High spreads and long processing times for withdrawals
Service use: Live
Length of use: 6-12 Months
After live trading for several months I had no major issues with this broker. However decided to move my funds to another broker mainly due to high spreads. For example EURNZD has an average spread of more than 6 pips on HotForex, while my other two brokers have 1.1 and 0.5 average spread on the same pair. Apart from spread, I requested a Bitcoin withdraw which will only be processed the next day, and it will take up to 3 business days for the funds to be credited in my wallet. Anyone with minimum cryptocurrency knowledge knows that 4 days in total is an absolutely unacceptable deadline, when these transactions are processed instantly.