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 $7,500 in the bucket next week with hotspot (yes I said bucket, go back and read their fine print...just because there happens to be other customers in the bucket with you that you can talk to doesn't mean it changes the structure of the bucket your sitting in.)
Thanks a million for this site! It's a great service (even if a little biased towards MB).
God Bless, and happy trading :)
Jan 13, 2008,
I have been dealing with hotspotfx for 6 months now. Customer service is excellent, I get calls from my customer rep frequently or when ever I request a phone call I recieve one soon after. Spreads are excellent, perfect for trading fundamentals. I have not experienced any slippage (maybe others could comment), fast execution times (best I have experienced).
I have many broker accounts but hotspotfx is by far the best in my opinion.
Steamboat Springs, Colorado,
Jan 17, 2008,
Hotspot has been my primary broker for several years. I write books on FOREX and have due diligenced perhaps 20-25 brokers over the years. HotspotFX is the real deal, IMHO. Perfect? No, none-such in the FX space. Support is excellent, platform is stable (although very basic as befits an ECN). If you come from a market maker any ECN platform is going to take some getting used to...I tried drilling my Rep on the 'fine print' which seems to indicate they retain the right to be a market maker - but did not get very far. I think their website needs a makeover, but that's their business, not mine. I want to try DukasCopy but my experience with getting questions answered was awful - as in, No Reply to any of them. I think EFX shows promise if their new platform works out well and their financials get a little stronger.
Mar 10, 2008,
This guys are best. They are supporting the stop orders which gets filled in secords. The pits are very tight which saves you bunch of money on spreads, 3$ per 100k is peanuts compared to 3 to 4 points spread ($10 each pip) on other platforms. Keep up the good work.
Apr 3, 2008,
Excelent broker, excelent execution, excelent service, and good spreads, I do not trade news with hot spot, but i have seen that the offer or the bid can dissapear for a few seconds in news, i suggest if u want to trade news go for another broker
Apr 29, 2008,
Excellent ECN broker, tight spreads,low commission, very fast execution. Great platform with many features, different kind of stops like trade through stop, different kind of trailing stops. Also customer service is very good, very helpful. However for News (Spike)-trading not very suitable, hardly to get filled. But probably this is the general situation if you are trading with an ECN broker directly in the market.
May 21, 2008,
Great broker and every trade with an experience should use it. Great support and executions.
May 30, 2008,
Best broker I
Jun 15, 2008,
I'm not sure what is the problem with this broker's customer service. Impression it gave is either a one-man show or none of the agents are working!! I emailed them for a demo account and only gotten a response after a week. Even better, I follow up the mail asking for more info regarding connecting MT4 using their API but another week has gone by and still no reply! The "great support" and "excellent service" reviews below looks to be from its employees, family members and friends of this great company!
Pt. Roberts, WA,
Jun 15, 2008,
I have been with HotSpot only a short time and have only done a limited amount of trading so I do not feel I am qualified to judge them yet. They are currently merging a Metatrader platform through ATC Brokers with their service so clients can enter trades via the Metatrader platform. This service is expected to be fully online in a few more days. My commission fee was increased from $3 to $4 as they are incurring additional costs in offering the availability to do trades using a Metatrader platform.
Jun 25, 2008,
I just tried their trading platform: it's a mess; it crashed right from the start, I had to reinstall it; it uses a MS Access local database and seems very unstable; when trying to scroll graphs, it takes ages to load new data.
I don't know about their support, but it's a NO for the platform.
Jul 4, 2008,
Very fast fills, reasonable commissions and very reliable - i never had a disconnect with them once. Execution is great - and that is what counts.
However, there are a few negatives: customer support is lacking, i had several unanswered mails (no dramatic problems tho either). Swaps are not competitive.
Still, overall a very good outfit, a long-standing and reputable broker.
1 trader has found this review helpful
Jul 22, 2008,
I witdrew twice, They are paying real fast. No pranks whatsoever tho fellow hotspot traders in Nigeria are not happy with their platform connection. To Our Sucess.
1 trader has found this review helpful
new york, n.y.,
Jul 25, 2008,
Let me tell you about hotspot. After 2 yrs of continuous trading, I maintain they have a deep problem with customer service. During the european and asian sessions, especially, there is no discussion at all about service or other problems because their reps are nervous and full of anxiety. All issues are deferred to the executive director, who when he arrives in the office in the morning always maintains that they are too small an outfit to research any issues like spikes, bad fills, slippage, widening spreads, confusing news announcements, and other platform issues. I really appreciated their ongoing efforts to be a fair platform, and I tried very hard to be a great trader and a fair client.
1 trader has found this review helpful
Sep 20, 2008,
I always do my research before opening my account with any broker, played with the demo, it has no expiry date, which is a strong indicator of how quick they want you to test their service.
I have traded accounts with FXCM, IG fx , CMC, Saxobank, and all the major spread betting companies within the last 5 years.
I have demo traded the following :
OANDA, to be honest i just dont like the interface on the platform.
Cantorfitzgerald ( Currenex whitelabel and their prop. platforms) good professional level of customer service from Mark Goater,
Capital Forex ( Currenex whitelabel), the guy whose name i wont mention kind of abrupt, and only shows real interest to answer your queries if you say you have the 35000 USD minimum capital to open an account
ADM Derivatives (currenex whitelabel) the main guy Joesph Buckley knows the guy directly at Currenex.com helpdesk which is handy if you have problems with currenex paltform.
MF Global UK and Singapore platforms( currenex whitelabel and Strategy runner )
After 14 days strategy runner requires a PAID subscription to demo test, what a f***in jokel. Their currenex has large liquidity (seen individual orders of 80 mil. on majors)
MF will charge 50 USD per mil commision, no wonder they are the one of the largest FCM in the world. Thats what i call an account cleaning company, they will strip you bare to the penny.
To summarise the first few retail companies who i have mentioned( non - currenex) are all large cap companies with large customer bases, they are extremely highly marketed and have fancy looking platforms, and plenty of analyst reports, commentary columns and newsletters etc why they can afford to do this ? because we are paying their fancy spreads and allowing them to make the prices for us, hence the term market-maker.they can take us out no matter what the real price may be on your 3rd party data vendor chart software.
Too many occurances with all of the retail brokers lead to the same conclusion : they are screwing our accounts when it suits them and especially when we make good returns, we can only squeal like piglets, we cant do anything about it unless we change to a real broker like Dukascopy who ARE the Swiss marketplace where you have true price transparency, and no hidden motives to screw us if we are making good returns.
If you have 50000USD , please go and open an account with Dukascopy. Your experience of any other fx broker will not surpass these people.
Or use a geniune ECN broker with a instituional background like Hotspot, where your dealing with people from the fx trading business, not the FX PR/Marketing business.
DO NOT BE FOOLED by thinking all currenex platforms are the next best thing to EBS. IF you search for it on google, you;ll find that its prices will vary between different broker offerings, the pools of liquidity vary, Mark Goater from CFG told me that their dealers will most likely be able to fill your stops better than a robotic currenex system.
The platform has good features, but some are missing from broker to broker, there is not one single marketplace that all currenex users will be connected to. Because of the decentralized fx market some traders have better liquidity feeds than others, and the more capital you have the more chance of getting with a larger broker with larger liquidity pools.
Most brokers offer 14 day or 30 day, and to me this indicates you they have a weak offering as each day you are running out of time because they want your money sooner than later, ie they are trying to rush you into buying their service.
When you are getting into this business, YOUR NUMBER 1 CONCERN is making sure your money goes to the strongest and safest broker as is possible for your trading capital.
Hotspot fx has 2 platforms, the retail and the institutional. The second was the 1st ecn fx platform ever , and ive spoken to the MD Kevin Gillespie, a friendly professional American/English accent guy, you need around 1 million USD for the hotspot fxi, mainly hedge funds etc use it for API trading , so cant discuss it yet. If you ask him questions, you will get a straight answer.
Also the team who all work close proximity to each other in their office, are pretty helpful, another guy called Adris who looks after your account will make an effort to make sure your happy.
The retail platform could have a better layout, to be frank it needs a makeover. its not that easy to navigate compared to fxcm or saxobank , its more geared to plain trading, rather than fancy shading and colouring menus etc.
Spreads are competitive during 6am - 6pm. GMT after this, you can expect spreads to widen up,
Execution is prompt
As ECN they have to always provide quote, however i do question who is on the other side of the trade.
If you have 7500$ , you can expect to be safe with Hotspot.
1 trader has found this review helpful
Oct 2, 2008,
I closed my account with HotspotFX because their spread got very wide in the last 6 months. Example: June 2008: EUR/USD spread 0-1 / GBP/USD spread 1-2 / USD/JPY spread 0-1. September 2008: EU spread 2-4 / GU spread 3-5 / UY spread 2-3.
I am a daily scalper and spread counts for me because I target 5-10 pips at most.
On the other side HotspotFX is one of the most professional brokers on the market. Sustained by very strong capital and excellent support system. It worth for the speed of execution, accuracy and no spikes or requotes.
All the best.
Jan 7, 2009,
I have a live account with Hotspot.
In the beginning they filled my orders right on the money.
Lately, when I place a Stop Loss they will close it 10 Pips against me 70% of the time, the other 30% it will close 2 or 3 Pips against me. Trying to close a position it will always work against me 2 to 3 pips and one time 10 pips.
When I asked them about it they told me they have a 9 to 12 Pip margin to fill their orders.
The problem is on my Take Profit orders they always close it right on the price when is going in my direction, not a single Pip of slipage.
When you e-mail them asking about a discrepancy with your account they don't respond.
Is this a real ECN broker or they just have a make believe setup?
Has anybody else had any problems with this broker?
Jan 31, 2009,
Just for info, i have my accounts here, best execution i know, but yesterday recieved an email telling me that all hotspot accounts are going to be transfer by mid feb, to fxcm, because they are not interested in retail bussines anymore