Hot Forex

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ElectricSavant

ElectricSavant

http://www.hotforex.com/
Spreads: http://www.hotforex.com/en/trading-conditions/spreads.html

  • 0.01 lotsize = 1000 units
  • from 0.8 PIP spreads in EUR/USD (not confirmed)
  • stp-ecn with 5 digit quotes (SL and TP must differ by at least 3 PIPS)
  • MT4 Platform
  • 500:1 Leverage
  • Deposit/Withdrawal with Wire or Credit Card
  • Live Chat

Located in Mauritius.

Republic of Mauritius is an island nation off the coast of the African continent in the southwest Indian Ocean, about 900 kilometres (560 mi) east of Madagascar. In addition to the island of Mauritius, the Republic includes the islands of Cargados Carajos, Rodrigues and the Agalega Islands. Mauritius is part of the Mascarene Islands, with the French island of Réunion 200 km (120 mi) to the southwest and the island of Rodrigues 570 km (350 mi) to the northeast.
 
Another note...

There are not any insane fee's for deposits or withdrawals with Visa or Mastercard Debit or Credit Cards. There are no fee's at all. The transfers hit the account within 24 hours, sometimes instantly. There is no third party involved either like Moneybookers or Paypal.

The online chat seems to always have someone there if you have any problems.

I would be interested to hear from other clients about the good and the bad. Please consider to post your experience.

ES
 
Quote from southbeach4me:

Anyone dumb enough to open an acct with a forex broker in a 3rd world country deserves to have his/her ass handed to them.
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+1 , haven't people learned yet?
 
Quote from mindtrade:

+1 , haven't people learned yet?
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They'll never learn(especially the newbs) bcuz they easily get seduced by those 500:1 margins, pure suicide.....no need to call Dr Kevorkian.
 
southbeach4me,

Isn't it past your bedtime?

I suggest you reconsider...

Using leverage and how much you invest into a strategy or system is directly related and I feel it is very important. Some say 1:500 or 1:1000 is simply gambling. I do not agree completely.

Leverage related to capital can use a rather controversial application if one really considers the possibilities honestly.

Most traders gamble with leverage. But consider this valid point:

You need less capital in your account at 500:1. This is what it is all about. Your yield is always based on your capital. If you trade the same way on a 50:1 account vs. a 500:1 account then which account would be better?

Do you see the point?

To further expound...since there is less money at risk and he gets a margin call...it's just to replenish the account. The net comparison to trading at 50:1 is the same. If he is a loser..he is still a loser...BUT if he has an edge more leverage is the way to go...Just look at the model Prop Shops offer for professional equity traders...they would not be able to extract money from the markets without leverage and fast tools.

Drawing lines in the sand may be an unnecessary evil. So there are many traders here that are professional or experienced that will admonish you to be careful and to lower your expectations and do not gamble. But when you examine yourself and your use of leverage you may understand that they mean well, but do not really understand. There are a lot of things posted on these forums that "sound good"..but you can go deeper and examine these "one-liners" and discover for yourselves what they mean to YOU.




Quote from southbeach4me:

They'll never learn(especially the newbs) bcuz they easily get seduced by those 500:1 margins, pure suicide.....no need to call Dr Kevorkian.
More...
 
One change that was made at HotForex last week is quite troublesome.

When you download an MT4 Demo account you must contact a live representative in their online chat to specify your start balance and change the leverage...if you do not...you get 5K and 300:1. You get your account # and password by email.

Every other MT4 dealer lets the user choose without this extra step...why does HotForex need to be different? It is very inconvenient to have to contact a live rep to get this changed each time I want to download a platform and test a system.

I am sure that their live chat is very busy.

ES
 
They often seduce you with that 500:1 leverage then won't let you close out your trade when you're making money until the market reverses against you. . This is old news but very common practice among these 3rd world brokers.
 
Quote from southbeach4me:

They often seduce you with that 500:1 leverage then won't let you close out your trade when you're making money until the market reverses against you. . This is old news but very common practice among these 3rd world brokers.
More...

Hi there ... I think the last week has been tough because of the low liquidity .. you know at the end of the year can spreads go so crazy and market moves slowly.
 
Quote from ElectricSavant:

One change that was made at HotForex last week is quite troublesome.

When you download an MT4 Demo account you must contact a live representative in their online chat to specify your start balance and change the leverage...if you do not...you get 5K and 300:1. You get your account # and password by email.

Every other MT4 dealer lets the user choose without this extra step...why does HotForex need to be different? It is very inconvenient to have to contact a live rep to get this changed each time I want to download a platform and test a system.

I am sure that their live chat is very busy.

ES
More...

Doesn't seem like all that big of a deal... Is that a deal breaker for you?

I don't ever change leverage - so it is really not an issue for me.
 
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