1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

www.hotforex.com is banned in India from 15-06-2012

Discussion in 'Scam Alerts' started by DevTrader, May 29, 2012.

  1. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    FPA Members and HF MARKETS LTD,

    I already inform all traders here that Online Forex Brokers - HotForex - will face tough time in INDIA.
    Please refer my thread on 21-05-2012 http://www.forexpeacearmy.com/forex...g-thread-indian-traders-www-hotforex-com.html.

    I filled a public petition in INDIA and today honorable courts pass a verdict to stop Online Forex Brokers - HotForex - to operate in INDIA and instruct them to give balance back to Indian Citizen by 15-06-2012.After mention date, company cannot operate in India and not authorize to open any kind of account of Indian citizen in future.

    Nutshell of the verdict “Hotforex websites and its all software will not available for trade in India after 15-06-2012.

    Hope in this case none of Indian traders lost their money and wish that Online Forex Brokers - HotForex - allow them to withdraw money without any prejudice.
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,658
    Likes Received:
    2,205
    If you really got a court verdict against HF, can you please post a link to it or attached a scanned copy of it?

    Also, I asked this in your other thread and didn't get a response:

    Assuming that forex trading is truly banned in India, why would this be a HotForex issue instead of an issue for ALL forex brokers that accept clients from India?
     
  3. fxfrench

    fxfrench FXOpen AU Representative

    Joined:
    Jun 1, 2008
    Messages:
    392
    Likes Received:
    1
    I think this affects brokers that have an indian presence through offices or official IBs (I haven't read the legislation in great detail). It is already difficult for Indians to wire money in and out for investment purposes but I don't see that RBI has moved to stop overseas companies from accepting Indian clients (like CFTC) via their online website... yet.
     
  4. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    There are number of online brokers in the world and to file a pettion to each on of them require lots of time and money.

    I decided to take most of the action i can take. I have some bad experince with HOTFOREX therefore i filled a pettion against this broker only.

    If any Indian citizen want to file a pettion against any overseas broker they are welcome to write me at devangsurti@hotmail.com. I will surely give my best effort to help him.

    Pharaoh ,due to legal matter and final answer from hotforex is still pending, I can not post verdict copy for now.I assure you to post it after 15-06-2012.
    I came to know that hotforex has still not inform thier Indian clients about this verdict which raise thier intention to give money back to client?

     
  5. DevTrader

    DevTrader Private, 1st Class

    Joined:
    Jul 19, 2011
    Messages:
    56
    Likes Received:
    19
    My Lawyer has tried to contact them thrice in last week but Hotforex declined to give money back to Indian Client though Indian court order them to "return balance of Indian Client and stop open new account in Future"

    Online Forex Brokers - HotForex - has no intention to follow court order.You can even smell their intention as they are just disappear from FPA.
    Its my again request to all my Indians trader to think about it as from next week you will not be able to access hotforex and your account.
     
  6. moneyforexboy

    moneyforexboy Highly Suspicious Person

    Joined:
    May 21, 2014
    Messages:
    10
    Likes Received:
    0
    i want to know latest order of indian court can they accept indain client or not .

    it tells some person filled a public petition in INDIA and honorable courts pass a verdict to stop Online Forex Brokers - HotForex - to operate in INDIA and instruct them to give balance back to Indian Citizen by 15-06-2012.After mention date, company cannot operate in India and not authorize to open any kind of account of Indian citizen in future.

    because there where lots of complains regrading frauds done by forex brokers they banned some brokers including hotforex
    i sent email long time back and got replied if u hold money in hotforex and u stay in india then u can even ask for full money refund in your account if when u have not done any trading or meets minimum requirment of trading of lots.

    I AM ALSO FROM INDIA . Worried about indian clients now . just saw this alraming thread against onf of the forex broker .
    i joined hotforex after that date then how they verifed mine account and accepted mine money as i am from india.
     

Share This Page