HotForex.com

NanaR

Corporal
Messages
104
Be careful with ICMarkets. Notorious broker with aggressive advertising.

I remember lastime I had 2 accounts on MT4 and CTrader for EURUSD (both LIVE) and for some reason there was 20 pips difference between them (yet none of their prices tallies with spot rates elsewhere)! When I asked their help, they claim it is because both have difference liquidity providers thus the big difference in price?

Also, they like to do the 'white jamming' screen if you are profitable. Many others reported it before and they lie about their server location it is definitely not in NY or NJ in USA. I don't think anything has changed through the years (because laws in Australia are grey for CFD).

I tried Hotforex, it was much better (no white jamming screen) though back then 2016 I think DAX only opened during EU opening hours so you will miss out any moves before that.


Hi everyone.
Lately I have been comparing different brokers' spreads at myfxbook.com/forex-broker-spreads and found out that the real spreads of HotForex are considerably lower than the ones appearing in that webpage. I opened an account with IC Markets because I thought theirs were lower, and I was surprised to see that HotForex's spreads are quite better actually. Not sure what is wrong, but I already reported the bug.

Regards.
 

bigdolly

2nd Lieutenant
Messages
1,024
Be careful with ICMarkets. Notorious broker with aggressive advertising.

I remember lastime I had 2 accounts on MT4 and CTrader for EURUSD (both LIVE) and for some reason there was 20 pips difference between them (yet none of their prices tallies with spot rates elsewhere)! When I asked their help, they claim it is because both have difference liquidity providers thus the big difference in price?

Also, they like to do the 'white jamming' screen if you are profitable. Many others reported it before and they lie about their server location it is definitely not in NY or NJ in USA. I don't think anything has changed through the years (because laws in Australia are grey for CFD).

I tried Hotforex, it was much better (no white jamming screen) though back then 2016 I think DAX only opened during EU opening hours so you will miss out any moves before that.
Perfect. May I know how long have you been testing Hotforex platform?
 

henyo

Master Sergeant
Messages
438
Be careful with ICMarkets. Notorious broker with aggressive advertising.

I remember lastime I had 2 accounts on MT4 and CTrader for EURUSD (both LIVE) and for some reason there was 20 pips difference between them (yet none of their prices tallies with spot rates elsewhere)! When I asked their help, they claim it is because both have difference liquidity providers thus the big difference in price?

Also, they like to do the 'white jamming' screen if you are profitable. Many others reported it before and they lie about their server location it is definitely not in NY or NJ in USA. I don't think anything has changed through the years (because laws in Australia are grey for CFD).

I tried Hotforex, it was much better (no white jamming screen) though back then 2016 I think DAX only opened during EU opening hours so you will miss out any moves before that.

very interesting, thanks for the info, its good to know.
 

WhistleBlower

Recruit
Messages
9
I would like to share my experience with the Forex community on my experience of HotForex (HF).

One of the basic & fundamental requirements for a forex broker is to provide an efficient & effective way for client to deposit fund and a responsive support team.
When such basic & fundamental requirements cannot be fulfilled, then the client will face serious consequences of financial loss leading to more complicated resolution.

On 3 crucial occasions, HF took more than 1 to 3 hours to process credit card deposit.

Though I have reported these 3 incidents to the account service manager and the management, there is no reply nor good explanations why similar incidents keep on happening.
A forward-looking and professional run broker will attempt to look into the root cause, address the gap and thereafter explain to the client.

But not for HF. They simply ignore this issue and try to divert the blame to the client for not managing their position. This does not speak well for HF.

And to make matter worse, after HF leisurely decide to update the deposit, client has to transfer this deposit from wallet to the trading account.

This means that the clients have to constantly and at the mercy of the HF backend staff to monitor that the deposit is updated to your wallet and then quickly transfer from the wallet to the trading account.

At every crucial moment, it is very difficult to get in touch with any HF staff including the live chat agent and account manager.

My experience with the HF live chat agent give me an impression that they are like a postman or middleman between the client and the HF backend support staff.
Frequently live chat agent is unable to resolve the matter. Instead the live chat agent would refer the client to email HF support or deposit team.
Though I am given a direct line to the account manager, the account service manager took just as long as the time needed for the HF to process the deposit.
Call to the account service manager direct line not picked. Messages sent to the account service manager direct line was responded 1 hour later.
Fortunately on those 3 occasions, the stop out level was not reached otherwise my positions will be force-closed which I am very sure HF will not compensate for the losses even though it is proven that the tardiness and fault is on their side.

This is my honest feedback and hope it will be useful in your evaluation of HF.

Thank you.
 

FxMaster

Lt. Colonel
Messages
9,515
I would like to share my experience with the Forex community on my experience of HotForex (HF).

One of the basic & fundamental requirements for a forex broker is to provide an efficient & effective way for client to deposit fund and a responsive support team.
When such basic & fundamental requirements cannot be fulfilled, then the client will face serious consequences of financial loss leading to more complicated resolution.

On 3 crucial occasions, HF took more than 1 to 3 hours to process credit card deposit.

Though I have reported these 3 incidents to the account service manager and the management, there is no reply nor good explanations why similar incidents keep on happening.
A forward-looking and professional run broker will attempt to look into the root cause, address the gap and thereafter explain to the client.

But not for HF. They simply ignore this issue and try to divert the blame to the client for not managing their position. This does not speak well for HF.

And to make matter worse, after HF leisurely decide to update the deposit, client has to transfer this deposit from wallet to the trading account.

This means that the clients have to constantly and at the mercy of the HF backend staff to monitor that the deposit is updated to your wallet and then quickly transfer from the wallet to the trading account.

At every crucial moment, it is very difficult to get in touch with any HF staff including the live chat agent and account manager.

My experience with the HF live chat agent give me an impression that they are like a postman or middleman between the client and the HF backend support staff.
Frequently live chat agent is unable to resolve the matter. Instead the live chat agent would refer the client to email HF support or deposit team.
Though I am given a direct line to the account manager, the account service manager took just as long as the time needed for the HF to process the deposit.
Call to the account service manager direct line not picked. Messages sent to the account service manager direct line was responded 1 hour later.
Fortunately on those 3 occasions, the stop out level was not reached otherwise my positions will be force-closed which I am very sure HF will not compensate for the losses even though it is proven that the tardiness and fault is on their side.

This is my honest feedback and hope it will be useful in your evaluation of HF.

Thank you.
Thanks for the info but it will be useful if you can share some proof with your post to claim your points.
 

WhistleBlower

Recruit
Messages
9
As requested. Please see attached printout of the email correspondence + attachment.
 

Attachments

  • 11 May 2020 Letter of complaint for investigation and resolution.docx
    205.6 KB · Views: 8
  • 2020-05-15 TS to Varun.pdf
    135.5 KB · Views: 6

compu-forex

Sergeant
Messages
149
This, IMHO, seems to be a major over-reaction. Every broker has their deposit processes and, yes, sometimes these processes can break down. It's not like they have run away with your money.

If their process doesn't meet your requirements, move on to a broker who has a process that does meet your requirements. This is not even close to a scam. It would be more appropriate to express your displeasure via a review.
 

WhistleBlower

Recruit
Messages
9
I have articulated the side-effect and I don't think it is over-reaction. Such behavior will lead to unnecessary financial loss. I am sure you will not accept such losses. And of course you need to close all your positions before moving to other broker. Unless you are willing to bear the existing loss by closing all positions now. And of course I will not use such broker once all my positions (about US$10k) are closed.
My objective of my experience is to alert the forex community.
And I did not mention that HF is a scam anywhere in my feedback as what you have concuded.
 
Top