Hotforex is totally scam…and we have to find the way to put this company to the international court, to be shut down.
Hotforex scammed me out of $345 there response is dreadful,they have told me to wait 45 days !!
Hotforex broker is a big scam. They offer a fake %100 deposit bonus, once market go against you, they will take the bonus
and your money will be wipe out. This has happened to me. Never deposit your hard earned money with this fraudulent
broker.
can you show us? coz all your posts are contradicting with different content against hotforex, are you guys spamming or paid to spam?
you can try Hiwayfx very reliable and they have many package for client that can make client become a successful in fx business
I have used HotForex since Feb 2015 primarily with the PAMM accounts. I DO NOT recommend this broker or using the PAMM options. Since Feb, 2015 to about August I deposited in incremental amounts based on the various manager performances, close to $ 2800. By the final week of October I had $10,638.97 (BALANCE) -$123.39 P/L week - $5,484.36 (EQUITY) - I had never made a previous withdrawal request as I wanted the equity to build and the performance thus far seemed profitable with good risk management. The following week I get my updated reports which reflect $11,045.74 (BALANCE) -$406.77 p/L - $2,769.14 (EQUITY) drop in my available equity…following week first in Nov I see a loss of $900 to my balance and then I see one of the PAMM account blow up the entire balance Closed Trade P/L: -4031.3862 and my equity at $-30.21
I contacted support and was not pleased considering this seemed strange for this particular PAMM. I was emailed this was a technical glitch and my account balance was restored for that one PAMM. I verified this by logging in the next day. Something was seriously amiss. My balance and equity was restored. I immediately initiated my FIRST and only withdrawal of all of my available equity from about 5 PAMM accounts which was about $2950 USD…while pending, the next day all of my remaining PAMM account balances reflected this activity:
Fund Manager:1001582 (FX FUND 1) Closed Trade P/L: -1725.6777
Fund Manager:90556 (SmartForex) Closed Trade P/L: -883.4011
Fund Manager:1041607 (ChessMoon3) Closed Trade P/L: -2724.373
Fund Manager:147712 (FX WAVE 2) Closed Trade P/L: -814.0445
Fund Manager:1028160 (FiberFxFund P1) Closed Trade P/L: -715.0518
All these separate PAMM accounts on the very same day went negative, effectively blowing up the entire balances. All right after I initiated my first and ONLY withdrawal which was my available equity which ironically just about matched my deposits over the few months. Coincidence?
I contacted support and this is what I received as a response:
Thank you for your email.
Please note that the results of the Fund Mangers are updated and they can be found on the Performance Page of each Manager. We can assure you that the situation has been kept under systematic review and the Drawdown on the accounts did not resulted due to any technical glitch but as per recent market moves, which can be monitored on our website.
Please note that we truly understand your concern, however please be advised that Forex trading is highly volatile and carries a high degree of risk and for that reason, there is no guarantee of definite returns on your investment.
Therefore, the live progress of investment can be monitored from the myHotForex area, PAMM V2 accounts tab. Additionally, equity level is further justified with the Open Positions Indicator tool as it enables investors to monitor the P/L of each open trade and the Profit/Loss relative to their investment size and participation in those trades.
For any further assistance we remain at your disposal.
Kind Regards,
PAMM Department
I then received this final response after pressing further as I essentially lost all profit:
Dear Sir,
Kindly note that your complaint has been escalated to the Compliance Department.
We make reference to your previous email.
In respect to that please note that we have only been able to highlight one single PAMM master account which was stopped out under your investment. In case this is not the occurred please revert back with further details.
Firstly we would like to make clear that all the information required in order to make an accessed decision on whether a client should invest or not in a particular account is publicly available through our website.
Moreover, we provide the clients with explanation on how the system works and furnish each potential client with all the terms and conditions and agreements relevant to this service. Agreements which each client must fully agree prior to opening an account with the Company.
By agreeing with the terms applied to the services provided we assume that each client have fully read and understood the benefits of the system and any potential limitations regarding the trading decisions that are made once you place your funds with a PAMM trader.
In addition, the client has the full control of his funds and is always able to stop the investment at any time by requesting to be disconnected from a certain trader.
In light of the above the Company struggles to find any solid evidence that leads us to believe that any wrong doing was performed from part of the Company and/or its systems.
Lastly, note that we are always open for valuable feedback and we do take clients comments very seriously, going forward in case you have any suggestion you would like to share please do so through our customer support channel
In case you have any further doubt regarding our services and products we kindly advise you to please contact our always available support team that will be happy to assist you with your queries.
Kind Regards,
Client Audit Team
Compliance Department
I was able to withdraw via Neteller without issues so I left essentially with my original deposit balance. Good riddance.
I traded with Hotforex and never had any problem getting paid with Skrill… usually in 24 hours… here a screenshot of my client area with few thousands $ in withdrawal = hotforex-multiple-withdrawals - Free & Detailed Image Hosting
Good job! What pairs are you trading and what strategy do you use? Thanks
yeah there are no hassle in withdrawing from this broker, on a positive note its alway less than 48 hours. I usually do my withdrawals on a monday
Too good and too many feedbacks, high-possibility that they made up.
thanks
I think Hotforex is fair broker, you only need to be careful about the so called supercharged Bonus. I had a friend whom they gave 100% deposit bonus, only for the bonus to be removed alongside the profits he had made. On another case, I’ve heard some traders claiming they were able to withdraw the bonuses alongside the profits. I don’t know the truth though!
I never take bonus. Because when you will withdraw anyway it will be removed from your account. OK maybe the only bonus useful is the one that adds a bit w
I have account with hotforex. Spread is ok, i receive discount from forexcashbackrebate.com 6 usd for lot. Good broker, only can offer more stock, now is offer really basic.
I guess bonuses are always associated with certain terms and conditions so they should be availed once their terms are known. Moreover if someone does not want to avail bonus he always have an option to trade without availing it.
like the tricky part with bonuses, people mistake it for extra cash which its not, and it does come with its condition, withdrawing the bonus is actually doable if conditions are met, but honestly on a personal note, bonuses might just as well mess up my trade, so i try to keep it simple, focus on my balance/capital and grow it etc. i guess thats why i dont usually use any bonuses lol
What’s their min. amount for withdrawal and how often do they make payments?
Have you participated in their monthly demo contest where prizes are deposits on real trading accounts?
Hi Ontario, HotForex allows withdrawals from $150 for bank transfers, and $5 for other withdrawal methods. From memory, withdrawals received early in the day or processed on the same day. But your bank (or credit / debit card provider) will probably take a bit longer to process this through their systems.
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Which instruments you basically trade with them?
Ok I see thanks. But for me withdrawals via wire is way to slow. I use Skrill instead.