HotForex

[global trader]

So Aryabhatta with all the investigating and knowledge you have which broker you think would pas the test any?
Care to share!

I wish there was a true Exchange with some sort of Investor protection fund for this dam FX OTC market

With out that the choice in descending order I would say is

- A hybrid broker who has Equity and Forex in one account and sweeps the cash back to Equity every night which in turn is SIPC protected ( example Interactive brokers,)
- FSA regulated
-CFTC regulated
- Sinagpore or Australia regulated
( I do not know enough about Germany Swiss and Indian regulations)

Again non of this may provide 100 % safety of fund for OTC brokers products ( other wise you will again accuse me of misleading new traders)
But the chances are
- brokers in these jurisdiction have
- High cash reserve barrier to carry out this business
- Regulatory audit process
- Better and quick insolvency laws
Some of this may help

 

[aryabhatta]

So Aryabhatta with all the investigating and knowledge you have which broker you think would pas the test any?
Care to share!

Sorry accidentally missed your post ...

I haven't found any satisfactory one as far as safety of funds is concerned

Having said that as far as other factors are concenred best fx broker in my experience is glob@l Prim3 no current broker can match them at the current time (don't know about the future though) they can not even come close to them

(I should clarify : I am not affiliated to them, I just mentioned because you asked otherwise I would not have mentioned)

Again non of this may provide 100 % safety of fund for OTC brokers products ( other wise you will again accuse me of misleading new traders)

Good you pointed that out this time.

 

[stoch]

without understanding you will think its a personal war going on but if you understand the reason I asked that question then you'll realize its basically information exchange going on

most of the brokers in fact 99% of them who claim to be ECN or have STP are not .... and as far as their liquidity providers are concerned its mostly the broker at the other end of your trade.

dont believe these brokers I keep saying this again and again in FX broker selection is very important ... its not like exchange traded markets.

Don't believe what they tell you, reminds me sometime back some member here was told by some broker that as its FSA regulated his funds are insured upto some 50000 pounds ... not only did he believe it but he even advised others to the same effect .... of course it was simply not true.

There is no digital contract note like you get in the exchange which shows at what price you were filled .... as there is no exchange in FX but if a broker truly is ECN he will be able to show you a trade receipt ..... of who filled the order, at what time and price, what were the best bids/offers and who took the other side of the trade.

Something like this

If he can provide this then "yes" he maybe ECN if not .... absolutely no chance he 's ECN no matter what lies he feeds you .... don't believe it.

Ask hotforex (or whoever for proof of ECN .... see if they can provide some sort of receipt) as words have no meaning.

Sorry, but the screenshots you've posted barely look like receipts :lol:. Data displayed on them can be seen easily in MT4, except those strange, incoherent LP names. How can this serve for broker credibility?

 

[Galts Gulch]

wowwwww so great ...
Can you please enlighten us ... about any broker where the fund manager can withdraw the money ......

 

[wasim2050]

Do HotForex have offices in India? Like in Mumbai or elsewhere?

 

[rourkem]

I don't think so. I think they only have Mauritius office.

 

[wasim2050]

I got the call from one of the representative in HF and he told me that the clients also have the option to transfer INR in the current a/c of HF in India and it will be labeled as fees for education on Forex and Financial markets. Those INR will be converted to dollars by the HF and the a/c will be funded at their end.

How safe is this method.

 

[throwawayacc123]

I got the call from one of the representative in HF and he told me that the clients also have the option to transfer INR in the current a/c of HF in India and it will be labeled as fees for education on Forex and Financial markets. Those INR will be converted to dollars by the HF and the a/c will be funded at their end.

How safe is this method.

Its not safe at all. If RBI asks the bank to investigate the forex related a/c, they will close the hotforex a/c and your money will be stuck with them.

RBI and bank are very well aware of the tactics used by forex companies overseas.

ICICI and Bank baroda were recently fined for not following KYC norms. So its a huge risk.

Also Hotforex is breaking the laws here in india for which they will be asked to pay penalty or close their a/cs.

Stay away from hotforex.

 

[Saiyyed Rafik]

I got the call from one of the representative in HF and he told me that the clients also have the option to transfer INR in the current a/c of HF in India and it will be labeled as fees for education on Forex and Financial markets. Those INR will be converted to dollars by the HF and the a/c will be funded at their end.

How safe is this method.

Dont ever try that bro or you will f**ked by IRB for sure.

 

[wasim2050]

Saiyyed can I have your email ID please. I want to PM you but the PM facility is not available for me in Traderji.