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Incompetent and untrustworthy account manager and broker

I have no choice but to give only 1 star to Hotforex due to my totally frustrating, dissatisfactory and disappointing experience with this broker.

On Friday, 22nd December 2017, I wanted to open a new trading account in Hotforex just to trade Bitcoin (BTC) because BTC had crashed to about $13K and even $12K from almost $20K a few days earlier and I wanted to take advantage of that crash. Before opening the new trading account, I communicated with my account manager in the Hotforex Malaysia office. I told him that I was going to trade Bitcoin with the Hotforex account. I asked him whether the deposit with BTC will be fast and he said yes but the withdrawal will take 3 working days. That is one minus point to me because in another current broker that I am using, I am able to withdraw to BTC in a matter of hours, which is very fast. Another negative point is that they charge swap, although one can apply for it to be waived if you fund your account with US$50K.

After opening the new trading account, it was another hassle making a deposit. Hotforex uses Bitpay for users to make deposit of BTC. I believe most users/traders would access their MyHotForex backend account on a desktop computer. On a desktop computer, when I tried to make a deposit via Bitpay, there were two problems. One problem was that Bitpay gave a warning that one's payment must include the exact amount of BTC and also a correct bitcoin miner fee; the thing is that Bitpay doesn't specify what is the amount for this bitcoin miner fee. The second problem was that Bitpay provided an address and a QR code that wasn't an actual BTC address so when I tried to copy and paste the address to my BTC wallet in Luno, it recognised it as not a valid BTC address. I even used a QR code scanner in my Luno mobile app but it didn't work either. It's so different with my other current broker that I am using. The BTC deposit was so easy as it generated a valid BTC address and any bitcoin miner fee was already calculated in the amount shown.

Anyway, my Hotforex account manager was not much of a help either as he couldn't figure out why there was a problem for me to deposit using BTC, although he did say that payment via Luno should work as I don't need a Bitpay wallet. After wasting a significant amount of time communicating with him and trying the process about three times, I finally thought of trying it on my smartphone but I had to login to MyHotForex backend account. It worked on my smartphone because when I did because when it came to the payment of BTC, a box popped up asking which wallet that I wanted to use and I chose my Luno BTC wallet. Apparently the Bitpay address that I saw was some kind of Bitcoin Payment Protocol, and not a BTC address, so I could have tried using it until the cows come home but it wouldn't work. One point to take note was that the BTC miner fee was rather high at 0.0034 BTC, which worked out to be about $45.

About one hour later, the funds went into my Hotforex account. However, when I tried to trade BTCUSD, I found out that trading was disabled. When I asked my account manager about it, he said that trading was off on 22nd December 2017 due to Christmas and the markets closed early, and he didn't think that I was going to trade on a Friday so that was why he didn't advise me or say anything about it. I was infuriated with him. That's really poor from an account manager. He is so bad that it beggars belief.

Anyway, on Boxing Day (26th December 2017) when the markets opened again, I tried to trade BTCUSD but trading for BTCUSD was still disabled. I asked Live Chat about it and was told that BTCUSD trading was disabled in Hotforex since 7th December 2017. When I asked my account manager, he said that BTCUSD was open on the morning of Friday, 22nd December 2017, but it was closed again without his knowledge. I really find that hard to believe because it's like the right hand doesn't know what the left hand was doing. Until today, 26th January 2018, BTCUSD trading was still disabled in Hotforex.

As a result of Hotforex and my incompetent account manager, I have lost a significant amount of time and money, especially when I want to withdraw back to Bitcoin on 26th December 2017 but the BTC price was already higher, causing me to receive less BTC. And before I forget, the withdrawal to my BTC wallet takes up to 3 working days to process and then Bitpay take another 1 - 2 days to send the BTC to my Luno BTC wallet. Bitpay is so slow that it is a disgrace! Hotforex shouldn't use Bitpay at all. My other current broker that I use has such fast withdrawal times for BTC that I can see the BTC in my Luno wallet in as little as two hours.

I am very disappointed with Hotforex. I would give them 0 star if I can. I wouldn't advise anyone to open an account with Hotforex or trade in Hotforex.

Kenviro2000 2018-01-26

HotForex is a good broker for novice forex traders to start their careers: it lets you open an account with as little as $5 and actually trade with this money thanks to the maximum allowed leverage of 1:1000 and the minimum contract size of one micro lot. 

 
Another perk for newbies and for existing traders is that they can take advantage of a 50% deposit bonus and a 15% rescue bonus that is designed to protect accounts from drawdown periods. 
 
Along with bonuses, the broker also runs quite a few promotions: a lottery, where every week one lucky participant wins $1,000; a raffle for branded HotForex merchandise; a demo contest with a prize pool of $3,500 per month; and a Refer-A-Friend promotion, which rewards you with up to $200 for every friend you invite. 
 
HotForex customers can apply for the broker's debit card and get it for free if they make a deposit of $500 or more (alternatively, they can simply pay the $20 issuing fee for the card). Once the card is issued, traders can use it for POS payments or ATM withdrawals. 
 
The platform you will find at HotForex is the industry's most popular Metatrader 4 (MT4), and social trading is available through the Zulutrade network. The services of Tradesignal.com are also available, absolutely free of charge, to traders who have live accounts with the broker. 
 
In terms of trading strategies, HotForex is quite flexible and allows the use of expert advisor (EAs), scalping and hedging. Technical analysis traders will be happy to find a nice set of analysis tools available, the latest addition being the Trading Central software, offered for free to clients with $500 or more in their accounts. 
 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

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