At the moment I’m trading with FXCM, but their spreads are little too high, and if I wanna use Robot I must switch to MT4 Platform, and it will cost me 20% commission fee more. Another problem with FXCM that I can’t withdraw more than my deposit amount with my creadit card. For example if I deposited 5000$, make 500$ profit, total 5500$ so I can only withdraw 5000$ back to my credit card, the 500$ profit I must use another withdraw methods. Bank wire cost me 40$ each withdraw for international wire, that it’s not sweet at all.
I’m looking forward to change my broker, and my friend introduce me HotForex.
Glad if anyone can share experiences with this broker Cheer all.
I’d like to help you find the right solution so here are my thoughts.
Can you tell me more about why using MT4 will cost you a 20% commission fee? The additional cost of using MT4 at FXCM is 0.1 pip, which is built into the spread. If you want to avoid this spread mark-up, then you also have the option to automate trading with FXCM’s Strategy Trader platform. Like MT4, there are a lot of free, downloadable strategies you can back-test and consider.
Bank wire cost me 40$ each withdraw for international wire
There is a limit to the principal amount funded going back to your card, however withdrawals by cheque are free. That’s an option to consider and you can ask an FXCM associate how long it may take to get a check based on where you are located. Most traders look to grow their accounts over time so once you get above $50,000, we provide 2 free withdrawals per month through our active trader program.
On the topic of choosing a broker, I also think goldylox is right. Many traders will decide if they are comfortable sending money to a broker before looking into anything else.
With FXCM, we’re publicly traded on the New York Stock Exchange (ticker: FXCM) so you can easily see our financials and operating metrics. For example, as of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.
Along with being publicly traded and having transparency to view our financial performance, FXCM is regulated under multiple jurisdictions including the FSA (Financial Services Authority) in the UK. Within the US, FXCM is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA).
FXCM has a good customer support and its platform is pretty good and easy to use but as I said, I’m only novice trader with 5000$ account, and every month I just have made only about 10 to 15% profit, so it’s a big hurt if it cost 40 bucks each withdrawn. The country where i live only provide credit card or bank wire withdrawn methods.
After 1 or 2 years maybe I will be back with FXCM when I’m serious about a standard account with 50 000$
It’s better if you choose another broker with valid regulation and liquidity. Hotforex said that they regulated by FSC but if track to fscmauritius [dot] org we will find out that they are not really regulated there. The address:
i suggest instaforex. with you deposit with credit card, you can withdraw with paypal. The fee isn’t that high. you can also choose to use their prepaid credit card option.
I stumbled upon this thread while looking for topics with regards to the brokerage that im using, yes I have been with hotforex since early this year, and I highly recommend that you try it, I’m really happy with how things are working right now, there where some ups and downs but I think everyone has their issues, one thing that i really like about the company is their VIP treatment when it comes to their customer support. and best of luck…
I am also using hotforex, and it’s working great for me. actually I read their weibo analysis for the market everyday so that I can know basic trend of the the market very well. I think their China customer service is great.
jingoy, how is your trading last week? and what’s your plan for this week? good luck to you!
thats great to hear, I think there are lots of chinese traders at hotforex, well for last week i made some good money last friday, im glad things worked out, and this week Ima play it a little bit safe
goldylox, what do you mean? actually i am serious forex trader, and had tried more other brokers before. let me know if you have any question, i’d love to share my experience with you.
you could say I understand where you are coming from, but for me I’d rather put my money in Mauritius than deposit it in bank a couple of blocks from my place, Its a lot safer for me, and another thing, I’m earning from hotforex and they never fail to pay me, life is a gamble. and risk is everywhere.
Nothing personal regarding HotForex. It is just general.
What happens if your broker decides to close down tomorrow,
or go bankrupt or just cheat you?
Is theFinancial Services Commission (FSC) of the Republic of Mauritius going to lift a finger to help you?
Where is your money actually held?
Is it in a secure trust account?
Is your broker using your deposits to leverage other investments?
These things happen!
Not to mention you will be flagged by the tax office if they see money coming to and from Mauritius. Personally I would not go anywhere near Mauritius, Panama, or a number of other tax haven countries.
It is bad enough in “developed” countries, why take further risk?
Let me put it another way - If you had a million dollars would you rather put it in a bank in London or Mauritius?
ahm, the company might be registered in Mauritius for tax reasons, ahm but hotforex has segregated accounts all in an UK Bank - Barclays! but seriously would you trade a million dollars? man, I’d retire if I have a million dollar and start my bucket list hunt at the age of 30
Thats the point!
if they have accounts in the UK, why are they regulated by the Financial Services Commission (FSC) of the Republic of Mauritius?
What is to stop them from just taking your money?
Yes, I would trade 1 million dollars. You are not going to be able to retire on 1 million dollars. Alot of people trade alot more then $1million.
If you think this sort of thing dosent happen, It is happening right now!
Look what is happening with MF Global!
It’s really an interesting opinion, and i think it’s totally out of date. the world is flat. and there are so many big names register their own companies in these islands for financial purpose.
ahm, to be honest, I’m not expecting a perfect company where everything is covered and accounted for, I mean so far I have a invested in hotforex, It might not be in millions nor it is a 6 digit figure but I’ve already got my investment back and Im earning monthly which is enough for me and the way that Im trading. life it self is a risk. and one thing I llike about hot forex is its transparency, I mean you know the owners and where they are from, I’ve tried other online businesses where the owner is virtual and still made some money from’em
ahm Im not trying to imply anything, and i still think that being cautious is good, I guess its just the gambler in my that doesn’t mind the risk best of luck.
actually i doesn’t matter who is the boss, or who is the virtual one. if their customer service is great and the platform is stable, i will stay with them for long. and that’s the reason why i choose hotforex.
Cheer all.