yah i totally agree that they dont respond to ur email inquiry,they have mkt order entry only,no mkt order exit(just tested from demo),that is a big problem,that means they can delay ur closing order and make money for themselves,now i just agree that it is another bucket,we should remember real ecn=0 exposure to mkt and 0 interest conflict with customers, but read their trading policy:
10. Hotspot FXr as Principal.(b) For the purpose of hedging or otherwise managing the risks associated with the foreign currency contracts Hotspot FXr enters into with Customer or other customers, Hotspot FXr may buy or sell foreign currency contracts for its own account. Such contracts may be executed at a different price from that quoted to Customer. Hotspot FXr is under no obligation to disclose such price to the Customer at any time.
12. GENERAL DISCLOSURES.
......Customer acknowledges that, from time to time, Hotspot FXr may execute Orders for itself or its affiliated organizations at the same or better prices ahead of a Customer Order.......
now we need to think back to that swiss du*copy which alleges 0 exposure.
Just for info, i have my accounts here, best execution i know, but yesterday recieved an email telling me that all hotspot accounts are going to be transfer by mid feb, to fxcm, because they are not interested in retail bussines anymore
I have a live account with Hotspot.
In the beginning they filled my orders right on the money.
Lately, when I place a Stop Loss they will close it 10 Pips against me 70% of the time, the other 30% it will close 2 or 3 Pips against me. Trying to close a position it will always work against me 2 to 3 pips and one time 10 pips.
When I asked them about it they told me they have a 9 to 12 Pip margin to fill their orders.
The problem is on my Take Profit orders they always close it right on the price when is going in my direction, not a single Pip of slipage.
When you e-mail them asking about a discrepancy with your account they don't respond.
Is this a real ECN broker or they just have a make believe setup?
Has anybody else had any problems with this broker?
I closed my account with HotspotFX because their spread got very wide in the last 6 months. Example: June 2008: EUR/USD spread 0-1 / GBP/USD spread 1-2 / USD/JPY spread 0-1. September 2008: EU spread 2-4 / GU spread 3-5 / UY spread 2-3.
I am a daily scalper and spread counts for me because I target 5-10 pips at most.
On the other side HotspotFX is one of the most professional brokers on the market. Sustained by very strong capital and excellent support system. It worth for the speed of execution, accuracy and no spikes or requotes.
All the best.
I always do my research before opening my account with any broker, played with the demo, it has no expiry date, which is a strong indicator of how quick they want you to test their service.
I have traded accounts with FXCM, IG fx , CMC, Saxobank, and all the major spread betting companies within the last 5 years.
I have demo traded the following :
OANDA, to be honest i just dont like the interface on the platform.
Cantorfitzgerald ( Currenex whitelabel and their prop. platforms) good professional level of customer service from Mark Goater,
Capital Forex ( Currenex whitelabel), the guy whose name i wont mention kind of abrupt, and only shows real interest to answer your queries if you say you have the 35000 USD minimum capital to open an account
ADM Derivatives (currenex whitelabel) the main guy Joesph Buckley knows the guy directly at Currenex.com helpdesk which is handy if you have problems with currenex paltform.
MF Global UK and Singapore platforms( currenex whitelabel and Strategy runner )
After 14 days strategy runner requires a PAID subscription to demo test, what a f***in jokel. Their currenex has large liquidity (seen individual orders of 80 mil. on majors)
MF will charge 50 USD per mil commision, no wonder they are the one of the largest FCM in the world. Thats what i call an account cleaning company, they will strip you bare to the penny.
To summarise the first few retail companies who i have mentioned( non - currenex) are all large cap companies with large customer bases, they are extremely highly marketed and have fancy looking platforms, and plenty of analyst reports, commentary columns and newsletters etc why they can afford to do this ? because we are paying their fancy spreads and allowing them to make the prices for us, hence the term market-maker.they can take us out no matter what the real price may be on your 3rd party data vendor chart software.
Too many occurances with all of the retail brokers lead to the same conclusion : they are screwing our accounts when it suits them and especially when we make good returns, we can only squeal like piglets, we cant do anything about it unless we change to a real broker like Dukascopy who ARE the Swiss marketplace where you have true price transparency, and no hidden motives to screw us if we are making good returns.
If you have 50000USD , please go and open an account with Dukascopy. Your experience of any other fx broker will not surpass these people.
Or use a geniune ECN broker with a instituional background like Hotspot, where your dealing with people from the fx trading business, not the FX PR/Marketing business.
DO NOT BE FOOLED by thinking all currenex platforms are the next best thing to EBS. IF you search for it on google, you;ll find that its prices will vary between different broker offerings, the pools of liquidity vary, Mark Goater from CFG told me that their dealers will most likely be able to fill your stops better than a robotic currenex system.
The platform has good features, but some are missing from broker to broker, there is not one single marketplace that all currenex users will be connected to. Because of the decentralized fx market some traders have better liquidity feeds than others, and the more capital you have the more chance of getting with a larger broker with larger liquidity pools.
Most brokers offer 14 day or 30 day, and to me this indicates you they have a weak offering as each day you are running out of time because they want your money sooner than later, ie they are trying to rush you into buying their service.
When you are getting into this business, YOUR NUMBER 1 CONCERN is making sure your money goes to the strongest and safest broker as is possible for your trading capital.
Hotspot fx has 2 platforms, the retail and the institutional. The second was the 1st ecn fx platform ever , and ive spoken to the MD Kevin Gillespie, a friendly professional American/English accent guy, you need around 1 million USD for the hotspot fxi, mainly hedge funds etc use it for API trading , so cant discuss it yet. If you ask him questions, you will get a straight answer.
Also the team who all work close proximity to each other in their office, are pretty helpful, another guy called Adris who looks after your account will make an effort to make sure your happy.
The retail platform could have a better layout, to be frank it needs a makeover. its not that easy to navigate compared to fxcm or saxobank , its more geared to plain trading, rather than fancy shading and colouring menus etc.
Spreads are competitive during 6am - 6pm. GMT after this, you can expect spreads to widen up,
Execution is prompt
As ECN they have to always provide quote, however i do question who is on the other side of the trade.
If you have 7500$ , you can expect to be safe with Hotspot.
Let me tell you about hotspot. After 2 yrs of continuous trading, I maintain they have a deep problem with customer service. During the european and asian sessions, especially, there is no discussion at all about service or other problems because their reps are nervous and full of anxiety. All issues are deferred to the executive director, who when he arrives in the office in the morning always maintains that they are too small an outfit to research any issues like spikes, bad fills, slippage, widening spreads, confusing news announcements, and other platform issues. I really appreciated their ongoing efforts to be a fair platform, and I tried very hard to be a great trader and a fair client.
I witdrew twice, They are paying real fast. No pranks whatsoever tho fellow hotspot traders in Nigeria are not happy with their platform connection. To Our Sucess.
Very fast fills, reasonable commissions and very reliable - i never had a disconnect with them once. Execution is great - and that is what counts.
However, there are a few negatives: customer support is lacking, i had several unanswered mails (no dramatic problems tho either). Swaps are not competitive.
Still, overall a very good outfit, a long-standing and reputable broker.
I just tried their trading platform: it's a mess; it crashed right from the start, I had to reinstall it; it uses a MS Access local database and seems very unstable; when trying to scroll graphs, it takes ages to load new data.
I don't know about their support, but it's a NO for the platform.
I have been with HotSpot only a short time and have only done a limited amount of trading so I do not feel I am qualified to judge them yet. They are currently merging a Metatrader platform through ATC Brokers with their service so clients can enter trades via the Metatrader platform. This service is expected to be fully online in a few more days. My commission fee was increased from $3 to $4 as they are incurring additional costs in offering the availability to do trades using a Metatrader platform.