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

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Ed_Forex

Private, 1st Class
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
That's my point Nana about contradictory between a policy and another of hotforex(withdrawal and margin policies), and even within same policy(margin).

Looking at your example, you can not even withdraw the 1.3K because hotforex system will refuse withdrawal, tried it myself on my account.
When asked hotforex they replied that there's no free margin to do that. So hotforex disallow withdrawal holding the free margin in hand as an excuse while in trading hotforex doesn't apply free margin must not go to below zero, that means equity must not go below margin requirement, that leaves my account with $14770.25 like the 1.3K in your example. Lot of confusion in hotforex policies = hotforex scammer
 

NanaR

Corporal
Yea thats what I meant too... 1.3k max withdrawal (if no open positions) but unlikely since we all know u will need margin when opening new trades and that will drop u below 1k equity (which is also the starting capital) so the system is designed to prevent that. I think the more likely case is they want u to withdraw small (maybe just 20 - 50% profits max only) and have pending trades small lots, running tiny floating loss to be safe. Which is why bonus is often "difficult" and I did not take any after considering all these... Mentor says all bonus have a catch and it seems to be true.

Here it's like u need bonus awarded/2 to unlock the 100% credit bonus? So if i got $1000 bonus, i need 500 lots to unlock that? Does not seem worth it, unless u intend to stick around for years if u trade safe with small lots.

And yea, I think personally that the bonus amount should not be added to equity because it lulls the trader into a false sense of security... should instead be displayed somewhere near the "bonus completion %" under client dashboard on how much u are entitled to should u unlock your initial deposit/2. That would save a lot of misunderstanding, dont u think?

ps: did u ask your account manager to come to this thread?


That's my point Nana about contradictory between a policy and another of hotforex(withdrawal and margin policies), and even within same policy(margin).

Looking at your example, you can not even withdraw the 1.3K because hotforex system will refuse withdrawal, tried it myself on my account.
When asked hotforex they replied that there's no free margin to do that. So hotforex disallow withdrawal holding the free margin in hand as an excuse while in trading hotforex doesn't apply free margin must not go to below zero, that means equity must not go below margin requirement, that leaves my account with $14770.25 like the 1.3K in your example. Lot of confusion in hotforex policies = hotforex scammer
 

alfexcy

Private
Exactly... if you hold open positions, you can only withdraw your free margin. Is there any broker out there who allows to withdraw more than the free margin? If you were allowed to do that, then as soon as you withdraw, the open trades will stop out so this doesn't make sense..
 

Ed_Forex

Private, 1st Class
Yea thats what I meant too... 1.3k max withdrawal (if no open positions) but unlikely since we all know u will need margin when opening new trades and that will drop u below 1k equity (which is also the starting capital) so the system is designed to prevent that. I think the more likely case is they want u to withdraw small (maybe just 20 - 50% profits max only) and have pending trades small lots, running tiny floating loss to be safe. Which is why bonus is often "difficult" and I did not take any after considering all these... Mentor says all bonus have a catch and it seems to be true.

Here it's like u need bonus awarded/2 to unlock the 100% credit bonus? So if i got $1000 bonus, i need 500 lots to unlock that? Does not seem worth it, unless u intend to stick around for years if u trade safe with small lots.

And yea, I think personally that the bonus amount should not be added to equity because it lulls the trader into a false sense of security... should instead be displayed somewhere near the "bonus completion %" under client dashboard on how much u are entitled to should u unlock your initial deposit/2. That would save a lot of misunderstanding, dont u think?

ps: did u ask your account manager to come to this thread?
My point is why scammer hotforex uses available margin to refuse withdrawal while it doesn't use it to close trades when equity goes below margin requirement. It is the same result.

From first minute I opened the first account with scammer hotforex, the doll account manager told me I can not loose the bonus amount. When floating loss goes worse than bonus amount, it's lost because I used more than its amount in trading.

So if I deposited $30000 and got $30000 bonus, opened one trade that went to floating loss of $30000, i loose the same as if I deposited more than the bonus amount and made profits over it by much, what's that scam policy by scammer hotforex??

To remind that hotforex withdrawal policy was I can withdraw profits without bonus for same amount can deducted, that's what I was always doing and finding it comfortable, until scammer hotforex changed it lately to if i withdraw profits, bonus will be removed for same amount!!
 

Ed_Forex

Private, 1st Class
Exactly... if you hold open positions, you can only withdraw your free margin. Is there any broker out there who allows to withdraw more than the free margin? If you were allowed to do that, then as soon as you withdraw, the open trades will stop out so this doesn't make sense..

Is there any respectful broker that allows equity to go below margin requirement without closing trades, ask the client to deposit money to fix free margin meanwhile hedging the trades, or close part of the trades to free margin!?!
 

Ed_Forex

Private, 1st Class
PS: Posted it before that I emailed execution and compliance department of the scammer hotforex including direct link to this thread, and sent them a reminder too.
 

Ed_Forex

Private, 1st Class
Scammer hotforex policy dishonor

While scammer hotforex wasting time, don't want to reply to this thread, I am revealing its policy dishonor.

hotforex policy for Gapping:

7. Gapping

Sunday's opening prices might or might not be the same as Friday's closing prices. At times, the prices on the Sunday open are near where the prices were on the Friday close. At other times, there might be a significant difference between Friday's close and Sunday's open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency. Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap. In the case of Pending orders, the limit or stop orders will be executed at the next available price after the gap.

Read the sentence colored in black. scammer hotforex doesn't apply that in trading. As a client, many times had pending limit orders that hotforex filled at same price I had set before friday's close. At a time, had a pending buy limit 1.2055, friday closed above this price and sunday opened on hotforex platform 1.2040(buy price), at what price scammer hotforex filled my order?? Ofcourse not what hotforex says "next available price after gap but at same friday close of 1.2055!!!
When I emailed them asking why they didn't fill on 1.2040(sunday open) as its gapping policy says?? hotforex replied recklessly by don't worry if it happens again, just email us and we'll fix it!!!!!!!!

That proves that scammer hotforex is a market maker no ECN/STP- that gives you the price that is in the market, but since hotforex can change, replace, adjust whatever it wants, just email it and they'll fix the price!!!!!
 

Ed_Forex

Private, 1st Class
Afterwards, things went very ugly, very stupid to email and wait for reply every time hotforex don't respect its gapping policy. So decided to set my pending limit orders before any news event and sunday open at a artificial far way price, to not get filled at exact price when market had actually gapped 20-50 or more pips lower.

Isn't it a disgusting fact that when scam brokers fully breaks their policy clauses, they fix it by giving the client pickings of what could had been earned if it filled the trades right. While when it breaks it partially or use the mixed manipulated words in its clauses like this is our margin policy but if this was the case, it is no longer valid!! and the client total balance must be subject to erase after hotforex chose what it likes from its policy clauses.

Seeing my 1.2055 case talked about, who told hotforex that my lost was only the difference between 1.2055 and 1.2040, the scammer hotforex does not know that having a 1.2040 have a different exit than having it 1.2055???

What can I add more about hotforex scam!! Giving the pickings when it breaks the contract while putting all the blame on the client by leaving the client account get blown if the contract is partially broken!!!
 

NanaR

Corporal
I wasnt around for the previous T&C on the 100% bonus scheme, so cant comment or help you further on this bro :(

But yea I think I know what u are saying. IMO they should not put the bonus amount as "extra equity" in your MT4 account if it isnt allow to tank losses... instead they should just email u something like congrats "mr xxx, you can withdraw a bonus of $1000 once u complete 500 lots. Please monitor your completion progress @ www.hotforex.com/xxxxx." If they did it this way, you would not have a problem with the bonus scheme, agreed?

My point is why scammer hotforex uses available margin to refuse withdrawal while it doesn't use it to close trades when equity goes below margin requirement. It is the same result.

From first minute I opened the first account with scammer hotforex, the doll account manager told me I can not loose the bonus amount. When floating loss goes worse than bonus amount, it's lost because I used more than its amount in trading.

So if I deposited $30000 and got $30000 bonus, opened one trade that went to floating loss of $30000, i loose the same as if I deposited more than the bonus amount and made profits over it by much, what's that scam policy by scammer hotforex??

To remind that hotforex withdrawal policy was I can withdraw profits without bonus for same amount can deducted, that's what I was always doing and finding it comfortable, until scammer hotforex changed it lately to if i withdraw profits, bonus will be removed for same amount!!
 

Ed_Forex

Private, 1st Class
Not wanting to mix cases within each other, but as you requested icmarkets to provide details about orders filled by liquidity providers, am requesting hotforex to tell all forexpeacearmy readers who are its liquidity providers that it doesn't mention on its site and tells clients it's a secret can't reveal!!! scammer hotforex can't reveal the names because its a market maker.

Scammer hotforex must also show proofs of how all its liquidity providers(if there's any!!) had no liquidity from 1.20095 to 1.1445 when hotforex eurchf chart show red candle all the way down??

Like you said on your thread, their are brokers who honored stops, and I'll hint to names(Oan, Dukas) without saying full name because of FPA policy for no ads for other brokers in scam cases.

I think many now know the names(hinted about) of brokers who honored stops of its clients from 1.20 to 1.1980 and ofcourse lower too.

So, how other brokers weren't able to do the same if they are not pure market makers like the scammer hotforex.
 
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