Hot Forex

Discussion in 'Forex Brokers' started by ElectricSavant, Mar 11, 2011.

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  1. hftvol


    a person with such post count here at ET is advertising for this shop? There is no way other than you having a direct financial interest in this company. No other way. And I would find it responsible of you to disclose such fact.

    #41     Mar 27, 2013
  2. hftvol


    I thought at first this is a joke. But you are not a joke you are a true snake oil salesman. How dare you trying to sell this bullshit to newbies. Are you not ashamed of yourself? I am seriously asking you. I sometimes wished IP tracking is a requirement on this site and your ass gets sued alongside companies such as this.

    Below a transcript of a chat with their sales rep (I could not resist :)

    You are now chatting with 'sharon'
    sharon: Trading Central Technical Analysis Reports now available!
    sharon: Hello, my name is Sharon, how may I help you?
    Matt: hi
    Matt: can i please ask what is the name of the regulatory supervisor of your company?
    Matt: you are registered in Mauritius right?
    sharon: Hotforex is based and registered in Mauritius. We are regulated by the Financial Services Commission (FSC).
    Matt: ;-)
    Matt: so a Mauritius "regulator".
    sharon: yes, that is correct
    Matt: Thanks, any other regulator?
    Matt: in the US, Switzerland, UK, Europe?
    sharon: no, just Mauritius
    Matt: so what if you go out of business?
    Matt: my funds are gone right?
    Matt: right from the first penny.
    Matt: correct?
    sharon: all client accounts are segregated and administered by a third party
    sharon: you can see the details here
    Matt: administered.
    Matt: are the funds kept in a segregated client account with Barclays?_
    Matt: are they swept into a segregated Barclays account every night?
    sharon: they are segregated
    Matt: but not with Barclays
    Matt: correct?
    Matt: and this is the website of your "administrator" (which by the way has nothing to do with where the safekeeping of the funds takes place
    Matt: have you visited that website?
    Matt: could you please point out who takes the other side of my trade should I open an account?
    sharon: what do you mean please?
    Matt: when I execute a trade through your platform
    Matt: who supplies the liquidity?
    Matt: who takes the other side of the positon?
    Matt: position
    Matt: when I sell USDJPY who buys it from me and vice versa?
    sharon: the Liquidity Providers
    sharon: we do not disclose the details regarding Liquidity Providers
    Matt: why not?
    Matt: most other brokers do.
    sharon: we do not
    Matt: So, can you confirm that your company does not gain any financial advantage if I lose money on a trade?
    sharon: that is correct we do not
    Matt: And you confirm that your company does not have any influence on the spreads of each fx pair?
    sharon: that is correct
    sharon: the spreads are controlled by the Liquidity Providers
    Matt: your firm basically has no influence at all on the liquidity and pricing?
    Matt: its is entirely controlled by your liquidity providers?
    sharon: that is correct we are an STP Broker
    sharon: A Straight Through Processing (STP) broker works as being an intermediary between traders and the interbank market.
    sharon: Unlike market makers, STP brokers take orders from clients and forward them to the interbank exchange without interfering with prices.
    sharon: HotForex spreads are variable due to our STP execution where the spread is controlled by the Liquidity Providers.
    Matt: I see, ok then I like to open an account with USD 500,000. Just before that where can I find the financial audited statements of your "fund administrator" and also audited financial statements of your company as well?
    Matt: I need to have that for credit check purposes.
    sharon: Please wait while I check for you
    Matt: thanks
    sharon: we do not provide those
    Matt: you do not
    Matt: so how do I know you dont walk with my 500k after I open the account?
    sharon: Hotforex is based and registered in Mauritius. We are regulated by the Financial Services Commission (FSC).
    Matt: you ask me to trust you or your "administrator"?
    Matt: well its a website and nothing else
    Matt: and a pdf file
    Matt: we are talking 500,000 DOLLARS here
    sharon: check with the FSC if you wish
    sharon: we are a regulated company
    Matt: With the Mauritius regulator?
    Matt: yes under Mauritius laws
    Matt: I am asking who can confirm your firm's financial status?
    sharon: no, I cannot provide you with those documents
    Matt: So you ask me to believe you?
    Matt: Well you sound trustworthy, so alright, how can I wire the funds and open an account?
    sharon: you can find the wire transfer details in your traders room after you open the account
    Matt: great
    Matt: and last question
    sharon: yes, of course
    sharon: please go ahead
    Matt: do you really look like the girl on the picture on the top right of this chat? Very lovely
    Matt: do I get to have a drink with you after I open my account?
    sharon: no, that is not me
    Matt: oh ;-(
    Matt: so you lied to me
    Matt: ?
    Matt: not lying but you gave the wrong impression
    sharon: how?
    sharon: the picture is just from our website
    sharon: not individual employees
    Matt: but it gives the impression away its you
    Matt: are you even a girl?
    Matt: or guy?
    sharon: yes, I am female
    Matt: ok, I am relieved
    Matt: all right, you were really lovely
    Matt: and I wish you a wonderful day and thanks for the informative chat
    sharon: you are very welcome

    What a fuxxing SCAM!!!!!

    #42     Mar 27, 2013
  3. I was looking into trading metals, would you suggest studying gold or silver? and if there is any relationship or effect they have on each other, thanks. one last thing if there is a good place to learn more about metal trading that would be really great godbless and happy pip hunting.
    #43     Apr 19, 2013
  4. I'm not a good trader but I think gold trading is better than silver. Since there are a lot of forums and articles would give you useful artices about gold trading.
    #44     Apr 25, 2013
  5. im trying to dig further into metal trading, the opinions differ from one thread to another, some suggest silver, other want gold more.. im looking for solid material just incase to have a good jump start into metals. maybe something new for a change, but hey thatnks for the suggestion :)
    #45     Apr 26, 2013
  6. Sorry for my weak knowledge but I have received email from Hotforex about FIXED ACCOUNT and FIXED Spread?

    How is this type of account? Is it good for scalper?
    #46     May 14, 2013
  7. I think this is a new account type that has fixed spreads to it! but the min deposit is 500 if im not mistaken, i saw this a couple of days back. will check on it again later.
    #47     May 15, 2013
  8. sanfo


    I think this is designed for some people who wanna be more safe about uncertainties of varies spreads.
    More choices are not bad anyway.
    #48     May 29, 2013
  9. Pipflow


    I have used hotforex for almost two years now and no problem with them but currently am not trading at this firm but everything seems quite okay with this broker.
    #49     Jun 1, 2013
  10. yup, they are quite a positive steady broker, and I guess can be considered as one of the most competitive in the international market specially in asia.
    #50     Jun 5, 2013
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