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Conspiracy Theory - Hotforex Scammed me $14770.25 - Because I gave myself a margin call

Discussion in 'Forex Insanity' started by Ed_Forex, Jan 17, 2015.

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  1. Ed_Forex

    Ed_Forex Private, 1st Class

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    The first warning signal started 2 months ago, when hotforex had a fake spike resulting in closing my trade on loss. Contacted them at the same instant on live chat, they said checked with the execution department(very rude and arrogant) and replied spike was valid and that all brokers had that spike as hotforex said to me. I knew it was a lie because checked other brokers, guess who had similar spike from all others? FXCM- everyone knows its service.
    This was the first warning for me, execution department refused to take responsibility and said to send an email to hotforex compliance department, that I had done and yet no reply from them from 2 months ago.

    Second warning was when I requested withdrawal to all my money from hotforex by card(amount that can be withdrawn due to cards policies, no more than the deposited) and wire transfer couple of weeks ago. They wasted time not applying its withdrawal policy(all withdrawals requested before 8 AM GMT will be processed same day), said next day probably, until that time on morning went to live chat asked for my withdrawal, they said we will process it most probable today. Hours passed and my patience was ending, I was very worried about hotforex scamming all my money in account, taking time to make excuses or come out with a fabricated story, at that time remembered "Pharaoh" advice to clients who complain about not getting their withdrawals processed for big amounts of money from scam brokers, to withdraw the amount on dividend transactions. That's when I decided to keep some money in account and withdraw the rest to not get scammed with the whole amount.

    Hotforex withdrawal department works from 8 AM GMT to 5PM GMT, that day morning 8 AM contacted hotforex live chat that assured the money will be processed shortly(my request was for the whole amount in account), until 4:30 PM(before half an hour from they close-stop processing withdrawals) no email no process of my withdrawal from hotforex withdrawal department, decided to go to live chat and ask them to transfer the total amount that must had been transferred by card and part of the amount that must had been transferred by wire. Like charm this trick of "Pharaoh" worked.
    Hotforex withdrawal department wasted time from 8 AM to 4:30PM, and was closing after 30 minutes from my live chat without transferring me any money and who knows if and when they'll process it. When hotforex knew that there will be a good amount left in my account, they instantly and through live chat processed my withdrawal in 5 minutes!!
    After this I knew what a scam broker hotforex is, reviewing its regulator FSC knew I had no big hopes than waiting for more than a month least for time to pass before I request the rest amount from my account, hotforex was faster this time by scamming me $14770.25

    Clients don't know the quality of their brokers and be careful to the important details like regulation and changing of contract details until the scam occurs, sadly that is my case.
     
  2. Ed_Forex

    Ed_Forex Private, 1st Class

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    Withdraw your money from hotforex as fast as you can. From time I started trading with them, they changed contract details many times.

    On withdrawals, hotforex was allowing clients to withdraw the profit without the bonus being deducted for same amount of withdrawal, later they changed it to become if withdrew 5000 from profits hotforex deducts 5000 from bonus.

    Hotforex conditions and terms is too complicated, and contradicts its bonus. Hotforex keeps changing its terms according to complaints by clients, it covers legal clauses with new ones.

    Don't forget that hotforex margin terms(read the pdf) can not be separated from the bonus explanation.

    This is why I said in my case, when equity falls below margin requirements all open positions will be closed by hotforex(read hotforex margin term), at that point if hotforex failed to apply its policy, it already broke part of the contract. A broker can not choose what part it likes from the contract terms to apply.
     
  3. Ed_Forex

    Ed_Forex Private, 1st Class

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    Have no doubt hotforex does more than this scam, hotforex scammed me already. Provide more details please.
     
  4. NanaR

    NanaR Corporal

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    OMG they did that? What's their reason? Please post here so we can all know the truth.

    Ed-Forex, what kind of account did you open with them though? So we can understand the spike better? Was it micro, currenex, zero spread, or something? Zero spread and currenex seem to be the more popular choices for serious traders there apparently.

    Also, I didnt have problems so far maybe because I didnt sign up bonus yet (but was thinking to). Mentor said to beware of bonus. In fact my account manager only recommended the 30% rescue bonus, and not the other 2 which she said was more complicated and frequently leads to misunderstanding hmmm.
     
  5. NanaR

    NanaR Corporal

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    Anyway, checked the bonus pdf, its still the same terms as when I discussed with them last year.
    https://static.hotforex.com/assets/common/documents/100 Flex Bonus Terms.pdf

    Look at Point 15 and 17. And yes, I have it confirmed in writing with Hot that at all times, never must your account balance go below original deposit amount else bonus will be removed. I asked because I was very confused too... they seem a bit contradicting?

    Example, I deposit 1k, bonus awarded 1k. Made profit 500 and floating loss -200. Account balance now would be 1 + 1 + 0.5 - 0.2 = 2.3k

    I can only withdraw 1.3k max (assuming the floating loss does not become worse). If the floating loss becomes worse say -300 and I took out 1.3k previous, the account will show as 0 balance since its below the 1k. Again I am testing them with a micro account, so far so good. No lag or weird freeze for me...

    Still havent taken any bonus yet cos I cant decide which is good. Rebate bonus will drop as long u withdraw, credit bonus u gotta ensure equity does not fall below initial deposit (hard) and difficult to hit the lots. Rescue bonus does not seem to appeal much to me yet. Hmmm

     
  6. Ed_Forex

    Ed_Forex Private, 1st Class

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    It's a currenex account 100% credit bonus. They updated it on August 2014. It is not separated from hotforex trading risks pdf where they explain margin term I posted.

    You were with them from a year, but didn't have a bonus account, they used to allow withdrawal of profits without bonus of same amount deducted, they changed this when they changed the 100% credit bonus on August 2014.

    Hotforex are big liars and I have big doubt that they use a plugin software. I used to get negative slippage only and on limit orders, when talked to them that it must be positive more than negative, suddenly I started getting the exact price of my limit orders, no positive no negative, that proves that hotforex can change whatever they want from their end at any time, they have no liquidity providers no trades going to the market. Every time I ask about their liquidity providers and that all good brokers show it on their websites, hotforex reply they can not reveal this information because they get special prices!!
    What special prices? hotforex spreads are no good, average to say the best, they have 10$ on round turn lot.

    Please take care, don't get any bonus, withdraw your money, FSC regulator not safe, sadly got my mind open to all that after hotforex scammed me.
     
  7. comingbacksoon

    comingbacksoon Recruit

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    still didnt got it? so is this offer ok or not? cuz i lost alot cuz once fund reach the 100% i got stopout even i got high maring level? rellay frustrated now? is it ok or not?
     
  8. alfexcy

    alfexcy Private

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    Hi Ed_Forex

    I can't find this on their website:

    Can you point me to it please? I'm curious as to what the terms for this bonus are?..
    Also, what positions you had (pair, direction, volume and date and time of when your account stopped out) and you lost so much money?
     
  9. Ed_Forex

    Ed_Forex Private, 1st Class

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    It's a currenex account 100% credit bonus. They updated it on August 2014. It is not separated from hotforex trading risks pdf where they explain margin term I posted.

    You were with them from a year, but didn't have a bonus account, they used to allow withdrawal of profits without bonus of same amount deducted, they changed this when they changed the 100% credit bonus on August 2014.

    Hotforex are big liars and I have big doubt that they use a plugin software. I used to get negative slippage only and on limit orders, when talked to them that it must be positive more than negative, suddenly I started getting the exact price of my limit orders, no positive no negative, that proves that hotforex can change whatever they want from their end at any time, they have no liquidity providers no trades going to the market. Every time I ask about their liquidity providers and that all good brokers show it on their websites, hotforex reply they can not reveal this information because they get special prices!!
    What special prices? hotforex spreads are no good, average to say the best, they have 10$ on round turn lot.
     
  10. Ed_Forex

    Ed_Forex Private, 1st Class

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    Please refer to legal documentation in hotforex website go to number 7. trading risks that was supposed to help clients to understand hotforex trading policy, that's what they claim.
     
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