Let other traders know if this service is worth checking or should be avoided.
Your feedback matters!
Feb 20, 2007,
I have been trading with them for quite a while. Trading platform not bad, although sometimes during the news, prices disappear not to mention you cannot place stop loss orders.
Mar 24, 2007,
This platform or ECN is by far the best out there (as well as currenex). The fills are superfast and there is no dealing desk intervention. No one knows who you are as you are anonymous on the system. Its brilliant! Well done hotspot. By the way this company was put together by billionaire forex trader joe lewis and is now owned by knight capital. If its good enough for joe its good enough for me.
May 21, 2007,
This Broker is far one of the best on the market. Very good spreads. Only $3 fee per $100,000 traded. Very good customer support, honest and a good background. I am going with them since January and I noticed what means a real ECN, few money lost but plenty earned with a good strategy. No one is playing against you like others.
Aug 27, 2007,
I am with Hotspot for 6 months. Everything is 5 star quality
Sep 7, 2007,
Having good time with the company, real ECN, good liquidity. Stable server all time and quick fill even in news time. But the platform is not very user-friendly, no commission charge information, and might not be very transparent in rolling and charges. Anyway having good experience with this company and I rate it 4 stars.
Sep 28, 2007,
I have been tradeing live with HOT SPOT for a short time and I am already very satisfied. If you are a new trader you may not understand why the professional forex traders all trade with HOT SPOT due to the platform not filled with bells and whistles as market marker brokers such as cmsfx. But trust me... market makers make their platforms appealing to new traders so they will trade with them and loose all their money. HOT SPOT is an ECN broker with pip spread usually 1 pip for pound dollar and a very small comission. Liquidity is always gushing, so dont worry about getting filled at news time. If you dont understand the platform just call them and they will go over it for you. By the way, they do have a stop loss.
Oct 7, 2007,
Tried a lot of Brokers,but Hot Spot is far the best. The pips are great, a low commision of $3 per 100.000 and filling of market orders is as great as S/L execution.
An ECN Broker I can refer to everyone.
So keep up the good work guys.
Oct 18, 2007,
Concur with most of the other ratings and statements. Felt it imperative however to share some of their fine print in their agreement(s).
"Although Hotspot FXr expects that these prices will be reasonably related to those available in what is known as the interbank market, prices Hotspot FXr uses may vary from those available to banks and other participants in the interbank market. Consequently, Hotspot FXr may exercise considerable discretion in setting margin requirements and collecting margin funds."
"...it is important to understand that Hotspot FXr acts as the counterparty to all foreign currency contracts executed through the Hotspot FXr System. Hotspot FXr is not required to continue to make markets in foreign currency and may refuse to accept any order for any or no reason,..."
"Deposited Cash and Other Property; Risk of Default. The transactions you are entering into with Hotspot FXr are not traded on an exchange. Therefore, under the U.S. Bankruptcy Code, your funds may not receive the same protections as funds used to margin or guarantee exchange-traded futures and options contracts, which receive a priority in bankruptcy."
"Annex B Trading policies"
"4.2 Right to Change Margin Requirement and/or Margin Close Out Threshold. Hotspot FXr shall have the right, in its sole discretion, to change the Margin Requirement and/or Margin Close Out Threshold at any time. Hotspot FXr may change the Margin Requirement or Margin Close Out Threshold due to, among other things, the volatility of a particular Foreign Currency that is the subject of an Open Position or the reduced liquidity associated with holding an Open Position during certain periods of the day."
"6.2 Master accounts"
"CUSTOMER ACKNOWLEDGES THAT HOTSPOT FXr MAY PLEDGE ANY OR ALL AMOUNTS CONTAINED IN MASTER ACCOUNTS (this is where your money is sitting)TO ONE OR MORE BANKS AS SECURITY FOR THE HOTSPOT FXr’S CREDIT OBLIGATIONS TO BANKS IN CONNECTION WITH FOREIGN CURRENCY CONTRACTS THAT HOTSPOT FXr MAY ENTER INTO FOR THE SOLE PURPOSE OF HEDGING OR MANAGING ITS OBLIGATIONS TO CUSTOMERS. IN THE UNLIKELY EVENT THAT HOTSPOT FXr IS UNABLE TO SATISFY IN WHOLE ITS OBLIGATIONS TO A BANK IN CONNECTION WITH SUCH FOREIGN CURRENCY CONTRACTS OUT OF HOTSPOT FXr’S OWN ASSETS, CUSTOMER FURTHER ACKNOWLEDGES THAT THE BANK MAY, IN ITS SOLE DISCRETION, REQUIRE HOTSPOT FXr TO CAUSE FUNDS CONTAINED IN A MASTER ACCOUNT TO BE DELIVERED TO THE BANK IN SATISFACTION OF HOTSPOT FXr’S OBLIGATIONS. IN THE EVENT THAT AMOUNTS ARE WITHDRAWN FROM A MASTER ACCOUNT AND DELIVERED TO A BANK AS PROVIDED HEREIN, CUSTOMER’S SOLE RECOURSE FOR AMOUNTS WITHDRAWN FROM THE MASTER ACCOUNT SHALL BE AGAINST THE COMPANY AND ITS ASSETS."
"9. Limitation of liability"
"UNDER NO CIRCUMSTANCES SHALL ANY HOTSPOT FXr INDEMNIFIED PERSON (which is essentially all of them) BE LIABLE FOR ANY LOSS OF PROFITS, LOSS OF USE, LOSS OF COST OR OTHER SAVINGS, OR DAMAGE SUFFERED OR COSTS AND EXPENSES INCURRED BY CUSTOMER (REGARDLESS OF WHETHER ANY SUCH PERSON OR ENTITY HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH LOSSES, DAMAGES, COSTS OR EXPENSES) FROM ANY CAUSE WHATSOEVER (an all inclusive statement), WHETHER DIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL, ARISING OUT OF OR RELATED TO THE CUSTOMER ACCOUNT AGREEMENT."
So in their own words, they clearly retain the right(s) to do just about everything that we are all on this board to figure out how to avoid having done with our account(s).
It is becoming painfully apparent to me that what makes FOREX such a risky endeavor is not the market in and of it's self, but rather the Brokers, "ECN's", and Market makers who manipulate the playing field against us as a means of generating their own personal revenue.
That being said, "HotSpotFX" has left the door open for themselves (specifically and intentionally I might add) to perpetrate the exact same frauds as all the others who are "SCAMS". Now rather they excercise that option I suppose is a matter that remains to be seen (at least for me and the other posters here).
Conclusion, they are seemingly not all that different from some of the others. I personally feel if you're going to get into this market they are as good as anybody else unless you have the $50K handy for Dukascopy.
I'm throwing my $7,500 in the bucket next week with hotspot (yes I said bucket, go back and read their fine print...just because there happens to be other customers in the bucket with you that you can talk to doesn't mean it changes the structure of the bucket your sitting in.)
Thanks a million for this site! It's a great service (even if a little biased towards MB).
God Bless, and happy trading :)
Jan 13, 2008,
I have been dealing with hotspotfx for 6 months now. Customer service is excellent, I get calls from my customer rep frequently or when ever I request a phone call I recieve one soon after. Spreads are excellent, perfect for trading fundamentals. I have not experienced any slippage (maybe others could comment), fast execution times (best I have experienced).
I have many broker accounts but hotspotfx is by far the best in my opinion.
Steamboat Springs, Colorado,
Jan 17, 2008,
Hotspot has been my primary broker for several years. I write books on FOREX and have due diligenced perhaps 20-25 brokers over the years. HotspotFX is the real deal, IMHO. Perfect? No, none-such in the FX space. Support is excellent, platform is stable (although very basic as befits an ECN). If you come from a market maker any ECN platform is going to take some getting used to...I tried drilling my Rep on the 'fine print' which seems to indicate they retain the right to be a market maker - but did not get very far. I think their website needs a makeover, but that's their business, not mine. I want to try DukasCopy but my experience with getting questions answered was awful - as in, No Reply to any of them. I think EFX shows promise if their new platform works out well and their financials get a little stronger.