Hotforex Scam?

samnilosh

Recruit
Messages
4
Hello Traders

im Nilosh and i have been trading in hotforex for 2-3years.my id is 30258
my buy position at GBP/USD went to wipe out one of my account 1295$-.
when i check my other live broker (vantage fx) low price is 1.19375 but on my hotforex low price is 1.1630.
its 300pips difference.
how come every broker chart different or is hotforex scammed me with the false price??
i contact the broker they ask me to mail trading desk.and trading desk reply with reuter's news feed..that says volatility.i ask them again how come chart differs.they replied they stopped out correctly.they cut my bonus and stoped out.i understand the bonus issue..if my original margin dry out ,bonus will be cut off immediately and stop all positions.
but my question is ,did market really went to 1.1630 or are they scammed me?
and now i open XM live to check the low price.it says 1.2025.
what do i do know.
please assist me on this fellow traders
 

Attachments

FxMaster

Lt. Colonel
Messages
9,028
Hello Traders

im Nilosh and i have been trading in hotforex for 2-3years.my id is 30258
my buy position at GBP/USD went to wipe out one of my account 1295$-.
when i check my other live broker (vantage fx) low price is 1.19375 but on my hotforex low price is 1.1630.
its 300pips difference.
how come every broker chart different or is hotforex scammed me with the false price??
i contact the broker they ask me to mail trading desk.and trading desk reply with reuter's news feed..that says volatility.i ask them again how come chart differs.they replied they stopped out correctly.they cut my bonus and stoped out.i understand the bonus issue..if my original margin dry out ,bonus will be cut off immediately and stop all positions.
but my question is ,did market really went to 1.1630 or are they scammed me?
and now i open XM live to check the low price.it says 1.2025.
what do i do know.
please assist me on this fellow traders
You sent email to their Trading desk? If yes then what they replied to you?
 

samnilosh

Recruit
Messages
4
yes,they send me a news feed says volatility http://www.reuters.com/article/us-global-forex-idUSKCN127010.
i ask them back 300pips difference between my other live account in vantage.and why is the big spike.
they reply about bonus removal.i totally understand the bonus and bonus removal.if my original margin gone to 0 they will immediately remove my bonus and stopped all positions out.
but my question here is
my position stopped out at 1.1647 (so they will remove bonus there)
when all brokers price at 1.2025 at XM and 1.1940. .
why there is a huge spike 300-400pips???

now i wanted to open a live account at dukascopy and ask them themarket low price today for GBP/USD,they replied 1.1920.
so how come this 300-400pips differnt??are they scam me??
 

Muhammad Aqeel

Recruit
Messages
7
Go to this thread and ask that guy, Muhammad Aqeel , to teach you how to solve your problem.
Here is the link
Deaer I have 2 accounts with hotforex 326892 that account is wipedout due to less margin other account 1113468 had enough money i contacted with hotforex tradindg desk they checked the trades it was some technical issue that account should never be wiped out in any case hotforex team immediately responded and reopened my all position.
I never ask for 326892 account as a trader i know i had a magin call on that account in any case please check your account and recalculate your positions i face same issue and resolved within miniutes

thanks
 

azfarjaved

Recruit
Messages
2
Good Morning,
I started my account in 2013 with HotForex and till 6 Oct, 2016 I was happy, quiet satisfied but on 7 Oct, 2016 when GBPUSD spiked out and marked new low after few hours of market opening, my account US$ 8029.00 wiped out just because of price 1.1625 offered by HotForex platform.
By luck, I am having approx. same amount account in InstaForex where low was around 1.2031 and that survived.
My positions were same and I also checked out different CySec brokers where low was around 1.20xx. Even i checked with forexfactory people on GBPUSD main Cable thread where it was around 1.19xx
I wrote an email to HotForex and asked them to make correction. I received call and they clearly said NO.
Its hard to digest and do not know what to do now? Anyone who can help/guide?
Regards,

azfarjaved75@gmail.com
 

Pharaoh

Colonel
Messages
19,786
The October 7th flash crash affected all brokers. The amount of price variation would be due to the liquidity providers (or lack thereof) of many brokers. InstaForex is a known scam and can set any price they like. If HF's prices were worse than some other brokers, this could have been due to their LPs running out of available liquidity before what happened at other brokers.

You can take it up with their regulators, but I have a feeling there won't be too many brokers out there who will lose a case over the October 7th issue.
 

shogunfx

Sergeant
Messages
260
Deaer I have 2 accounts with hotforex 326892 that account is wipedout due to less margin other account 1113468 had enough money i contacted with hotforex tradindg desk they checked the trades it was some technical issue that account should never be wiped out in any case hotforex team immediately responded and reopened my all position.
I never ask for 326892 account as a trader i know i had a magin call on that account in any case please check your account and recalculate your positions i face same issue and resolved within miniutes

thanks
Maybe is a good thing to post here your case resolved.

Muhammad Aqeel: "My issue has been solved now and I got a refund what I expected should be. SO I am happy now."
 
Top