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Consumer Complaint ID: CCN0133677

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FX Broker Published date: July 14, 2014 Add to watchlist
  • Country: India


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Many people ask me is hotforex a SCAM and the answer is..NO. They are a reliable broker. I have been trading with them since 3 years. They have excellent support team and account managers with instant deposit and withdrawal facility. They are the best. 

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    Hot Forex Running Unauthorised Call Centres in india. BEWARE FOREX TRADERS.

    Hot Forex does not have any company authorised call centre in India. But there are a lot of unauthorised call centre running illegally and seeking investment in the name of Hot Forex. I also fell prey to one of these such gangs.So, especially clients from india ,stay away from this fraud company Hot Forex. - Is Hotforex SCAM by General:

    Hey Varun - I don't think it would be officially Hotforex that are running Illegal call centers in India, it might be some frauds who are running that by taking Hotforex name.


    Similar things happened with me. Indian citizen must avoid trading with Hotforex. Hotforex does not have any authorised office in India. Hotforex is running unauthorised call centre in India.Someone called me a month ago from Delhi,India stating that they are from hotforex, but when I asked them can you show your call centre number on Hotforex official website, the same moment phone was disconnected from the other end.

    I don't think its HotForex it might be people in India who have registered as an IB of the company. - Is Hotforex SCAM? by Mogan:

    Yes, even I think it might be some fraud People who are IB with Hotforex must be doing it. - Is Hotforex SCAM? by Faddy:

    I do not think they are scam otherwise they wouldn't had so many clients. Some IB persons would be doing fraud by taking Hotforex name.

    Hotforex Scam by Dilhara:

    I do not like them. I have lost huge money due to them.

    Hotforex Scam Operations by Sahan:

    They are big scammer. I really do not trust them. They can have their own people here working in this way to scam others.

    I have never faced any issues by Raj:

    Well I am very old client of Hotforex. I have good experience with Hotforex. And best thing is that now they have opened their centers in Chennai, Mumbai and Delhi-NCR.. I visited their office many times and must have to say they were very helpful..They solved my queries..So my experience they are truly 100% genuine..

    by Ravina kishor:

    "Well I am very old client of Hotforex. my hotforex account is 115069.I have good experience with Hotforex. And best thing is that now they have opened their centers in Chennai and Delhi-NCR.. I visited their office many times and must have to say they were very helpful..They are in india and they are providing me good support..So my experience they are truly 100% genuine.."

    hotforex good support in india as well by naresh sangwan:

    Hi all, i have an account with hotforex from last 2 years. hotforex is Relaible and Regulated broker .Now i am getting support and assistance from there Delhi-Ncr office,
    They are doing Fair work and they have office in chennai and delhi-ncr as well. - Is Hotforex SCAM? by Anonymous User:

    It is good that so many people actually love Hotforex. I am sure some people are using their name to spoil its goodwill out there in the market.

    Fake People Calling from India Claiming Hot Forex Employees by Sivakumar Kamath:

    Hot Forex is that that bad broker. But some unauthorized people from india are defaming the name of Hot Forex.

    Before trading with Hot forex I have checked Website of Hot Forex and found that hot forex does not have any legal office in India. Even when you go to the contact page of hot forex no indian number and office address is displayed. Some cheater IB and Vegabound people are operating in India under the name of Hot Forex and they may even offer you e currency exchange services beware of these people don't trust them otherwise you will loose your money. These cheaters are located at Noida (UP) near Delhi . These cheaters may call you stating that they represent Hot FOrex in India and will ask for investment.I received a number of calls from them and each time with a different Female name Priya,Nancy Mathew,Pratibha and Sumitra.

    Hotforex Review by Anonymous User:

    Hotforex is not Scam some people trying to spoil its name to get the popularity or publicity.

    hotforex broker the best by Dolhar:

    Hotforex are one of the great Brokers with excellent team and support members.

    hotforex Broker review by Michal:

    I really don't think they are a scam, they are one of the finest broker around.

    Hotforex Biggest Scam Broker of all time by ED:

    Account number 269022
    Hotforex is a market maker, no STP broker like they claim to be.
    Look at hotforex website, there's no liquidity providers names, I was hotforex client, when I asked account manager about who are hotforex LP's he said can't reveal the names, it's a secret!!!
    Great!, I invest my hard gained money into a broker account because hotforex claim to be STP broker, to later discover that scammer hotforex is giving me a market maker service, this is a disgrace, hotforex is a scam cheater broker.
    How can't a client know who are the LP's of his broker when hotforex claim to be STP!!!?
    Hotforex scammed me $15000 after leaving my account to negative balance, how can an accoun run on negative margin!!
    hotforex didn't apply its margin policy and hotforex gave me in one account $136000 of bonuses when hotforex bonus policy states $30000 is the max. per account.
    Hotforex cheat investors by claiming to be STP but hotforex is giving market maker service.
    Hotforex must be punished by regulators CySec and FSA Mauritius.
    Stay away of the SCAM hotforex.

    by Rajesh:

    It is a perfect broker for newbie with fast platform and tight spreads. Account manager helped me to setup my account and navigate in personal cabinet. Withdrawals are easy and doesn't require extra documents to apply. I trade mostly on EUR/USD by also like to try US Stocks as they also offer them as trading instruments. Overall I'm pleased with quality and trading conditions of this broker.

    by fahim:

    can anyone tell me about money withdrawal in hotforex? how do u receive ur money ?

    by Rajesh:

    Well, there are various withdrawal options such as Bank Wire, Visa, Webmoney, skrill. Or you can directly ask to their customer support about your question.

    Hotforex Scam by Ed:

    Hotcorec is a Scam broker, they claim to be ecn stp but hotforex is in fact a market maket.

    Obviously "rajesh" is hotforex spammer defending it to cover negative reviews of eligible clients.

    Scammer hotforex have many spammers in various forums.

    Withdraw your money from the scam hotforex, never deposit your hard earned money hotforex will steal your money after breaching signed cobtract in hotforex manipulated policies

    by Sergio:

    Opened a premium account with hotforex 9 months ago, everything was working alright when my losses were more than my winnings, when i started to profit and winnings increased making my ROI 350% in a month, hotforex showed me its real face, off quotes when exiting my trades, re quotes when executing trades, wide spreads that filled my stop losses. I lost half my account after that running winnings due to hotforex dealing desk service.

    please be aware of hotforex bad bad bad broker.

    by Rajesh Spammer:

    Obviously, rajesh is hotforex spammer, that tells a lot about hotforex scam broker

    by Chris:

    Been trading with this broker for over 1 year. Through what I know from the banner that it offers great spread and actually their spreads were very comfortable in common pairs (I don't trade exotic pairs). The second that it also provides TA from Trading Central that helps me catch what happening on the charts. This broker also have many contests around whole year but since there are too many trader also join so it's not easy to get their prizes.

    Hotforex SCAM by Cesar:

    I've been trading with hotforex for 4 months, can assure all that hotforex is a big scam broker. Hotforex manipulate its platform prices, hunts stop losses that costed me $750 in losses. Hotforex market maker action never ends until client account loose.

    Hotforex Cheats by Lucas Jansen:

    Had a VIP account with hotforex for 6 months, hotforex hate profitable traders, when weeks run and hotforex finds the trader to be consistent in profits, hotforex shows its bad side, offquotes, requotes, fake spikes to fill SL. If you are a loosing trader, hotforex will like you, for all others stay away of hotforex cheats.

    by Don Catarman:

    I trade a decent premium account and have been trading for almost two years, Frustration due to self inflicted pain is a whole different topic. but just to be just, trading forex has its ups and downs, on a brokers note, the spreads offered are pretty decent with a good number of pips on majors, scalping is not my strength but I do notice some slippage during news outbreak which is normal. after the swis black swan event and all them brokers going bankrupt yet, hot forex stood its ground and that a plus for me. executions is stable, the withdrawal process has been improving ever since and is now automated. services offered are good with a wide margine for improvement, this brokers gets a 8 stars out of ten for me.

    hotforex dealing desk broker by Yiannis:

    hotforex a cheat broker, they stood on nothing, hotforex is a market maker, because most its clients had bought eurchf before snb cap remove, hotforex was on the other side of their positions, that's why they won when clientslost, actually hotforex have a dealing desk, they do not process orders to real market, i experienced that in my 6 months trading on hotforex premium account, it's for sure a market maker type of execution account, bad slippage and delay in execution for up to a minute!!

    Fake IB are Defaming name of Hot Forex in India by Sam K:

    All fellow indian and foreign traders dealing with Hotforex please be informed that there are some unauthorised person sitting in Gurgaon near Delhi India are claiming to be the official Representative of Hotforex in india. But in fact these frauds are just affiliate partner or we may say are introducing brokers of Hotforex fooling people stating that Hotforex have entrusted them to open a branch in India and the office they are running is a branch of Hotforex in india.but it's not true anybody can become affiliate partner or introducing broker of HotForex by applying for an affiliate code. In fact these people are eating up commission from your trades by just simply mapping your account under their affiliate code. Also they are engage in illegal transaction of converting real money into electronic money. Once you withdraw your payment in electronic money they will make delay in converting electronic money to real money money sometime it may take upto 2 months. In case if they exchange this electronic money into real money then they will take a margin of 10 rupees from each dollars. Just maintain distance from such Fraud Introducting broker. It is better to work directly with Hotforex or any other brokers.

    by Huangshang:

    My friends recommend Hotforex for me, and I have traded with it for 5 months, until now I find their withdraw speed, spread and customer service is well, I withdraw last month and receive money next day, also my question be handled quickly. Although some small defects, but general speaking, it's a reliable broker.

    by Raj:

    I suggest people double check any local transactions with the broker support team first online, usually people try to make the best of what the broker has to offer through affiliate programs and end up scamming people, but from personal experience the broker is very decent even support team are well mannered and very professional, some international IBs offer very good rebates and higher than most broker, only to show stability for long term. very good broker.

    Hotforex review by Usman Arshad:

    Hi Fellow traders
    I am trading with hotforex from 3 years. I thought to give my reviews again, during my trading with hotforex, i used to have issues with them,every broker has issues but good thing with hotforex was that they used to care for their clients and always step up to sort out this issues but this is not the case anymore. It looks like they have made much money and don't care for their customers anymore.
    My review, observation and personal experience is as follows:
    1: Let me start with their claims of being ECN/Stp broker which they are clearly not. They are market makers, another bucket shop to rip your money. What i recently found out that you can't place orders one minute before news, An ECN/STP broker will never put restriction on it. They give you real market conditions.
    Secondly you cant place orders between bid and ask price, which is example of market makers not STP/ECN, A market maker will never want you to success, your success is their loss. So decision is yours. :)
    2: I always have issues of spillage with them, whenever you close your trade, one or 2 pips goes against you. Sometimes there were big spillages in price, which they fixed it. But even one or 2 pips are enough to less your profit or increase your loss.
    3: On one side hotforex claim for so many awards from this industry but on the other hand, they are total failure to provide real market conditions to their clients. Their equity market close 5 mintues before bells rings in USA. So they are nigthmare for day traders like me. When I asked about it, they said, they do it for clients to protect from bad reputation. This is not professional approach as there are all different type of clients, day trader, long term, etc. In this market, even a single second is matter, when they close feed 5 minutes before market close in actual.
    4: in past, they also suspended my account when i tried to withdrew money because amount was big, and they used dirty tricks. That matte was solved, but i know how i spent a week in full tension. So they are good, as long as you lost money but when you make money, so there will be many issues. Be aware of it.
    5: They dont care for their loyal customers anymore, its very difficult to get hold of their managers or directors who are the decision makers. Companies downfall start when they start to loose their clients, today they are loosing me, i did trading of thousands of lots with them and just in commission, they make 350K plus. But they dont care anymore.
    6: They require a lot of paper work when you deposit money with new card, I did deposit very large sum of money with them, but recently they hold my funds for hours at critical time when i need to do trading,due to paper work. They did not care that how much money i deposited and still doubt on my credibility. Thats ridiculous.

    I would advise you guys not to open account with them or trade with them, only do if you want to lose your money.

    I am going to close my account and not to keep any relation with them because they are proving to be another bucket shop now, who only wants to take your money.

    by Poopy:

    Best broker I've tried so far. No requores, tight spreads and fair execution. True STP broker as I get natural slippage on my orders I tested them in different sessions and with different liquidity and in news times as well. They showed a good level of professionalism and I will continue to stay with them.

    by Benedict:

    I've been with hotforex for about one years. I never had an issue with depositing or withdrawing my funds. If a problem ever developed, customer service was always respond. The spreads are ok, especially on E/U and Currenex account but Gold is not quite good. Worth to invest.

    This is a huge scam. by Christien Charlesbois:

    Those people claim to be STP- they are not! They even claim to offer ECN. THEY DO NOT!.
    They are nothing more than a market maker, whoose sole purpose is to cheat you,betting against you.


    Hotforex is huge scammer by Razmus Hellström:

    HotForex scam me, and don´t like pay me 50 USD of profits that i take with scalping EA. This is a Market maker and not real ECN

    Hotforex forex cheating company by Dinesh:

    My name is Dinesh GOPAL and my number is 9994738179 the cheated me around 50lakhs I Lodge a complaint today. Government of Tamilnadu
    Chief Minister's Special Cell
    Petition No 2015/845466EF Petition Date 22/09/2015 Name MRS DINESH Father / Spouse Name S GOPAL Address 4B.ARULJOTHI,, NRK Puram main road, 1st Street, Aruljothi nagar , Tiruppur, TIRUPPUR.,
    Tamilnadu Grievance Main Category COMPLAINTS Grievance Hot Forex company is not registered in sebi. They are doing illegal operation in India. They are collected money to public around approximate 100crore.They cheated me around 50lakhs hot forex managing director name is Mr.Aristos and his employees is mohit, Bala, raja.please find the office location HotForex Academy, Apee jay business center, Haddows Road, Nungambakkam, kotak mahindra bank, Chennai - 600034. (91)-44-28305034. HFmarkets(HotForex) , s.p.arcade, sarojini street, Ram Nagar, near velan food park, Coimbatore - 641009 (91)-422-3317025 123.

    by Domino:

    I have been trading with this broker for over 1 year… Their spreads are very good but :) the increase dramatically (upto 17-20 pips) upon news releases - slippage but I can manage it. Their execution conditions are superb, some previous brokers I have tried force setting SL & TP at least 5 pips but hotforex only offer require 3 pips. Highly recommend!

    by Garett:

    Joined the group of my fellows who trades there we all share ideas on GBP outlook and then make 2-3 trades in a week catching good movements. Hotforex has quite tight and stable spreads on USD/GBP and EUR/GBP I test Fixed spread, while two of my friends - Premium and Zero spread accounts. After tests we gonna move on the same account type.

    scam broker is hotforex by billy holbrook:

    THIS HOTFOREX is one of SCAM broker that i found latest. even their BONUS given is scam. why?
    let me tell u my story. I deposit 1000 dollar, i get bonus 30%,, equity become 1300 dollar. I trade all, and make a profit of $400. After i send withdraw request to account was closed without any reason

    Hotforex is hunge scam!!!!!!!!!! by Christopher Kater:

    Hotforex is really unhonest broker i ever seen.please dont waste your money for this scammer.they are really twister.

    Fake Reviews? by Chris:

    I have submitted 1 review before about hotforex since then I`m getting notification about every review submit here. Today I got strange feeling when I saw two reviews with same email address but with different name, the latest two reviwe are from same email but the guy used different email. its very suspicious and may be some one leaving negative review for Hotforex. take a look on image for same email address with two name and two reviews.

    PS: I`m still with Hotforex and hotforex is one of the best broker in market.

    Hotforex is big scam by Joseph Daigneault:

    Hotforex is scam broker...Lousy customer service. Its been 3 month i have sent my request and they are not responding me till now...SCAMMERS

    by Kristian Almås:

    I'he been trading with hotforex for 4 months, can assure all that hotforex is a big sacm broker. Hotforex manipulate its platform prices, hunts stop losses that costed me $600 in losses. Will never trader here again.

    Hotforex is huge scam by Sebastian Petterd:

    All Forex internet review says hotforex is scam. I was planning to open account with hotfore.But when i searached about their reviews, 90% says that they are fraud.Be aware!!


    this is sick, just a reminder for every one, leaving a review is easy, I can just go ahead and make a review and say "he sucks you suck, blah blah blah" guys we are not kids and pls do keep in mind that reviews are meant as a basis for any trader when looking up a broker, i would highly suggest some reasonable details, for complaints it would be fair enough to have some decent account numbers emails, and detailed unbiased arguments, do tell us what went wrong. I cant stand some 2 liners thats says "I lost 600 they are scam" hey this is forex, have you done your trades right?
    another review is about support? seriously, you are basing a brokers scam on support response? (fyi i tried live chat 3 minutes ago its fine)

    the marketing competition is crazy i know, but keep in mind the reviews you leave here, does affect the credibility of the review site and can result to miss informing decent honest traders looking for some feeds.

    on a positive note if you do have a genuine complaint and the brokers stumbles upon it, it would be easier for them to do something about it (brokers try to keep clients for gods sake coz its a business) and best of luck to every one

    PS I trade a totally different broker, lurking around here looking for some updates regarding the ironfx fiasco.

    Hotforex is huge scam by Daniel Hervé:

    Hotforex execution is Terrible.They fix the spread and manipulate your money to make you unprofitable.
    Never invest your money with Hotforex. Stay aware !!


    the perfect example of a spammer is this fake Daniel Harve, it was stated clearly to clarify the complaint before posting but he/she seems to busy to even bother reading the content of the page, some might classify them as paid posters and this is really sad. pls let it be a reminder to this page users to be more professional and responsible towards the content of their posts.

    by Andrew:

    I think The IVORY OPTION better than hotforex. First time, I used hotforex. Hotforex seems to be very critical & many times give fake signals to me. Then I got the information about IVORY OPTION click here > ( ) from my friend. After knowing the service of IVORY OPTION, I analyzed and just $270 deposited it. Now IVORY OPTION gives me a much better profit than hotforex across my desire. The hotforex give me 10%-15% profit beside IVORY OPTION gives me 45%-70% profit till now. Nowadays, in only 3 days my profit is $1865+. IVORY OPTION has a great customer support also. To you know more detail information, go ti this site:

    by Samuel Probert:

    Bad Service, Slow Withdrawals, High Spread, slow Execution. I’m wondering why many of the broker do the same thing. I recently opened account with HOTFOREX BROKER and they had huge problem on their platform. They said that their spread is low but it is not true.
    Will never trade here again!!

    HotForex - scam, bastard, son of bitch broker by Thanh Thuong:

    It is not good to state HotForex like that but I donot know another word to describe them, moreover I want to emphasize this issue for other traders to understand then get away from them.

    The fact that I opened account with them about 1 moth ago, then deposited via my visa card but they donot fund it my trading account because my POA is not valid as they require. After my many explanation, they still denied, so I asked them refunded my deposit. After that 5 business days, I checked my visa card but no fund is here, then I asked them and they told sent me on 15-Oct, so I kept waiting. After that 7 business days I asked again, and duration of visa 's transfer only 10 business days, they gave me transfer code, so I wait up to now.

    During waiting time, I search "hotforex scam" keyword and see many topics to confirm they are scam. So I am afraid of my fund, so I asked them to give me trasfer receipt, but they denied because of security reason. I oppose them because that is evidence of the transfer to me, not involved in their business. Then they ignored that. Besides, I exchanged with some men who traded with Hotforex, some of them lost fund with Hotforex and they also received their word like me (already transfered, transfer code, but has no fund in bank account)

    So far, I confirmed 100%, Hoforex is scam broker. Then donot open accounts or stop trading with them if you donot want to lose money as I did.

    To prove my word is true, I leave my information here:
    MyHofrex Id: 192718
    My trading Acc: 1061604
    My email: [email protected]

    by Mark:

    I spent 2 months on demo and 5 moths for live on this broker and here is my review:

    - Deposit from CC was really fast
    - I choosed Premium account and the spreads are under 1 pips with most majors
    - Able to trade CFD and exotic pairs and other metals beside gold and silver

    Overall I rate this is a good and decent broker.

    by Jesus Amavia:

    Decent broker has tight spreads on majors which makes pleasure to scalp with rebates which sometimes cover up to 60% of spread, so I get only 7-8 USD trading cost for one lot round-turn. Their webinars are great source of information which I could start to watch them in last year when started and same information they gave me for one hour I was gathering for almost one year!
    Broker paid me my 120 USD profit last month and I'm really happy and planning to build more.

    Received confirmation call from hotforex before withdraw, I feel comfortable about that, likes they care about your trading experience. Nice experience with this broker.

    by Pipetter:

    Can't compare with other brokers but this website has really perfect trading conditions. Nice trading spreads on majors, fast execution, courteous and responsive customer team, I really like that attitude to the traders. Best trading environment we can get.

    Fast withdrawal by KQ:

    Just got money of my withdrawal last week, it's < $1000 and was processed very fast. 3-4 days via bank wire.

    by salman, saad:

    yes, most my withdrawals are done through skrill, its really easy, and fees are quiet good with the skrill debit card, but over all experience is excellent, good execution, even at crazy market movements, but when trading news u should be cautious, slippage is minimal, and spreads are very manageable.

    Excellent by Sami Suhail:

    good spread
    fast withdrawal
    stable servers
    MT4 platform and MT web trader
    withdrwal with in 48 hours (usually earlier)
    good pamm system
    Minimal slippage during news release
    Might need more learning materials for the future

    by Rakesh:

    For the information of Indian forex traders
    Trading forex or margin trading in international market is non bailable offence as per RBI guidelines. So keep away .

    good by Goodtrade:

    no wonder this broker has been around for 5 years, excellent service, good support, platform and server stability is superb, no issues with withdrawals and i have seen some good updates. over all im pleased with my trading. no complaints.

    dinesh gopal appolozies to hot forex by DINESH GOPAL:

    Dear hot forex/hot forex clients/ ib's
    my name is dinesh gopal.I apologise for hf markets limited and his clients and ib. Because iam wrongly mis-understanding this company. Kindly ignore above posting dated 22.09.2015 on my mis-understanding complaint. I promise these companies are genuine and transperant.
    .Thanks regards,
    dinesh gopal.

    by Sheikh Hamza Arshad:

    I always was interested in earning online so i found hotforex site after some search and now trading currencies with their latest software. It is easy and I can buy and sell with one click. I have made few withdrawals too and they send it to my given bank account. I am telling my friends to join them and also recommend them to be the good service providers of all the times.

    by Chaudry Ahsan Azad Subhani:

    Trading with them for more than one year and so far there are no complaints against them. Profit withdrawals and trade executions are smooth with no delays. I am also intended to invest in their PAMM account with some capital and most probably start from next month. I recommend them and they are good broker of all the times.

    by Hamdi rezha:

    very good broker, very easy to work with, I am pleased with results and got money back with no problem. good broker indeed.

    Hotforex is not scam by Salim Pasha:

    All that i concluded from my past two years trading experience with this broker is that they are not scam. They are reliable broker with good services and the withdrawals are also processed without any hassles.

    I cant decide by Shanmugam:

    So many posts here.. i cant decide. HF is reliable or not.. Please guide me

    by Salim Pasha:

    I already left my experience with this broker however I would only suggest you to better test them yourself. My overall experience is good with this broker so far.

    hotforex review by Sharmy:

    I agree with Salim Pasha that it is always better to first try the broker our-self and then post a review

    by ST:

    I have already shortlisted this bucket and am currently trading demo account now. Sooner i will update my feedback with all of you guys.

    hotforex and brokers review by Anonymous User:

    Thanks ST- we all are traders here and we wait for the reviews and feedbacks before making investment.

    Bonus withdrawn

    I received 377$ bonus from Hotfofex, then it was withdrawn while my trades are running then next boom my account was blown . Can a broker give you bonus the withdraw it?

    Good broker with safe trading environment for traders especially the spreads are good. They are also good at depositing money and withdrawing it anytime. I would strongly recommend this broker.

    by eddie:

    I made a deposit with HOTFOREX but two weeks down the line the amount is yet to reflect on my account. all the time the call and give stories after stories

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