I’ve been using HotForex for quite some time, and so far, I haven’t encountered any issues with them. Perhaps it’s because I’m still in a loss. Their support has been good. However, while browsing through ForexPeaceArmy’s forum, I stumbled upon a complaint regarding HotForex.
HotForex suspended one person’s account for two reasons:
Using a risk-free technique to make profits.
Using a low ping rate VPN.
This has caused a lot of confusion in my mind.
What does “risk-free technique” mean? In Forex, there is no strategy that is 100% risk-free, including arbitrage trading strategies and hedging strategies.
A low latency VPS is always useful and necessary for traders for faster execution to ensure correct entry and exit prices.
They can and will use words to mean whatever they want them to mean, to try to avoid paying out a profitable customer. (They’re not alone, there.)
It’s such a bad broker that it’s barely worth discussing (as you can deduce from the fact that they pay people to mention them favourably in trading forums, and have done so for many years!), but the main point is that although you think of them as a “broker” they really aren’t a broker at all. They’re a counterparty. You’re not really trading there. You’re just betting against them on the “prices” of their own products which they make up and control. For example, no currencies are actually changing hands when you “trade forex” with them. When you win, they lose, and they don’t like that.
We all choose where and how to trade. HFM would never be my choice.
The point, here, is that they don’t like their customers winning, because that costs them money.
None, now - I trade forex futures, so my broker is always on my side and wants me to win, not to lose.
(I used to use them, a long time ago.)
If you need to use one, just choose an honest, low-leverage one and make certain BEFORE sending funds there that YOUR ACCOUNT (not just the broker) is regulated by the FCA, ASIC or CFTC/NFA. That’s what matters. There are a couple of lessons covering this in detail and explaining why it’s so important, in the free course here, and reading those carefully will also help you. (And honestly many of the other lessons there would also help you a lot, regarding many of the other questions you ask here.)
No. You can’t trade futures using MT4, it’s for spot/CFDs only.
You can trade futures using MT5, and AMP actually has MT5 available for futures trading.
IMO nobody should be using MT4, period. And nobody who doesn’t already have the ability to trade spot/CFD’s profitably should be trying to trade using EA’s anyway. That’s putting the cart before the horse and nobody’s going to make a living that way.
There are plenty of reasons for that, but you lack the experience to appreciate them (and absolutely no disrespect meant by this comment!!).
As others have rightly mentioned to you several times, it’s very clear from your threads and questions that you are currently laboring under many misapprehensions about trading, are not familiar with the free course (“school”) here or with any equivalents of it, you are trying to run before you can walk, and you are misdirecting your efforts in a way that’s definitely going to prevent you from getting anywhere without a MAJOR change of orientation.
Again, absolutely no disrespect meant, but it is what it is, and it’s what you need to hear, to have any chance at all.
And since I’m unpopular here to start with (owing mostly to my habit of being bluntly truthful and not sugar-coating anything as some people do) it may as well be me who tells you.
