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New Hotspot client-platform

  • #1
  • First Post: Dec 13, 2007 11:10am Dec 13, 2007 11:10am
Just recieved a mail from Hotspot that they now have a new retail platform with charts and new order-types. Charts appear to be very basic tho. Wonder of they fixed their order-system.

P.S. they appear to have done away with their 10 pip stop distance, atleast they dont mention it on their site anymore.
  • #2
  • Dec 16, 2007 4:00am Dec 16, 2007 4:00am
shrike ,

It seems you have real account with HotspotFX , Could you please tell me about spread in news time ? How much widen usually ?

  • #3
  • Dec 16, 2007 4:07am Dec 16, 2007 4:07am
Hello smt1361,

Don't even think about trading the news with an ECN broker.

I have personally seen 100+ pip spreads during a news release
with HotspotFXr, but these very quickly go back to normal.

They offer the best trading conditions I have every experienced
with a retail forex broker.

I'll see if I can get a screen shot to post here next week.

Coder
  • #4
  • Dec 16, 2007 4:49am Dec 16, 2007 4:49am
Quoting shrike
Just recieved a mail from Hotspot that they now have a new retail platform with charts and new order-types. Charts appear to be very basic tho. Wonder of they fixed their order-system.

P.S. they appear to have done away with their 10 pip stop distance, atleast they dont mention it on their site anymore.
just went to there site, it the same old platform with the same old order system. i am very intrested in hotspot can you tell me where can i see there new platform.
If I Go Broke Trying Then I Will die happy.
  • #5
  • Dec 16, 2007 5:49am Dec 16, 2007 5:49am
Hello Moe,

Have a look here: http://eu.hotspotfx.com/
I haven't used it yet. I still have the Java platform.

Coder
  • #6
  • Dec 16, 2007 7:57am Dec 16, 2007 7:57am
thanks coder, what funny is i think im already demo on that platform with choicefx.
If I Go Broke Trying Then I Will die happy.
  • #7
  • Dec 16, 2007 8:31am Dec 16, 2007 8:31am
they don't except u.s. clients, you have to go thru there u.s. branch, don't know if they will allow me to use there euro platform.
If I Go Broke Trying Then I Will die happy.
  • #8
  • Edited 12:41pm Dec 16, 2007 12:29pm | Edited 12:41pm
Quoting smt1361
shrike ,

It seems you have real account with HotspotFX , Could you please tell me about spread in news time ? How much widen usually ?

I had an account ~2 years ago with them, but i didnt like the way they handled stop orders. What they did was, when i was in a position and entered a stoploss-order, they would place the stop-order on the single-bank platform of the bank that was the counterparty in my position. That meant, that it was possible that the market traded through my stop, or that the stop was triggered before the market traded through the stop price, because often a different bank was at the best bid/offer. Because of this, stops were rather unreliable. I dont know if this is still the case, i hope not.

P.S. you can download the demo, it appears that those are the live quotes and you can watch for yourself. They quote in 0.5 pip increments as opposed to 0.1 pips like many others. It also looks like on this ChoiceFX platform its not possible to display a level2 montagne, only the size at the best bid/offer is displayed.
  • #9
  • Dec 16, 2007 1:07pm Dec 16, 2007 1:07pm
Thank you Coder and Shrike


Coder ,
Can you confirm that their quotes in demo account is the same in real account ?
  • #10
  • Dec 16, 2007 5:12pm Dec 16, 2007 5:12pm
There is a slight delay, but it's only about 15 secs or so.

Coder
  • #11
  • Dec 16, 2007 11:40pm Dec 16, 2007 11:40pm
Quoting Moe
thanks coder, what funny is i think im already demo on that platform with choicefx.
That's right, Moe. Definitely the ChoiceFX platform. Many firms and prop shops are using the ChoiceFX front end; especially when they want to aggregate institutional liquidity sources. The CAX is going to use it too for manual traders. A prop trader we're funding at the CAX already uses it at his current firm to combine a bunch of different feeds.
  • #12
  • Dec 17, 2007 12:51am Dec 17, 2007 12:51am
Quoting dominicanosrus
That's right, Moe. Definitely the ChoiceFX platform. Many firms and prop shops are using the ChoiceFX front end; especially when they want to aggregate institutional liquidity sources. The CAX is going to use it too for manual traders. A prop trader we're funding at the CAX already uses it at his current firm to combine a bunch of different feeds.
do you know witch currenex broker support choicefx as there frontend, or do i just ask any currenex broker if i can use choicefx as my platform.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Dec 17, 2007 7:25am Dec 17, 2007 7:25am
Quoting Moe
do you know witch currenex broker support choicefx as there frontend, or do i just ask any currenex broker if i can use choicefx as my platform.
Moe, it has nothing to do with the CX broker. ChoiceFX works with any CX account. All you need are the FIX ID's from CX (ask your broker for these) and Dan Raykhman from Choice will set it up for you. Please note that you will need to pay Choice an extra $8 per million (less for higher volume tiers) if you use his platform. If you need Dan's contact number, I have it. My suggestion is that you use more than one feed (i.e., not just Currenex) when you use ChoiceFX, so that you'll have a backup feed when Currenex goes down. Let me know how it goes.
  • #14
  • Dec 17, 2007 7:43am Dec 17, 2007 7:43am
Quoting dominicanosrus
Moe, it has nothing to do with the CX broker. ChoiceFX works with any CX account. All you need are the FIX ID's from CX (ask your broker for these) and Dan Raykhman from Choice will set it up for you. Please note that you will need to pay Choice an extra $8 per million (less for higher volume tiers) if you use his platform. If you need Dan's contact number, I have it. My suggestion is that you use more than one feed (i.e., not just Currenex) when you use ChoiceFX, so that you'll have a backup feed when Currenex goes down. Let me know how it goes.
understood, how will this $8 per mill fee be taken out? do they bill me direct or do my broker takes it out for me.
If I Go Broke Trying Then I Will die happy.
  • #15
  • Dec 17, 2007 8:32am Dec 17, 2007 8:32am
Quoting Moe
understood, how will this $8 per mill fee be taken out? do they bill me direct or do my broker takes it out for me.
Unless the broker has an agreement signed with ChoiceFX, Dan bills you directly; for example, PFG doesn't have an agreement with PFG - so whenever the hedge fund that we work with funds one of our traders at PFG, the trader or we pay the ChoiceFX bill directly. Let me know if you have any other questions.
  • #16
  • Apr 14, 2008 3:04pm Apr 14, 2008 3:04pm
Quoting Coder
Hello Moe,

Have a look here: http://eu.hotspotfx.com/
I haven't used it yet. I still have the Java platform.

Coder
It's interesting that when I talked to the division here in the US they said they didn't keep historical data for the regular platform (HSFXr), but the Eropean branch shows it in their charts! My problem is that when I look at the tick chart, there is no way to tell the difference between the bid ticks and the ask ticks. Usually it is obvious, but during fast moving markets and such, it would certainly be better if they would distinguish them with a different color or something.
Has anyone used the MT4 version they mention on their web site? Although that probably only would have historical data of the bid prices, but still worth playing around with.
  • #17
  • Apr 15, 2008 7:39am Apr 15, 2008 7:39am
The MT4 bridge they mention on their website is for brokers who want to offer MT4 and hedge thier clients position using Hotspot, its not for individual traders.

I agree, charting on their new platform is not really great. eSignal is pretty good for this purpose and they offer Hotspot data, but it will cost ~USD 200/month subscription fee. They have a 1 month free demo if you are interested.

Also, the EU platform doesnt display the the entire market depth like in their old java platform, only the size at the best bid/offer. Its still in development, so maybe this will be fixed eventually. EMail support is a bit slow, if you really need something its better to give them a phone call. Other than that, it has been pretty solid in the one month since i use them. Apparently they will allow mini trading 'soon' too.
  • #18
  • Apr 15, 2008 11:04pm Apr 15, 2008 11:04pm
Does anyone know how to tell the difference between the bid and ask prices in their tick chart? Most of the time it is obvious because of where they are placed, but when the market is moving around a lot it is hard to tell, and that is where I really need to tell the difference in order to decide if the market conditions are really better there or not. I've noticed that the highs and lows are not as big as my current broker, but they have a lower spread most of the time, so I'm having a hard time telling for sure which is better, but I'm leaning toward Hotspot, even though several times I saw the spread go over 100 pips! I guess that means you need to make sure you never get close to using all of your available margin to avoid getting a margin call during those brief moments as they usually last only one tick anyway. Though other big spreads like around 30 pips can last for about a minute. Still, the norm is much lower with the pair(s) that I want to trade.
  • #19
  • Apr 16, 2008 8:39am Apr 16, 2008 8:39am
I have seen those spreads too on the demo, but its a bit different on the live platform. Biggest i saw was 20-25 for the first 20-30 seconds of a release, then they go back to normal pretty fast. Its still pretty messy immediatly after the release, spreads are all over the place.

As for proper charts, if you really need Hotspot charts, i guess you wont get around a 3rd party product. There are quite a few who carry Hotspot data, for example eSignal, Tenfore, CQG, FXTrek, Metastock, Tradestation...
  • #20
  • Apr 16, 2008 10:57pm Apr 16, 2008 10:57pm
Quoting shrike
I have seen those spreads too on the demo, but its a bit different on the live platform. Biggest i saw was 20-25 for the first 20-30 seconds of a release, then they go back to normal pretty fast. Its still pretty messy immediatly after the release, spreads are all over the place.

As for proper charts, if you really need Hotspot charts, i guess you wont get around a 3rd party product. There are quite a few who carry Hotspot data, for example eSignal, Tenfore, CQG, FXTrek, Metastock, Tradestation...
I thought the prices on the demo were the same as the live account, just delayed by about 15 seconds?
As for the data providers, do you know which is the cheapest? I don't want to pay a lot of money just to compare prices to another broker, but I also don't want to put all my money on the line to find out from actual trading either. I've heard that eSignal provides it, but I hadn't heard about any of those others. Thanks for that. Hotspot told me that they sell their data, but they didn't tell me a price, so I don't know if it's cheaper to go through them or a third party.
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