HotForex Review

I am trading a $350 micro account on a leverage of 1:400. A straight forward broker with good execution, they have a good set of servers that maintain a stable platform, online support is always active, a good process in opening an account.
On the other hand, there is some slippage and spreads tend to get bigger, and personally I am no fan of the conditions that comes with their bonuses. I have gained 30.5% or aprox $107 in the past 6 weeks following basic S&R and rice action on EURUSD, there is much to improve for this broker, but so far I am glad with the results.

Really the best broker! Really as they promise: honesty ,openness and transparency.As i know,they have the best reputation in FPA.

Dear Venelin,

Please be aware that I have no reason to lie about my experience with HotForex. HotForex is the only broker in my book with stipulation on pending order (30 - 40 pips) away from the market price. Can anyone at Forex Peace Army take a look at Hotforex Live platform and verify this please? It seems the representative from HotForex did not take the time to look at their trading platform before she responded to my post. It is a shame...when you hear the same old lame line of defence "We checked our database and could not find any account with similar characteristic as the one you post." We are all trying to make profits but do you really need to rape people to achieve that?

2013-11-29 No Rating HotForex is Hot and there is nothing like it...this is a Casino and you better know what you're doing.

The Good

1. Great platform...does not freeze on micro account
2. Customer service is awesome
3. The grand dady of all...the rebate program (I love it)
4. Fast order execution on micro account...with mini slippage
5. Great deposit and withdrawal process
6. I like the web site with those good looking chics - hot!!!
7. Good leverage...you can actually trade with $10 for fun.

The Bad

1. Terrible spread on micro account....High Way robbery!!!
2. ECN account freezes with lots of slippage
3. Pending Order/Modify Order (Price must be 30 - 40 pips away from market price....High Way robbery on broad day light).

The Ugly

1. Bonus offers...if you don't know how to use it, stay away from it
2. The 100% and 50% bonus offer is a crime...in my book ( They actually steal your money with these offers if you don't know how it works)

I tried to transition to Currenex Account for better spread...boy! that was a mistake. My platform started to freeze and huge delays when I placed my orders...honestly, I was freaking out. And I quickly closed my Currenex Account and went back to Micro Account. HotForex....The best Broker in Asia? Come on!!! Seriously, who regulate this Broker with an approval of 30 - 40 pips stipulation from market price?

Take a look at this transaction:

Price was at 0.81261(NZD/USD) and I placed Buy pending order @ 0.81142...price came down to 0.81122 and my order was not filled. Price went back up and about 45 minutes latter , came back down to 0.81118 and my order did not get filled.

Comment: Added by Venelin Videnov on 2013-12-06
Dear Sir,

We would like to thank you for providing your valuable feedback about our services.

Regarding our Bonus Offerings, please note that we give our clients several Bonus options including a 'No bonus Option'. Furthermore, we clearly and transparently disclose all related Terms and Conditions. We agree with you that all traders should understand how Bonus offerings work before electing them.

Regarding the placing of pending orders please note that the restriction is 3 pips and not 30/40 pips as you state. Dont forget that the last digit in the price represents 1/10th of a pip.

Lastly, regarding the transaction you have posted, note that Buy Limit orders (and all buy orders in general) are triggered at the ASK price. On the chart you see the BID price. So even though the BID price may have went to 0.81122 the ASK price did not go to your entry point. That is why the order has not been triggered. The difference between the BID and the ASK is the spread. This is how the market works and this is not something specific to HotForex.

Also please send us an email to support@hotforex.com with your account number in order for us to investigate the 'Freezes' you mention. We checked our database and could not find any account with similar characteristic as the ones you post. We have thousands of clients and we didint receive any such complains so we are very keen to investigate this matter and reach a successful resolution.

Kind Regards,

Venelin Videnov
Official HotForex Representative
venelin@hotforex.com

I've been using this broker from 2 months and because of the good trading environment that this broker offers, the results as of now are good so far and I would like to say few things about this broker as per my experience

Good stable MT4 platform, even webtrader seems stable
Good responsive support team
The leverage on micro accounts are nice you can trade up to 1:1000 if requested
As an Indian trader only one thing that i`m missing is they dont have office in India but I found many IBs over here which is good.

First of all I would like to apologize for being rude to the person who handled my call, I had a minor dispute with regards some documents submitted by me, the rep was kind enough to take his time and explain where I went wrong and he was very patient. The process of opening an account was easy but I like the level of security that they implement to certain documents which reflects that it’s not just about getting more clients at all. I started trading with a small account, so far the platform is stable and easy execution, I am working on a low risk strategy that should generate a decent amount of return in a span of year. I’ll keep tab and hope that things continue to run smooth. They deserve a 5 star.

Pay attention! the minimum quantity you can fund the acct is USD 5, but if you want to us a Signal you must have USD 500 in your account.

I have to admit Hotforex is the best forex firm ,they are really honest and transparent ,never cheat us，never play tricks，never delay withdrawal ，never lie ！

I'd just like to also warn people about "bonus" schemes. If you do not understand EXACTLY how they work - and your account's real status - STAY AWAY. Like another reviewer mentioned - these schemes are a way to take your money relying on your ignorance and "terms and conditions". Hot forex makes out to be 'honest' - I think that is definitely arguable. They are predators just like the rest of the worst.

Everything perfect , extremely fast services , and high leverage , micro accounts have maybe bigger spread but I think Hotforex is the best Broker now .

hotforex just cancelled all my trades and put balance to 0. Is that a good broker??? They offer Currenex-Trading, in fact is just scamming customers. Very, very bad experience wit hotforex. STAY FAR AWAY!!! They even cancelled my initial deposit, how bad is that.