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Hot Forex Theft

Discussion in 'Scam Alerts' started by Steven Dalos, Aug 8, 2011.

  1. Steven Dalos

    Steven Dalos Recruit

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    Hot Forex is a good broker!

    Apparently, at 08-08@ 07:24 (server time) my EA burned my account dropping my equity below my bonus level. I was admittedly totally naive about forex and did not understand the implications of the S & P downgrade on the money markets. Hot Forex came back to me, and explained these things and how the conditions on the bonus forced them to take action at 08-08@ 07:24 (server time). I no longer hold Hot Forex at fault, and believe them to be honest and upstanding.
     
    #1 Steven Dalos, Aug 8, 2011
    Last edited: Aug 11, 2011
  2. Pharaoh

    Pharaoh Colonel

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    ALWAYS read the terms of any bonus before accepting it.

    It sounds like Hot Forex doesn't let you use the bonus once the money you've put into the account reaches the point of a margin call.
     
  3. Steven Dalos

    Steven Dalos Recruit

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    I was, and am still, very naive about forex, bonuses, robots, etc. I just got a very expensive lesson!
     
  4. Pharaoh

    Pharaoh Colonel

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    From all the horror stories I've read, I'm about 90% of the way to warning traders to reject all bonuses.
     
  5. f-man

    f-man 4Xangels Representative

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    I'll have to disagree with you there Pharaoh!

    I read through the terms and conditions of HotForex bonus and it is very clear that if you take the 50% bonus, you can withdraw it after a certain amount of Lots traded, but you can not "lose" it (That means you can not include it in your margin)
    If on the the hand you chose the 15% rescue bonus, you can "lose" it.

    It might be a little bit confusing for newbies, but still quite clear...
     
  6. vincam

    vincam Sergeant

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    I'm 100% there. It is not worth it, especially for noobs. You will get trapped into fine print about ridiculous lot turnover or some other catch, just not worth it to me....
     
  7. despe906

    despe906 Recruit

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    Exactly

    Hot Forex bonus : you must place a trade of 1 standard lot for 1$ claimed, which is up to 10% of the lowest spread when you trade 1 standard lot...makes no sense to trade in order to get a bonus. This incentive clearly targets wannabe traders.
     
  8. Pharaoh

    Pharaoh Colonel

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    A simple rule regarding bonuses:

    If you already trust the broker.
    If you have carefully examined the terms to collect the bonus and fully understand all the terms.
    If you already planned to trade more than enough volume to claim the bonus before making any withdrawals.

    Then consider accepting a bonus.

    Otherwise, you could find your profits locked up for a very long time.
     
  9. vincam

    vincam Sergeant

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    Most of the time if you are a decent trader you will make the bonus money back on your own way before you would turn the required lots to allow you to withdraw. It is tough enough to get money out of brokers some times, don't willingly give them yet another excuse to hold your money, IMO.
     
  10. The Prophet

    The Prophet Private

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    I have an account with Hotforex which I run through f-man at 4Xangels to get my rebates, I read the thread and would just like to say that I had a chat with one of the chaps at Hotforex and the whole idea behind the 50% bonus is to enable you to increase your trade volume, good for me and good for them.
    If you trade wisely, the increase in volume will enable you to increase your account at a more speedy pace and then request that Hotforex remove the bonus from your account once you are in profit more than the bonus.
    The way to look at it is you are getting an interest free short term loan to increase your lot size. If you think it then becomes a bigger risk, then quite simply reduce your risk from say 2.5% to 2% per trade. Hotforex do seem to be really trying to provide a good honest service and coming up with all sorts of ideas to pull in the traders, hats off to them.
    Happy days Hotforex, keep the Prophet rolling.
    f-man, my rebates are due next week, I don't suppose you would consider giving me 50% bonus on my rebates as well!!
     

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