HotForex Freezed Platfrom during news

luckyanand12

Corporal
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154
This is what i emailed them :
Buy stop of GBP/USD was placed in each broker (each accounts of my clients in various broker) at 1.32450 thirty seven seconds before UK interest rate decision on 14th July.

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.

Neither they reimbursed nor they told to fix the freezing . They initially fooled me by saying that it happened due to off quotes. But we all know that off quotes does not affect placing of stop order especially when stop order is being placed 20 pips far from current market price.

I have attached corresponding log files of both accounts of HF. You can search log's content using keyword 1.32450 .

tradingdesk@hotforex.com replied in one email :
During News Times, the volatility in the market greatly increases. Due to this fact significant slippage can be experienced.
For the above reason it is the business policy of HotForex to restrict the placing of Pending Orders.This is done to protect our clients from experiencing extraordinary slippage and protect HotForex from negative feedback arising from this extraordinary slippage


IT'S EXTREMELY BAD THAT THEY RESERVE THE RIGHT TO RESTRICT CLIENTS FROM PLACING PENDING ORDERS. IT'S QUITE UNETHICAL THAT THEY CAN INTERFERE IN TRADING JUST BECAUSE THEY DONT WANT NEGATIVE FEEDBACK ARISING DUE TO SLIPPAGE. NO OTHER BROKERS HAVE SUCH RIDICULOUS POLICY
Finally they told me to read point 6.16 of their business policy. Please click here in order to read the Terms of Business. (point 6.16.)
 

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Pharaoh

Colonel
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19,727
Send a link to this thread to Hotforex. Ask them to come and explain what happened.
 

luckyanand12

Corporal
Messages
154
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 which I have highlighted the expert logs.
 

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Pharaoh

Colonel
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19,727
I've always had a simple solution for newstrading. If a broker doesn't allow it or in any way interferes with it, I don't try to trade news at that broker.

Then again, maybe that's why I gave up newstrading. :D
 

luckyanand12

Corporal
Messages
154
I've always had a simple solution for newstrading. If a broker doesn't allow it or in any way interferes with it, I don't try to trade news at that broker.

Then again, maybe that's why I gave up newstrading. :D
Those two clients of mine left HF. And, I want to get this matter highlighted on HF's reviews page and also on the HF's site. "HOTFOREX WILL NOT LET YOU PLACE PENDING ORDER BEFORE NEWS. THEY HAVE BUSINESS POLICY OF RESTRICTING CLIENTS FROM PLACING ORDERS BEFORE NEWS. If this matter will be highlighted, other people will not go to try news trading in HotForex.
 
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