Hi, i was with them for a few months, honestly my experience with them was not so good and so i switched to my current brokers (XM market, coinexx). The offers offered by them were too good to be true. i had a withdrawal issue with hotforex (about $100) and my complaint was also not addressed properly. So i’s a NOT RECOMMENDED broker from my experience.
EURUSD, GBPUSD other liquid pairs, US500, cryptocurrencies and Gold. I’m on their premium account.
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How do you find their execution with crypto currencies?
I use VPS for scalping, including on crypto (pullbacks from round levels/daily highs or lows) that’ why I manage to achieve decent speed in execution. It’s all about latency I would say.
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I used their demo account, trading conditions are not very appealing to me. On which account type you are trading?
i have tried them but i did not found them effective, then i started digging more information then later i read more about fxopen, they are one of the fine line broker.
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And how did you decide that? I mean how are their trading conditions?
Yes, I dropped them too, but I am fine and satisfied with my current brokers. Thanks anyway Zack.
Who is your current broker?
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I was thinking of trying their demo account too, I believe the spreads on their ECN start from 1 pips, but I’m not totally convinced. Will test out on their demo, I think demo accounts give a fair idea of the broker.
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I use demo accounts all the time too, there’s no other way to find out how good or bad a broker is otherwise.
I have used Hotforex besides some others like XM, IB, Fxview, etc and I can give a sort of comparative analysis here.
Now say your trading style is not very active, you trade when very good opportunities present themselves only, then brokers like hotforex, fxview can prove to be better. Again if you are going to keep your trading capital to a minimum and use smaller trade size, again good to go with them.
That’s great, How much commission do they charge?
Anyone with a doubt should just get on with a demo and know first hand if the broker’s suitable.
$6 RT for 100k
Don’t you think that’s quite a high commission?
I wouldn’t say so. $6 - $7 RT is very common for the most forex broker, but yes, there are some broker offering lower commission than the standard.
Correct. Demo account is one of the best ways to try out the conditions of a broker.
In order to make sure that you make the right choice, create your demo account with the broker and practice trading with it. If you think that it can help you trade better, stick to it and make good trades.
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here is a tip for new comers, setting aside i trade with hotforex but since many brokers offer as low as 1 dollar deposit, (hotforex min is around 5usd) then best way to test a broker is simply invest a small amount (strictly for experienced traders, newbies stick to demo pls) test the platforms (mt4/mt5) then withdraw what is left and see how it goes.