Hey all - I just wanted to confirm the statement on Hotforex and US brokers - I recieved this email today.
Dear Client
According to our internal records, you have been identified as being a resident of the United States of America.
HotForex has always been committed to being transparent and supportive of our clients. We monitor situations and make strategic decisions that we hope act in favor of our clients and we always look to provide the best service we can given the environment and constraints that we have to work in. Unfortunately sometimes these decisions are taken out of our hands. It is for this reason that we are contacting you with an update about a strategic business decision we have made about the provision of our services to US clients.
Even though HotForex does not have any offices and/or operations in the U.S. and does not engage in the solicitation of clients it was communicated to us that the CFTC does not allow us to offer our services on a cross-border basis to U.S. clients. Therefore, it is with great regret to inform you that HotForex will no longer be offering its services to new or existing U.S. clients.
We recognise the importance of this decision to you and we apologise for any inconvenience this development may cause you, regrettably it is a decision that we have no choice but to roll out.
In light of the above. by the 5th of June, 2012 and no later than 12 midnight server time (5pm Eastern Time) all open positions and pending orders in your trading account with HotForex will need to be closed. Any positions left open will be closed at the prevailing market price at that time and all pending orders will be deleted.
Please note that the deadline may change if it is necessitated by our regulators, the Financial Services Commission in Mauritius.
Any accounts that have a zero balance and accounts with balances but no open trades as of this email being sent will be closed with immediate effect.
Once the accounts are closed, the funds will be cleared of any outstanding bonus and sent to the original source of funds - in line with our anti-money laundering policy.
If you have any questions do not hesitate to contact us at support
Very sad HotForex is stopping
I finally figured out how to trade successfully with small accounts and huge leverage. HF was a fantastic broker for my kind of high frequency day trading.
I used the HF platform leverage and bonus and traded $100(not typo) and traded it to over $20K in 3 weeks. I got this US client shutdown today.
Desperately looking for a similar broker for US clients. Will greatly appreciate such info.
yeah, I’m happy that I can still use hotforex. I believe it’s a loss to many traders.
I am working more steady on forex trading and increase my fund now, so stability is more important then before.
btw if there are no open trades your account will be disabled. That is what happened to me. Two of my accounts had no trades and were quite for a while than I tried to manually open a trade and got the message trading is disabled!
Now they are making me jump through hoops to get at my money. It really sucks!
R u guys serious???
Every FX site you go on for newbie advice tells you to go with a properly regulated broker. U guys trade with a broker registered in Mauritius???
I want to say publically and for the record. [B][U]Hot forex is really starting to suck![/U][/B] It has been over two weeks now and I have not recieved my withdrawl yet.
First they busted my balls, than they busted my balls some more, than finally they said they would wire the money and that would take up to 5 days.
Honestly I think they witheld the wire request to make me wait on purpose. I am fed up and I want to tell people that after years with them and no problem at all now they are treating me like SH**!!! I guess there true colors are shining through,
BTW be careful there little 50% bonus is a con to get you to over leverage yourself and blow your account up! Shady down right shady!!!
I dont think they are so bad with withdrawals I never waited more than 24 hours sometimes its done on the same business day when send the request earlier in the morning, I have got no issues with them, I dont know why 15 days and nothing, maybe the withdrawal request that you have sent got a problem or something, maybe you should check again, and also I heard that they have got too many withdrawal requests after closing the US clients accounts, who knows that could be the reason.
Man according to me it’s only due to they have received too many withdrawal requests at a time after closing the US client’s accounts.
My advice is talk with Hotforex customer support regarding your issue, I am sure that you can get satisfied result as they are very friendly with their customers.
This is my personal Experience with them as I ever- never faced any problem regarding deposite or withdrawal.
I am new in Hot Forex. In the withdrawl section it says…To complete the withdrawls process please download, filll/sign, scan the Liberty Reserve withdrawl form and send it back to wothdrawls@hotforex. What is this guys, Have you fill up this form before withdrawls? I can not open the withdrawl form. Some one who has experience please reply…
Well, recently some offshore brokers that used to accept US clients are starting to apply no-US-citizen policy, including hotforex. If you’re willing to try, check UpFX. They’re based in Seychelles and accept US clients
