Has anyone experience with this broker? Their website:hotspotfx They are registered with NFA (#0351580) and CFTC
You can do a search to find this... I did one really quick and copied the first one I saw... Here you go: http://www.elitetrader.com/vb/showthread.php?s=&threadid=76106&highlight=hotspotfx
do you know what this means? Who is the counterparty to my transaction? Hotspot FX is the counterparty to all transactions. back to top read customer agreement completely...... prices quoted can be different from interbank prices..... kinda like hertz, not exactly. use the retail demo and see if all your market orders get filled at best ask...mine sometimes got filled 5 pips away while there was more than enough for sale atm. at least this part is realistic compared to other places "changing" the rules as soon as you go live. try it for yourself.....if you cant make money in demo, then you gotta be smokin crack to try it for real.
They are the couterparty but only in the respect that their liquidity goes to the major banks who they deal with directly. They are not a Market Maker. The biggest complaint is about placing a stop or limit within 10pips of current price. From what I hear they are very close to true IRD on their rollover which is a very good sign. If anyone can verify what their rollover (both sides) is right now on USD/CHF and EUR/USD I would appreciate it.
Hotdspot is the real deal. I will tell you that the demo is NOT an accurate picture of the platform. The real platform is much MUCH better. Prices are not accurate in the demo, and most order functionality is not turned on. When I went live things were much better and I had none of the issues I was having with the demo. With that said, I switched to Currenex, which I love. The liquidity I get is awesome. ANd again, Iwas PLEASANTLY surprised when I went live. The spreads were better and the liquidity was larger than when I was on the demo. The demo had only one CX hub connecting, but when I went live I was getting streams from CX and also 14 other banks. I am a fan.
What about their Rollover policy? How are they in that respect? I called them and they pay daily interest on the balance in your account which is another positive.
I've had good experiences so far with Hotspot. I've spoken with them about some changes to their market data and they've been very helpful.
wow!...1post in over a year. What brought you out of the closet? hey ..I got a cardboard box and a deck of cards too. As for a platform working so-so in demo mode but perfectly in live session.....well......just call me paranoid. I've settled on cx also, and now just need to find a REAL broker.
I've got a demo set up with them now and I was wondering for those of you that trade with them... How do you track daily Rollover premium/cost (I mean where does it show up)? I don't see a schedule of their Rollover schedule as I'm sure it changes daily, but where do you find it once it's been paid/charged to your account? Thanks!