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Broker Score | Min. Deposit | Regulation | Trading Desk Type | Trading Instruments | Forex Pairs | Crypto Pairs | Pros | Cons | Regulation | Trading Conditions | Trading Platforms | Deposit & Withdrawal | Education & Research | Assets Available | Customer Service | % Lose with this broker | Leverage | Spread | Hedging | Scalping | Account Types | Islamic Account | Trading Platforms | Funding Methods | Trading Commission | ||
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EUR 100 | NDD | Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals | 73 | 57 |
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| Read Review | 71% | 500:1 | 0 pips | Yes | Yes | MT4, MT4 Premium, Premium, Standard | No | MT4, cTrader, Skilling Trader | Bank Transfer, Visa, Mastercard, Fasapay, WebMoney, NganLuong, Unionpay, Skrill, Neteller, Trustly, Paypal, Apple Pay | 6 USD round turn commission | ||||||||||
USD 0 | STP | Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs | 53 | 40 |
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| Read Review | 72.90% | 1000:1 | 0 pips | Yes | Yes | Pro Plus, HFCopy, Islamic, Cent, Premium, Pro, Zero | Yes | MT4, MT5, HFM Trading App | Bank Transfer, Visa, Mastercard, Skrill | 6 USD / lot - Zero Account |
The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FX Scouts Tanzania, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare HFM and Skilling, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that HFM holds two Tier 1 and one Tier 2 licences, and Skilling holds two Tier 1 and no Tier 2 licences.
Based on these findings, 0 earned a higher trust rating than 0.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Skilling has overall lower trading costs than HFM.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, 0 offers support for and 0 offers support for .
Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both HFM and Skilling offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that Skilling offers a greater range and depth of instruments to trade than HFM. Skilling offers 73 Forex pairs to trade and HFM offers 53 Forex pairs to trade.
In this case, Skilling offers 57 cryptocurrencies while HFM offers 40 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Skilling.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither HFM nor Skilling charges a withdrawal fee. Overall, 0 has better deposit and withdrawal processes than 0.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
HFM and Skilling both have very good educational support. Both HFM and Skilling offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that HFM offers better research analysis than Skilling and that both HFM and Skilling offer frequent webinars.
HFM (formerly known as HotForex) is a well-known international broker with a strong presence in Tanzania. It has excellent regulation and customer support, and has a range of accounts to suit both beginners and more experienced traders.
HFM offers four standard accounts and two specialised copy trading accounts, but the Cent Account stands out with no minimum deposit and reasonable trading fees. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including over 950 other international stocks.
HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.
Founded in 2018, Skilling is an innovative broker with regulation from CySEC of Cyprus and Seychelles' FSA. It has four simple account options, excellent trading conditions, a broad range of tradable assets, and a great range of trading platforms. Its main drawback is the lack of educational materials, which could see beginner traders looking elsewhere for support.
Skilling's Standard Accounts require a minimum deposit of 100 EUR and have spreads starting at 0.8 pips (EUR/USD), tighter than those on other brokers' entry-level accounts. On the Premium Account, spreads tighten to 0.1 pips (EUR/USD) with a commission of 6 USD (round turn), but the minimum deposit is 5000 EUR - out of reach for most beginners.
MT4, cTrader, and Skilling’s proprietary trading platform are all supported, with seamless integration provided between cTrader and Skilling’s own platform – an industry first.
Overall, Skilling is a good all-round broker with a transparent and client-centered approach that will appeal to both beginners and more experienced traders.