HotForex

[Saiyyed Rafik]

Yea do that and the bank will close your account.

In order to transfer money from USD to INR using MB or paypal you have do it using SWIFT/Wire transfer and for that you have give a reason to your bank.

Who are you trying to fool here.

FOREX is illegal and you will get caught if your bank or card is involved in the transaction with your broker.

I doubt that he is from India

 

[tamaa]

im from southeast asia, yeah but i wonder how most indian traders are able to trade forex online. there must be a loop in the system or something.

 

[Saiyyed Rafik]

I received email from hotforex regarding new bonuses, what do you think about that guys ?

 

[global trader]

As is OTC FX has lot of fraudulent brokers
SO few things I will look for
1) Regulated in FSA UK ( complete regulated not just rep office) or USA
(Don;t fall for "we are regulated in Europe crap Ask about CLient money safety)
2) True ECN

 

[stoch]

Hi guys, I've just withdrawn my funds from insta (it was cruel fight) and want to sign up with Hotforex. After thorough research i tend to pick Fix spread account (best suit my news scalping trading), but can you provide me with any real feedback on their accounts? Really need your help..

Thanks in advance..

 

[global trader]

Why don;t you consider more regulated / reputed brokers like FXCM (US/ UK CitiFx ( US)
Alpari UK
FX Pro ( UK)

( I do not have any financial involvement with any of these brokers just afriendly suggestions)

 

[stoch]

Why don;t you consider more regulated / reputed brokers like FXCM (US/ UK CitiFx ( US)
Alpari UK
FX Pro ( UK)

( I do not have any financial involvement with any of these brokers just afriendly suggestions)

Yeah, those brokers are widely known and discussed but after careful research of the feedback on some trustful sources like FPA, I found that less negative feedback accounts for particularly HF. FXCM and Alpari were fined for deceiving clients, never heard about CitiFX, Fxpro has some unresolved cases in FPA scam folder..
How can I trust them after they've exposed their untoward attitude to their clients..

 

[aryabhatta]

Yeah, those brokers are widely known and discussed but after careful research of the feedback on some trustful sources like FPA, I found that less negative feedback accounts for particularly HF. FXCM and Alpari were fined for deceiving clients, never heard about CitiFX, Fxpro has some unresolved cases in FPA scam folder..
How can I trust them after they've exposed their untoward attitude to their clients..

Very true .... most of the feedback on fpa is actually factually.

Its very true FXCM have been fined for all kinds of irregularities like with holding profits, delibirate slippages and all kinds of malpractices both in UK & USA however they are a large broker & the chances of bankruptcy maybe a little lower than average.

Citifxpro doesn't take Indian clients, at least when i checked with them last around 5-6 years ago, they're a white label for saxo anyway, still being a bank your money is safer (I said safer not safe) with them.

FDIC insurance doesn't really make any difference either, its mostly an insurance upto some small limit as protection against bank insolvency NOT broker bankruptcy .... so all the insurance buzz is basically BS, people hear about insurance and think they're money will be protected ... it will not be

Personally I wouldn't go with hot forex even if they gave me a complimentary free bonus and a hot girl :lol: but you guys are free to.

When things go wrong its only then people realize how imp broker selection is, so why suffer later to give you an e.g. one of the largest brokers gain capital are reported on fpa by multiple members to just cancel trades, with hold profits, and close accounts. No questions asked ...the client can go to hell. Initially I thought this cant be (I have one of my accounts there too) but recently a case just popped up regarding this and its certainly true.

So I guess its better to read reviews so you're atleast aware of what people are saying.

 

[global trader]

Aryabhatta you said "FDIC insurance doesn't really make any difference either, its mostly an insurance upto some small limit as protection against bank insolvency NOT broker bankruptcy .... so all the insurance buzz is basically BS, people hear about insurance and think they're money will be protected ... it will not be"

Couple of things
1) I was referring to FSCS insurance in UK ( 50 000 Pounds ) not FDIC in USA
With US regulated brokers... they are not covered by FDIC nor by SIPC insurance.
By the way FDIC and SIPC insurance is not BS .. but correct it does not apply to Forex brokers..
In US the only relief one has is the fact that CFTC regulation means the broker is likely to be well capitalized ( TO become a broker in Cyprus / Malta and god knows other small countries does not cost much and hence many go there)
As you can imagine to become a FX broker the capital requirements are high in these countries and bankruptcy procedures are more transparent
Compare this to Malta/ Cyprus etc!
So as far as FX is concerned perhaps UK regulation is the best among the unruly mob
AS IS OTC PRODUCT MARKET HAS THIS ISSUE OF BROKER RELIABILITY AS COMPARED TO EQUITY AND FUTURES EXCHANGE MARKETS

coMING BACK TO cITI FX OR iNTERACTIVE BROKERS it gets complex
These brokers offer Equity Futures and FX
As mentioned above Equity account is covered by SIPC insurance
Futures is not covered by any insurance by CFTC is better than nothing
FX: What Ib doe sis they swip al cash in your account back to Equity A/c thus gives you some protection

MY MAIN POINT IS
In OTC FX or CFD the min one should look at is better regulated country based brokers rather than some dodgy "easy to get in to" country brokers

I wil share one more experience
One may think like UK and USA Australia is better regulated ( OTC markets)
Not really I was a client of OTC broker ( whitelable of Saxo) which went bankrupt due to fraud( 47 million fraud).. 4000 customers big and small all become "unsecured creditors" The CEO went to jail for 10 years ( within 1 year )
And only because of respect to rule of law in Australia the administrator was able to get back 61 cents in a dollar to the creditors ...when only 30 cents were left in the broker account
Even after all this there is NO insurance of any type to Australian OTC clients "Client Money safety rules" ( For ASX equity ther is a safety fund similar o India and SIPC in USA)

SO if this can happen in Australia what chance one has of any recovery from a broker in a small country like Cyprus or Malta !

SO don't dismiss fund safety as a trivial issue it is your hard earned money
You put it in the market to take market risk not for the broker to take it and run away!

 

[aryabhatta]

i don't know which post of yours you think I was replying to ?? My post was an independent post and was a reply to stoch.

But anyway I said ....

FDIC insurance doesn't really make any difference either, its mostly an insurance upto some small limit as protection against bank insolvency NOT broker bankruptcy .... so all the insurance buzz is basically BS, people hear about insurance and think they're money will be protected ... it will not be

FDIC is a United States Govt. Corporation, it has nothing to do with UK. Some Forex & Futures brokers are regulated by CFTC if the comply with their requirements, however the CFTC has no requirement for protection against broker bankruptcy

Now coming to FDIC insurance some US brokers did advertise this which was basically indirectly misleading their clients into believing if the broker goes bankrupt their funds are protected.

What I said was this is not so FDIC is protection against bank insolvency if an FDIC insured bank fails (assuming your broker keeps client funds in a FDIC insured banks) then you stand some chance of getting your money back but if the broker goes bankrupt ...."paisa gaya" .... in most cases it actually turns out to be "paisa gaya".

I made no reference to the FSCs but as you have brought it up we can discuss it.

Now coming to what you said

Couple of things
1) I was referring to FSCS insurance in UK ( 50 000 Pounds )

Have you actually read what FSCS has said ?? They have said in their handbook as well as on their website

"Regulated investments covered include: stocks and shares; unit trusts; futures and options; personal pension plans and long-term policies such as endowments."

There is no mention of forex,

When I checked with them (some years back specifically about Fx they didn't give me a direct reply)

Some others have checked and they replied .....

"Spot Forex Contracts are unregulated products and therefore not protected by the FSCS."

You can see here --->http://www.elitetrader.com/et/index.php?threads/the-coverage-of-uk-fscs.231006/

So even if a UK FX broker (FSCS covered broker) goes bankrupt you will not get your money back and definitely not 50000 pounds.

However if the bank the broker has deposited the money in goes insolvent you MAY get 85000 pounds but this is once again bank insolvency not FX broker bankruptcy.

So in US, UK (it seems even FSCS protected brokers) & Australia broker bankruptcy protection is practically non-existent for FX brokers, and in most other countries as well so that cover like +90% of the currency world on this basis we can deduct.

In other words "Paisa gaya"

MY MAIN POINT IS AS I ALREADY SAID ALL THE INSURANCE BUZZ IS BASICALLY BS, PEOPLE HEAR ABOUT INSURANCE & THINK THEY'RE MONEY WILL BE PROTECTED .. IT WILL NOT BE.

Even bigger point (for all members in general) ---> just because some broker or anyone else gives you some BS insurance story don't believe it, verify for yourself.