I heard hotforex had increased their leverage, is this true?
I just noticed the leverage for a micro account has been increased from 1:500 to 1:1000 !!!
yes this is true, i’ve just been reading the company news page on their website, they have increased the leverage for the mico accounts to 1:1000, also the leverage for the premium and islamic accounts has increased from 1:300 to 1:400
I just hope hotforex does’nt spoil their name in the near future. Good customer care, nice deposit/withdrawal options…am using Liberty Reserve and have made 1 withdrawal from my little deposit. For me I think they are one of the best for now.
I am newbie for few months now.
I finally uses Hotforex as broker, I like them because they allow 0.01 lots size with low spread ( Currenex).
I tried couple broker which allow 0.01 lots size but their commision and spread are very bad.
Only one problem with Hotforex, I tried Demo server for awhile, Its data feed is fine but when I uses real server, It is not that case, When the market is busy, Their server disconnected/connect, I need to re-quote once awhile, Their spread is low on EURUSD close to ECN broker, not all pair low spread, I am trading with 9 pairs now.
For broker offer small lots 0.01, Hotforex is quite good, However, It allows only 1:300 margin which is too low for me.
It also offers 50% bonus for deposit.
If I play with bigger lots 0.1 size, I will go for FXopen, Its commision is 25% lower then HotForex with ECN lower spread as well on all pair plus I never get re-quote, Fxopen real server connection is better.
I did try Fxopen Cents account, It is really bad, Their quote price is very bad hardly moving, too much market maker involved, It is hard for me to make money.
Bank wiring money to HOTforex is very slow, 7Days, compare to FXopen which take 2 days, But Hotforex do not charge me $30 their bank wiring fee while FXopen charge me $30 for it. ( not my bank)
I am still quite new to Hotforex or FXopen, I need more time to know them well.
I think many micro accounts owners will be really happy for the new leverage after the increase.
So How`s your experience with them so far ?
I have been using Hotforex for few months, They are fine.
It is a mistake that I didn’t take their cashable 50% bonus, I took their non-cashable can-be-lose 15% bonus.
Well, It is hard to compare this broker to ECN broker, but it works fine with those danger grid martingale EA requires very small lots size, Forex ENvy, I put in about $15,000 and Now it is at $25,000 now, However, I closed up this Forex envy EA now and trying Other EA, TotalGrid but it doesn’t perform well either in compare to running them on other brokers. ( It is hard to tell you but my EA do not product as much as money as it running on other broker but when market was very volatile, It was near margin call).
I am planing to take my money and move it to other broker which fits my EA better
I can not conclude that Hotforex good or bad but Just My EA do not run well with them.
Where do you host your EA? and how is your manual trading?
Sorry this question should be ask in other area not broker area.
Manual trading take long time to learn, I am learning on side without real money. So far, I find that Support /Resistance work the best.
It is easier to pick an EA than manual trading, I used $378 Forex Envy power EA, Mt4 is not reliable platform, It used up lots of memory so I host it in my own computer , I can monitor it how it works better, believe or not, There are lots of small bugs there, It is not as simple as what I thought it is.
Im envious ricky, I mean I trade manually, im doin ok i guess, not that big earnings but still on a positive side. EAs were never my thing even though i am a computer graduate major in programming (never was good at it) but I always wanted to tackle them and seeing how well it works with you wants to me start asap… Forex Envy, I’ll keep that in mind… Im a bit out of topic i guess… sorry and thanks for sharing.
JinGoy:
I think I would like to explain little bit more before mislead other people.
Forex Envy is a Grid Martingale EA, This type of EA are extremely danger and it give you very stable relative high return day by day in EA world, But one day, When market go bad, it will lose everything.
Hotforex is OK as a Forex broker but It doesn’t fit my need for now, Because:
1). Hotforex do not have cent account that I can play small money with this high risk EA.
2). Hotforex use low 1:300 margin level for it CurrenMax account, which is too low for my EA, When market go bad, If my equity is near margin call compare to broker with 1:500, I will still have 15% room of equity.
3). Grid martingale EA needs to move profit out/In often, Although Hotforex has ewallet, it is still cumbersome to create new account, transfer fund quick beside, Hotforex is the slowest broker to transfer fund so far.
4). Hotforex is not ECN broker, it does slightly market maker job. I find that their method of market marker slightly against my EA which make my EA danger. ( it is not scam anyway).
5). Recently, There was FOMC news, Market was very volitile, Forex Envy PAMM account in Hotforex blew up, All 2 million dollars gone, My account was lucky with slightly more money and My accounts was hairline away from blew up.( Blown up account = all money gone)
Ricky
I really appreciate the detailed explanation, and I get the general Idea, do forgive me for my lack of knowledge when it comes to EAs, I guess there is still a lot for me to learn about them. I do wish you the best in future trades, and i know a trader has to do what a trader has to do. all the best!
it’s really difficult to grasp EA though it can save a lot of your time to earn every possible pips all the time. it is always picky for many conditions. It’s not a guarantee to earn money with EA.
How do hotforex operate - market maker, ECN or what?
as far as i know they are an STP broker, but they have this dma platform which requires huge amounts of money i guess, though i have not tried it yet…
I finally closed up all the trades in my account and I am stuck in process to take my money back, For last few weeks, They are bad customer service, I want to open up 2nd account, never do it for me, I want to withdraw my money, I can not find my money in my account either, I am in my hard way to get my money back.
Hi rickyv101, Its really amazed that you had bad experiences with customer support I am trading with them from last 1 year and I never had any issue even according to me their costumer support is very relevant, they always giving me kind reply on my question.
It is hard to say who is better who is not, I find that all those Broker keep on improving their business as well as customer servcie. E.X. Hotforex offer 1:1000 margin on some account because their 1:300 margin is suck.
If you plan for your account well first, HotForex is fine, They are really good to offer “50%” Bonus than other broker
I did not plan for my account well, I should start with
1). Take IB offer or not
2). Decide " Can not lose 50% withdraw Bonus" or 15% "rescure bonus
3). Start with wallet
4. Then open your account under wallet.
5). Open multiple accounts and move fund easily between them
I started with very simple account first and in order to fix it, I really have hard time.
The problem is that, Sometime, They like to call me and I live in North Americian with difference time Zone, They normally did not leave message then They didn’t email me, I was keep on waiting. I would prefer they email me instead.
Just like rightnow, I check with my hotforex’s account, my money is not there, I am still waiting for the confirmation on withdraw of my money, ( I checked junk mails folder as well too) It is not in my bank account yet, I believe that they might bankwire it allready and I will wait for few more days then I will email them.
I got my big money from Hotforex.
Hotforex is not a Scam broker, They are nice to offer 50% bonus with reasonable good condition on relaxed time limited where you can get your bonus while some broker offer 50% bonus with un-reasonable time limited that very hard to get it at the end.
I took my money back because my EA did not work well there with slightly higher DD, I tried other same type of EA but it still did not work the way I want, Someday, If I find the right type of EA or good manual trading method, I will put my money back in Hotforex.
One thing that I don’t like hotForex is that, I don’t like their communication, Let say, I deposit/withdraw my money, They sent me a automatic-Email that They will take care of it, bababa…, But They will not send me the most important Email to confirm, They phoned me while I was not available and did not leave message.
For last 7 months, I put my money in 8 brokers, 7 of them is good, 1 is near SCAM broker - Liteforex, I lost all deposit $7,000 for this SCAM broker, They cheated on trading, They delayed my trades (when they hitted TP) for xx minutes ( 2 Digits), also They double trades for me sometime, I find it couple times and I emailed them and They fixed it for me but my EA did near 50+ trades per day which it was not possible to monitor, I did not have enough time to pull all my trades while market crisis and all money was gone, If they didn’t cheating, MY EA should be fine to pass this Crisis due to 5 times more than Required funding.
Forex is a very risky market but high return.