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HotForex Discussion

  • #1
  • First Post: Oct 4, 2011 9:26pm Oct 4, 2011 9:26pm
anyone here use em, if so for how long, please provide feedback
  • #2
  • Oct 4, 2011 10:50pm Oct 4, 2011 10:50pm
I have used them and the support seems ok, the platform did hit me with 2 off-quotes my first day, which they said they did not see on their end. However, overall not bad, they did actually give me a portion of my position back due to the re-quotes, which by the way they are not suppose to have.

I have used them for 2 weeks.
It's easy to be humbled but hard to be humble.
  • #3
  • Oct 4, 2011 11:01pm Oct 4, 2011 11:01pm
hot forex,cannot invest more then 10 dollars in a company with that name
Trade responsiblypatience is the key/Swing trader
  • #4
  • Oct 4, 2011 11:27pm Oct 4, 2011 11:27pm
Quoting Incrediblle
hot forex,cannot invest more then 10 dollars in a company with that name
I know I was going for "Super Hot and Sexy Forex" but that broker is not yet available.
It's easy to be humbled but hard to be humble.
  • #5
  • Oct 5, 2011 4:24am Oct 5, 2011 4:24am
Quoting fxrising
I have used them and the support seems ok, the platform did hit me with 2 off-quotes my first day, which they said they did not see on their end. However, overall not bad, they did actually give me a portion of my position back due to the re-quotes, which by the way they are not suppose to have.

I have used them for 2 weeks.
so much for their stp claim
  • #7
  • Oct 7, 2011 1:34pm Oct 7, 2011 1:34pm
Just so you all have the full picture on HotForex. My HotForex account exists only to test them out and also make sure I have my strategies tight while trading live, demo is no way to know you have your emotions in check. Anyway here is what I have experienced so far.

No-Quote, I have had a few in the past and the one today was during the heavy times with the EUR/USD, for the most part was to be expected with them.

During normal trading many times my MT4 goes to either a "no connection" or platform freezes. Yes these are the games they play. With the screen freeze I had MB Trading's MT4 going at the same time and no problems.

Now this did effect my trading to an extent, especially today, I was going in the right direction for the most part, thank God for that.

I trade .01 with them, I don't care if I have 500:1 leverage or not, it's not about that, but I would do yourselves a favor and stay away from them, the more I go positive in my account, the more they seem to turn up the heat, the more frequent the disconnects and such, fun broker, not.
It's easy to be humbled but hard to be humble.
  • #8
  • Edited 2:41am Oct 18, 2011 1:55am | Edited 2:41am
I've signed up the account for the 50% Bonus.

After my account has more than USD 1000 or profit, I withdrew USD 700, which is part of the profit. According to their document, we could withdraw our profit and keep the bonus. But after the withdrawal of USD 700, they reduced the bonus by USD 350, which is 50% of the withdrawal amount.

After I emailed to their Backoffice, which was told by their Live Support, HotForex freeze my account and not allowing me to trade!!!

This was given by HotForex from their webpage about the 50% Bonus:
EXAMPLE: Forex bonus example: You deposit your trading account with $5000 and receive bonus of $2500 (50%). Let’s suppose that after you received bonus, the sum on your closed deals is $250 profit. According to the conditions of the bonus program, you are allowed to withdraw no more than $250 (your Profit) in order to keep the bonus sum on your account.

Stay away from this broker. They do not welcome traders who are profitable.
  • #9
  • Oct 20, 2011 2:31am Oct 20, 2011 2:31am
I have been with Hotforex for almost one year and haven't had any issues either with their support or with execution. The spread is tight and competitive with other brokers. One thing that I would like to lift a little bit extra is their segregated accounts. Segregated accounts basically means that Hotforex as company can't touch your money. Sometimes there are small issues, but the support team is on top of everything quickly. I got to know a lot of people from the team there and I can safely say that I'm very happy with the services offered by the company.
  • #10
  • Oct 20, 2011 12:29pm Oct 20, 2011 12:29pm
Quoting Jason Kwok
I've signed up the account for the 50% Bonus.

After my account has more than USD 1000 or profit, I withdrew USD 700, which is part of the profit. According to their document, we could withdraw our profit and keep the bonus. But after the withdrawal of USD 700, they reduced the bonus by USD 350, which is 50% of the withdrawal amount.

After I emailed to their Backoffice, which was told by their Live Support, HotForex freeze my account and not allowing me to trade!!!

This was given by HotForex from their webpage about the 50% Bonus:
EXAMPLE:...
I do not really get what you are saying here... If you read the "HotForex Bonus Terms" (http://hotforex.com/documents/HF_Mar...s_22062011.pdf) paragraph 3 for bonus its pretty obvious for me how the rules are working. Have you read the document above?
  • #11
  • Edited 2:48pm Oct 20, 2011 1:02pm | Edited 2:48pm
Quoting fxrising
Just so you all have the full picture on HotForex. My HotForex account exists only to test them out and also make sure I have my strategies tight while trading live, demo is no way to know you have your emotions in check. Anyway here is what I have experienced so far.

No-Quote, I have had a few in the past and the one today was during the heavy times with the EUR/USD, for the most part was to be expected with them.

During normal trading many times my MT4 goes to either a "no connection" or platform freezes. Yes these are the games they...
I do not agree with you here.... I made a quick check in my MT4 log directory where you can see if you have connection problems against the MT4 server or not. My last incident with interrupted connection against Hotforex was October 12 and it lasted for 40 seconds only. I made a check on my other brokers as well and they have the same issues.

I assume you use an US based VPS so you are close to the MB Trading MT4 server for latency purpose. If you now connect to Hotforex from the same VPS, you will have much longer latency against the Hotforex MT4 server which have their servers in Europe. The TCP/IP network between your VPS and Hotforex MT4 server can have TCP/IP issues with dropped packets and if that's the case you will see this kind of connectivity problems.

I would recommend you that before you blame the broker, make sure your settings in your end are correct. Its not just to start an MT4 client and trade, you have to think of TCP/IP connectivity as well.
  • #12
  • Oct 20, 2011 9:02pm Oct 20, 2011 9:02pm
I have been trading with them for over 8months now and they are great my only issue is the platform is much slower then other brokers, I wish they would work on that and fix it
  • #13
  • Oct 21, 2011 1:35am Oct 21, 2011 1:35am
Hi

Joined them a few months ago because i wanted to use their PAMM as i am a fund manager.

No complaints here, good support and executions.

I reccomend them.
  • #14
  • Oct 21, 2011 3:06am Oct 21, 2011 3:06am
Quoting GeorgeKoum
Hi

Joined them a few months ago because i wanted to use their PAMM as i am a fund manager.

No complaints here, good support and executions.

I reccomend them.
You are lucky. Sometimes they have horrible execution and slippage.

Do you date with large account?

Oli
  • #15
  • Oct 21, 2011 3:23am Oct 21, 2011 3:23am
Hot Forex 6 months ago provided great service. However, in the end of summer, they started to play games with some customers. Officially, they had problems with liquidity providers and their network.

Just my 2 cents,

Josef
  • #16
  • Edited 2:15am Oct 22, 2011 2:03am | Edited 2:15am
Quoting eusanka
I do not really get what you are saying here... If you read the "HotForex Bonus Terms" (http://hotforex.com/documents/HF_Mar...s_22062011.pdf) paragraph 3 for bonus its pretty obvious for me how the rules are working. Have you read the document above?
Yes, I quoted the same paragraph to their Back Office. My account had a profit of USD 1000 and I can make a withdrawal of up to USD 1000 while keeping the bonus, but I only withdraw USD 700 and keeping the remaining USD 300 in my account.

They sent me the same document that you pointed and claimed that withdrawal of profit will reduce the bonus. I demanded them to show me the clause in that PDF file that exactly state withdrawal of profit will reduce the bonus. But they couldn't. Obviously, they didn't read and understand their own rules.

I wrote in again to demand for clause and finally they admitted their mistake, credit back the bonus that was removed and apologized for the inconvenience caused.

Not bad for this broker admits their mistake. But we still have to keep close watch on them, as with any other brokers. They do not read and understand the rules that they set.
  • #17
  • Oct 22, 2011 2:11am Oct 22, 2011 2:11am
If you have participated in their 50% bonus program, withdrawn profit and HotForex reduced your bonus, it's wrong of HotForex to have done so. You have the right to demand the bonus back. See my previous posting.

You can withdraw your profit while keeping your bonus.

Paragraph numbered 3 in their Terms and condition for their 50% Bonus program, it stated the following.

3. Until all requirements of the program are not met, you aren’t allowed to withdraw a
sum which exceeds your Profit.
EXAMPLE: Forex bonus example: You deposit your trading account with $5000 and
receive bonus of $2500 (50%). Let’s suppose that after you received bonus, the sum on
your closed deals is $250 profit. According to the conditions of the bonus program, you
are allowed to withdraw no more than $250 (your Profit) in order to keep the bonus
sum on your account.
  • #18
  • Oct 22, 2011 2:53am Oct 22, 2011 2:53am
if they are good they dont need any such bogus schemes to attract people
Trade responsiblypatience is the key/Swing trader
  • #19
  • Oct 22, 2011 5:06am Oct 22, 2011 5:06am
Quoting Jason Kwok
Yes, I quoted the same paragraph to their Back Office. My account had a profit of USD 1000 and I can make a withdrawal of up to USD 1000 while keeping the bonus, but I only withdraw USD 700 and keeping the remaining USD 300 in my account.

They sent me the same document that you pointed and claimed that withdrawal of profit will reduce the bonus. I demanded them to show me the clause in that PDF file that exactly state withdrawal of profit will reduce the bonus. But they couldn't. Obviously, they didn't read and understand their own rules.

I...
I agree here, its good they admitted their mistake and corrected it.
  • #20
  • Oct 22, 2011 5:16am Oct 22, 2011 5:16am
Quoting Incrediblle
if they are good they dont need any such bogus schemes to attract people
I don't agree with your statement here. Good or bad broker, they have to compete with well known brokers and that can be hard. The brokers has to offer something extra to take market shares and I don't think that is wrong. Its also up to the client to accept or decline the bonus program.
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