HotForex Review

Well i heard of this broker and joined but their Bonus program is against the traders newbie like us and did not works during DD, moreover their execution is not very good its normal. (3) they have now introduced very strict withdrawl policy signoff and then scan the documents and resend to HOTFOREX, it is pertinent to mention that they verify all documents before opening of accounts and whats the need for again get the print of documents at the time of withdrawls signoff and again send . It is only malafied intentions of broker as when you order withdraw your amount got minus from your account and came into transition till withdrawls time and they use this money and u even cant trade. i will never recommend this broker to new traders.

Broker is a complete POS. MT4 platform goes down in the middle of the NY session, and their website goes with it. No way to contact them.

You're "Home Alone" with these jokers. Removing my deposit. Hopefully they didn't go & blow it in Vegas...

2011-07-22 No Rating Looks like my 1* review may have been too hasty. A couple days after I was having all those problems using & getting quotes on USDSGD, it and a bunch of others simply disappeared from my platform! Then when I went back & actually looked at the pairs they offer, it wasn't offered. More optimistically, they've launched additional pairs including this one effective next Monday. It would have been better though had they just said that rather than giving me the runaround & wasting my time. I've been using them for the 3 other pairs I do trade & things seem to work. Their commissions are a bit on the high side compared with others, but not totally outrageous. Leverage policies more flexible than most. I did a small ($2200) wire from my account & they processed it with lightning speed & it showed up posted in my B of A account in a single business day (record for any broker foreign or domestic). After seeing the posts about "off quotes" from others, I combed through my journals to see if I ever had such a thing & I did, though very infrequently (1 or 2 times in a week). Still at an STP for a market order (what I was doing) something like that should NEVER happen. You could get a lousy fill with big slippage, but shouldn't find an "off quotes". Still, it may be possible given the overall picture I'm seeing this is more consistent with a new broker having growing pains & technological challenges rather than dishonesty. I wish I could withdraw the 1* & just go back to "no rating" as I continue to gather experience. That's my rating now. I suspect 1* is low, but I don't know how low.

2011-07-12 1Star Tried using them to diversify my holdings with finfx. I had immediate problems with data delivery in their MT4 platform on minor pairs that I trade (USDSGD, in particular). Spent hours in online chat with them over the course of 2 successive nights getting the run-around. Uninstalled. Reinstalled. Was told I'd have an answer by email on the chat one night within 1-2 hours. Email never came. Next night, instructed to email their mt4 address, which I did. No answer. Still no data. Finally, was told that they were getting data on their end, and could see what I was receiving. I told them all well & good, but they aren't trading my account so it's irrelevant. I have finfx, vantagefx, forex.com platforms running on the same server both demo & live without problems. These guys are atrocious and their customer service is totally & completely inadequate. Am wiring funds back to my bank account tomorrow two days after they arrived there. Will update this to communicate whether I can at least get my money back from these jokers.

I used hotforex for 10 month but my experience was really terrible :
1)the prices , by web trader , have delay and sometimes doesn't close automatically trade position ( stop loss or take profit ).
2) MT4 was often disconnected ;
3) for any problem it is impossible to speak by telephone with account manager .

if your goal is get good bonus and lose money ASAP , choice HotForex .
If you want serious broker for serious trading , stay away from this Broker

I want to report something I came across today while opening a DEMO account with HotForex.

When I tried to open an account by providing every information correctly which somehow, wasn't good for HF in my opinion, there was a "500" error every time I tried. It happened around 5 times with me. To my luck, I filled with postgraduate degree, profession as accountancy, have contacts with public/political authorities, know forex etc.

Later on, when I tried with providing false information like no education, no contacts with politics or public figures and doesn't work in accountancy, my account was created on the first attempt.

Now, I have reached to a conclusion that HF only wants traders who are naive and they are afraid of people who know everything and/or have contacts with authorities they might be afraid of.

I would like if any representative from HF can shed some light on this matter as to me it is very disturbing and will be keeping me away from this broker.

Note: I will change the rating accordingly after being satisfied with the answers.

They Don't Care About Clients' Privacy Details. I’m none of Hotforex employee but on 30/09/2011 John Watson asked me to contact one of their client in Indonesia becuse they wondering if credit card used by that client to made deposit was a stolen CC. To contact the client of course he gave me that client’s detail. Regarding to privacy concern, is that what good broker does?

They Reimbursed Some of Clients' Fund Just To Keep Their Rating On Some Forum HIGH. We read on some forums that in some cases like their MT4 server down they reimbursed clients’ fund. Did they reimburse all of clients or just them whom made a bad reviews/complaints in wellknown forums?

If they really STP/ECN such order must already went through interbank/liquidity, how come they reimbursed such losing trade?

Update to 2014-10-11 review: account number 269022

Hotforex refusing to pay me $15000 after they had not adapt available margin requirement condition and leaving my trades open until my balance went to -$21000, hotforex then placed it ZERO balance.

My margin requirement for 3 open positions was $45000, my equity went below this amount, instead of all my positions get stopped out and $15000 kept in my account balance due to credit bonus of $30000, hotforex kept my positions running into negative loss.

I requested hotforex to reimburse my account with the $15000 but they refused, replying that an account can go into negative available margin!!!, that is a precedent not applied by any broker.

I'm filing a complaint against hotforex to the FSC they are regulated at and will file a complaint in FPA Scam Folder, will ask hotforex to explain to the public how an account can keep running, no positions closed when available margin drops below zero!!!!!!!!!

After my first review about hotforex, many bad things happened regarding trading with their platform, like fake spikes they refused to admit about, and not replying to my emails regarding technical issues of positions exit prices, until hotforex bad service resulted in my account blow.

Hotforex must carry full responsibility for their bad quality of service.

I rate them 1 star due to all the details mentioned and my decision to go to FPA traders court unless they decide to solve it in FPA scam folder.

Thank you FPA

2014-10-11 5Star Account No. 2**022(*Privacy)

Hotforex among the best brokers I trade with.

Pros:

Speedy fast withdrawals and deposits, no question asked.
Support Team the best ever to deal with.
Very quick to respond for any issues.
Astonishing that its goal of satisfying clients whatever problems are, exceed who's right and wrong.
Hotforex may take full responsibility sometimes just to satisfy client.

Cons:

Not the best in commissions and spreads, Average.
Execution and platform reliability(price update consistency) if worked better on can make hotforex PERFECT

Twice with Pamm acc (FXFUND 1 and NFT AUDCAD) (500.00 DEPOSIT AND 100.00 DEPOSIT) the moment I attempt to withdraw, the money disappears BAD BAD BAD NEWS SCAM SCAM SCAM BEWARE AND AVOID

HELLO EVERYONE, I JUST WANT TO TELL YOU ALL THAT, HOT FOREX IS A REAL SCAM, & I TELL YOU WHY ... THEY WILL SHUT DOWN THEIR PLATFORM , SERVERS , WEBSITE & TELEPHONE WHEN THERE IS A BIG TRADE , THEY DO IT ALMOST EVERY WEEK, I HAD AN ACCOUNT WITH THEM & I LOST OVER 2000 $ BECAUSE OF THIS... FIRST TIME WAS ON FRIDAY BUT I COULD NOT REMEMBER THE DATE, IT WAS A FAST MOVING TRADE OF LONDON MARKET & I OPENED A TRADE AND THEY SHUT DOWN EVERYTHING , PLATFORM, SERVERS, WEBSITE ,EVEN THEIR PHONE , EVERYTHING WAS DOWN UNTIL SATURDAY AFTERNOON FOR ALMOST 1 DAY.... THAT TIME I HAVE LOST ABOUT 400 $ , BUT I GAVE THEM ANOTHER SHOT , BUT THEY DID IT AGAIN AND AGAIN AND I LOST ALL MY MONEY.... THEY DO IT EVERY WEEK PEOPLE ..... YOU WILL LOOSE ALL YOUR MONEY IF YOU TRADE WITH HOT FOREX .........

I agree with the comments of imad, alger, Algeria. Although the Hotforex claims to be registered with FSC in the name of HF MARKETS LTD, and for evidence they provide FCS licence No C110008214 registered under INVESTMENT DEALER (FULL SERVICE DEALER, EXCLUDING UNDERWRITING) LICENCE.
But in fact HF Markets Ltd is not registered in FSC under this category. When I scroll through the list of companies, HF Markets Ltd name is not available.

A big problem.the slowest speed broker.the delay is often more than 4--8 seconds,most of the time i can not stand it.the execution is too slow.after i clik the button,only at least 4-5 seconds later can i see my orders appear. hope this broker enhance the speed of execution.