HOTFOREX is a scam!!

[stevesmain]

Listen don't try to manipulate this as you feel...
first you can't judge my trading , with my trading and position I can do what ever I want, I can leave them till they margin call and close or put extra funds in there that's my decision
but let me know that my accounts they will eventually close (they should told me before I start investing) then there is no more room for choices...
that's 100% their fault
and if you like to take it this way at this moment I was going to be close on positive or even as the usd/cad falls
I don't even care if they give me a year notice , my act will be the same...
they made a big mistake not getting all the facts together before they started their brokerage firm then they decided
their traders will pay for this...
I am with other firms trading and I see how professional they are and behave...

Been there done that!
Had the same short notice by another broker a few years ago!
Even recently FXCM moved a UK acct back to Canada, no option given just stuck with new margin requirements.
They can make changes to try to comply as they progress there business. A fact of life!

While you can chase them down, spend all your time etc. rant & rave. Where will you be in the end?
Any legal entity will tell you that you received notice & not the 24 hr kind. I could tickle your ears but the best advice is to move on!

 

[stevesmain]

Well , I was with other firms, and now I'm at HotForex and by comparison I see how professional HotForex is and behave.
I'm very satisfied with them.

Later edit:

I was thinking long ago to post here on FPA one thing I don't like at them.
I will post here to not open a new topic:
What I don't like is the fact that they don't use real names when I contact them on emails or Live Chat, or when I speak with them at telephone.
I wonder why they hide behind nicknames like : Mike, Andrew, Jason, Nathalia and so on?
They know everything about me, my address, my telephone number, my social security number, how do I look from picture on driver license
and I don't know just their real name. And sometimes is like I speak with robots , I ask a specific question about something and
they respond something else.
In rest everything is ok, as I said.

By the by, the last time I looked Mike, Andrew, Jason etc. are all normal names not nick names.
They seem to be doing just what help lines do by only give the first name. As other organizations do likely to protect against the crazy's & irrationals, blaming the broker for all there own bad decisions.

 

[shogunfx]

By the by, the last time I looked Mike, Andrew, Jason etc. are all normal names not nick names.
They seem to be doing just what help lines do by only give the first name. As other organizations do likely to protect against the crazy's & irrationals, blaming the broker for all there own bad decisions.

Maybe you're right. I'm too suspicious, but my money are there , at them and I like to know them safe.
After two years of working with them I have no complain. Hope to be able to say same thing after 10 years from now.

 

[Pharaoh]

Although it sucks to be out $900 and to have a reason for closing the account given that doesn't correlate with what someone at the OSC told you over the phone, you were given 2 months notice.

During those 2 months, the best solution would have been to:

1. Research brokers and select a new one.
2. Open an account at the new broker.
3. Close all trades and withdraw your balance from HF.
4. Fund your new account.
5. Open new trades based on what your net positions were.

Total cost - deposit and withdrawal fees (always a part of changing brokers), the spread for establishing the new positions, and possible improvement (or the opposite) during the transition time from closing the old positions to opening the new ones.


Just because it's too late for a smooth transition doesn't mean that you still can't get your remaining cash and re-establish your net positions.

 

[dimitris20]

Been there done that!
Had the same short notice by another broker a few years ago!
Even recently FXCM moved a UK acct back to Canada, no option given just stuck with new margin requirements.
They can make changes to try to comply as they progress there business. A fact of life!

While you can chase them down, spend all your time etc. rant & rave. Where will you be in the end?
Any legal entity will tell you that you received notice & not the 24 hr kind. I could tickle your ears but the best advice is to move on!

I know , you right but its very distasteful what they do , they can close your account just like that ....

 

[dimitris20]

By the by, the last time I looked Mike, Andrew, Jason etc. are all normal names not nick names.
They seem to be doing just what help lines do by only give the first name. As other organizations do likely to protect against the crazy's & irrationals, blaming the broker for all there own bad decisions.

You think? I think they do it so you can't take any legal actions against them..

 

[dimitris20]

Although it sucks to be out $900 and to have a reason for closing the account given that doesn't correlate with what someone at the OSC told you over the phone, you were given 2 months notice.

During those 2 months, the best solution would have been to:

1. Research brokers and select a new one.
2. Open an account at the new broker.
3. Close all trades and withdraw your balance from HF.
4. Fund your new account.
5. Open new trades based on what your net positions were.

Total cost - deposit and withdrawal fees (always a part of changing brokers), the spread for establishing the new positions, and possible improvement (or the opposite) during the transition time from closing the old positions to opening the new ones.


Just because it's too late for a smooth transition doesn't mean that you still can't get your remaining cash and re-establish your net positions.

Never the less this will take a lot of effort and time to research a new broker , don't trust them anymore, not only they don't have to be scams
but also able to open and maintain Canadian accounts...

 

[dimitris20]

Never the less this will take a lot of effort and time to research a new broker , don't trust them anymore, not only they don't have to be scams
but also able to open and maintain Canadian accounts...

my positions now would (if they were still open) be near even...

 

[MadoS]

Hotforex is a scam!!!

I just had a bad experience with this brokers and i have been trading with them for a long time without any problems but after what happened today i will advice you not to trade with them.

I had several positions opened today and deposited some funds to hold my positions and avoid margin call but was surprised that my positions where closed about 30minutes after i had already deposited some funds. Please note that deposit through Credit card take between 2-5minutes but my account was not credited and all my positions were closed and after which my account was credited.

I complained to an agent and she told me that she was told i deposited my funds after i lost my fund but i told her it wasn't so and she told me to write an email to backoffice@hotforex.com and i will be contacted within 24hrs. I sent an email but didn't get a reply and sent another before i was told that "my complaint has been forwarded to the appropriate department and i will be contacted".

I was calm and waiting for their response to my request thinking i will be contacted with 24hrs time-frame. So i continued trading and opened some positions on the amount left in my trading account.

I was surprised to see that after i opened my account and was already comfortable trading, positions started popping up like the system was malfunctioning and i freaked out and closed part of the positions i was on and contacted Hotforex immediately.

I questioned the agent and i was lucky to speak to the same agent again but she told me that she already talked to me before and i will be contacted within 24hrs but i told her i was not contacted and my platform was malfunctioning and opening positions.

To cut the long story short, they opened the positions when they know i would lose the money and after i opened some position on the funds. I am very unhappy and i would advice you not to trade with them. They are scammer!!!!

 

[Joa]

Two things:
A) This is just another bucket shop, regulated by the bucket shop regulator, in a bucket shop country
B) I am really curious: How did you even get to HotForex??
Please try to remember how it went down, I am very curious.... Internet search? someone called you? clicked on a link?, clicked on a banner? -- and if so... do you remember the site you were visiting then?