as zero. At the printed pip value of $10, 0.6 pips is $6 inside the price. Zero lists a 0.0 floor and adds $6 outside the price. At those floors the bills match, and Zero costs less than Pro only while the raw spread stays under 0.6 pips. The usual spread is unpublished, so the match is a floor-to-floor comparison.
How does Pepperstone's average change the comparison?
Pepperstone's forex table, covering 1 August 2026 through 31 August 2026, shows Razor EUR/USD at a minimum of 0 and an average of 0.1, and Standard at a minimum of 1 and an average of 1.1. On the Pepperstone platform the Razor commission is $7 round turn, so the average ticket is $8. The HF Markets Zero floor of $6 stays lower only while the HF raw spread is under 0.2 pips.
What does a dormant HF Markets account cost?
The August 2026 client agreement treats an account as dormant after six months with zero deposits, withdrawals or trades. The monthly fee is $5 through one year, $10 from one year to two, and $20 from two years to three. After three years the fee is the prior year's monthly amount plus $10, charged until the balance reaches zero.
The agreement names one company, and the regulatory page names five licensed companies beside it. The two documents leave unanswered whether a registration that starts on the international site can be booked to one of those licences. Which of those licensed companies, if any, would hold this EUR/USD ticket?
Figures are the brokers' published schedules and the HF Markets (SV) Ltd client agreement as opened on 4 November 2026. The rating is an opinion about that published service on that date. It is an assessment of documents, and the decision to trade stays with the reader.