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Unproven Allegation: HOTFOREX is a Market maker and Scam STP broker!

Discussion in 'Forex Insanity' started by james.c.connor, Feb 25, 2015.

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  1. james.c.connor

    james.c.connor Recruit

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    Hi Friends , i will update this post as soon as the hotforex can proof they are real and true ECN/STP broker.

    today I chat and ask hotforex support that are they an STP broker or just a market maker who play like a Stp broker with special algorithm to show traders market execution environment?, and show me the proof , they dont have any thing that show they are STP broker , they just pass me to the regulatory page.they told me that there is no thing in this time to show me for proof. so why they call themselves as an STP broker ? So i think they do it because they want to claim they are ECN/STP, not market maker. They proudly advertise it on their sites. As I will show you here , they are ECN/STP from the electronic point of view, but they are market maker indeed if they cant proof they are not!keep this in your mind that a market maker always try do something against you , because your loose will go in their pocket.

    First you must know the different between Ecn , Stp and market makers.you must know that scam brokers never stop cheating. Since most traders look for ECN/STP brokers to open an account with, many scam brokerages that were used to be market maker, call themselves ECN/STP now, just based on some small changes they have made in their systems. They are not true ECN/STP brokers. This is what you have to be aware of. So, what is the difference of a true and a false ECN/STP broker?

    STP stands for Straight Through Processing. It means everything from placing the orders to closing them is done automatically and electrically without any manual intervention.

    ECN BrokerDoes it mean that if a brokers electronically and without any human intervention connects the platform you install on your computer to another organization called liquidity provider, it is an ECN/STP broker?

    Technically speaking yes. It is an ECN/STP broker, because it routes your orders to a liquidity provider electronically and without any human intervention. But what if that so called “liquidity provider” is another market maker broker that belongs to the same company but with a different name, or a sister company?

    That is still an ECN/STP broker from the electronic and technological point of view. But it is a fake ECN/STP broker, because he routes your orders to another market maker broker that rips you off and shares the profit with him (the broker). Or, it routes your orders to a different system with a different name which indeed belongs to the same company. I mean they take your money from one pocket and put it in another pocket. In both cases, you are not trading with the real currency world. You are dealing with a market maker broker that wants you to lose.
    Why do they do this?

    They do it because they want to claim they are ECN/STP, not market maker. They proudly advertise it on their sites. As I mentioned, they are ECN/STP from the electronic point of view, but they are market maker indeed.

    Who Is a True ECN/STP Broker?

    A true ECN/STP broker is the one that its platform is connected to at least one trusted and well-known liquidity providing organization (like Bank of America, Goldman Sachs, JP Morgan, Citi Bank, Nomura, HSBC) that has nothing to do with brokerage firm and there is no relationship between them. The broker just routes your orders to the liquidity provider. The liquidity provider makes money through the spread and swap and the broker makes money through the commission they charge you. You pay the spread and swap to the liquidity provider, and the commission to the broker.

    Nowadays, most true ECN/STP brokers are connected to several liquidity providers at the same time. When you want to place an order, the system automatically chooses the liquidity provider that is offering the best price, and your order will be routed to that liquidity provider. Therefore, your orders will be distributed among several liquidity providers and none of them will have any chance to know your account and go against you in case you make money. That provides the best possible service for you as a trader, and because liquidity providers compete with each other, they offer lower spread every day which is good for retail traders.

    Some brokers are true ECN/STP brokers, but they increase the spread in addition to the commission they charge you. What they add to the spread is called markup. They are not allowed to do that, unless they let the clients know. However, many of them don’t inform the clients about this hidden fee and extra charge and when you ask them why the spread is too high, they answer that it is the market’s normal spread, which is a lie. So, even a true ECN/STP broker can cheat you too.

    So, when you want to choose a broker, make sure it is a true ECN/STP broker first. Also ask them if they charge markups or not. You have to ask them about this and ask for proofs. In case they refused to give you a good answer, don’t open an account with them.

    here is the chat with them. there is a snapshot too.

    Please wait for a HotForex operator to respond.

    You are now chatting with 'Sofia'

    Sofia: Start the New Trading Year with an exciting schedule of FREE trading Webinars! Click HERE to register! Welcome to HotForex! My name is Sofia, how may I help you?

    james: HI

    Sofia: hello James

    Sofia: How can I help?

    james: what kind of broker you are ? ECN / STP or market maker

    Sofia: we are an STP broker James

    james: true stp?

    Sofia: yes James

    james: nice

    Sofia: :)

    james: there are many brokers out there who tell me that they are true STP

    james: but i need to make sure about it!

    james: so can i ask you for proof?

    Sofia: we are an STP broker James

    Sofia: please wait

    james: okey

    Sofia: thank you

    Sofia: STP (Straight Through Processing) forex brokers send orders directly from clients to the liquidity providers. The more there are banks and liquidity in the system, the better the fills for the clients.

    Sofia: The fact that traders have access to the true market and can execute trades immediately without dealer intervention is what makes the platform STP.

    Sofia: click here

    james: yes . thank you sofia

    james: but

    james: this is the meaning of STP

    james: A true ECN/STP broker is the one that its platform is connected to at least one trusted and well-known liquidity providing organization (like Bank of America, Goldman Sachs, JP Morgan, Citi Bank, Nomura, HSBC)

    Sofia: :)

    james: so what i ask you is that , do you have any proof to show me that you are an TRUE STP BROKER SOFIA?

    Sofia: ok thank you

    Sofia: James please wait

    james: okey

    Sofia: thank you very much

    james: and i am waiting ..... and waiting :)

    Sofia: James on our website at the moment I cannot find,

    james: its so important for your name and Honesty of hotforex to show me some proof

    Sofia: James , I will search also for you more

    james: otherwise any marketmaker out there can tell themself as an STP broker

    Sofia: and advise you via email if you wish

    james: can i have that email?

    Sofia: I mean , can you please provide me with your email address

    james: james.c.connor@gmail.com

    Sofia: and as soon I find the proof you need, I will send it to you via email

    Sofia: if that is ok for you

    james: and one more thing

    Sofia: sure

    Sofia: please go ahead

    james: can i publish this chat in forum? and wait for your email to update that post?

    Sofia: James , you are free to act as you wish , however I will appreciate it if you have given me the chance to find this specific information you need and send it to via email

    Sofia: you have asked for something very specific for which requires from side some additional search , that I am willing to do for you

    Sofia: and inform you fully

    james: ok , so i post it and wait for email to update my post , its importent for your repitation in forex peace army

    Sofia: of course it is important as for all brokers, that this will be a meaningless action , as we have all the good intention to inform you

    Sofia: please wait

    james: w8 in chat room you mean?

    Sofia: please wait

    Sofia: since you know STP brokers use Market execution

    Sofia: while Market Makers use instand execution

    Sofia: if you login into our MT4 platform you can also see that we are using Market execution

    james: yes , and market makers who want too show that they are stp use special algoritm to act like market execution

    james: the proof is simple sofia , but it must show up from you

    Sofia: as mentioned above we are an STP broker

    Sofia: as you can experience this after you open an account and trade with HotForex

    james: yes and i accept that with regards , so i need the proof of it

    Sofia: unfortunately at the website , there is nothing posted that will confirm this as you wish to see it

    james: and proof to be an STP brocker is very common so i dont need open account sofia

    james: ok i wait for more from email and post our chat

    james: thank you sofia

    Sofia: if you wish to discus the issue on a more senior level

    Sofia: we can arrange a call from with one of our experts James

    james: the senior level can send expert proof in email so i can update my post about who say i am an STP brocker and realy is , and who tell it because it sounds Good :)

    james: broker*

    Sofia: ok James, HotForex is a high regulated company and you are free to act the way you wish

    Sofia: we nevertheless we will contact you via email as advised

    Sofia: and we also offered to arrange a call for you

    Sofia: we are very sorry that you came to chat with bad intention

    Sofia: we hope after you try trading with our to convinced for the contrary

    Sofia: *with us

    Sofia: we fully understand your worries as a trader

    Sofia: however, we hope that our license and regulatory body to be enough to trust us

    james: Honest broker can simply Show proofs , with best regards :)

    source: www.fxkeys.com/the-difference-of-true-and-false-ecnstp-brokers
     
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  2. joneslds

    joneslds Corporal

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    I think THAT you posted in the wrong place , HotForex cheated you or stole money or did something? Make a video or post pictures to prove what you are saying is true with metatrader of 2 different brokers.
     
  3. james.c.connor

    james.c.connor Recruit

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    You ask me to proof with mt4 it is obvious that you dont reed my post at all.

    reed this part again :

    That is still an ECN/STP broker from the electronic and technological point of view. But it is a fake ECN/STP broker, because he routes your orders to another market maker broker that rips you off and shares the profit with him (the broker). Or, it routes your orders to a different system with a different name which indeed belongs to the same company. I mean they take your money from one pocket and put it in another pocket.

    so I dont need proof any thing, cuz it can act like market environment , they call themselves an STP broker , i simply ask them to show me some proof of being an STP broker, i never had account in hotforex , i was going to do it today but suddenly i think its better to challenge HF for ask them are they a true STP broker or not. so if they send a proof too my email , i am going to open an account there and update my post . and i post in right place.
     

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  4. Ed_Forex

    Ed_Forex Private, 1st Class

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    James posted in the right thread, unless you work for scammer hotforex and don't want its reputation to sink more than currently is.

    That's one of hotforex scam that I talked about in my thread http://www.forexpeacearmy.com/forex...der/38176-hotforex-scammed-me-14770-25-a.html

    hotforex is officially a market maker, no liquidity providers. Don't waste your time asking on live chat, hotforex account managers told me it many times that it's a secret hotforex can't reveal because they get special prices from their liquidity providers!!! What special?? Spreads and commissions are on the average to high side!!!!

    When I used to get mostly negative slippage on pending limits that are supposed to benefit from positive slippage most of times due to the fact of price volatility drops under the buy limit or above the sell limit quicker than execution resulting in better entry, unless there's a hunt and back of price at same pending limit price that happens rarely, after many complaints by me, the scammer hotforex fixed the problem by simply giving me same exact price of pending limit if sell or buy i get filled on same price no negative no positive slippage which proves that hotforex is a market maker or even worse because many top brokers announce that with no shame since they are transparent while hotforex transparency claims is just a SCAM word to cheat clients.

    Scammer hotforex have no liquidity providers, I challenged them here on FPA to announce the names but they failed to prove anything.

    Hotforex is a big cheater, deceiving clients through believing it's an STP when hotforex is a pure market maker.
     
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  5. james.c.connor

    james.c.connor Recruit

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  6. Pharaoh

    Pharaoh Colonel

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    So if someone leaves the same review under the same name for the same company at 3 review sites, you think means that the reviews are automatically proven to be fake?

    BTW - 3 review sites doesn't qualify as "all over the internet" in my book.

    When I started reading this thread, I was going to suggest moving this whole thing to the main HotForex discussion thread, since the OP never had an account with the company, but now I'm thinking there may be a better place to put it.
     
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  7. james.c.connor

    james.c.connor Recruit

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    dear Pharaoh what are you thinking if you ask a broker to show you proof of some thing that he tell you , and He cant? is that sounds like something wrong here?

    another thing . i post it under moderator of FPA. so i post in right place.

    and if , if you read it can i ask you more thing? what do you think THAT , why they have not any proof to be an STP/Ecn broker?

    dear , I think we all know what is fake and what is real , if you have 200 IB and at least 100 employee , this things can happened if you tell them to wrote on the forum and advertise .
     
  8. FxMaster

    FxMaster Lt. Colonel

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    Dear james.c.connor, I don't get the exact reason why you create this thread?

    Few of your points are more suspicious, there are lots of ECN/STP brokers in the Market right now, why you chosen Hotforex only to prove that they are real ECN/STP brokers why not others?

    If you really in against of scam brokers then go to Google and search top 10 ECN/STP broker and ask all of them to prove and also paste chat history at FPA.
     
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  9. james.c.connor

    james.c.connor Recruit

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    Dear FxMaster , why you claim me? three post and all of you claim my post , its very suspicious.!!!!

    i did this to Fxpro , pepperston , axitrader , forex.com , oanda . so they tell me their liquidity provider like HSBC , jp morgan and i ask their regulator and liquidity providers . simple

    i Know that there is some people out there like IB's Who dont want their rebate cut because they have some money . they are in UK , Europe , India . Pakistan , Uae , Egypt , china , Cyprus , so they dont answer , just rate one star to the post that they dont like. easy way . hahaha . keep doing it!
     
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  10. Ed_Forex

    Ed_Forex Private, 1st Class

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    James doubts are rightful. Any regulated broker claiming to be STP/ECN must show liquidity providers names on its website.

    Actually, dozens of ECN/STP brokers have a part of its website main page showing the names of its LP's to the whole world.

    As a client, I have the full right to ask who the f... are hotforex LP's and the scammer hotforex must reply to my questions clearly, not like scammers do hotforex said it's a secret they get special prices!!!

    Who says that, how can it be trusted on clients money???

    Briefly, hotforex is a pure market maker, and worst becauseit announces to be STP broker, hotforex have no LP's whatsoever, I challenge hotforex again to prove me wrong in front of the whole world.

    Please, FPA members job is not to be lawyers of hotforex, I know from what background they are replying, but there are dozens of other brokers that advertise too!!! and others will come if some leave, let the scammer hotforex come here and defend itself.

    Unless money shuts down scam folder cases that are against the advertisers and raises others directly to the traders court case despite it's silly contents, FPA announce that for us to understand the ending result from the start, so no investors come again to accuse a scam broker that is an advertiser here too, in this case we'll not put you in a critical position of Ads Money VS Scam cases removed or not raised to traders court cases.

    Investors and traders are fed of scam brokers that are increasing by time and most regulators not acting to stop that by quickly giving solution to filed complaints and fining the scam brokers, the last place for us to complain is on forums like FPA, if this too will not believe in rights before money and courts are more expensive than most scammed money, then let us go back to the jungle policy, everyone takes rights by hand!!
     
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