Hotforex

cheshire

Recruit
Messages
4
As anybody know if you have a standard acc you will using standard lot, mini acc will be using mini lot, micro acc will be using micro lot

Standard acc 1 lot is equal to 100,000
Mini acc 1 lot is equal to 10,000
Micro acc 1 lot is equal to 1,000

Im open a micro acc with hotforex, so i open a trade with 4.85 lot which suppose to be equal to $4850 since its micro acc... then i notice its using a standard lot which are $485000!. I contacted them before i runs out all of the money. At their website didnt mention clearly that micro acc is actually using standard lot. it only mention
Minimum trade Size 1 Micro Lot: 0.01
Maximum total trade size: 5 Standard lots.

So it mean im trading in micro lot right since it mention minimum trade size for 1 micro lot is 0.01. I try to get refund, they refuses to do so by giving a lot of reason of leverage and stuff. I get the screenshot of their web and will upload the chat transcription. Stated clearly theres a 1 micro lot! minimum trade size for 1 micro lot is 0.01 and that means im using 1 micro lot rather than 1 standard lot. Beware people.
 

Pharaoh

Colonel
Messages
19,922
Micro account usually means that the smallest trade size is a microlot. Often, but not always, these will have 1.0 = a minilot instead of a full lot.

When opening a new live account, the first thing to check is whether the minimum trade size is 0.1 or 0.01 (0.05 in a few cases). Try opening an order with 0.01 and see if it lets you.

The second thing is to see how much of your money that minimum sized trade puts on the table.

Go to HotForex's account descriptions and see what it says. If 1.0 was supposed to be a minilot instead of a full lot, then your account was not set up properly. If 1.0 was supposed to be a full lot, then there's not much you can do.
 

Anvar

Recruit
Messages
4
Best company

I have been trading with this company for 2 years now best company i ever seen in forex market i withdrew many times from them never lied to me. My advice for you new guys learn first then trade on real money.:cool:
 

FxMaster

Lt. Colonel
Messages
9,415
I`m trading with Hotforex and 1 other broker, As per my knowledge the micro account is just as the regular ones but it allows higher leverage.

Here is Definition of Micro-Lot

The equivalent to a contract for 1,000 units of the base currency in a forex trade. The base currency is the first currency in a pair, or the currency that the investors buys or sells. Trading in micro-lots enables traders to trade in small increments.

Investopedia explains 'Micro-Lot'
When an investor places an order for a micro lot, this means they have placed an order for 1,000 units of the currency being bought or sold. For example, in a USD/AUD currency pair, the U.S. dollar is the base currency.

Investors use micro-lot sizes when they prefer not to trade mini or standard lots. Ten mini lots is equal to 100 micro lots, which is equal to one standard lot.
 

cheshire

Recruit
Messages
4
I have been trading with this company for 2 years now best company i ever seen in forex market i withdrew many times from them never lied to me. My advice for you new guys learn first then trade on real money.:cool:

Hahaha so funny. I trade more than 10 years. You can see myfxbook of how i trade. Probably i make more than you do. Youre hotforex representative eh?

At their account description it never mention clearly. I asked them to refund the amount i lost and change to microlot amount instantly after i know they are not using microlot.


Minimum opening deposit: 5 USD
Leverage of up to 1:1000
Trading instruments:Forex, Indices, Commodities and Share CFDs
Webtrader available
Spreads:From 1 pip
Minimum trade Size 1 Micro Lot: 0.01 <<
HotForex e-Course
Multilingual Customer Support available 24/5 in 12 languages
Bonus: Flexible Bonus Offerings

It mention minimum trade size for 1 micro lot is 0.01 microlot is it? thats mean they are using 1 micro lot rather than 1 standard lot? correct me if im wrong
 

cheshire

Recruit
Messages
4
For side note. The chat representative did say 1 lot is 1 microlot. Im looking for the chat history. If i found it, ill post it up here. After mentioning about my problem then they mention it was standard lot and wasting some time up to the extend my acc is all gone. Lucky it was small amount for testing purposes only.
 

Pharaoh

Colonel
Messages
19,922
Minimum trade Size 1 Micro Lot: 0.01

This would indicate that the minimum trade size is 0.01 lots. If 1.0 on the platform is a minilot, then the minimum size it would let you open would be 0.1 lots on the platform. If 1.0 on the platform is a full lot, then it should let you open 0.01.
 

cheshire

Recruit
Messages
4
Well it can be mean two meaning for it.
Minimum trade size for 1 micro lot is :0.01 or Minimum trade size is 1 micro lot: 0.01. Its deceptive. Then it mention Maximum total trade size: 5 Standard lots.
Secondly: the chat representative mention it's using 1 microlot not standard lot, after figure out she give the wrong information she transferred me to other representative. Bear in mind, my trade is still open (postive/negative) move up and down. If my intention is bad, i would only contacted them after my acc is done.
Third: I send the chat transcript to my email using the function available, up until now there nothing at my inbox including the junk email folder.
 
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