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HotForex.com Review MT4 - MetaTrader Platform

Overall Rating: (3.840)
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Total Reviews: 410
Last Updated: 2016-07-21
Description:

Hot Forex are forex brokers. HotForex offers the MetaTrader 4, MT Mobile, and WebTrader forex trading top platforms. HotForex.com offers over 8 currency pairs, cfds, metals, oil, indices, and shares for your personal investment and trading options.

Special Notes:

HotForex's representative requests that anyone having issues please include the account number in the review.  This should result in many issues being addressed more quickly.

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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2010-07-28
Review: We haven't tried a forex trading account with HotForex.com. If you've traded forex with this broker, please leave a review here.

Sheikh Waqar , Lahore, Pakistan

Rating:
Date of Post:2016-07-20
Review: My overall six months experience with hotforex is good. I usually do not trade much yet I make extra money every month while buying and selling popular currencies. They have low spreads and I get my payments every week whenever I request. They really worth giving a try.

Anand, , India

Rating:
Date of Post:2016-07-20
Review: Again HotForex did not allow placing of sell stop orders of GBP/USD in both accounts , account no. 1101204 (shailesh kumar) and 1101199 (Raju Kumar) at 4:29:04 AM(hh:mm:ss) (Newyork Time) because there was a news named ad 'Claimant Count Change' at 4:30AM . I have attached screenshots of both accounts in my reply in the related thread, in which I have highlighted expert(EA) logs.

Go to http://www.forexpeacearmy.com/community/threads/hotforex-freezed-platfrom-during-news.46293/ to view the thread where i have filed case. Or go to Forums -> forex scam warning & trders court -> Scam Alerts -> HotForex Freezed Platfrom during news (name of my thread)

2016-07-18 1Star They froze platform last week and thus they restrict clients from placing pending orders. Details of email which i wrote them : Buy stop of GBP/USD was placed in each broker (each account of clients in various brokers) at 1.32450 thirty seven seconds before UK Interes rate deciiosn 7AM (NY time) Thursday , July 14, 2016.

It was executed at 1.32465 and closed at 1.33972 in Roboforex with positive slippage in closing price because TP was 1.3345 (honest broker)

It was executed at 1.32472 and closed at 1.34074 in M trading (honest broker too)

It was executed at 1.32441 (positive slippage in execution) and closed at 1.34078 in ADS securities (honest broker)

This Buy Stop could not be placed because your platform was freezed before 6:59:23 (hr:m:sec).

So I am gonna tell what could be gained which was not gained just because of four unethical freezing.

In HF Sv account.1101204 (of Shailesh kumar), order size was 0.1, if it was executed even at the worst price 1.32472 (execution of M Trading) and closed at worst price 1.33972 (closing price of M Trading , profit would be $150 .

In HF Sv account.1101199 (of Raju kumar), order size was 0.1, if it was executed even at the worst price 1.32472 (execution of M Trading) and closed at worst price 1.33972 (closing price of M Trading , profit would be $150 .

Either you add $150 in each of these two accounts or we will close account. You should not only just reimburse, but also fix the freezing problem.

They neither reimbursed the money nor they told to fix the problem. They finally told that they have right to restrict clients from placing stop order. Initially they fooled me saying that it happened due to off quotes but we all know off quotes does not affect placement of stop order specially when stop order is being placed 20 pips far from current market price
I am gonna file a case here at FPA with all log files and screenshots.

2011-07-19 No Rating
Same problem with me

But they are STP and they promised to fix it.
Sometimes it happens.
I have been trading in HotForex for last 4 months.
And i had this problem just once a time .
And they have promised to solve .
So i think i should stay with the company and you should also .
They have solved my all issues of past.
And personally i believe that they are gonna solve this issue as they promised.

2011.07.19 09:00:17 '13367': order #1911405 buy 0.25 EURUSD at 1.41500 was modified -> sl: 1.41500 tp: 1.42000
2011.07.19 09:00:17 '13367': request in process
2011.07.19 09:00:16 '13367': request was accepted by server
2011.07.19 09:00:16 '13367': modify order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000

Review Moderation Team Note: We've trimmed out much of the log file. Please post it in the forums thread that's linked from this review page.

2011.07.19 08:57:59 '13367': modification of order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000 failed [Off quotes]
2011.07.19 08:57:59 '13367': request in process
2011.07.19 08:57:59 '13367': request was accepted by server
2011.07.19 08:57:58 '13367': modify order #1911405 buy 0.25 EURUSD at 1.41500 sl: 1.41290 tp: 1.42000 -> sl: 1.41500 tp: 1.42000

2011-04-07 No Rating HotForex is a real STP who provides real liquidity. Customer service is awesome. I am more than happy with HotForex.

J Ogsinar, Bulacan, Philippines

Rating:
Date of Post:2016-07-11
Review: After further research I decided to give this broker a shot since they are popular in my region and most south east Asian countries. execution wise the broker is doing fine, stable with very minimal slippage. in terms of trading instruments I would say they provide what traders need, no more no less. withdrawals are processed based on note/reminder, it will be processed with in the day as long as the submission is before working hours. they are strict with the documents submitted, even during opening an account, gov IDs, bank statements etc, on this case I don't mind, though It can be a bit tough for a trader from an Asian country, but it only shows the good level of security. I give this broker a 4/5 since I have only been trading for a couple of months now, but so far the results seems to be promising.

Steven Eruthiaraj, seremban, Malaysia

Rating:
Date of Post:2016-07-01
Review: my problem with hot forex is i lost my credit card and i got a new card replacement with last 4 digit changed due to security reasons now hot forex want me to get a letter from the bank and the bank will not give me this letter that my card has been lost and will not be in used in international transactions,i have talk to customer service and the matter cannot be settle they are hard and want the letter luckily i have a very small amount if it was big then the broker will have a big meal . beware of this broker they are just waiting you make a small mistake and never let you withdraw your money . i will be submitting a case on the matter with all doc attracted , feeling very frustrated .

Niloy Mahmud, Dhaka, Bangladesh

Rating:
Date of Post:2016-06-12
Review: Best broker current time . Tight spread.. Last nz rate news i traded on hotforex and other broker , i was gace sell on nzjpy but when nz rate was not changed nzjpy in hotforex took my stop loss of 30 pip but other broker did not take my stop loss of 30 pip rater took 110 pips by slippage.this is one example how good hotforex during volatile market .other issue of deposit withdraw no problem .i dont know why other ppl give low rate of this broker.i am in forex trade 4 year now and Dhaka support team very helpful.
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Vinod Nadar, Mumbai, India

Rating:
Date of Post:2016-05-29
Review: I've been using hotforex for the past 3 years. Depositings and Withdrawals are quite easy and fast.Customer service is excellent.Daily withdrawals are smooth,user-friendly and are done on the same day.I would recommend everyone to try out Hotforex.

Hohoho, Sydney, Australia

Rating:
Date of Post:2016-05-25
Review: Be careful with karaosmith@gmail.com which is supported by hot forex. This is my second bad experience with forex trading.

All my deposit has been wiped out in 1 night.

Behzad Bazian, Kuala Lumpur , Malaysia

Rating:
Date of Post:2016-05-18
Review: I have posted a review on 2016/05/10 regarding my experience with Hotforex. So following my previous post, I would like to mention that my withdrawal was completed and my profit has arrived.

2016-05-10 No Rating I have been trading with Hotforex for a few months now. At first, the customer service was really good and they used to solve my issues really fast. So, I decided to open an account with them.

However, unfortunately slowly things got weird after I traded a news which resulted in a bit over than 10k profit for me. Immediately, I received an email that my account has been flagged by their system and my bonus will be taken away. Well, my bonus got removed from my account with no explanation even though I emailed them. Following that, on the next day I traded with my usual strategy, but this time my positions was executed with no profit or lost. But, again i received an email from them that my leverage will be decreased from 1:400 fixed spread account to 1:100 without any explanation which I found very frustrating.

However, I carried on and did another trade with them and as I am a news trader I opened two positions following US-Unemployment rate and I experienced terrible slippage. In addition, it took more than 30 seconds for my position which was on profit to be closed. Anyway, my position ended up from positive 1000+ to negative 1840 hitting my stop-loss.
During these few months of trading, I have never experienced such a huge slippage and slow execution with them. Luckily I have recorded my trades and have it available.
I would be more than happy to give to anyone of you if you wish to have a look.
Now I am waiting on my withdrawal request, and the worst part is that they have sent me three emils so far cancelling all three of my withdrawal requests and in their last email they came up with this excuse that i need to submit my passport again as a proof of identity which i found very unnecessary. So I would like to tell all of you out there base on my experience that surly HotForex did not act as a true ECN broker and they are not happy with the clients those who profit.
I really hope i get my Money back from them and I don't wanna judge too early but my pervious withdrawal requests were completed immediately. Now my only choice is to wait.

I will keep ya all posted regarding my withdrawal request.

Charli, Moscow, Russian Federation

Rating:
Date of Post:2016-05-18
Review: Great broker for scalping, fill orders with pretty tight spreads on majors, I try to avoid Asian sessions, so don't know how good are spreads in this times. Had only 3-4 requotes in 200+ orders, what's very impressive for retail brokerage. Support is fast and qualified though I had only a couple of things to ask them about. Withdrawal fee on web-money is s bit high so I switched to skrill. Overall I'm pleased to trade with HF
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