145 reviews of HotForex are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Very bad broker..slow execution...this way they will not rise.
Been trading with this broker for 1+ year, and what I most like is the processing payment speed. Usually the same day if I use Skrill to withdraw. Execution is good, always filled at my price and I have also tested its spread on majors: EUR/USD (~1.5), GBP/USD (1.7). It's quite good for standard ECN account.
Hi Fellow traders
I am trading with hotforex from 3 years. I thought to give my reviews again, during my trading with hotforex, i used to have issues with them,every broker has issues but good thing with hotforex was that they used to care for their clients and always step up to sort out this issues but this is not the case anymore. It looks like they have made much money and don't care for their customers anymore.
My review, observation and personal experience is as follows:
1: Let me start with their claims of being ECN/Stp broker which they are clearly not. They are market makers, another bucket shop to rip your money. What i recently found out that you can't place orders one minute before news, An ECN/STP broker will never put restriction on it. They give you real market conditions.
Secondly you cant place orders between bid and ask price, which is example of market makers not STP/ECN, A market maker will never want you to success, your success is their loss. So decision is yours. :)
2: I always have issues of spillage with them, whenever you close your trade, one or 2 pips goes against you. Sometimes there were big spillages in price, which they fixed it. But even one or 2 pips are enough to less your profit or increase your loss.
3: On one side hotforex claim for so many awards from this industry but on the other hand, they are total failure to provide real market conditions to their clients. Their equity market close 5 mintues before bells rings in USA. So they are nigthmare for day traders like me. When I asked about it, they said, they do it for clients to protect from bad reputation. This is not professional approach as there are all different type of clients, day trader, long term, etc. In this market, even a single second is matter, when they close feed 5 minutes before market close in actual.
4: in past, they also suspended my account when i tried to withdrew money because amount was big, and they used dirty tricks. That matte was solved, but i know how i spent a week in full tension. So they are good, as long as you lost money but when you make money, so there will be many issues. Be aware of it.
5: They dont care for their loyal customers anymore, its very difficult to get hold of their managers or directors who are the decision makers. Companies downfall start when they start to loose their clients, today they are loosing me, i did trading of thousands of lots with them and just in commission, they make 350K plus. But they dont care anymore.
6: They require a lot of paper work when you deposit money with new card, I did deposit very large sum of money with them, but recently they hold my funds for hours at critical time when i need to do trading,due to paper work. They did not care that how much money i deposited and still doubt on my credibility. Thats ridiculous.
I would advise you guys not to open account with them or trade with them, only do if you want to lose your money.
I am going to close my account and not to keep any relation with them because they are proving to be another bucket shop now, who only wants to take your money.
I`m new to forex and I open account with hotforex to test them with small deposit. Last month I opened a account and I have received Bonus money for my deposit. I earned some profits after 2 weeks. I requested a withdrawal from them and they processed my payment in day, no deduction withdrawal fee, and fund was in my Skrill account in next day.
Currently I am having an EA written for trading and the backtest result with this broker was quite good, I would bring it on market soon and back with a detail review.
i started trade with hotforex from last month, i am doing trade in fxcm as well. i found there are big ambigous issues have to faced by hotforex. whenever i opened any chart there was so much slippage and gaps in chart of every pair. i compared it with fxcm. the shape of 4 hourd, daily, weekly and monthly candlestick was quite different with other broker, huge gap.
4 hour candles order was showing with even and odd numbers, e.g 0, 4, 8, 9, 13, 17, 18 22 . i seem hotforex is not good and gambling with their clients.
Opened Premium account last month opted for supercharged bonus as were connected for 2 years to cashbackforex program. No issues with withdrawal it was instant, like that funds can be separated between trading account and my wallet (didn’t have that at my previous broker). Tried to scalp on majors no issues with spreads, got only one widening after rollover time. Fast execution for my 2 lot trades. Tried to withdraw half of the profit, it were processed the same day. Impressed.
No questions to this broker will try it more and update review if have time.
Despite my negative rating they are not bad if you are a small trader. However, I've been trading 15 years and often trade over 10 Lots.
However, hidden in the depths of their terms and conditions is the fact that many currency pairs have small maximum trade sizes, which I only found out when I tried to exceed them and got a 'trading disabled' notice - which meant nothing to me!
Some pairs have a ridiculously small 5 Lots maximum and since I often go over that to recover trades that go against me, I was stuck with a big loss and no escape other than to put in a stop and hope.
I ended up losing $3,000 on what would have been a winning trade had the size not been restricted. Come on now, 5 Lots maximum and they con't even point that out?
Borders on a scam, really.
I have been trading with HotForex for several months and for me the service provided is pretty good. Fast execution platform, fast withdrawals, regulation by CySec and different trading accounts to choose. So I would say I'm satisfied with the decision made.
- a good number of services, from account types, deposit and withdrawals up to internal transfers
- pretty active support team both on Email and Support chat.
- platform wise, stable, good execution (not the best) but very manageable.
- over all I would say they are above average.
- looking at it the first time tend to be slightly confusing, it needs some time for a regular trader to cope up with everything going on.
- Although it is regulated by the FCS, in my opinion the CySec and FCA registration should be indicated, although over all it doesn't affect the brokrs credibility.
- I am not a bonus fan, a highlight on ToS when joining would be good plus.
Opened a premium account with hotforex 9 months ago, everything was working alright when my losses were more than my winnings, when i started to profit and winnings increased making my ROI 350% in a month, hotforex showed me its real face, off quotes when exiting my trades, re quotes when executing trades, wide spreads that filled my stop losses. I lost half my account after that running winnings due to hotforex dealing desk service.
please be aware of hotforex bad bad bad broker.
I have only been trading for four months with this broker:
- withdrawal through neteller is good.
- verification process was fair, as long as you have the complete documents
- I did not use any bonuses
- I would give them a 8/10 satisfaction.
Hi, I am Trading with HF since last year everything is great... superb and trustable broker for all asian mostly for muslim.
live trading is good. execution is fair, the spreads are okay. only once did I encounter slippage and it was manageable. no withdrawals done yet. I would like to thank support for assisting me with my account. they are a good broker.
Hotforex is a market maker, no STP broker like they claim to be.
Look at hotforex website, there's no liquidity providers names, I was hotforex client, when I asked account manager about who are hotforex LP's he said can't reveal the names, it's a secret!!!
How can't a client know who are the LP's of his broker when hotforex claim to be STP!!!
Hotforex scammed me $15000 after leaving my account to negative balance, how can an accoun run on negative margin!!
hotforex didn't apply its margin policy and hotforex gave me in one account $136000 of bonuses when hotforex bonus policy states $30000 is the max. per account.
Stay away of the SCAM hotforex.
they are good to welcome you and make you despoit, but later on you will have to beg them to answer a simle qustion and also i adoubt if they are a real STP BROKER,so they good as makret maker but they are not good enought to be an offical broker
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