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HOTFOREX License and Account Closure Issue

Discussion in 'Scam Alerts' started by samiksha179, Apr 18, 2012.

  1. samiksha179

    samiksha179 Private

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    RESLOVED : HOTFOREX License and Account Closure Issue

    You will not find HOTFOREX license on http://www.fscmauritius.org/media/4...entatives_of_investment_dealer270312.2012.mht
    Under which they claim that they are registerd.FSC Mauritius website shows that they are not registred with them and have uploaded fake license on their websites.Online Forex Brokers - HotForex -



    one word "FRAUD". Scammer is perfect word for Hot Forex. I am using
    hotforex account number 49xxx from Jan-12.I am new forex trader and
    much not aware of it hence i lost 2400usd in 3months.
    Till the time i make loss,evertything is alright but when i open an
    position 13/03/2012 of DAX index 7 lots order number 12220221 @6939
    .After few hours of opening the position I got mail from Support team
    asking to close my position immediately as they are closing my
    account.

    When I contact them for reason they said "They are closing my account
    because of my husband as my husband already been scammed by them and
    its deal between them is that my husband will never trade again with
    hotforex."Its a deal between my husband and Hotforex then how they can
    close my account? .I am an individual and have seperate identity.

    They can close anyone account if they feel that client has made enough
    money or is going to make large profit.

    I came to this forum because of it strenth and its power.I just want
    to warn that they will eat your money by any way like
    deposit,withdrawal,slippage,wrong stop out or closing of your account
    by showing you client aggrement.
    They are also not regulated and their license is also fake and you not
    find it on FSC website
    http://www.fscmauritius.org/media/4...entatives_of_investment_dealer270312.2012.mht

    PS: My DAX position of 7 lots @6939 made high of 7200 without coming
    down to my price and it has straight way of 6939 to 7200 .You can
    check the chart of DAX during that period.My virtual loss is $2000 due
    to thier mail of closing my account.After so much request for begging
    my money they only sent $340 16/03/2012 on condition that I will never
    trade with hotforex again and will not tell anyone about the
    incident.Till time I am scared and never discussed with anyone but
    after sharing it with my friends i cam to know that I became a victims
    of scam and lost more than $2000. I concern with my lawyer and he said
    that we can file a case against them in our regulatry.I will update
    you again once i do any further step.

    Beware of HOTFOREX and don'tlost you single money to them

    I need your suggestion for how i can fight more effetively against HF
    I have also attached hotforex fake license too.
    hotforex-fsc-certificate.
     
    #1 samiksha179, Apr 18, 2012
    Last edited: Apr 30, 2012
  2. henyo

    henyo Master Sergeant

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    now it makes me think! you know your husband is not trading with them due to an issue(or so to say), but you decided to trade anyway?!
    out of all the brokers out there you decided to gamble and trade with hotforex which you strongly believe have issue? am i correct?

    so my question is, WHY TRADE WITH HOTFOREX?!! if you think they are not worth trading with??????? smells fishy if you ask me..
     
  3. samiksha179

    samiksha179 Private

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    Dear Henyo,

    This is my first currency broker and i always trade with Hotforex with small amount.My husband close his account after i open an account.After his closure of account,i decided not to deposit any more money and just try luck with existing money

    Henyo,i caught in the marketing of Hotforex and their support but i realise very late that they have stole my money.

    Please check their licenses too on http://www.fscmauritius.org/media/4...entatives_of_investment_dealer270312.2012.mht. you will never find their registration number on it.They are real fishers.I should check it before opening an account with them:(
     
  4. samiksha179

    samiksha179 Private

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    Henyo,

    I have open an account when my husband also trading with hotforex.but when i cam to know that my husband account has been close my them without any reason .i decided not to deposit anymore with them and try luck on existing money.When I start making money,they even close my account without any reason.

    Henyo,
    Also I need your input on why thier licene is not on http://www.fscmauritius.org/media/4...entatives_of_investment_dealer270312.2012.mht .

    Please give your revert about thier fake license.
     
  5. Pharaoh

    Pharaoh Colonel

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  6. f-man

    f-man 4Xangels Representative

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    HotForex is a good and honest Broker

    Dear Samiksha,

    Here at FPA we fight against scam with all means that we have. We also like to support the good and honest brokers. HotForex is a good and honest broker.
    Making such kind of statements without facts is unacceptable. It can be even used against you and HotForex could take legal action against you. We at 4Xangels run Due Diligence Reports on many brokers, but most important about the Brokers we cooperate with and HotForex is one of them. I hereby confirm that HotForex is regulated in Mauritius after our usual monthly check on them.

    Coming to your case, from your statement, you traded with them under strange circumstances. You are talking about virtual profits, closed account and an agreement between your husband and HotForex and other strange facts. Virtual profits do not exist in Forex. I believe you are not telling us the full story.

    I challenge you to open a court case against HotForex and submit evidence. Here is the link :
    http://www.forexpeacearmy.com/forex-forum/fpasubmit.php
    We will call HotForex to submit evidence from their side and see who is right and who is wrong.

    Without knowing all the facts, I bet you are wrong and they are right.



     
  7. samiksha179

    samiksha179 Private

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    Its good effort to save your income and protect your client.

    I have already told a full facts about the incident.

    I have solid evidance that HF MARKETS LTD licence is not on http://www.fscmauritius.org/media/4...entatives_of_investment_dealer270312.2012.mht .Means either FSC has some error or HF MARKETS LTD is hiding something.

    If you know HOTFOREX so well than please prove that they are registred with FSC Mauritus.Hope you know your client better.

    By uploading JPG image on website does not prove that FSC too agree on that.Please submit some evidance to prove this line " I hereby confirm that HotForex is regulated in Mauritius after our usual monthly check on them."


    I have already send mail to FSC regarding authencity of HF MARKETS LTD.License.Will update you once i got any revert from them.Meanwhile try to save your client.

    4XANGELS even I am also thinking you to take a legal step against HF MARKETS LTD who close my account when I have profit in it.Please guide me the process of Legal battle in Maritius:)

     
  8. BDSignal

    BDSignal Recruit

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    Wrong Issue Noted about HOTFOREX

    You guy why note here wrong issue ? As per your post it's looking so unskilled ! No one in the world forex market who can show any legal document of scam copy about HOTFOREX. I'm Long time with them.
     
  9. Pharaoh

    Pharaoh Colonel

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    I see 2 issues here.

    1. Is HotForex really licensed by the FSC? A list from their website may or may not be up to date. The best way to be 100% sure is to contact the FSC and ask them.

    2. HotForex banned your husband for some reason, and apparently used that to ban you. Did HF's ban specify members of the same household or is there anything else in their terms and conditions that may be applicable?

    There are also 2 other questions I have.

    1. You say your husband was scammed by HotForex. If so, why would you trade with them?

    2. Could you explain this loss more clearly. Did your account fail to execute a SL or TP, or was it that you couldn't close per your trade plan?
     
  10. samiksha179

    samiksha179 Private

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    Pharaoh,
    I really appreciated your genuine efforts to help traders. Keeps good work going

    Your question number 3(Why you continue trade with them when your husband already scammed) is already answered by me in this thread and I don’t want to repeat it again here.

    Answer 1: As per license on their websites its mention that their license was issued on 20/02/2010 .A link which I provided in this thread is updated till 27/03/2012 so now you understand that there is no possibility of your doubt. I am also waiting revert from FSC in this matter as I already sent a mail to them.

    Answer 2:T&C clearly said that its broker decision to whose account should open/close. They close my husband account because he asks the same question from them. They give him a deal that they will send money only on condition that he will never disclosed anything about them and will never ever come again on hotforex.

    Answer 3: Already given in my previous post.

    Answer 4: yes due to such mail from Hotforex I am not able to close my trade as per my trade plan and have to close it urgently.
    If you know about anything of Martitus law then please share your knowledge with me.

    PS: Yesterday they even offer me $500 to close all my allegation and take back all my words. They even threaten me on the ground that I am doing blackmailing and asking for extroation.They will file a legal case against me if I have not taken back my words. I have support from my local laws here and will continue fight against them.

    As expected 4Xangels Representative is disappear .He just came here to save his client.



     

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