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HotForex.com Review Visit site

Updated: Feb 15, 2019
3.776 · 461 REVIEWS
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Part of HF Markets. Related sites include OptionTrade.com

HotForex's representative requests that anyone having issues please include the account number in the review.  This should result in many issues being addressed more quickly.

HotForex is a forex broker. Hot Forex offers the MT4 and Mobile trading currency platforms. HotForex.com offers over 45 currency pairs, cryptocurrencies including bitcoin, indices, shares, bonds, gold, silver, energies, commodities and cfds for your personal investment and trading options.

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3.776 · 461 REVIEWS
Forex Peace Army
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Let other traders know if this service is worth checking or should be avoided.

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usman83,
Lahore, Pakistan,
Feb 12, 2019,
Registered user

Hotforex Arrogant Scam B booking

Myhotforexid: 696525
Well, Well, Well, here we go again, I never thought that I would write review about hotforex again after 4 years but things are getting worst with them.
ECN Broker-Complete Lie
B Booking- going on full time
Stop Hunting
Execution issue 7/10
Customer support -Pathetic
Arrogant behavior- this one is added recently

I had account with hotforex 4 years back and when I started to make money, I faced all above issues, after reviewing it on forexpeacearmy, they resolved some of the issue, but my relationship with hotforex ended with some of the continuous issue, changing instrument timing without informing clients etc.
I opened account again due to personal relation with their Manager Mr. Sohail Khan( who also resigned due to issues with hotforex) who promised me that there would be no issues and my account will directly be connected to market and there is no B Booking involved, if some of you don’t know what B booking is, its market making, they trade against you rather than sending your trades to markets.

Last weekend they stop hunted me on 2 of my positions with sudden spike and after that price went to normal. I have deposited more than 10k usd in last 2 months, but greed is curse and they just stop hunted me for 216 usd. I sent them email immediately and there was no reply from them when market was open and they most probably enjoying their beers. I would say that’s an arrogant behavior.
After multiple emails, they took more than 16 working hours to solve the issue. Their trading desk is pathetic and they opened and closed my positions multiple times, they can’t even understand simple math, how to add and subtract. But big question is that how an ECN broker can change positions when time has passed, only a market maker can do that. There was also a weekend between this and those 2-3 days was full of mental stress and tension for me but they don’t care, because they think that they have grown too big to provide good customer support to their clients and resolve their issues. They opened my positions again when market was against me, if they would have stored it earlier, I would have made good money, but why they should have done it, they don’t want you to succeed. In the end after multiple emails, they reimbursed me 216 usd after I sent email to their MD, Mr. Aristos. so I started to trade again.

Then one fine morning, I received email from their client audit team that they are closing my account under clause 35.2 , that clause just say that they can close account, nothing else, and I won’t able to open any new positions, that day I lost many opportunities to make money, we need to understand that leverage trading is big risk and reward, so they have deprived me opportunities to trade in the open market. Giving trading opportunities to the clients should be the first and foremost objective of the broker but they have denied me that opportunity. I tried to contact all known people in hotforex but there was no reply till today from them, why they were closing my account.

I have caught them red handed for stop hunting me, that’s the only reason I think, they have decided to close my account. They would have thought this client will keep an eye on us and will catch us again.
As I mentioned earlier that greed is curse, my trade volume is very high, even if they would have just relied on commission, it would be a lot for them but no, they want to rip you off each and every penny of you.
They did not reply to a single email till now, I contacted one of their managers by getting his number from somewhere and he told me that in past I caused damage to hotforex reputation and that’s why they are closing my account. Now here are two questions, why they have approved my account at first place when they knew that I am the same client, and if they didn’t know, how useless they are. I have deposited more than 10k usd and now when they have closed my account, they denied me the opportunity to recover my loss. Second, they only close my account, after I raise my voice for stop hunting me and ripping me of my money, giving me mental stress, tension, wasted my time.,

So guys, making and losing money is part of business but if you don’t want to have mental stress, tension, wastage of time and want to avoid pathetic customer service, avoid this broker, they are scam.
They will stop hunt you, there will be execution issues, because they are market maker, they will never want you to make money.
I have proof of each and everything which I stated above and if anyone is interested, they can contact me to see the proof, I can’t post snapshot here. I will show how they are stop hunting with spiking the price, how they are changing positons without informing clients.
My email is Arshad.usman@live.com
Yesterday I sent them an email and I gave them a fair chance to resolve the issues and was expecting call from their management but they opted to ignore.

Hotforex is a bucket shop, market maker, they will rip you each and every penny of you.

I will also send this review to them and ask them to defend it on forexpeacearmy as I continue to give them a chance to step forward and communicate with me.
Mujeeb Arif,
Larkana, Pakistan,
Feb 2, 2019,
Guest

This is my secondary broker that I am testing for consecutive three months. I have a micro account with small amount. The trading software has multiple options to enter points where the trades automatically initiates and upon reaching the desired take profit input, trades are closed with no hassles. I had withdrawn only once and it was processed easily. So I am considering their services and continue trading for more time. Once I get more confidence and money then I will permanently shift my business to this broker as my primary.
Sang Thai,
Ho Chi Minh, Viet Nam,
Jan 25, 2019,
Guest

Good broker for forex trading

My major is not involving to economic or trading but a friend adviced me to try forex trading. He recommended me this broker and I have lost money for first several months. After learning from mistakes time by time, I now earn steadily profit. I withdrew several times and the CS was very helpful in resolving my issues as account verification and how to withdraw my profit. I think this broker is pretty decent and good for forex trading.
Jaymoh Ghost,
Nairobi, Kenya,
Jan 8, 2019,
Registered user

SO FAR SO GOOD!!

Two days trading with hotforex and so far so good... Timely executions, timely deposits, tight spreads, prompt customer support.
I'v give a 4 star because am yet to make a withdrawal..
I will update this review once I request for a withdrawal...
Its so far out of the 4 brokers that I use the best on the above mentioned issues...
Kashif Bahtti,
Pind Dadan Khan, Pakistan,
Dec 31, 2018,
Guest

4 stars rating

I am trading with hotforex broker for around one year now. Mt4 platform is quite easier to initiate the trades. Trades are also executed when reaching the desired stop loss and take profits. The leverage is good on micro account which is 1:1000 and spreads are like very cheap. I believe that they have good services as compared to the rest so i wull rate them 4 stars.
grykke,
Penza, Russian Federation,
Dec 13, 2018,
Guest

Decent choice

I trade with this company for two months, I was complete newbie in trading so basically started from a scratch (learned what "forex" means after opening demo account, haha). So basically I'm testing waters with this broker, placing trades based on combination of hunch and some basic technical rules, like S/R, MACD etc. It's so funny and captivating, sometimes I spent 6-7 hours studying extensively every bit of theory of trading. What I can say regarding Hotforex it looks and acts as a trustworthy company, at least I didn't noticed any fishy actions from their side, everything is clear and transparent. You trade they earn spreads and commissions, simple as ABC. MT4 platform is really amazing so many tools and capabilities, I guess its used by professional trade guys too.

I read dozens of examples about bad experience on real accounts, so trade in a very discreet manner, placing 0.01-0.05 lot trades, 3-4 times a day. What I can say that execution is lighting fast and spreads look always tight. Great broker.
Benjamin S.,
Batangas, Philippines,
Dec 11, 2018,
Guest

Good experience

The whole experience is pleasing. the trading is with in expectation, solid platform good execution, spreads are manageable still room for scalping. withdrawals are spot on, always with in the allotted time. a solid decent broker. Last withdrawal made was in the first week of Dec making a total of 1200 in profits. A good way to welcome the holidays.
Iswandi01,
Indonesia,
Dec 5, 2018,
Registered user

You will never profit with this broker.trust me,,
They freze when you in winning potition,and hunting your stop loss

Minh Tien,
Tien Vu, Viet Nam,
Nov 25, 2018,
Guest

Decent forex broker

Hotforex has a decent platform over with good set of option and service, just the right amount to cater to different traders need, mainly currency trading, crypto trading as well as commodities. There are bonuses but i suggest understanding them first. stability of platform is very good. Fast execution and spreads are manageable, scalping is possible but i mostly swing, havent had much had interaction with support aside feom opening the account 4 months ago. So far no complaint and all withdrawals are processed in a timely manner. I hope they would open more offices in Asia for ease of access and convenience but i have no complaints. Good work by them!
Ricardo G,
South Africa,
Nov 20, 2018,
Registered user

Hotforex 100% Credit Bonus

The 100% Credit Bonus on 1st deposits is false advertising by Hotforex.
They will credit your account but remove it the moment your 1st deposit is finished.

Hotforex closed my orders in a losing position without notifying me. I could have added money to my MT4 trading account to control my risks. My account records can prove what I claim.

This 100% Credit Bonus is the greatest scam in the brokerage industry.
Regulators, such as the FSCA of South Africa, allow Hotforex to gain an advantage over other brokers.