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Interactive brokers or hotspot?

  • #21
  • Feb 20, 2008 8:49am Feb 20, 2008 8:49am
Quoting lostfx
What is the HOTSPOT account minimum, margins and leverage compared to EFX for example?

http://www.hotspotfx.com/openacct/faq/
  • #22
  • Feb 20, 2008 3:35pm Feb 20, 2008 3:35pm
avoid hotspot
thanks to them, about $5k of my cash is has been wiped out
their platform seems to lose data when you close and reopen ..its ridiculous ..say, i have an open position with +2k profit, i often reopen the program and find that profits just vanished . the platform is currently offline as well, its unstable
ugh i feel so stupid going with hotspot
  • #23
  • Feb 20, 2008 4:30pm Feb 20, 2008 4:30pm
Quoting Subdude
As good as their technical platform is, IB has absolutely the WORST customer service of ANY business I've had to deal with in my entire life! This is not because their reps are not knowledgeable enough (although they have plenty of those, too)... but god forbid you having to dispute anything with them. The most stuck up, insulting, condescending group of people working for a customer-facing company, IMHO.

Just last week I had to claw out of them a reversal of erroneous margin call that occurred because their mark-to-market rate for USD/JPY at the time was way off market... it took three phone calls during the most helpful of which I was told that the liquidation will stand as is no matter what. Then a manager called me back and without any apology said they would revert the liquidation. In fact, they had problems with the yen conversion rates 3 days out of five last week, resulting in incorrect cash balances in my account...

Bottom line - good for stocks/options/futures, not the best choice for FX, to say the least... also, if your stress level is important to you, look elsewhere.
LOL, so true.
If I Go Broke Trying Then I Will die happy.
  • #24
  • Feb 20, 2008 4:57pm Feb 20, 2008 4:57pm
Quite a few software/connectivity issues with IB as of late. Considering a move to somewhere else at the moment. Account valuation issues also.. somehow my account was momentarily frozen and an extra 50,000USD appeared in it, then disappeared after 10 mins. The platform knew this so would not allow me to trade during that time.

Frequent loss of market data connection, occasional unexplainable logouts and downtimes. Solution to solve ALL problems as stated by IB: "It's your Java version" (tried them all.. no problem with java)
  • #25
  • Feb 20, 2008 7:23pm Feb 20, 2008 7:23pm
Quoting RonPaul2008
avoid hotspot
thanks to them, about $5k of my cash is has been wiped out
their platform seems to lose data when you close and reopen ..its ridiculous ..say, i have an open position with +2k profit, i often reopen the program and find that profits just vanished . the platform is currently offline as well, its unstable
ugh i feel so stupid going with hotspot
How did $5k get wiped out? Did you call them?
  • #26
  • Feb 20, 2008 7:45pm Feb 20, 2008 7:45pm
I was just about to transer my a/c to Hotspot Eur., have you had satisfaction from the support team.?

Looking forward to your reply.

Cheers
  • #27
  • Edited Feb 21, 2008 5:10am Feb 20, 2008 9:35pm | Edited Feb 21, 2008 5:10am
Quoting oztrader
I was just about to transer my a/c to Hotspot Eur., have you had satisfaction from the support team.?

Looking forward to your reply.

Cheers
their support is OK, but they messed up the deposits both times, and ive lost a lot of cash i dont know how it just disappears and balance goes back
and goes offline for a while every few days

i really think you will regret it, im with hotspotfxr eu btw, now ive lost so much from the bugginess of their systems im just placing very high risk orders to either blow my account or get back to where i started so i can withdraw it..
  • #28
  • Feb 20, 2008 11:01pm Feb 20, 2008 11:01pm
You dont know how the losses occured, and the cash just disapeared? What does their support say about that? You can download the transaction history/daily reports, what do they say? I think you should be more specific and provide more details, when you accuse a broker on a public board. If it really just disappeard, you should contact FSA or a lawyer.
  • #29
  • Feb 21, 2008 2:18am Feb 21, 2008 2:18am
RonPaul,

Can you be more specific,how can you mess up deposits, and how can money dissapear.More importantly are they disputing your statements.

What have you done to remedy the situation,your last post doesnt make much sense to me.Have you written them off?

Good luck in your negotiations.
  • #30
  • Feb 21, 2008 10:03am Feb 21, 2008 10:03am
What do you guys think of Fx solutions for news trading??
"Do or do not, there is no try"
  • #31
  • Feb 21, 2008 1:23pm Feb 21, 2008 1:23pm
Does any Hotspot eur user has tried the MT4 API they mention ?
Just curious...
  • #32
  • Last Post: Feb 21, 2008 4:31pm Feb 21, 2008 4:31pm
Quoting Trader KGB
How did $5k get wiped out? Did you call them?
I think he was referring to P&L numbers inconsistent with the real situation - if so, this is not a big deal as long as the equity in your account is shown correctly. IB has screwed up my P&L calculations in the past too; you can adjust the position cost with their platform if you believe there's a discrepancy. This will not alter your equity balances though - it's just for your own recordkeeping, and possibly ego boost.

One more thing to add to my previous post about IB's customer service. The record every phone conversation without informing you. The way you become aware of it is by hearing a highly annoying beep in the background go off every minute or so. However, considering their track record, having an audit of each interaction is probably a good thing.

They also have an online support chat which won't even connect you half of the time. I would not recommend using it for resolving any kind of serious issues either - they blow you off too often without giving you any real help.

Lastly, the most annoying "feature" of their system is that they require you to maintain a $2000 equity level in the account when you have margin positions in it, in order to open any other new position. I would imagine that for professional traders this is not an issue, but for a casual speculator like me it can get pretty infuriating. For example: you have a realized P&L of -10000 JPY in the account, giving you a negative yen balance. At the same time, the total equity balance is $1600. This means that for the negative yen balance you will have some of that equity tied up in margin - until you choose to close it out. But before you do, you cannot do any trading, including buying non-marginable securities, like long options. I believe the $2K minimum equity requirement comes from the U.S. stock market regulations but I could be wrong.
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