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Author Topic: HotForex  (Read 287780 times)

Offline CAJUN

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HotForex
« on: December 03, 2010, 08:49:25 PM »
I am thinking of going with HotForex as a non US broker. Is anyone using or have used them in the past and can give feed back on them. I am also looking at a couple of others, but seems like i keep comming back to this one.

CAJUN
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Offline flamenco

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Re: HotForex
« Reply #1 on: December 04, 2010, 12:17:00 AM »
Cajun:  I have them on demo for about a month and had no problems.  They're getting excellent reviews ar FPA.  Here's a link that'll give you more info.

http://www.forexpeacearmy.com/public/review/www.hotforex.com

Good luck on your trading! ;D
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Offline someguy

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Re: HotForex
« Reply #2 on: December 04, 2010, 08:00:32 AM »
Too new and too many awesome reviews on FPA. Seems fishy :)

Offline rgmann

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Re: HotForex
« Reply #3 on: December 04, 2010, 10:27:27 AM »
I traded with a HotForex demo account for about a month, and it worked great with the three EAs I'm using (EA Shark 6.0, Forex Breakout Genius, Forex Weekend Gap Robot). I just went live a few days ago, and so far so good. Their 20% initial deposit bonus was great! As you can see from my stats below, if you click on the "History" tab under Trading Activity, that they honored this as promised and gave me a $1,000 bonus on my $5,000 deposit. Can't beat that!!! I've also had no problem with their customer support, or entering/exiting any trades. I haven't asked for a withdrawl yet, so I don't know how that will go. But I don't foresee any problems based upon my experience so far.

Roger
« Last Edit: December 04, 2010, 10:29:41 AM by rgmann »

Offline CAJUN

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Re: HotForex
« Reply #4 on: December 04, 2010, 11:15:52 AM »
Hey guys thanks a lot, great reviews, i have been going back and forth with them all week and there response has been great. I have 4 demo accounts with 4 different brokers and they are the only one that all my ea's will trade. I think i may give them a go next week once i can get my money out of my US brokers.

Good Luck
CAJUN
"The return (OF) you money is more important than the return (ON) your money!"

Offline CAJUN

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Re: HotForex
« Reply #5 on: December 04, 2010, 11:19:38 AM »
Any of you guys using an IB for HotForex? If so, could you share?

CAJUN
"The return (OF) you money is more important than the return (ON) your money!"

Offline Vinny

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Re: HotForex
« Reply #6 on: December 04, 2010, 11:49:26 AM »
-
« Last Edit: December 10, 2010, 10:13:57 PM by Vinny »
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Offline CAJUN

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Re: HotForex
« Reply #7 on: December 04, 2010, 12:16:46 PM »
Guys I'm waiting the answer for my IB request at Hotforex. Will let you know if I'm accepted, so you will have access to cashback when using their services.
Thanks Vinny, please keep us informed as i would like to go through an IB. Have it with my US brokers and the extra cash back really comes in handy.
Could you tell us who the IB is so we can get the ball rolling.

CAJUN
"The return (OF) you money is more important than the return (ON) your money!"

Offline rgmann

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Re: HotForex
« Reply #8 on: December 04, 2010, 12:45:03 PM »
Guys I'm waiting the answer for my IB request at Hotforex. Will let you know if I'm accepted, so you will have access to cashback when using their services.

Yes, Vinny, please keep us informed, as I am definitely interested! I searched for an IB for HotForex for a couple of weeks, but was unable to find one. But the 20% initial deposit bonus and the free TradeSignals subscription they offer was still a pretty good incentive!  ;)  Anyway, feel free to PM me and count me as a future customer if you get accepted. Hopefully you'll be able to accept people who already have an account with them, like me. ???

Roger

Offline Vinny

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Re: HotForex
« Reply #9 on: December 04, 2010, 01:43:49 PM »
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« Last Edit: December 10, 2010, 10:14:21 PM by Vinny »
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Offline CAJUN

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Re: HotForex
« Reply #10 on: December 04, 2010, 02:07:46 PM »
CAJUN,

I'm still trying to find somebody and I don't see any of their IB's over the internet. I hope I will have their reply and will start next week. I have filled out the docs and sent them 3 days ago.

rgmann

I think it should be fine if you are current customer to choose an IB and get the rebates like everywhere else :)

I will keep you guys informed.

Cheers,
Vinny

Thanks Vinny, in the meantime i will be closing my accounts with my US brokers and trying to get my money ready for sign up. This could take a few days before i get my money. In the meantime i would like to start processing my application, so yes please do keep us informed. Ya'll have a great weekend.

CAJUN

"The return (OF) you money is more important than the return (ON) your money!"

Offline hammy

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Re: HotForex
« Reply #11 on: December 04, 2010, 11:16:23 PM »
hey CAJUN,  does your IRS know about this secret offshore investment !..LOL.. ;D

.... but seriously this broker is NOT registered, you won't find a IB that will support them until they do get registered. They are in the south-west Indian Ocean somewhere, Republic of Mauritius, So don't put your life savings in with these guys just yet .... :o  .. tread careful .. ;)

cheers !
« Last Edit: December 04, 2010, 11:23:29 PM by hammy »

Offline rgmann

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Re: HotForex
« Reply #12 on: December 05, 2010, 02:00:57 AM »
... but seriously this broker is NOT registered, you won't find a IB that will support them until they do get registered. They are in the south-west Indian Ocean somewhere, Republic of Mauritius, So don't put your life savings in with these guys just yet .... :o  .. tread careful .. ;)

Wasn't Bernie Madoff's firm "registered" and overseen by U.S. regulators (http://en.wikipedia.org/wiki/Bernard_Madoff)? How'd that work out for his investors?

Nevertheless, HotForex is indeed "regulated" by the FSC (http://www.gov.mu/portal/site/GovtHomePagesite/menuitem.c0a01177fcf48dfcf6be501054508a0c/?content_id=9a02d575d1a88010VgnVCM100000ca6a12acRCRD) in Mauritius. So unless you have evidence that the Mauritian government or the FSC is a sham, your contention that HotForex is not "registered" is bogus. And from everything I've read about Mauritius, it seems to have a high-quality emerging economy, and a quite modern culture. So I don't see any foreseeable problem trading through HotForex. For example:

Since independence [from Britain] in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle income diversified economy with growing industrial, financial, and tourist sectors. For most of the period, annual growth has been of the order of 5% to 6%. This has been reflected in increased life expectancy, lowered infant mortality and improved infrastructure. Estimated at US$12,356 for 2009 at purchasing power parity (PPP),[23] Mauritius has the sixth-highest GDP per capita in Africa...

Mauritius, Libya, and Seychelles are the only three African nations with a "high" Human Development Index rating...

The government's development strategy centers on foreign investment. Mauritius has attracted more than 9,000 offshore entities; many aimed at commerce in India and South Africa while investment in the banking sector alone has reached over $1 billion. Economic performance during the period from 2000 through 2004 combined strong economic growth with unemployment at 7.6% in December 2004. France is the country's biggest trading partner, has close ties with the country, and provides technical assistance in various forms...

In order to provide locals with access to imports at lower prices and attract more tourists going to Singapore and Dubai, Mauritius is gearing towards becoming a duty-free island within the next four years...

The corporate tax has recently been reduced to 15% to encourage non-resident companies to trade or invest through a permanent establishment or otherwise...

Mauritius ranks first among all countries in FDI inflows to India, with cumulative inflows amounting to US$10.98 billion. The top sectors attracting FDI inflows from Mauritius between January 2000 and December 2005 were electrical equipment, telecommunications, fuels, cement and gypsum products and services sector (financial and non-financial).
Mauritius is one country that has achieved successful economic and human development with a dual-track approach to economic liberalisation, whereby poorer sections of society have participated in its economic growth. The experience of Mauritius has been used, alongside a number of other countries that have adopted a dual-track approach, to highlight the benefits to both economic growth and human development. (http://en.wikipedia.org/wiki/Mauritius)

FYI, nothing is "safe" when it comes to your money. Last I heard, even the FDIC was going broke, and would be unable to fulfill its obligations if too many banks went under at one time. And does China seriously think it will ever get paid on the U.S. Treasuries it has been purchasing? Fat chance!!!

Roger

Offline Vinny

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Re: HotForex
« Reply #13 on: December 05, 2010, 08:54:29 AM »
rgmann,
I agree with you!

Haven't you guys seen all the bullsh*t from the regulated brokers.... People were talking some time ago that FxPro was not regulated as well, but I can tell they are a good broker and you have no prob with your money there.

P.S. We always have to be careful when choosing our investment spots, but I will give HotForex a try.



Cheers,
Vinny
« Last Edit: December 10, 2010, 10:14:57 PM by Vinny »
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Offline RahmanSL

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Re: HotForex
« Reply #14 on: December 05, 2010, 09:59:55 AM »
I must have missed this, but has anybody posted or has carried out  any money withdrawal(s) from HotForex???

To me, that would be the most important factor to consider in choice of brokers and not how great they give bonuses, extremely thin to ridiculous pips spread and a whole host of goodies to suck in new traders.