Hot Forex

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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.

Quote from ElectricSavant:

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
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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).
sharon: http://www.hotforex.com/en/about-us/regulatory-environment.html
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
sharon: http://www.hotforex.com/en/about-us/security-of-funds.html
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: http://www.ninetyeastfinancial.com/articles/page.php?firsttime=1#prettyPhoto/0/
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).
sharon: http://www.hotforex.com/en/about-us/regulatory-environment.html
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!!!!!


Quote from ElectricSavant:

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.
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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.
 
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.
 
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 :)
 
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?
 
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.
 
Quote from trader_phil:

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.
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I think this is designed for some people who wanna be more safe about uncertainties of varies spreads.
More choices are not bad anyway.
 
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.
 
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.
 
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